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

frs was a lease

truck is also a lease?

 

just fYI my wife just bought a Camry on Friday and her contract says the bank has 8 days to back out, that's with Toyota finance and not a lease

 

If you weren't sure if you were approved to take the vehicle, why did you take it? I can't say that it's clearly all the dealers fault. I would put some on you as well. You should have kept your FRS until everything cleared so you know that everything was green for you to take the vehicle.

 

Ok, I have a maybe silly question.

Did you try and finance the vehicle first through Toyota, or anyone, and then decide to go for the lease due to bad terms or getting turned down? When you are denied credit you usually get a letter in the mail later to explain why you were denied. It it in anyway possible that this is what is happening?

EDIT: I just saw where a couple others are asking similar questions..

 

I believe you are saying, politely of course! do not buy something you can not afford?

 

I do not think borrowing money for a vehicle to your max limit is a good idea. You might want to save money for a hous or something , down the road.

 

Best idea ever...

 

It's cool. My credit is fine 2 of 3 score are above 710 the other is 690 ish. I own a house and pay all my bills ok time. I went a lease because I wanted to keep the payment low.

What I find odd in all of this is that I just received my first payment stub. In fact it's getting paid tommorw so I don't know what's going on.

 

If you own a house ....trust me ...you will want more money in your pocket. Drive a beater for awhile till you can afford a used Toyota ....one that is cheap. Put the rest of the money toward your family and house. In the long run you will be happy.

 

No one reads old threads.

http://www.tacomaworld.com/forum/2n...ership-calls-me-today-says-6.html#post7618490

http://www.tacomaworld.com/forum/2n...ership-calls-me-today-says-6.html#post7618637

http://www.tacomaworld.com/forum/2n...ership-calls-me-today-says-6.html#post7618683


David

 

you need to stop renting vehicles... And then paying more for renting a vehicle because you decided you didn't like the previous rental...

you didn't get denied on a loan, you got denied in a rental... That had other rental fees on top of the normal rental fees...

 

the reason i mentioned the transfer of funds or actually it states anything of value is because at least here in louisiana, if the offerer, which would mean any one offering a loan or service ACCEPTS funds or someting of value after making an offer then the contract is complete. NOW KEEP IN MIND, if there is a finance company in between, and you PAID THE FINANCE COMPANY AND THEY ACCEPTED PAYMENT NOT THE LENDER then no contract was completed just initiated.

this is very similar to what i now deal with everyday handling inurance policies, the actual company

either has a clause with something to the affect that they can take funds and bind coverage (usually 10 to 30 days) and have an underwriter review the contract in the mean time and in that period once you submit funds and they accept the funds they will offer thier services, I.E. cover your property, but if the review comes back and they say no way, we will not insure your risk, at 12 midnight end of that day you get funds back and you have no coverage and no contract, so in this case IF THERE is a similar clause, you owned the truck or leased it or whatever contract stated UNTIL THE REVIEW WAS DONE, if they say no way man, never want to deal with you, they get there service or property back, BUT you should get your funds back as well


or

they wait to accept actual funds until your 100% approved

in both cases, once, according to contract stipulation funds are accepted by the offerer the contract is complete no way out

look at the stipulations of approval, look AT WHO ACTUALLY RECIEVED YOUR FUNDS!


cheers,
disco

 

No offense ...but this is not 1988 economy...and I was actually giving advise to the op, but I am glad you own your corolla..they are great cars.

 

Sorry was just quoting a statement...I think we are on the same page.

 

Funny thing is op probably went to sleep and I am thinking about how to balance you weekly income...lol...k I am done

 

I had this happen to me. There's a clause on the contract that says if financials fall through, the contract is null-n-void. I ended up having to fork over another 2k to get it approved

 

This happened to me as well, only the finance manager called me in to tell me that he got me approved for a lower rate than we agreed on in the purchase contract. Saved me $30 a month in interest.

 

Are you military? Do you have an active duty alert on your credit?

 

OP, you said you were upside down on your FRS...you got the tacoma with that negative equity placed in the contract I am assuming...

If the dealership wants to null and void your contract and they've already sold off your FRS, I would walk away personally. They essentially took the hit of your FRS...

I'd just go to another dealership and get another Tacoma. Chances are you'd get approved without the negative equity of the FRS added in there.

 

Are you sure that the dealership didn't submit paperwork for both a purchase and lease? Perhaps the notice you got was for the purchase option when you actually went with a lease? In other words, you didn't qualify for the purchase (loan) but are ok with the lease (which is what you wanted anyway).