So I bought a new 09 Cobalt SS about 3 weeks ago with GMAC's 0% financing.

I got a letter from GMAC today saying "We must regretfully inform you that we were not agreeable to handling the proposed transaction." From what I can tell its essentially a rejection letter for my loan.

I went through all the paperwork from the dealer and the contract shows 0% apr for 5 years and everything seems to be in order. Im hoping this is just some glitch or something the dealer was able to override. The deal really cant be undone considering they've already sold the car I traded in.

It seems like I had something like this happen with a car I bought before and it turned out to be nothing but Im wondering if anyone else had seen this.

 

i think your good i mean the deal is on paper and like you said they got rid of the car you traded in

 

Yeah im sure your fine, could be a dealer screw up

 

I hope they don't screw you over saying "Too bad, so sad." Some of these dealer guys are real A-holes.

 

Thats when you torch the **** out of the tires

 

I think maybe it is just a rejection letter from one of GMAC's other loan plans that the stealer tried. if it is the same exact loan plan the stealership more then likely changed around some of your credientials to get you the loan.

 

Most likely when the dealer put your info into the route one system, GMAC's computer automatically turned you down. When that happens the Computer automatically generates a letter. The finance manager probably called their analyst and got the approval for you. You should be good.

 

call and find out...

 

Well I plan to on Monday. I would have today but the dealer was already closed. I was just wondering if anyone here had something like this happen since I dont really want to spend the next 36 hours worrying that my loan is going to blow up.

 

To me a contract is a contract.... done deal. Nothing they can do about it.

 

Had this happen to a guy on another forum. They repossessed the car. Hope that doesn't happen to you.

 

I would take them to court if they laid one finger on the car. The day you sign the paperwork for the loan, did you read over it carefully to see if it said subject to future credit approval?

 

Seems like the dealer wouldn't have let the car leave the lot (or sold my trade) if they werent pretty sure of themselves. Good thing I work for a law firm...I may need them.

 

Holy crap, that was probly a good story to read.



Hopefully its what some others have suggested.
I f not, my new car would be through the dealerships front door..lol.

 

I didnt see anything like that in the contract.

 

link please??

 

how do you pay, and when is your first payment due? Do you send in the payment or do you have it automatically taken out. If you recieve a bill or see that the payment was taken out, then your fine.

 

In the event that they try to take the car....burn those tires up!

 

^^^^^^^^^^^ agreed..... make sure u FU*CK that car up... lol

 

There's usually something in verbiage of pending final approval from creditor. When you buy a new car, the finance department will many times run your credit and make the decision whether you will qualify for a loan approval under conditions set forth by the creditors they use (to include GMAC). Many times the official approval won't come until a few days after the sale. If you live in a different time zone than the financing institution, buy on a weekend or after hours, etc., this will increase the chance that the dealer is essentially pre-approving you under the terms they believe you will qualify for.

Most of the time the finance people at a dealership are very good at their job and make sound decisions, but with the tightening of credit and the push to move vehicles I could see this becoming more of an issue for some people. If you end up not qualifying for the financing through GMAC more than likely the dealer will try to get you approved for alternate financing. Since that was a special promotional rate you should expect to pay much higher (upper four, five or six percent APR or higher even if you have good credit).

If that's the case and under the laws of most states, you'd either have the option to accept the new rate or turn the car back in. This is normally referred to as a "wind down" or "unwind". What sucks is that if you traded in a car and it's been over a couple weeks it's almost certain that it was sent to auction. When that happens they usually only have to pay you back fair market value or sometimes just the trade-in allowance.

Best bet is to go into the dealer and find out what's going on. They will want to keep you in the car and may have better leverage when dealing with GMAC. Even if they can't get you the special GMAC rate, they may match it out of pocket through another finance option if they're desperate for sales and have some profit margin in your sale. Try to remain calm but be prepared to walk away from the car if the terms are bad. When deciding on what to do, also expect that you might not get your old car back and have to fight to get what you think it was worth (and under the state law of your state you might not have much recourse). Besides not getting as much for your old car from a trade-in this is another down side to trading in a vehicle.

But hopefully this was just a glitch and you're fine. Have you received any loan docs or payment books yet from GMAC or was this the first you've heard from them?

 

Let me know if you guys can see this.

http://www.sixthsphere.com/phpBB3/vi...t=41046&hilit=

In case you can't. Here's his post.

 

A finance company has 3 days from the signing of the loan to pull back on the loan and take the car back. Check the letter date.

 

Possible, but keep in mind that what applies can vary from state to state depending on their laws.

 

I really wouldn;t worry about it .... Dealers just dont give you a car if they don't think it will go through

They will find a lender or somehow make it work man ..

 

Not that it matters in this case, but this is a prime example of why you obtain financing BEFORE buying a car.