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Old 10-31-2012, 07:43 PM
 
306 posts, read 433,889 times
Reputation: 138

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Today, two people from the dealership where I purchased a vehicle showed up at the house where I'm temporarily staying. I wasn't there and the person I'm staying with called me on the phone. I spoke with the salesman who sold me the car and he says the finance company told him to come there regarding the proof of residency issue. I called the finance company and they say they did no such thing. The contract is still pending due to the proof of residency issue and now the person I'm staying with doesn't want to get involved. She says them showing up at her house is too much and now she won't sign the residency affidavit.

I'm at a loss as to what I should do at this point. How can I resolve this issue if I'm between residences?
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Old 10-31-2012, 08:18 PM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,563 posts, read 81,147,605 times
Reputation: 57767
You are not in a situation compatible with getting a car loan. Look at it from their point of view. They are lending you thousands of dollars on a vehicle. If you default their only option is to repo it, re-sell and hope to get back at least some of their money. Without a permanent address they won't know where to find the car. Whether the bank told him to go there or he was simply trying to makes sure he didn't have problems with a lender he works with doesn't really matter. The bottom line is that you should buy an old beater for cash, and get a loan for something better after you have a home.
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Old 10-31-2012, 08:19 PM
 
1,376 posts, read 3,082,234 times
Reputation: 965
Sounds to me like the finance guy assumed he could get you financed but really couldnt. Now they can't get anyone to underwrite the loan. Don't know the legalities of whether they're bound or there's language in the contract that its contingent on approval from the finance company.
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Old 10-31-2012, 08:22 PM
 
306 posts, read 433,889 times
Reputation: 138
Quote:
Originally Posted by Hemlock140 View Post
You are not in a situation compatible with getting a car loan. Look at it from their point of view. They are lending you thousands of dollars on a vehicle. If you default their only option is to repo it, re-sell and hope to get back at least some of their money. Without a permanent address they won't know where to find the car. Whether the bank told him to go there or he was simply trying to makes sure he didn't have problems with a lender he works with doesn't really matter. The bottom line is that you should buy an old beater for cash, and get a loan for something better after you have a home.
Yes, I totally understand the concern of the dealership AND the finance company. I am going to try to see if I can get my license switched over because it expires before I move to Nevada in mid December. So I have to get it done anyway. I will see what they say regarding being in the state when it expires and having no permanent address.
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Old 10-31-2012, 08:24 PM
 
306 posts, read 433,889 times
Reputation: 138
Quote:
Originally Posted by aggrofish View Post
Sounds to me like the finance guy assumed he could get you financed but really couldnt. Now they can't get anyone to underwrite the loan. Don't know the legalities of whether they're bound or there's language in the contract that its contingent on approval from the finance company.
I signed the contract from the finance company and was given the vehicle. The finance company interviewed me personally and decided to give me a loan. When I applied for the car, I explained my situation and the dealership moved forward.
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Old 10-31-2012, 09:43 PM
 
Location: Home!
9,376 posts, read 11,944,570 times
Reputation: 9282
I don't understand. You can't buy a vehicle in one state if you live in another? What's the difference? They have an address where to send the bill, right? Millions of people buy a car and move.
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Old 10-31-2012, 10:00 PM
 
306 posts, read 433,889 times
Reputation: 138
Quote:
Originally Posted by kimba01 View Post
I don't understand. You can't buy a vehicle in one state if you live in another? What's the difference? They have an address where to send the bill, right? Millions of people buy a car and move.
I don't understand it either at this point. So I'm going to get up in the morning and go to the DMV. There I will surrender my current license to get a Texas one because mine will expire in early December. I am leaving for Vegas on the 16th, so I need to get it taken care of. If that doesn't satisfy the dealership or finance company, I will just bring back the car and wait until I get to Vegas and purchase. Edited to add that I will have the payments automatically taken out.

Last edited by rmalik; 10-31-2012 at 10:01 PM.. Reason: to add a line.
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Old 10-31-2012, 10:24 PM
 
Location: Home!
9,376 posts, read 11,944,570 times
Reputation: 9282
I wouldn't think the state your license is should matter. I bought a car in LV when I had a MI license. And then moved back to MI with the car. Sounds convoluted to me. Frustrating.
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Old 10-31-2012, 10:42 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,989,097 times
Reputation: 5057
you were preliminary approved for financing, and now its fallen through. they are not bound. you need to give them back the car and you will be refunded
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Old 10-31-2012, 11:13 PM
 
1,376 posts, read 3,082,234 times
Reputation: 965
Quote:
Originally Posted by airics View Post
you were preliminary approved for financing, and now its fallen through. they are not bound. you need to give them back the car and you will be refunded
That's what it sounds like to me and from your previous posts I think you were in the business.
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