If I signed a finance contract, can the finance company still say no to financing me?
I signed a contract to take delivery of new car and I was wondering if the finance company can still say no to the deal? if so, what will happen?
The simple finance charge slip has my interest rate, term months, and gap insurance. I bought the car sevendays agoa dn the finance company just ran my credit friday.Is that common?
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Answer by SPIFIMAN1
Sure they can.
All approvals from auto lenders come with whats called stipulations. This may include proof of income, residence, phone bill, drivers license, insurance or references etc.
Most dealers do what called a spot delivery which means that they will make every effort to get the deal approved as signed, but in the event that they do not you agree to come back in and either sign new paperwork or return the vehicle.
Even if the deal is done and sent to the lender if anything that the lender asked for doe's not check out or they find out that you or the dealer lied on the application they still have the legal right to return the deal and refuse to finance you.
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