What now?! Dealership trying to fund auto loan...

[Anonymous]

Update: It has been over a week and they could not find us a lender, so we cancelled the contract.  They agreed to return our full down payment via FedEx today.  We are perfectly okay with not getting the car, but there are few questions...

They ran our credit many, many times and caused so many inquiries and hard pulls on our credit.  This makes it look really bad for the lenders.  Is there anything I can do about this?

Also, is it legal for them to make us sign a contract and give them a down payment before approval without giving us the car on that day because they perhaps knew we would not qualify?  They knew our credit was not good but they told us that they were very confident they could find us a lender...

[Schoolbuskid]

I hope this is this case with our situation....im thinking it will turn out ok! The score they used was a 550 which is pretty bad..and the 16.9 was a pre-quoted interest rate which was not offered by any lender, but what the dealership thought they could get my mom approved for!

Well just take some time and get your scores, if you were trying to buy a new MDX, its obvious you have no problems affording, so i would take extra money to get you credit straight!

Message Edited by Schoolbuskid on 07-08-2008 03:09 PM

Message Edited by Schoolbuskid on 07-08-2008 03:10 PM

[fishbjc]

In my instance, the dealer I used for my bug pulled the cr.  The finance guy then knew who we could get financed through.  I got an immediate approval through VW.

With your scores, I'm not surprised you had trouble getting financed through someone reputable.  The finance guy was simply *fishing*. 

Why not wait, get your scores up, then try again??