Approved loan question

Anonymous · ‎06-15-2011

Hi all,

I'm currently looking into my very first time purchase. Since this is my first time financing a vehicle and my credit score is 671 (Fico EQ), I was a little afraid about high APR. Anyways, I visited a local VW dealship and they tried to take advantage of me being a first time buyer. They eventually ran my credit and told me I was approved for a 2011 jetta SEL, then tried to rip me off.

I ran away from that place and decided to apply for a few auto loans since they've already rand my credit and I wanted to see how much I could be approved.

Cap 1: approved for $30K, 4.14% (New car loan for 60 mos)

BofA: approved for $21K, 3.62% (New car loan for 60 mos)

Chase: denied.

My real question is this. If I go to the dealership next time and get a better deal or if they match their APR with either BofA or Cap1, I'd rather go with the VW credit. If that's the case, what do I do with these approved loans? I don't have to do anything? Should I call them to cancel? Please share your knowledge with me!!! Thanks much!!!

Anonymous · ‎06-18-2011

@Anonymous wrote:
Hi all,

I'm currently looking into my very first time purchase. Since this is my first time financing a vehicle and my credit score is 671 (Fico EQ), I was a little afraid about high APR. Anyways, I visited a local VW dealship and they tried to take advantage of me being a first time buyer. They eventually ran my credit and told me I was approved for a 2011 jetta SEL, then tried to rip me off.

I ran away from that place and decided to apply for a few auto loans since they've already rand my credit and I wanted to see how much I could be approved.

Cap 1: approved for $30K, 4.14% (New car loan for 60 mos)
BofA: approved for $21K, 3.62% (New car loan for 60 mos)
Chase: denied.

My real question is this. If I go to the dealership next time and get a better deal or if they match their APR with either BofA or Cap1, I'd rather go with the VW credit. If that's the case, what do I do with these approved loans? I don't have to do anything? Should I call them to cancel? Please share your knowledge with me!!! Thanks much!!!

1- Define how they tried to "rip you off."

2- You can call them and tell them you are declining their offer, or they will simply "expire" in about 30 days. They will not show up as created loans until you submut them as paperwork.

joeblow2 · ‎06-19-2011

Why did Chase deny you ?