Quote:
Originally Posted by chris719
The issue isn't in the rare case when it's innocent optimistic financing. Now, with the software they have they should know within minutes or hours at the most.
The issue is these shady dealers are finding easy marks they KNOW will have trouble getting financing at the rates they promised. These are people that don't usually have an extra car or the ability to fight.
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Even with software, an underwriter can override any deal they don't feel good about. I had it happen 4 years ago with a mortgage, they kept asking for more papers, and them more, and then more. Closing was late because of that underwriter. We were overqualified and had plenty of cash down. Even a good deal can fall through.
Everybody knows there are shady lenders, doing business with them is a choice. If that becomes your only choice, time to revisit your plans to ned their services. At the first sign of this nonsense they should have walked away and sought legal remedy for the trade-in. Seems they didn't ask the right questions or contact the right people. How did that dealer dispose of their trade in with no title? A lender won't release that without a payoff. Elements of that story are lacking basic logic.