Search Optics
San Diego,#2General Comment
Mon, November 09, 2009
I'm sorry your loan was denied back in 2006.
It seems if the initial APR was 8.34% your credit to begin with was extremely poor and it's difficult to fault the dealership for not being able to find a bank to accept this loan.
I mean, you say yourself in your report that the "dealer can cancel 'ONLY IF' the dealership really can't find the bank that can provide the loan." The dealership "really couldn't" find a bank to approve the loan so they had to cancel.
Unfortunately it's difficult to find a bank who will approve a loan for somebody with clearly pre-existing bad credit. In this situation, based on your use of grammar and diction, a logical deduction can be made that you have a lack of credit history.
Furthermore, you were not "ripped off" in anyway, you have bad credit. That's not the fault of the dealership who was clearly trying to work with somebody of your credit score. If anything, you should have wrote them a thank you letter for allowing you to drive off their lot with a vehicle.
Andromeda
Near Roswell,#3Consumer Comment
Sat, June 20, 2009
This is the classic 'spot delivery scam'. They talk you into taking the car, not knowing whether financing will be available to you. In order to get out of the scam, you must pay more for the car. The dealer was undoubtedly chuckling, thinking of the additional money he was going to get out of you. Lenders quite often share the increased interest with the dealer, and thus the dealer makes more money. Talk to your Attorney General. They are very familiar with the 'spot delivery' scam.
Davey
Huntington Beach,#4Consumer Comment
Fri, June 19, 2009
An individual's credit history determines the ability of the dealer to place a loan with a lender. A dealer will deliver a car to an individual with the understanding and signature of the customer that they will do everything possible to get the loan approved on the terms delivered. However if the loan is not approved, the customer can either accept the new terms offered or return the vehicle. The dealer is not the lender. The dealer WANTS the lender to approve the customer but in many cases the customer's credit history makes it difficult to get them approved. Obviously that was the case here. P.S. Is proper english and spelling a lost art?