AC09
Yuma
Full Member
Joined: 01/12/2012
View Profile
 Offline
|
I know there are some really knowledgable people in the area finance on these forums so I'm hoping I can get some info. We purchased a brand new 5r recently, signed the contract 15 days ago and took possession over a week ago. today I get a call from the finance manager at the dealership asking me a bunch of questions and saying the finance company has just now gotten around to reviewing my info?? So I answered her questions then asked her if there was a problem? she says "Well, I don't think so" "I will call you back if I need anything else" I don't want to jump to conclusions but needless to say this did not give me the warm fuzzies. So how long would a finance company have to void a contract and on what grounds? I mean I was in no way fraudulent on my application!! Like I said I don't want to jump to conclusions but I want to educate myself in case.
Thanks, JB
|
donn0128
Pronounced Ore-gun
Senior Member
Joined: 04/21/2005
View Profile
Offline
|
Obviously they are reviewing your credit history. You might want to double check your credit rating to be sure someone has not gotten ahold of your info.
Donn,Lorri,Max (rescued Lab)
Saigon International Airport 1966/67
|
Ka Ron
Kelowna
Senior Member
Joined: 12/31/2009
View Profile
Offline
|
Interesting that the dealer would release the unit if the finance company had not approved the loan.
Why don't you call the finance company. It is your history and you will be paying for it.
Join Us For A Trip Down The RV Highway
|
JayWalker2009
USA
Senior Member
Joined: 08/11/2009
View Profile
|
AC09 wrote:I know there are some really knowledgable people in the area finance on these forums so I'm hoping I can get some info. We purchased a brand new 5r recently, signed the contract 15 days ago and took possession over a week ago. today I get a call from the finance manager at the dealership asking me a bunch of questions and saying the finance company has just now gotten around to reviewing my info?? So I answered her questions then asked her if there was a problem? she says "Well, I don't think so" "I will call you back if I need anything else" I don't want to jump to conclusions but needless to say this did not give me the warm fuzzies. So how long would a finance company have to void a contract and on what grounds? I mean I was in no way fraudulent on my application!! Like I said I don't want to jump to conclusions but I want to educate myself in case.
Thanks, JB
I would think that once you took that 5'er off the lot the dealer would have gotten a green light from the finance company, but I am sure it is entirely possible they gave a contingent "okay" based on a more thorough credit check. I don't know why a dealer would do that, but I guess they might have been told by the finance company that everything appeared to be lining up and then they found something.
YOu might want to just go to equifax or something and pull your credit report if you don't mind throwing down 15 bucks for it. I would also put a call into the finance company because you are going to be the one in contact with them moving forward on the loan.
It's all kind of strange because credit checks today are done so much faster than they were in the past. They can usually do credit checks in minutes.
|
crickeydog
Marietta, Ga.
Senior Member
Joined: 01/29/2004
View Profile
|
Somethings wrong here; bad wrong. I'd be at the bank's door soon as they open in the morning with the RV dealers finance manager along with his boss and get some straight answer's Rikki Tik; or have somebody's a$$ in my briefcase before leaving. Keep us posted on this.
Happy camping!!! See y'all down the road!!!
USAF RETIRED '92, "EITHER LEAD, FOLLOW OR GET OUTTA THE WAY"!!!
"THE SILVER FOX" 06 GMC 3500 CC DRW D/A LBZ 4X4 SLT
"THE BEAST", 00 DODGE 3500 QUAD CAB DRW CTD LARAMIE
04 HR 30SCD 5'ER OPTIONS? EVER DANG'ED ONE OF'EM!!!
HELP FIGHT CHILDHOOD CANCER
|
|
|
phillyg
Front Royal, VA
Senior Member
Joined: 04/24/2002
View Profile
Offline
|
Basic Contracting 101 tells you for a contract to be valid, it must have an offer, an acceptance, and performance (or delivery) in your case. The telephone call may be of no consequence, but take the time now to reread your contract to see if there is anything in there that states it is null and void if certain things are/are not done. If they call back and there is a problem, have them go over the contract language with you to find out the extent of the problem and how it affects you. If you are unsure of your standing, please get proper legal advice rather than relying on us sea lawyers on this site.
2002 Keystone Cougar 286, 8,400lbs loaded, pulled with a 2004 F150 Supercrew, 5.4, 3.73 gears. Retired and enjoying life
|
2chiefsRus
USA Somewhere
Senior Member
Joined: 09/08/2004
View Profile
Good Sam RV Club Member
Offline
|
AC09 wrote:I know there are some really knowledgable people in the area finance on these forums so I'm hoping I can get some info. We purchased a brand new 5r recently, signed the contract 15 days ago and took possession over a week ago. today I get a call from the finance manager at the dealership asking me a bunch of questions and saying the finance company has just now gotten around to reviewing my info?? So I answered her questions then asked her if there was a problem? she says "Well, I don't think so" "I will call you back if I need anything else" I don't want to jump to conclusions but needless to say this did not give me the warm fuzzies. So how long would a finance company have to void a contract and on what grounds? I mean I was in no way fraudulent on my application!! Like I said I don't want to jump to conclusions but I want to educate myself in case.
Thanks, JB
Are you certain that you were actually speaking with someone from the dealership? It pays to be cautious when discussing financial information from someone who calls you unless you know for certain who they are.
Dave & Kathy
2007 Monaco Knight 40PDQ towing 2003 Odyssey
Fulltime since October 2007
Before you give someone a piece of your mind, make sure you can get by with what will be left.
|
Homer
Northeast Indiana
Senior Member
Joined: 11/23/2000
View Profile
Offline
|
As soon as you are given the final word on this. Without rendering any more money or accepting any changes over what you were given in an original contract. If the answer is negative. Spend $200.00 and have a contract attorney establish your rights. Do not submit to any changes unless they are in your favor.
|
skipnchar
Topeka or somewhere else
Senior Member
Joined: 12/17/2003
View Profile
|
Usually the dealership will have already checked your credit scores even if their financing agent did not. I DOUBT if you have anything to be concerned about unless there is a discrepancy from one reporting service to another.
2011 F-150 HD Ecoboost 3.5 V6. 2550 payload, 17,100 GCVWR -
2004 F-150 HD (Traded after 80,000 towing miles)
2007 Rockwood 8314SS 34' travel trailer
US Govt survey shows three out of four people make up 75% of the total population
|
beemerphile1
I'm only 57, I'm not yet a
Senior Member
Joined: 04/20/2007
View Profile
Good Sam RV Club Member
 Online
|
I've never heard of it with RVs but a common tactic with car loans is to deliver the vehicle, call the buyer, tell them the loan was turned down, BUT we can get you a loan if you agree to a higher interest rate. Some dealers have been prosecuted for the scam, hopefully this won't happen to you.
Tim
If you aren't paranoid, you aren't paying attention! 
2006 Weekend Warrior FK1900 towed by 1998 Ford E150 4.6L = 8 MPG
2009 Aliner Sport towed by 2009 Pontiac Vibe 1.8L = 22 MPG
1996 BMW R1100GS
.jpg)
|
|
|
