Auto loan madness
01-16-2013 01:09 PM
About 2 weeks ago I went to a dealer to buy a car. We had been to this dealer about 6 months before and though my credit is poor, we were approved with no problems. I got into an accident right before Christmas and the car was totaled. So my husband and I decided to go back to the same dealer since we had luck with them before. I checked my credit score online the night before we went and it was a bit lower than when we purchased before, but I thought I would go in and give it a try. We were there for 4 hours while they tried to find us a lender. The finance person finally came out and said I was approved and had me sign the paperwork. He went back to his office and then came back 5 minutes later to say that I can't take the car until my insurance pays for the totaled car and the lender for that car reports a $0 balance. He said this should only take 1 week but I did not agree. Anyway, I called my insurance and my GAP insurance and the current lender. With all those involved, I was told it would take 30-45 days to reflect a $0 balance. I immediately called the dealer and told them I can't wait that long and asked about cancelling. A few hours later they called me back with "good news" that if I provide a letter showing my vehicle is a total loss and another letter stating the GAP insurance is in process, then I should be all set and could get the car. I did that. This was a Friday. They said to follow up on Monday (this past Monday). I did that. They asked me to come in and sign the title. I did that. They said to follow up on Wednesday. I did that. Now I get a message from them saying they don't have a response today but I should try tomorrow. I'm not sure what response they are waiting for it I was approved and they later told me I was all set with the letters I provided. I also don't understand why the bank would take 72 hours to provide the response when banks approve loans in minutes typically. I tried calling the dealer back and have not gotten a response yet. I should mention that this is a reputable dealer, voted one of he best in the area. I read all sorts of reviews and the majority were excellent
Another thing that they said to me which I found interesting was that I may have to change my license. I currently have an out of state license. My response was that if this if for registration then they can just transfer my current registration from the totaled car. The finance guy said that the lender may require it. That I really don't understand. I know people who have financed cars without a driver's license. I know people who have financed cars without a SSN. So why would the lender require I have a license from the state where I live? Normally this would be an easy switch, but I have old unpaid parking tickets from when I lived here before so I can't switch until the I have money to pay those.
So I am more than frustrated. I really just want to cancel this purchase and go to a dealer that will finance people will any kind of credit. The car has not been removed from the dealer yet so it wouldn't have lost it's value. I just don't know the penalties if I cancel and I can't afford a huge bill for a car I never got or a lawsuit.
I'm really not sure what to do at this point. Any advice?