Car loan denied ??

Question

I purchased a car 7 months ago but I got a letter like 2 months in. Stating the loan/ lender ? That the dealer works with denied my car loan. Then my insurance also told me they didn’t have info for my car lender so idk I just ignored it and continue paying the dealer and they’ve been accepting my car payments but never contacted me about that. I kinda want to call and ask who is my lender but I’m scared lol what should I expect? This is my first time purchasing a new car are they going to take my car or how does this even work?

Answer

You’ve had this car for months!? Oh my. We got a denial letter once when we tried to purchase a car . It was a couple months after we had already left with the vehicle and gave them our trade in, we had to bring the car back cause none of the lenders would finance it. They gave us our trade in back and that was that. Very strange you’ve been making payments.. I’d be concerned where your payments have gone, and what they are being applied to when you didn’t get even get a lender/loan. Hopefully it’s just a mistake. I’d take care of that asap! Start making some calls.. something isn’t right.

Answer

It could be nothing but I’d definitely talk to who you bought the car from. Every time we have purchased a new car or traded a car in, the dealership would apply to multiple banks for financing if we didn’t want to go through the dealership. One of them would approve and the rest would deny. We always got the denial letters in the mail weeks/months later. It didn’t mean we had to take the car back or anything but we also knew who we were financed through and had the name and account information for it. We also would get the approval letter weeks after purchasing the car. Hopefully that’s the case for you and you don’t have to bring the car back! Definitely contact someone because if they are saying to return the car then someone else messed up big time.

Answer

Someone messed up. It could be something simple (I got a letter like that after purchasing my new car…they’d mistyped my birthday and the initial run got denied but they caught it and reran. I didn’t even know it had happened). But you definitely want to call the dealer and get it straightened out. And get whatever they tell you in writing! You don’t want to risk paying for a car that has some legal holdup later. Get it fixed now so you don’t have to worry about it.

Car loan denied ??

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