"Vimto" (smudgey)
09/26/2014 at 20:11 • Filed to: None
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"Vimto" (smudgey)
09/26/2014 at 20:11 • Filed to: None | 0
| 19 |
Hey guys,
Just got off work and checked my mail. Got a letter from 'RBS Citizens', I assume that is a bank. The letter says that the $15,000 loan for my 2014 Nissan was "unable to be granted" due to limited or no credit file. I'm twenty, I've had two credit cards for a year (score is around 700), and was approved for Nissan's first time buyer program.
I don't know what to do. Does this mean that my car is going to be repo'd? Do I have to take it into the dealer? I purchased the car 8/25, made a $500 down payment at the time that was accepted, and just made a monthly payment yesterday on it.
PatBateman
> Vimto
09/26/2014 at 20:15 |
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Is this the same bank that financed your vehicle?
ETA: If not, I have the answer.
blacktruck18
> Vimto
09/26/2014 at 20:17 |
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Double check the paperwork you got with car. There should be something in there with the banks name on it. Make sure it's the same bank and not a scam. I did a quick google search and it's a real bank but, you never know. Seems weird it would take them a month to decide they don't want to finance you.
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Vimto
> blacktruck18
09/26/2014 at 20:22 |
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I am trying to figure this out. My paperwork just says that the leinholder is NMAC (Nissan financing).
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Vimto
> PatBateman
09/26/2014 at 20:23 |
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I'm not sure. I financed through NMAC (Nissan Motors Acceptance Corporation) my paperwork doesn't seem to name a specific bank
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blacktruck18
> Vimto
09/26/2014 at 20:26 |
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Kinja
Zipppy, Mazdurp builder, Probeski owner and former ricerboy
> Vimto
09/26/2014 at 20:27 |
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I'd say, check it out with the dealer to answer any doubts.
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PatBateman
> Vimto
09/26/2014 at 20:28 |
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When you apply for a loan and are denied, the bank is obligated to send you a letter within 30 days (IIRC) stating that you have been denied and WHY you were denied credit. Odds are that the finance manager at the dealership ran your application with several banks.
Who did you write the check to for your payment? If it was auto drafted, look at your online bank history and it'll show you who took the money.
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Vimto
> PatBateman
09/26/2014 at 20:30 |
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It just says "Preauthorized WD Nissan Auto Loan" in my bank.
Tom McParland
> Vimto
09/26/2014 at 20:31 |
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Quick load it up with hookers and drive it to Mexico!
On second thought...that is probably not the bank you financed with.
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PatBateman
> Vimto
09/26/2014 at 20:33 |
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You're probably good. Call the dealership tomorrow (or tonight, if it's still open), ask to speak to the finance manager, and confirm that it's financed through Nissan Motors Auto Credit.
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blacktruck18
> Vimto
09/26/2014 at 20:38 |
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Just figured it out. It is probably just a letter from a bank the dealership tried to finance you through that turned you down. The will usually send you a letter explaining why they turned you down.
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Vimto
> blacktruck18
09/26/2014 at 20:39 |
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Thanks, looks like thats the consensus.
Nick-Speed
> Vimto
09/26/2014 at 20:47 |
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Read:
http://oppositelock.jalopnik.com/when-the-deale…
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Vimto
> Nick-Speed
09/26/2014 at 20:52 |
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I read that a few days ago, I don't think that's my situation. The letter isn't asking for money, adjustment of rates, or anything, it literally just states "request not granted" and then explains my credit score. That's it.
Other opponauts are suggesting that the dealer went through several different banks and this one was legally required to let me know I was denied, and that my loan is through a different bank.
ThePro
> Vimto
09/27/2014 at 10:16 |
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Dealerships sometimes just check your credit with every single bank they can find to see if you can get a lower APR. We went to a dealership the other day, Honda's financing was giving a highish APR, so the guy checked other banks too.
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ThePro
> Nick-Speed
09/27/2014 at 10:17 |
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Not even close.
Idiot In The Garage Needs A New CGI Job...
> Vimto
09/27/2014 at 11:20 |
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Same thing happened to me when I bought a used truck - got a letter 2 weeks later from Capital One saying I was denied. I found it interesting since they weren't my lein holder, nor were they ever mentioned by the dealer as a candidate. I was mostly confused as to why they denied me since I have stellar credit. Its been 2 years & the truck hasn't been repossessed. Call the dealer, but you're probably fine.
Mathnerd
> Vimto
09/27/2014 at 13:25 |
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If the name on the letter isn't the same as the name of the bank you just made a payment to then it's just a letter from a bank your loan was shopped to but that didn't approve you. Legally required when they deny a credit app.
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Nick-Speed
> ThePro
09/27/2014 at 20:01 |
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Eat me. His car is not repo'd obviously but the article contains relevant information.