GM Financial approved then rejected loan

[Quark]

Talk to your attorney. Can't go far these days without one.

 

[Polo08816]

When do you guys think the auto credit market is going to blow up?

 

[Doubeleive]

When do you guys think the auto credit market is going to blow up?

soon and places like carmax that have been snapping up used inventory are going to be knee deep in the mess as well

 

[Just50]

You may have received whats called an adverse action, which tells you essentially that they look at your creditworthiness on making the credit decision. Some lenders only send this to apps declined. Some send it to all.

If your dealer aint' BLOWING you up for the truck back, you're just fine.

 

[AnnemarieToefield]

As a rule, the bank has the right to refuse to grant a loan without giving a reason. This condition is usually spelled out in the application (offer) for a loan. Based on the evaluation of the borrower, the bank may first approve the loan and then, as a result of careful checks, deny the loan. Often, a bank's negative decision to grant credit can affect these factors, individually or in combination. For example, the borrower has a positive credit history and income level that meets the bank's requirements. Still, the borrower has a high level of debt: there are credit cards or due credit. The reason for refusal can also serve as a simple bank error. Either way, I suggest you contact Mortgage Broker Basingstoke. As I have been helped there more than once with credit issues.

 

[Doubeleive]

As a rule, the bank has the right to refuse to grant a loan without giving a reason. This condition is usually spelled out in the application (offer) for a loan.

no they don't, you must be used to getting pushed around
If a lender rejects your application, it's required under the Equal Credit Opportunity Act (ECOA) to tell you the specific reasons your application was rejected or tell you that you have the right to learn the reasons if you ask within 60 days

 

[Blackcar]

We have been buying vehicles 50 years, credit scores over 800, no credit card debt. Until our '22 Tahoe arrived the only debt we had was a home equity loan ($56/mo. + whatever we pay on principal). Finance man got us a good rate from a credit union we had never done business with. Days later we got the car loan denial letter from our home equity bank. Salesman said it might be sour grapes.

In our area home equity loan is not for anything special you just have a line of credit to write checks and usually the equity line of credit is a percentage of value of home it is on,

 

[tom3]

I'm wondering if a $80K car loan on home equity might be the back breaker on that deal? That's a lot of money with little return and doesn't add much to the loan collateral over time. Or was this a complete separate loan for the vehicle?