Scammed? Or Approved?

[Anonymous]

Hello Everyone,

EX Auto 8: 619
Gross Income: 44990
Rent:500 (1yr and 2 months)
Bad: 1 credit card delinquency settled In full (will be updated on Credit reports on 4/16)
Student Loans: 70K (deferred)

So I think I may have been scammed. I went to the dealer after test driving a couple cars their a week before. Decided I was ready to make a deal this past Saturday, the cost of the vehicle is $23,849. Put a down payment of $6,000, so financing $18,849. The bank the dealer is financing me with is Ally Financial at 14% (really no option at this point) . Waited a few hours, approved and signed paperwork. No conditional offer agreement,BCA, terminology in bill of sale or other documents. I am worried that I was lied too and only pre-approved through Ally Financial and the loan will fall through once further examination of CR is done . Worst part: The finance manager assured me all was well and told me to take the car home, and so I did.

Really need your input right now, thank you!

[Anonymous]

They didn't register the vehicle with the DOL? What plates do you have on the car? Dealer plates or a temp tag?

[Anonymous]

They put Temp PA window tag and plate on vehicle. The vehicle registration paperwork did not have the title info but everything else filled out. The car literally came back from the dealer off lease three days ago and were honest about the title being physically in transit by GM.

[Anonymous]

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@Anonymouswrote:
They put Temp PA window tag and plate on vehicle. The vehicle registration paperwork did not have the title info but everything else filled out. The car literally came back from the dealer off lease three days ago and were honest about the title being physically in transit by GM.

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I think you're good dude. Thats not really a scam anyway. I mean they are a dealer and you do have a car as collateral. I dont think they want to take back your car anymore than you want to.

[Anonymous]

Thanks, a little worried cause of the same day delivery on a Saturday. Also, never financed through Ally Financial, wasn’t sure I could get a definite answer on a Saturday afternoon.

[Loquat]

Hi OP and welcome to the Forum!

I think you're good.  Saturday or not, most applications are processed electronically.  A good Finance Manager knows where he can hang a deal and get it approved.  Ally Financial does prime as well as sub-prime so don't let the name of the lender cause you to worry...they're a full spectrum lender.  

What the dealer did is commonly know as a "spot delivery" which means that they're confident that they'll hang your deal with finance company, and you won't typically receive title information until the deal is funded by the bank.  This can take up to 4 weeks.  Don't worry to much and congrats on your new vehicle!

[Anonymous]

Thanks! Appreciate the feedback.

[bigpoppa09]

I would have used that 6K downpayment  and bought a decent used car while u worked on your credit.

[Anonymous]

The car is used and needed something very low mileage for work...I actually have been working on it since I hit rock bottom 4 years ago. Due to a serious CC Collection. Young and dumb I guess on that part. Held myself to a tight budget since then and took as much overtime as I could get sometimes a second job to pay off debt, pay ahead with bills, and pay some interest off student loans....Still recovering though. I’m still a little anxious over the car financing based on my previous history. They made it “appear” to be a non-issue.

[Anonymous]

Update: 

Today I got a call from Ally's Contract processing and Underwriting office. I was not able to answer and will be reaching out tomorrow morning. Should I be worried?!?