cancel
Showing results for 
Search instead for 
Did you mean: 

Runaround

tag
Joelstradamus
Established Member

Runaround

Two weeks ago today I applied at my CU for a loan on a 2008 Nissan Titan. Price at Carmax was $24,500. The lady told me I was approved and they would loan up to $25,975 on the truck. My Fico scores are EQ 716, TU 752, EX Fako is 749. That same day I contacted Carmax and had the truck transffered and that cost me $400. It arrived 2 days ago. The lady from the CU call me Wed. and told me that the total cost for the loan was $27,100 and that I'd have to pay the difference. I had no problem with that. Yesterday she calls to inform me that since I have no auto loan history on my CR(it's been over 10 years since I paid off my current vehicles), I'd need at least $4,000 down. I told her that I could do that also. This morning I test drove the truck and loved it. I call back to let her know that I wanted it. Turns out she was on vacation today so they put me on with the auto loan manager who informs me that now I need at least $7,000 down or a cosigner. This almost feels like a bait and switch. I figure I'll wait until Monday and contact the lady I first spoke with and see if there's a mixup. I think that if this is the way it's going to be then I will most likely file a complaint with the BBB as well as close my account with them. Anyone have any ideas on how to handle this?? Thanks in advance

Message 1 of 13
12 REPLIES 12
JayRizzo
Established Contributor

Re: Runaround

I remember being a kid watching the Cosby show where Bill was purchasing a new card but put up a bit of resistence with the loan officer rather than give-in so quickly.  In your statement, each time they made a suggestion, you quickly stated you can do that with no problem so I'm wondering if they feel they can make a little extra off your eagerness?!?  I agree with you to wait it out until she returns just to see if there was indeed a mixup and hold her to the last quote she gave.

Message 2 of 13
Joelstradamus
Established Member

Re: Runaround

I guess you're right. The truck I'm using now is old and I don't want to keep sinking money into it when that money could be used to pay for something that I won't have to worry as much about. I think maybe I got into a bit of a hurry. The lady wrote down the loan value and it was $25,975 when I first applied. Today the guy stated that the truck was worth $20,000. I did however tell him no on the 7 grand.

Message 3 of 13
Joelstradamus
Established Member

Re: Runaround

I think Monday morning I am just going in and ask for the original deal that I was told about and ask why they wanted to change it 2 times. I'm not paying 7 grand down. I will then seek a loan from my other CU or my normal bank.

Message 4 of 13
Anonymous
Not applicable

Re: Runaround

So your problems are with a Credit Union and thei rfinancing, not an actual dealership?

Message 5 of 13
Joelstradamus
Established Member

Re: Runaround

The only place I applied was at the CU and that was over 2 weeks ago. The lady told me to my face that I was approved so I had the truck transferred. Then after they figure up the total cost of the loan she called and said I would need to pay $1249 down so I agreed. The next day she called and told me that her manager wanted me to pay $4000 down and I reluctanaly agreed to that. I drove the truck Friday and loved it. I called her manager when I got home because she was off and after waiting for him to call back all day, he finally calls at 4:45 Friday. He told me he didn't receive any paperwork from her. So he calls me back at 4:55 and tells me that since I have no auto loan(it's been 10 years since I paid off my truck) and since I'd be going from $8,000(my total credit limit on my 2 cards of which I owe 0) to $27,000(total cost of the loan) that I'd need a cosigner or $7,000 down. He also said the loan value of the truck is $20,000(I have a paper from the lady stating that the loan value is $26,000). I own my home and my income is $46,500 and my DTI is maybe 5%. Still trying to figure out what to do.

Message 6 of 13
Anonymous
Not applicable

Re: Runaround

Ok, do not get angry or upset.

 

People make mistakes.

 


I have no idea what your work schedule is but:

 

Go in Monday and talk to them, I mean if your credit is fine and banking relationship with them is fine they really should not have a problem. Ask for a supervisor and explain that you were told one thing and spent money getting the truck here and now you have been told something else.

 

 

If you have time to see if another bank will pre approve you, try for it. (US bank?)

 

If you need the loan that day, and do not have time to go elsewhere, do what you need to do to get it. You can always refinance later and take your money away from them. They need your money to lend and your loans to make profit.

 

 

 

Message 7 of 13
Joelstradamus
Established Member

Re: Runaround

Since it's been more than 2 weeks since I first applied, won't that count as more than one inquiry if I seek approval elsewhere? Plus my CU is only open Wed-Fri in my town(the most backwards place on Earth). I've been with them for about a year ever since my company picked them up as their CU. They are open at other branches 5 days a week so I will have to call. I'm just worried because I paid Carmax, they think I'm coming to get the truck in a day or two, and now this. I just hope they don't sell it by the time I get this mess fixed. I have a cosigner but I didn't want to go that route. As far as I can tell he has good credit(paid auto loan from Ford from about 3 years ago). The only problem with that is he's only been on his current job for about 2 months. Is length of employment a huge factor for a cosigner? I mean he's always had a job although he just started this one.

Message 8 of 13
Joelstradamus
Established Member

Re: Runaround

Update: Called the lady from the CU and pretty much got the runaround. The guy at Carmax said she called and said that they had quoted me a loan on a bare bones truck which this is not. She never called back so I said WTH and let the Carmax guy run my credit. I was approved at 4% with $2,500 down! I know of a CU that will be closing an account bright and early Wed. morning.

Message 9 of 13
Anonymous
Not applicable

Re: Runaround

Good Luck.

 

I was very surprised with the information you gave why you were having any problems.

Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.