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

Sounds sort of familiar with me, except I was financing a vehicle for my first time and fell into their trap.. Put money down on truck, got ok'd at a good rate (not told it was a pre-approved loan), signed and drove home.. About 2 weeks later I received a call that the bank refused the loan and I needed to put more money down, get a co-signer or trade vehicles.. bla bla bla.. Then they hit you with the spot delivery clause..


"You and the dealer have agreed that the vehicle will be delivered to you prior to the purchase price being paid in full. If financing cannot be arranged at the terms stated in the contract, and the contract is cancelled, you agree to pay the dealer $50 per day and 50 cents per mile for your use of the vehicle from the date of delivery until the vehicle is returned to the dealer. If the contract is cancelled, it may require you to immediately return the vehicle to the dealer and to pay the cost of repair for any damage occurring to the vehicle while it is in your possession along with the agreed upon daily and mileage charges. The contract may also give the dealer the right to take the vehicle from you 24 hours after cancellation and demand for the vehicle's return. You may also be required by the contract to pay any costs the dealer may have to pay in regaining possession of the vehicle. If you owe any money from daily and mileage charges, damage repair costs or repossession costs to the dealer when the vehicle is returned, the dealer may keep your deposit(s) up to the amount owed. Otherwise the deposit must be returned unless you have agreed that it is non-refundable."

Hope this doesnt attain to you.. Pretty shady business ethics on there end.. :/

 

Regional Managers love it when you call them FYI.

 

I just got the same type of letter from Ford. It has something to due with the government trying to force them to be a finical lending service or something when they are not. Call em up... it dosnt mean anything you still have the loan

 

Good ole' fine print

 

The best advice I can give you when buying a vehicle is be patient!!!!!! You're going to be there for a few hours anyways, even if everything is going smoothly, might as well beat them up some on price or ask for some free stuff. He'll make the stupid little salesman buy you a coke out of the machine. I mean you ARE buying a $30,000 truck the least he can do is spend .75 on you. Read every damn thing too! Read everything twice before you sign! They'll act like they're in a hurry and you're wasting their time but screw them. I missed the part in my contract where the dealer said they would provide me a vehicle whenever my truck was being in for service. Know how they got around that now? They changed insurance companies and this one won't allow rentals so that's null and void basically lol they're slimy bastards for sure so stick it to them whenever you can! They are not your friends!

 

^^^
The best advice you're gonna get. I concur with Dan, you should walk away and consider this as a fresh start to a better deal.

 

Would take your truck back and demand your old one back in a very loud voice. I would make sure the reason for the return was also stated very loudly and what you think of what they are doing to you. Be polite and do not use foul language but just be very loud. Do not let them take you into an office. They will then see other customers starting to ask what happened and could this happen to them. Bet the deal changes real fast. Did for me many years ago when the salesman tried to change a signed deal at the last minute. I refused and they would not give me my trade in back. Got the trade in back and left after about 5 minutes of loud talking. What they didn't know is I had a contact in the dealership who warned me of that tactic. He said several other sales left right after I did.

 

I agree. If possible, you'd be crazy not to.IMO

 

start using the tacoma and put more mileage in it, they will still get it any other way, just make sure they took care of your FRS, lease or buy. so you're off the hook for that.

 

Thanks for everyone's input. Just talked to the finance guys and my original deal is good to go. Turns out since we discuses purchase and lease options they send approval and or declination letters for the deals that are being worked which sounds right because I had already received one saying I was approved. The fianance department also said that the deal is 100% complete once they provided me with the DMV paperwork to register the truck in my name and that I would be next to impossible to rework the deal at that point. Thanks again!

 

I was gonna go with 'this' but, hey, glad to hear it worked out for ya.

 

Just as I expected. Good thing you didn't take this guys advice. enjoy the truck!

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That is why you should read every word of a contract and all supporting paperwork before you sign or agree to anything.

The added bonus is it pisses off the finance dude waiting for you to read it.

There is no fuckin way I would sign anything like the above, but then again I always get a preapproved loan from the credit union before I even look. Everyone should do this in my opinion.

 

LMFAO!!! Sounds just like something I would do ... I wish that the general public knew the type of BS that goes on in car dealerships. As the CFS in my command, I REQUIRE all Sailors/Marines to come and see me/my team BEFORE they sign any dealership paperwork. Also, I like to tell them that if they didn't attempt to or actually drive off of the lot once or twice, then they did not get the BEST deal that they could have!

 

Hooyah Shipmate! I wish that everyone could realize how much better their car buying experience would be if they would only shop for the vehicle after they have secured the funds/financing.

 

I recieved a letter from Toyota Financial stating the same thing abiut a loan could not be given under the previously agreed terms. I took it to the dealer and let the take care of it. Nothing changed on my side such as payments or anything else. As my dealer told me, it was their fault for letting me walk out with those terms in hand.

 

Sorry to hear your issues. Just get back your trade-in and call it a day. Sell your trade in on ebay, craigslist, recycler, or autotrader. Save up and get a good used Tacoma from a private seller so there wont be any credit checks. You wont have monthly payments and your insurance will be alot cheaper! I know we all want the latest and the greatest but there is always time for that in the future when you are more financially stable and with better credit. Build your credit slowly by getting secured credit cards and being a conservative spender. Dont let your credit card balances exceed 25%. And dont dormant your credit cards or your score wont go up. Good luck!

 

the stealership tried this on me too. im leasing for the time being on my 13' DCSB and i told them it will be in the middle of a lake and i would send them the gps location. needless to say i never heard from them again. its been over a year since i told them this. if there waiting for a time to strike ,i think they may have missed the mark.

 

Best part is that I could see you doing that...

 

HAd other people do the same thing over the years and always worked out in their favor. Retired Navy chiefs have all our own fun.