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

I looked over my lease agreement and it basically says that any modifications to the lease must be agreed upon by both me and them. I've looked around and this seems to me more common with actual purchases rather than leases. I don't know what will happen since mine is a lease rather purchase. I could only assume that it will be dealt with in the same manner.

 

subd for outcome.

 

Dog the bounty hunter is coming

 

You said you were upside down on the other vehicle? So they took that, and now want the truck back? Why not let them have it, and go get another vehicle? If they take it, seems like you're going to be off the hook from any vehicle, and now can start over.

 

Well technically the dealer hasn't even contacted me. The letter is from Toyota Finnacial telling me that they were unable to offer me credit on the terms that "you" meaning "I" requested. They will reconsider my application under modified terms that they sent to the dealership. They're also giving me 30 days to get this settled.

 

i am assuming that the modified terms is going to be you pay any upside down or rolled over negative equity off up front. just an assumption.

 

Similar thing happened to me buying a car, signed all papers and drove the car for a day, dealer calls me back and says they cant get me approved with my down payment, tells me to come back in andput more down, i gave them the car back after putting 150 miles on it and after my infant daughter threw up in it

 

Well they're SOL because I'm not giving them anything unless I'm legally obligated to. If not they can take my truck back and we'll call it even.

 

It is certainly weird that this happened with a lease

 

This could just be a letter from one of their financing options that wasnt able to help, maybe they wrote it through another lender?

 

Clean all your stuff out of it and be ready for them to take it. In the meantime, drive the shit out of it and eat a lot of fast food in there.

If they do, given that you were upside down on the last one, you may walk away a winner.

Minor rant: I've got A-1 stellar credit and have for years so I don't have to deal with this kind of shenanigans from banks. Wasn't always like that, but I've done pretty well for myself over the years. But most people don't. The way that people who don't get treated in this country by financial institutions is fucking shameful. I understand charging more interest for people who are a higher risk. Leave it at that. I don't understand changing the terms of a signed contract, jerking people around, payday loans, or selling people mortgages that they cannot possibly pay off. The financial sector of this country's economy now operates in a manner that's utterly unconscionable and indefensible, and resembles mafia loansharking more than anything else most of the time.

Rant over. OP, hope you come out of this OK.

 

hahaha.....kids gotta love'm....

Agreed

Not related but old guys & San Diego are exclusive......

 

The last few vehicles ive purchased from major/big name dealers (not a small mom and pop used lot) i have been treated like a guy ordering a burger king meal, "heres what we have, heres options you can add, heres your final price" salesman and managers then throw paper work in front of you to sign and send you on your way, then they start calling banks like fishing, waiting for one to bite on the terms, if none bite situations like the OP and mine happen.

OP it is a possibility that toyota financing denied you and then another bank bit, and you are now getting an automated letter from toyota financing,. Call the dealer.

 

No down payment, yes I was upside down on the FRS. The balance of that loan has already been paid off.

 

I've never had an issue with USAA. NavyFed on the other hand will never get my business again. I had a car loan through them set up to automatically withdraw. On at least three different occasions they forgot to withdraw the money, even though there was plenty to take, and I'd have a late payment notice. I'd call, they'd say, "I'm not sure why it didn't take the money out." Then they'd do the payment. Three times that happened. Same excuse each time.

I have since stopped banking with them.

 

If your still in the military contact your Jag officer I bet they have herd of this dealer before and may have some advice for you. I hate the dealers that prey like this and it seems like they always hit the young military people.
This happened to my friend he had the truck 2-3 weeks I went into the dealer with him and lost my mind, They handed the keys back from his trade and we left.
Good luck

 

Pull your credit report and check it! Don't stonewall the dealer they WILL repo it. If this is for real and you have to hand the keys back you probably will be responsible for the depreciated amount. So clean it up and stop driving it. Granted this is the worst case scenario. Best case, this is just a standard rejection letter when you have financing somewhere else.
Take away, never trade a vehicle that your upsidedown on!

 

This.

My dealer went through a dozen financing options prior to finding one that would honor the low interest to get me the deal I wanted. After the purchase for two weeks I began getting these denial letters from all the banks that passed on the application. I took a hit on my credit because so many banks ran my info, but the end result was the lowest rate possible to meet my low ball offer.

I would suspect this letter may be from someone the dealer passed on. If you go in and agree to new terms they will void your contract even if it was fine to begin with. If they can hook you on a few extra bucks they will. My advice would be to not respond. If they push the issue tell them they must deal directly with your attorney.

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Do this

http://youtu.be/mVkWA0uoYC8

then smile when you hand the keys back to the dealer.

 

good advice, this next advice is for louisiana only, check your state to be sure. i bounce around alot to try to do it all when i get a whem, lol! my latest endeavor is an insurance agency, so now i am a double threat i guess, lol! i have my adjusters license and producer license, lol! anyway i just took the license exam a few weeks ago, according to the law a contract is in force and completed when a transfer of funds is recieved and accepted by the offerer, meaning the bank. unless there is a fine print clause in there, when they accepted your information and offered a loan and you accepted by transfering funds to them and they accepted those funds, the contract is completed. unless there is a clause in the fine print that the bank can back out for any reason they can not do that. THEY CAN if they can prove ANYTHING on the application you signed is AT ALL not 100% correct, like if you are a Jr. and did not put that behind your name on signature or if you said you make 50,000 a year and you really make 51,000 a year i mean anything they can technically legally back out, otherwise, at least in LA, its a done deal bro...


cheers,
disco


QUOTE=302;7861159]This.

My dealer went through a dozen financing options prior to finding one that would honor the low interest to get me the deal I wanted. After the purchase for two weeks I began getting these denial letters from all the banks that passed on the application. I took a hit on my credit because so many banks ran my info, but the end result was the lowest rate possible to meet my low ball offer.

I would suspect this letter may be from someone the dealer passed on. If you go in and agree to new terms they will void your contract even if it was fine to begin with. If they can hook you on a few extra bucks they will. My advice would be to not respond. If they push the issue tell them they must deal directly with your attorney.

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