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Chances the car dealership is lying?

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Anonymous
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Chances the car dealership is lying?

Got a letter in the mail saying that the bank my car is financed through can only finance 13,000 when I owe 15,000 I put down 1500 dollars so I'm short about 500 dollars. Called the dealership to see If I need to put more money down, and they said everything is good and funded(AWESOME). My question is what is the chances they're lying to me? Really want to put my subwoofer in my car but that's over 200 dollars to switch it around. Don't want to pay to move it then pay again to move it back. Can I take the dealerships word or wait until I get my hard tags?
Message 1 of 8
7 REPLIES 7
CHICKIE71
Member

Re: Chances the car dealership is lying?

Just because I'm paranoid, I would wait for tags.

Message 2 of 8
Anonymous
Not applicable

Re: Chances the car dealership is lying?

I'm very paranoid myself lmao, just sucks going from subwoofer to no subwoofer. Hate it when my whole car isn't shaking 😂😂😂
Message 3 of 8
JGGM
Frequent Contributor

Re: Chances the car dealership is lying?

Honestly if they told you it's funded, then I'd say you are fine. They want their money so if it funded on their end, then they got their money. It's possible your original approval was for X thru the automated approval. And then, a manager at the dealership called bank and said I need X plus Y and they manually approved the new amount. 

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Message 4 of 8
Anonymous
Not applicable

Re: Chances the car dealership is lying?

Looks odd, based on the fact that you have a signed deal you are probably fine.  It is possible that the finance company would only be willing to finance the 13k and the dealership ate the difference.  Most states have closed off the option of dealers being able to pull the we need more money down scam.  Having said that it would be prudent to wait a bit.

Message 5 of 8
Anonymous
Not applicable

Re: Chances the car dealership is lying?

Thank you all, I'm just going to wait it out until I get my tags/bill. Fingers crossed that everything is good 👍👍
Message 6 of 8
Anonymous
Not applicable

Re: Chances the car dealership is lying?

In my state, anytime a dealer submit's a deal to lenders for let's say, $15k, and the bank counter-offer's because of whatever reasoning they have at let's say, $13.5k, then you will recieve a letter from those lender's stating their denial for the requested credit. So let's say for isntance you went into a dealership and looked at a vehicle priced at $15k and all you told them was you wanted to be at "x" payment, they obviously submitted the deal to lender's trying to get the full amount (as long as it was in your payment range) and the lender counteroffered with differen't terms because of many factors, you will recieve a letter in the mail stateing the reason for counteroffer/declination. More than likely you weren't approved for what they had originally asked for but they were able to still sell the vehicle to you at the counteroffer terms.

Message 7 of 8
Anonymous
Not applicable

Re: Chances the car dealership is lying?

sorry for the double post,

 

In addition, if you financed any "products" in the loan such as an extended warranty, GAP, Tire and Wheel, Paint Protection, Key Replacement, Credit Life/Disability, then those are considered "back-end products" so if a finance company approves a loan to you for $13,000 at the dealership they may also include an additional back-end amount.

 

One other situation is that the finance company originally counter-offered at $13,000 but the dealership's F&I person called the finance company and negotiated more money, which would still result in you recieving that letter.

 

Either way, you are fine and this is completely normal so don't fret it!

 

 

Message 8 of 8
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