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Question about Current auto loan

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Valued Member

Question about Current auto loan

When I got the car the salesman aka dealer lied and said i put down $ that i didnt and when bank called i was still in there office waiting for car to be returned from being gps'd. Is there any grounds for dismisal of the loan/financing without hurting my credit?

 

Thanks in Advance

Starting Score: 557
Current Score: 657
Goal Score: 700


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Gardening until 11/2019
Curent Accounts:
2 auto loans $18439, Discover It Secured $200, Cap 1PC partially secured $200, Total Visa $300, MoneyLion CBL Bal $253, & FingerHut FreshStart $72 bal, Cap1 QS1 $300
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Senior Contributor

Re: Question about Current auto loan

Well, any "hurt" to your credit already occurred with the inquiry/hard pull and the new account. If the bank was to rescind the loan if you don't have any late payments they pretty much have to report it as Closed, Paid Satisfactory.

 

But why would you have the loan dismissed? Do you think you can get a better loan, or are just really bothered by the dealers's dishonesty? Or did you change your mind and want to return the car? And how did they lie about the fake downpayment, jack up the price by $Xxx.xx and then claim you gave them the $Xxx.xx as down payment?

 

Maybe I'm pessimistic, but I just expect some dishonesty somewhere along the line when I buy a car from a dealer.


Fico 08: 720/721/719 TU/EX/EQ
Message 2 of 4
Valued Member

Re: Question about Current auto loan

the cars price was already over what it shoud've been and he just told them i put $xxxx.xx down after he figured what he would make on it from the finance company the dealer lied about a few other things as well as cover scrapes with paint that wore off soon after phurchase as well well about option to refinance at a lower rate. Im over the car already and believe i could get a better car/rate somewhere else.

 

 

Do i have grounds for them to dismiss the loan?

Starting Score: 557
Current Score: 657
Goal Score: 700


Take the myFICO Fitness Challenge

Gardening until 11/2019
Curent Accounts:
2 auto loans $18439, Discover It Secured $200, Cap 1PC partially secured $200, Total Visa $300, MoneyLion CBL Bal $253, & FingerHut FreshStart $72 bal, Cap1 QS1 $300
Message 3 of 4
Senior Contributor

Re: Question about Current auto loan

The bank has grounds to rescind the loan if they learn about the falsified down payment. Whether they do is up to them, and how long it has been is likely a factor.


Fico 08: 720/721/719 TU/EX/EQ
Message 4 of 4
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