I also wonder if at this point I can go to the dealership and say "heres the truck, give me back my trade and forget about the deal" since they still dont have me financed.

 

Don't be fooled. You are financed. The dealer isn't going to let you leave the lot with a $30k+ truck if you haven't got the financing in place. On your paperwork you should have a loan agreement which states how much and how many payments you owe. It also tells you who you are financed through. Start making your payments to the finance company and forget about the dealership. If your payments are on time and for the proper amount, they can't do anything.

It doesn't sound like you do, but this is a prime example of why it is beneficial to own a house. I can tap my home equity anytime I want to and buy a new car or truck. Any interest on that vehicle is tax deductible.

 

This is exactly right. It is the dealership's problem PLUS If they had every bank in their arsenal run your credit you won't be getting a truck in a few months maybe 2 years. When I was selling I had a guy come in that didn't have terrible credit except he came in every few months trying to get financed and his score was so low because of it.

Talk to a lawyer to find out your rights on whether you own the truck if you signed the paperwork or not, then like said above make the payments to the lender and ignore the dealership. they either made a mistake THINKING capital one was going to approve you no problem OR more than likely they are scamming you

When we did a deal if we had a FAXED approval from the the lender they couldn't change their minds since even if they send an updated denial we magically sent the customer on their way already in the vehicle and there is nothing the lender can say since we went off their hard copy approval


Bottom line is, The dealership is screwing you either way and i would talk to a lawyer monday before them. ALSO, if you do talk to a lawyer you can tell them you want to go after them and you may get a free consultation...but even if you have to pay it would be worth it to hear the law on it and until then DON'T TAKE ANY MORE CALLS FROM THE DEALERSHIP

Now you say you signed papers with chrysler financial. DID YOU SIGN STATE PURCHASE AGREEMENTS? if so can you email them to me at mpolkki@aol.com? I may be able to tell you what exactly they are doing if I see all the documents they gave you when you drove away.... Just a thought

 

Thanks mopar! When I get home I will check my paper. I am not quite sure what a STATE PURCHASE AGREEMENT is but I will see if I find something that those words in the document. Also one question, does it show on my credit every time he checks to see if other banks are going to finance me? I always though that they ran the credit once and used that for reference for all banks.

 

Each individual bank checks your credit.....

 

The problem is this... If he stated on an aplication that he had two jobs and the bank finds out he only has one because he is quitng his job in two weeks, The bank has the right to cancel the contract. Like every contract there is a cancelation clause (for both sides). You can be pre approved and then denied if the bank/company finds out you misrepresented info on the app.

By the way Never tap into equity in your home to by a car. 1. get behind on payments andyou could loseyour house and you car (depending on which method you use) and 2. When the value of your house goes down with this declining real estate market you could own more on your house than what it is worth. Home equity loans range about 6-9% for rates vs. 0-5% rates for dealer loans.

 

Thats exactly what happened. The bank had me approved but later found out I put my 2 weeks notice when they called my employer. I know dealerships are shady but in this case I think they are trying to help me get financed, because they would be losing money if I gave the truck back with 600 miles on it. They would have to sell it used. I will keep you guys posted, today the finance guy is supposed to try to work something out with Capital one and try one more bank. If not approved then I will most likely have to return her today after I get off work.

 

EspoMan,

It sounds like, (reads like) you are getting a **** load of good advice from the guys. That's what we are here for - hence my $.02.

While they are trying with Capital One or any other instituion "Have they agreed to take the truck back if your financing does not come through?"

On your own have you access to a municipal or local 'credit union' through school, parents or their jobs seeing as you will be astudent again?

I started with a credit union back in the 80's and it was the smartest financial thing I ever did. They know you by sight, name and you and your family's reputation. Depending on how big your city/town is. I called my credit union told them I wanted a new truck no money down and they told me pick one out, get a contract and call them with the amount. That quick. The dealer was pissed. 'R U sure there is nothing we can do to get the financing for you?'

Think about it all but do not be afraid to walk away. Check on yours and their deadline to back out of the contract without penalties, ASAP!

Good Luck!

 

Thanks for the advice. I tried my credit union through my employer but they said the APR would be the same as I am currently getting and that they dont finance vehicles if they have to finance more than the vehicle is worth, which in my case im financing around $25,000 and the truck is worth $21,000, so I would have to come out of my pocket with the difference. Like I said, im going to see what happens today with the dealer, if they try to change anything at all im walking away.

 

Yep...........remember also, that the dealership don't want to try and sell a used truck.
Also, with the high gas prices etc etc, it's hard to sell even the best of trucks these days.
The ***** in your court and you should remind them of these two points andnegotiate a good deal.
Don't have the mental attitude of "I might lose my baby". The salesman will smell that from a MILE off........rather, that you want "hopefully" try to keep her, but not at such a cost as to hamstring you for the rest of your life.

Al