Last post on Dec 28, 2009 at 8:29 AM
You are in the Smart Shopper
What is this discussion about?
Dec 28, 2009 (8:17 am)
Its a doc that shows i paid off my charged off account that shows on my credit report. but i have disputed that fraudalent charge. so i dont want to pay them.
i am going to call the bank, hopefully they can clear this.
#154 of 158 Re: Bank financing question [carbuyerwa]
Dec 28, 2009 (8:29 am)
OK, you can relax.
No smart dealer will assume that when a customer tells them their loan is "Pre Approved" that it's a done deal.
To protect themselves, they will have the customer fill out an application. They will then have an "Option Contract" ready to go just in case the "Pre Approved" loan doesn't go through.
No, I hav never had this happen but it does happen.
The dealer faxes the information to the customers' lender and the lender delwys paymnet fotr some reason or they decide they want to throw some "stips" in before they approve the loan.
So the dealer doesn't get paid. The dealer will then call the customer and they will prod them to get thier lender on the ball. We do like to get paid!
As a last resort, the dealer can use the Option Contract fo fund the car deal.
As far as your chargeoff that has now been paid, it couldn't have hurt you too bad or you wouldn't have been approved. If a person has otherwise good credit the lenders will assume it was a mistake of some kind.
I wouldn't be worried.