Have you ever purchased a car and had the dealer or lender call back to ask you to restructure your auto loan?

I bought a new car on jan. 2nd. (a 2008 Scion XD... financing was through Toyota financing). I got a phone call from the dealership on jan 9 saying that the bank needs me to "restructure" my loan because it (the bank) didn't approve the terms of the loan in its present state. Has this happened to you? Which financing company screwed you over?

Have you ever purchased a car and had the dealer or lender call back to ask you to restructure your auto loan?
omg - i had the same thing happen to me through toyota financing. i had already signed the paperwork %26amp; taken the car home. they called %26amp; said that now i would need a co-signer %26amp; that the payment was gonna go up. i told them that i was gonna contact a lawyer %26amp; then i called the general manager %26amp; told him that i would get back to him after i talked to a lawyer. "somehow" they decided that i didn't need to do anything %26amp; that everything was fine. they acted like it was a major hassle but they fixed it for me. anyway, don't do anything w/o a lawyer. i think toyota tries to screw people
Reply:its not the financing company that screws you over its the dealer! Alot of times what will happen is that they will let you take the car home thinking everything is done when in fact they have not got an approval from a bank yet, but know they will. So they let you out with the car at a certain interest and payment. When the approval finally comes over more than likely its different than what they originally told you and have to get you back in to sign new paper work.





Dealers do this to lock you in a vehicle so that you wont go around shopping other places and you are basically forced to take the car they are selling you. its called a "spot" situation
Reply:Yes it has and I said sorry I have a legal contract
Reply:It happens all the time. The problem is that the finance company doesn't like your credit score, or your income, or your debt load -- or all of the above -- and won't approve you at the original interest rate. Even though the dealer might have told you that you were approved, the final say goes to the finance company who will actually lend you the money. You can agree to the new loan terms, or return your car to the dealer. Until the loan is approved, the dealer can't get paid for his car.