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I was never approved ***NEED YOUR HELP URGENT***

Chad2586Chad2586 North CarolinaPosts: 40
edited May 11 in Honda
Bought my new Accord on April 12, or so i thought.

So i've had the car a month now, i just found out last week that it was a spot deal. The bank has been trying to verify my employment and income, i am 1099, (submitted bank statements)So i've been back and forth with the dealer, bank, employer all this week.

The Cap One approval will expire on Sunday, i will have to return the car which is totally fine. They have already paid off my trade in. The trade had 1742 in negative equity, will i have to pay them that amount?

I really just want to return the new car, shake hands and be done. Do you think that's how it will go? Should i worry about the trade, is there any legal stuff i need to be concerned about?

My credit is also not the best so Cap One was one of few banks to approve, so the dealer has no other options.

This is the first time this has ever happened to me, thanks in advance!

Comments

  • MichaellMichaell ColoradoPosts: 110,156
    Chad2586 said:

    Bought my new Accord on April 12, or so i thought.

    So i've had the car a month now, i just found out last week that it was a spot deal. The bank has been trying to verify my employment and income, i am 1099, (submitted bank statements)So i've been back and forth with the dealer, bank, employer all this week.

    The Cap One approval will expire on Sunday, i will have to return the car which is totally fine. They have already paid off my trade in. The trade had 1742 in negative equity, will i have to pay them that amount?

    I really just want to return the new car, shake hands and be done. Do you think that's how it will go? Should i worry about the trade, is there any legal stuff i need to be concerned about?

    My credit is also not the best so Cap One was one of few banks to approve, so the dealer has no other options.

    This is the first time this has ever happened to me, thanks in advance!

    I suspect the entire deal will be unwound, including the trade in. You'll likely get your original car back, and pretend like the deal never happened.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • kyfdxkyfdx Posts: 119,799
    If he traded the car in on April 12th, and they've paid off a loan, there is no way to unwind that. If the trade isn't gone, the financing sure is.

    If I had to guess, you'll have to come up with the $1742, and start shopping for another car.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Chad2586Chad2586 North CarolinaPosts: 40
    They still had the trade in on their website as of today, but the trade was an over mileage lease, i hope they don't unwind the trade, cause i'll have to come up with thousands for the mileage fees.

    My finance guy said he has no other ways to go for approval. I was worried that i might have to come up with the $1742, but i'm hoping they'll just call it even and make up that loss once they sell my trade. They gave me 15K for it and have it listed for $18500 on website.

    Anyways thanks for your help.
  • Chad2586Chad2586 North CarolinaPosts: 40
    financing came thru on sunday, all is well!
  • kyfdxkyfdx Posts: 119,799
    Chad2586 said:

    financing came thru on sunday, all is well!

    Thanks for letting us know. Glad it worked out.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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