Brand new car loan approved-now not.....

Asked by Oct 18, 2013 at 02:03 PM about the 2014 Dodge Journey SE

Question type: General

Question...Last Friday I purchased a 2014 Dodge Journey.  I really like the car.  I was approved through a bank so we signed off on paperwork and drove off.  Now, a week later, that bank has came back and revoked my loan.  Is that possible? We signed the paperwork for interest rate (fixed) and everything.  Spoke with the dealership multiple times and of course they are wanting to save the deal.  They said we would use this other bank and they would be losing money on my car now.  I told them I was bringing the car back and getting my old one back.  They are now saying they are taking 1 year off my loan to be able to keep payments the same and I would pay one less year on my car.  Should I do this or just return the car? I am just so aggravated.

5 Answers

287,265

I'm sure your old car is no longer available as it was sold or auctioned. The dealership will have to make it right in procurring financing through their banks. Maybe sure the interest rate is the same or lower, but it sounds like they are helping you with keep the payments the same, look over the fine print before you sign, but I pretty sure you will be keeping the Journey.

1 people found this helpful.
935

Sounds fishy to me. Make sure to read all the new finance paperwork carefully! Seems a little odd that they can take a year off the financing term and still keep your payments the same. Before you concentrate on the payment amount, ask what the actuall selling price of the vehicle is. Once you know the selling price, check kbb.com or edmunds.com and see what the average selling price is for the Journey. If they try to pressure you or focus on payment price alone, walk away and try another dealer. Good luck!

78,145

Time to get a lawyer. Read the contract carefully. Sounds very suspicious to me. Also contact your local Office of Consumer Affairs and file a complaint against the bank. HTH. -Jim

Thanks for the answers. One way I want to turn the car back over to them but then again I want to keep it. If I do keep it, I know to make sure in the paperwork everything is right. Since they said they are going to lower the years I am paying on it does that mean it comes off final price?

78,145

Depends on the terms of the new contract. If your monthly payment goes up, then no. If it stays the same or is lower, then yes. Compare the numbers between the old and new contracts. HTH. -Jim

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