Finance Questions

Question: Does anyone know why Bank of America won't finance an auto loan for an independent used car dealer?

I applied for an auto loan and was approved, but once I sent in my purchase agreement my loan rep said that they would only Finance Auto loans for franchise dealers - no independent used car dealers. I know the car and the dealership are fine. I have the carfax report on the car and I've had a mechanic take a look at it. Frustrated!

Answer: They only deal with franchised or VERY large and very stable used car dealers. They get enough repo's from the franchise stores without going out and looking for trouble. You may have found the one true Diamond, but the odds are that most independents will burn them more times than not, and that is what the bank is playing is the odds.
edit: I really don't know if this gets read or not but if the dealer is all that straight he must know a new car dealer and should be able to "sell the deal" to them so that you buy the car from a new car store problem solved

Refinance Auto Loan