Help bank denied my loan but I'm in possession of my truck

I was wondering if anyone has any experience with something similar to this? Any advice is welcomed. Some background information on my purchase. I purchased my 14 tacoma about a month ago after trading in my FRS. Needless to say I was upside down on it but I was unhappy with it so I was ok with taking a financial hit. I received a letter from toyota financial informing me that they couldn't offer me credit to the previously agreed terms. The things is that I'm actually leasing the truck and not buying it or at least not now. Does anyone know what my options are or what will happen next?

 

No idea but I bet your trade in is long gone.

 

Unless you lied on your credit app, I would let the dealer work it out on his own. Chances are pretty good that he does not want to suffer the depreciation hit when the truck went from NEW to SLIGHTLY USED, so it's in his interest to find a solution. My guess is that they want to jack your terms, probably b/c the salesperson committed to a deal that they don't want to honor.

If it were me, I'd be inclined to tell them where they can pick up the vehicle if they are unable to abide by the leasing contract they wrote.

 

Sounds odd to me...but I guess their next step is to collect the vehicle and any funds associated with the lease! Better check the lease agreement and see what you're responsible for or treat it as spam!

 

were you leasing the FRS?? if not than they legally owe you your FRS back

 

X2, so... how did you end up leaving the dealer lot without an agreement? if there was one a signed how does To.fan. change the agreement?

 

That's exactly my concern. I'm pretty sure they will ask me to renegotiate my the terms of the deal by giving them a down payment which I'm not going to give them. I would say give me my car back but like you said it's probably ,omg gone.

 

If they signed the paper, they authorized it. They took your truck. They have to give you the rate they quoted on. It is signed.

 

We'll I was under the assumption that all deals are not valid until Toyota Credit approves it. Sure, the finance manager is supposed to review all credit applications to make sure all applicants qualify for the vehicle they're buying.

 

theirs another thread on here not to long ago about this same issue pretty much. In the papers you signed it says that toyota can take back the vehicle if terms are denied from the bank. Im trying to find the thread but it ended up with the OP paying more when he went back.

 

^^^ Yup, I remember the same thread too.

 

That sucks. Hope it works out for you

 

im trying to find it, im sure theirs some info in their for this OP. But, I didnt subscribe to it, so searching is a PITA lol

 

Yes, it was also a lease. What does that mean for me?

 

means it wasn't your vehicle

 

This happened to a friend of mine. His dad was rich enough to throw in 20k to pay it off. Sorry this reply is worthless.

 

That's horrible.

 

Absolutely. They have made a deal with you and now they want to renege on it. The ball is in your court.
I'd approach it like this:
Explain that you want to work with them to resolve the issue however you are unable to obtain credit elsewhere (for whatever reason). When they offer to extend your term at the same finance rate decline it and offer to return the truck to them and have both parties walk their separate ways. The truck is now used and they will not take it back because it will be a huge loss for them. You'll get to keep your finance rate and current deal, no questions.

 

Nope.....it says in the paperwork they can take the truck back if the terms dont work. If the lender or whatever says they dont want to ...well something needs to be worked out.

damn, i need to find the other thread about this..

 

http://www.tacomaworld.com/forum/2n...last-week-dealership-calls-me-today-says.html

Got it