Brought used truck

[Cesar c]

Jurisdiction

Texas

Brought a used truck and traded in my truck in which I am still making payments on in Dec 18 2023. Signed all contracts. The dealership said I was approved for the loan. Drove the truck home. Now it's Jan 20,2024 and the bank that supposedly financed through sent me an email that my loan was denied. I made contact with the dealership and they said everything is good. I called again ask to speak with the GM and end up talking to consumer relations manager. An hour later finance for the dealership called me and said I needed to come back in to finalize some paperwork. Also my trade in has been sold already but no payment to my lender. What should I do.

 

[adjusterjack]

Go read the paperwork. If it gets you the loan, sign it.

 

[welkin]

Now it's Jan 20,2024 and the bank that supposedly financed through sent me an email that my loan was denied.

By all means, read your contract. But I wouldn't be surprised to learn that when you go back to the dealer, the interest rate on the loan is higher (perhaps much higher and maybe with a different bank) than on your contract.

If your contract is contingent on the approval of financing, you will be stuck. You can either return the truck and get the cash value of the trade-in or pay the piper.