Hello Fast question.

Maybe this is rare, almost for me something like this never happen me before. For that reason I don't know what I can do, i hope you can help me soon because have to go to the dealer today or tomorrow morning. I "bought" a use mini like a 6 weeks ago.

My credit it is not good is poor. I applied at the dealer, they "apparently approved me", I signed a contract and they gave the car, they even received a my old car and in the next 2 days they cash the check of the down payment. In the contract said that my payment has to be done November 24th. Never received any paper or documentation for the bank and no tag either.

Today I received a letter for the bank that said they cannot give me the credit of my loan in this conditions and they sent another conditions to the dealer"I don't know it, imagine better for them and worse for me. "

Question.

I go to the dealer, today or tomorrow morning, but, what can I do? What are my options?

I think this happened because just 4 weeks ago a medical account that I was paying to a collection agency, they reported to credit bureaus. After they "give me" the loan.

What Can I do?

Thanks

Danny

PD: sorry if this post has to be in another topic. I can't find any financial topic.

Sent from my iPhone using NAMotoring

 

Normally I'd say tell dealer to honor the original deal or you want your trade car back and cancel transaction.

But, I'm betting that if you read the fine print, not disclosing pending items that effect your credit will change the terms of the loan.

I think you are going to have to live with this, unless someone has better ideas.

 

Some options:
Return the car.
If you don't like the new terms ask the dealer to shop for new financing.
Shop for new financing yourself.
Read your contract.
Declare bankruptcy.

I am not offering advice, just options.

 

With any luck you'll end up with your old car back.

A MINI is the LAST car I'd buy if I had money troubles.

 

1. Pay the medical bills that went to the collection agency.

2. Ask mini to honor the original contract and that you paid which ever went to the collection agency.

3. Shop around and see who will give you a loan.

4. Cancel the purchased and get your car back.

 

I would be very interested to learn if BMW(MINI) financial was involved in this.

 

Wise advise!

If you have $$ issues...I STRONGLY suggest getting a less $$ more reliable car...Everybody on this site loves MINI's, but it is a luxury....