Car Loan Denied After Signed All Papers – Imagine your biggest nightmare. You go to buy a brand-new car, go to a dealer, find the perfect car for you and your family, you decided to take a loan and everything goes smoothly, you pay the down payment, take the car and go home but next day you learn that your loan is denied.
Your car dealer is making the 15th call to you and wants his car back and you must take the car back to him with a broken heart and you learn that you cannot even get the total amount of money you paid for that car just 1 day ago. Or worse, your dealer is forcing you to sign for a bigger loan and you do not know what to do.
Car Loan Denied After Signed All Papers
Yes, it is absolute nightmare to some of us. But sadly, some unlucky people have to go through this situation in real life. There are numerous cases that car loan denied after signed all the papers.
What is the reason?
There can be many reasons led to this horrible situation. First of all, there is a big chance that this is because of your dealer. While waiting for the loan answer most of the dealers are afraid that they will lose the customer ones the customer go out from the store.
So sometimes even though they do not have the exact answer for your loan they may tell you that it is approved and after you sign everything and leave your old car there, they deal with the finances. Usually, it works but sometimes it does not. Since they cannot fix the situation you got an information about the denied car loan.
If your car dealer calls you and ask for more money to fix the situation or force you to pay another loan which has relatively bad conditions you definitely have to check your sales papers. There is an information about how long the dealer has time to set up the loan.
There is usually a time limit and after passing this limit dealer has to take the car back and you can take your down payment back. But there is a chance that you might not get back the taxes you already pay for. And sometimes the dealer can ask you the money of the miles you used the car (if you used the car for 4 weeks for example)
What you can do also is to find the loan money from another source if possible and pay to your dealer. This way you will not lose any tax money, or you will not have to pay more money to the dealer for the miles that you have driven with that car.
Also, there is a chance that there could be a mistake so you can try to be optimistic about the situation because a lot of things could have happened in the dealer or the bank that dealer agreed for the loan so it would be good to investigate the situation and talk with your dealer as soon as possible. And for those who are not in this situation, “car loan denied after signed all the papers” nightmare will always be on your mind when you are buying a new car.
Title – Car Loan Denied After Signed All Papers