Finance Questions

Archive for August, 2008

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

Question: What do you do when a Finance Company hounds you because your a personal reference for someone who didn't pay?

Someone I hardly know used me as a reference when financing a car and now he has not paid in months. I did not give him permission to use me as a personal reference and now they are calling me constantly to get in touch with him. I don't even know his phone number! Can people just use any old name and number as a reference for a car these days? How can I get my name taken off his application? They say theres nothing they can do until he contacts them!

Answer: I doubt if they can seriously doubt if they can anything bec you did NOT personally sign the loan document so the RISK is THEIRS and you have no liability for their mistake. Shame on them for not running a credit report!

Hope the Above Info Helps!

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