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

How do they let you leave with the truck before financing arrangements are completed ?

 

check this.. maybe what the OP here ran into?

http://www.tacomaworld.com/forum/2n...alership-calls-me-today-says.html#post7611859

 

you have state farm insurance? weither you do or do not, it helps if you do, goto an agent and apply for a loan, in alot of states because state farm insures so many vehicles and houses they have resticted how many policies agents can write so the main income they can get is from selling life insurance and auto loans so they will try to make it happen andif you have good credit they usually 1% less than a bank

i have had 5 auto loans with them so far, easy and top notch and the agents WANT to make it happen in states where they are limited as to what tey can sell as far as insurance policies especially in southern states


cheers,
disco

 

Tell them you will respond in 14 days. I dunno, talk to different Bank Manager's and see what they say. Sorry, I'm no help but this type of shit is why I buy the cheapest vehicle on the lot.

 

I had this happen with my current truck. Toyota Financial said I was approved and waited about 10 days to say oh you didnt get approved.

I went to a military friendly bank applied for a new loan walked out with a check for slightly less than the negotiated price and told the dealer take it or leave it since I had already bolted a tool box thru the bed rails.

 

essentially I hate to say it, the bank can fold the loans when they want, the "ball" is never essentially in your court so to say

because you do not physically own the car or the truck, they can do as they please, they can re negotiate if they want, but you COULD in theory walk away with nothing. I had the issue with my Cobalt SS/SC they wanted it back as it was low miles and an easy sell. I refused to let them take it, in fact i took money out of my savings and walked away with the car .... in hind sight should have let them take it hahahaha


Your situation however is slightly more confusing, you could be entitled to your safety deposit back. Remember you don't own the vehicle your essentially renting so you place a deposit down to ensure you are committed, its also the banks safety blanket, so if they neg in the first x amount of time you "could" be entitle to it back

 

Thanks for all the feedback. I will go I my dealership first thing tomorrow morning. I thought for sure my deal was solid but I guess the fiancé guy didn't know best. I hope I can work it out because if we can't I believe yet will be the ones losing not me.

 

Wow, this is jacked up.

I've paid cash for every vehicle and it seems like it was the right choice. Granted I was driving really crappy cars off of Craigslist (like a $500 Corolla) for many years but stories like this make it seem more than worth it.

So there is another option for you... stop leasing and just buy a used 1st gen Tacoma online that you can have fun with until you've saved enough money for a new one.

 

I'm not going through this again, believe what you will. Read the other thread start to finish. Click all the links. It's a scam. It's always a scam.

David

 

Agreed. While it seems they may have the upper hand because you will be without a vehicle - I say call their bluff. That's the first card you should play, the worst that can happen is they say no. It's in their best interests to work this out with you.

 

It sounds like they might be trying to play you; especially with it being a lease. They might demand more of a down payment or longer term lease. I would refrain from putting more down or lengthening the lease and stick to your guns.

 

regardless, if you get it strait with them or not, i would go re-fi with start farm, agents and state farm bank are desperate for business and so far have always beat everyones intrest rates

just my 2 pennies worth


cheers,
disco

 

I'd recommend you clean out all your shit from the truck and be prepared to have it re-po'd by the dealer if you don't work out a deal. Stealerships love to watch brand new vehicles roll off their lots based on the assumption that everything will work out with Toyota Financial. It's not like the guy who sold you the lease will lose any sleep over the fact that you're out of a truck.

 

Crappy situation. I'm not yet a cash buyer, but I always get my loan approved by a 3rd party lender long before going to the dealer. I figure the fewer shells in the shell game, the better.

I know this doesn't help you this time, but just some food for thought.

 

this used to be a sales tactic. sometimes they would throw a great rate at you or terms you liked and push the paperwork thru. you take the truck then get the call when the bank processes the paperwork. i used to work at a dealership and saw it happen a couple times. I saw your air force have you tried navy fed? u could try to get a loan with them. unless you have top tier credit they do pretty good compared to other banks…although if you leased it i think you have to use toyota for the lease. good luck either way

 

One thing that isn't always clear when you finance at the dealer is the fine print that says financing is subject to approval. If they couldn't get the deal approved you usually have one of three options. 1 finance elsewhere. 2 do whatever to meet their terms. 3 return the vehicle. They probably have your trade since they weren't able to finance the new one yet. Pm me if u have specific questions, I don't work for a dealer but do deal in a lot of auto financing. Good luck.

 

This. I've financed 3 vehicles through Navy Fed. They beat USAA every time.

 

i have done tons of loans with them. they are great and super easy to work with. and splitting the payment to the 1st and the 15th is awesome too. have you talked to them yet?

 

Didn't read any further than this but i think this is pretty much spot on, seems the salesman/dealership had too much faith in their numbers & terms , they figured it'd go thru without a hitch, its on them not you i think...

EDIT, talk to Mr. Ding