Hi everyone.
I purchased a vehicle about 3 weeks ago, put a downpayment on it and financed the rest through GMAC for a reasonable %. I had plans to refinance, but that would occur after making the first 3 payments which I was told was required to receive the cash back incentive they were offering. However, I just received a letter from GMAC today saying they were "not agreeable to handling the proposed transaction" - namely selling me the car. What exactly does this mean? I'm very worried that now the car isn't legally mine and that the dealer has the right to the car. I wouldn't be too concerned if I hadn't already given $4000 as a downpayment and am worried it would be tough to get this back.
Looking over the contract I signed, it has the dealership labeled as the creditor. The contract states the APR, finance charge, amount financed and total of payments. It also has written out my # of payments, the amount and when they are due.
Since the dealer is labeled as the creditor, does this basically mean I'm ok and that the dealership was just trying to get financing behind my back at a lower rate and make some $$ off me?
Does anyone know what kind of bind I am in? My credit history is excellent - 781, so I'm not sure why i'm being turned down by GMAC.
I purchased a vehicle about 3 weeks ago, put a downpayment on it and financed the rest through GMAC for a reasonable %. I had plans to refinance, but that would occur after making the first 3 payments which I was told was required to receive the cash back incentive they were offering. However, I just received a letter from GMAC today saying they were "not agreeable to handling the proposed transaction" - namely selling me the car. What exactly does this mean? I'm very worried that now the car isn't legally mine and that the dealer has the right to the car. I wouldn't be too concerned if I hadn't already given $4000 as a downpayment and am worried it would be tough to get this back.
Looking over the contract I signed, it has the dealership labeled as the creditor. The contract states the APR, finance charge, amount financed and total of payments. It also has written out my # of payments, the amount and when they are due.
Since the dealer is labeled as the creditor, does this basically mean I'm ok and that the dealership was just trying to get financing behind my back at a lower rate and make some $$ off me?
Does anyone know what kind of bind I am in? My credit history is excellent - 781, so I'm not sure why i'm being turned down by GMAC.