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  1. #1
    Join Date
    Dec 2012
    Posts
    1

    Default Car Loan Revoked After a Week

    My question involves a consumer law issue in the State of: Florida

    I purchased a car from a local bad credit dealer over a week ago. I supplied all the information including the down payment. The dealer notified me today that the lender revoked their loan because the dealership didn't supply my child support information. Now they state my debt to income is to great. I did a verbal recorded interview with the lender and verified my debts including my child support. They congratulated me on being approved for the loan and confirmed my monthly payments. I later received an approval letter stating that I was approved. The letter states " We have conditionally approved your request for credit based on terms or conditions other than those that were submitted to us. The dealer has been notified of these conditions, and was asked to provide them to you."
    Can the lender do that? I love the car, have responsibilities and cost tied up in this car now. Not to mention the embarrassment. What can I do to keep it?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Car Loan Revoked After a Week

    Can a lender conditionally approve a loan and then later determine that you don't qualify for the loan? Yes. Until the loan is given final approval, it's not final.

    You can attempt to get a different loan, on your own or through the dealer, can attempt to find a cosigner, can attempt to convince the lender that you should get the loan.... whatever works.

  3. #3
    Join Date
    Feb 2010
    Location
    CT & IL
    Posts
    5,273

    Default Re: Car Loan Revoked After a Week

    Quote Quoting Mr. Knowitall
    View Post
    Can a lender conditionally approve a loan and then later determine that you don't qualify for the loan? Yes. Until the loan is given final approval, it's not final.

    You can attempt to get a different loan, on your own or through the dealer, can attempt to find a cosigner, can attempt to convince the lender that you should get the loan.... whatever works.
    +1 .. it is likely noted in the sales contract ...

  4. #4
    Join Date
    Jan 2013
    Posts
    1

    Default Re: Car Loan Revoked After a Week

    If you are forced to file for bankruptcy, car loans you may have outstanding become very important. If you default on your loan and lose then it will be ast big risk and problem. To avoid take good actions initially. Motor Vehicle Finance

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