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So i bought a car last week and got a letter in in the mail saying

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So i bought a car last week and got a letter in in the mail saying "we cannot extend credit to you as requested because of "insufficient credit references"

What does that mean? Will my car get reposessed?
>>
Are you in the US? Credit checks are instant.
What I think happened is the dealer got you a loan and used two different banks. The first one rejected you. Second one didn't. As US policy if they reject you they have to send a letter allowing you to get a free credit report.
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>>1355136
>Will my car get reposessed?

yes
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>>1355136
You know what would be nice? If people actually read the papers that they sign and make a marginal effort to understand them.

Anyway ...

When you bought your vehicle, you signed a Conditional (a/k/a Spot) Delivery Agreement with the dealership, which spells out exactly what happens in these circumstances. Basically, if you can't get financing, you are in breach of the sale contract and the dealer can cancel it. You're obligated to return the car in pristine condition, and you'll get back your down payment (and any trade in). You may owe some damages if there's any wear and tear on the vehicle.

In reality, you should contact the dealership. They don't want to lose the sale, and will move hell or high water to get you financing. If there's a bank that will lend to you, they'll help you find it because they really don't want to take back the car. (On the other hand, it may be shitty loan terms, so caveat emptor.)

And yes, if you try to ignore all this the dealership can and will repo the vehicle, and you'll be on the hook for all kinds of expenses and damages.

Oh, and next time, read your paperwork.
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I showed them all my work stubs and shit and proved i had verified income, so how do i get denied a week later?
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So is there anything i can do at this point?
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>>1355274
>you should contact the dealership
this
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>>1355282
>I showed them all my work stubs and shit and proved i had verified income
Who's them? The dealership? Then who fucking cares ... the dealership isn't loaning you money.
>how do i get denied a week later
You were never approved in the first place. The dealership probably thought is was likely you'd get the loan, but obviously that doesn't happen all the time.

Hence, the Spot Delivery Agreement. Protip: read it..
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>>1355351
So will i still have to pay the monthly fee?
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>>1355385
No. You will get to keep the car for free. Just don't respond to the notice, they'll stop bothering you soon and you'll be in the clear.
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>>1355387
So if i contact the dealership now will they try to work something out or just say ''hey come and drive it in right now''
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>>1355392
READ WHAT I FUCKING WROTE AN HOUR AGO YOU MASSIVE FAGGOT.

Jesus, you retards are so slow you can't even take free help when it's given to you.

>thread saged, hidden, reported, ignored, and torched.
>>
I would contact the dealer, and it might be good to just walk away from the car and the place that sold it to you.

Honestly I bought a brand new ford last year and was walked through every step and the people made sure I understood everything from my name in the paper to if the car blows up.

I financed it through ford and they made sure everything was spot on before they gave me the keys.

The fact that the dealer let you walk out without all you paper work and credit in check is horrible. I'd check your reports to make sure they didn't just fuck your score.

Honestly if it's not a dream car just let the dealership have it and tell them to kick rocks.
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I've worked in auto finance for several years and basically, you got a conditional approval for a loan and at least one of those conditions were not met. You supplied paystubs, but
Verification of employment (verifying that paystub directly with the employer) could have been a stipulation, and maybe they could not get a hold of your employer? There are countless stipulations that could have been underwritten and the only way to find out what wasn't satisfied is to contact the dealership. It could be something simple and the dealership can still send the loan package back to the lender, this time with the additional items that were missing.
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>>1355434
I've noticed that a lot of people, myself included before I learned, don't understand the whole idea of a conditional approval when you drive off the lot. The dealership could even potentially have multiple approvals from different lenders, they might be able to go through a different lender you really just need to contact them and find out
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>>1355401
"no good deed goes unpunished"
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>>1355327
Invest in kneepads
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>something is wrong with my car a week after buying it
>should I contact the place where I purchased the car?
>nah, better ask some anonymous jerks on the asshole of the internet about it, they'll give me a straight answer
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>>1355136
I'm surprised you got the car in the first place, if you didn't have sufficient credit. I couldn't get car financing because my lousy job doesn't pay enough, so I never even got to fill out paperwork.
>>
Invoke the no take backs rule.
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