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Author Topic: Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?  (Read 2132 times)

TVTECH-man

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Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?
« on: December 20, 2007, 07:18:33 PM »
I ask because I've called the bank to make sure they dont approve the loan to the dealership and I dont want the dealership to go behind my back and try to get another bank to approve me for an auto loan.



PS. The dealership tried to scam me so I stopped payment on their down payment check and returned them their car.

I ask because I've called the bank to make sure they dont approve the loan to the dealership and I dont want the dealership to go behind my back and try to get another bank to approve me for an auto loan.



PS. The dealership tried to scam me so I stopped payment on their down payment check and returned them their car. I did sign all the contracts (silly me), but they dont have any check stubs...so will banks approve me without check pay stubs???

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FredC

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Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?
« Reply #1 on: December 21, 2007, 02:59:10 PM »
yes they will, but sometimes you will and up with a very high interest rate with other creditors that will work with you even you have bad credit / no credit
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CyberForensics

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Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?
« Reply #2 on: December 22, 2007, 10:39:47 AM »
Yes they can and typically they will if terms are the same or simialr enough to sell you on. typicall you will see about 9 inquires on your credit after a car application because of it. if another bank approves it you have 30 days to cancel it and tell them not to report to the credit burea because you never authorized more then one bank. HOWEVER typically in the very fine print when you do the application they say they will try MULTIPLE banks to get the financing
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thinker

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Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?
« Reply #3 on: December 23, 2007, 06:20:24 AM »
once you apply with the dealership they go to more then one bank.  Also know that departments which work with dealerships are different then the branches - as a result you may still get approved. Giving a check and then doing a stop payment is not considered kindly by law.



Insist on getting full disclosure from the dealership, if you have a disagreement try to work it out within the law.
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Vince

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Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?
« Reply #4 on: December 24, 2007, 02:01:01 AM »
Even if they did do that, you haven't signed any papers have you?  They will always try to shop you around, but that doesn't mean that you own the car, it simply means that you were approved, now the next step is you signing the paperwork.  If you didn't sign anything you don't have to worry.  If you do, I think you have a few day, they call it rescending clause (basically) means you changed your mind.
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linktheworld219

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Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?
« Reply #5 on: December 24, 2007, 09:41:38 PM »
There are many auto loan options available today. Today, stiff competition among auto loan financing companiesfinance option. You can apply for online car loans on the Internet, or get it from your car dealer.
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autoservicetech

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Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?
« Reply #6 on: December 25, 2007, 05:22:15 PM »
A dealership will try to get you financed through another institution.
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RobW

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Will a dealership try to get you financed through another bank if the first bank doesnt approve an auto loan?
« Reply #7 on: December 26, 2007, 01:02:52 PM »
Yup, a dodgy dealership will try and get you finance no matter what, but legally you only need to show them a letter showing you have been declined from one bank and they cannot hassle you anymore.
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