Applied for finance but now dealer can't get the car - advice ?

N

NR7

Well-Known Member
Joined
May 27, 2011
Messages
427
Hi everyone, hope you're all enjoying your Friday.

So I was looking for a specific vehicle in a specific colour. Went to the dealer I dealt with in the past and said they would get me one but to reserve one I would need to apply for finance first.

No problem, finance approved etc so all that's left is for the dealer to get the car and us to sign the final contract.

Problem is now he can't get one, because other dealers are holding onto theirs given how scarce stock is. If he can't get one the next chance for one is off the shipment at the end of the month.


So... In a bit of a pickle. Particularly because I know of another dealership (different group, Fury Mazda not Supergroup Mazda) with it sitting right there on their floor and they are willing to discount it by R3k more. They don't want to trade the car with another dealer.

Any advice ? Kinda worried since the finance was already applied for, would it look bad on my credit if it was cancelled and reapplied for at the dealer that actually has the car ?

Thanks
 
The Door

The Door

Honorary Master
Joined
Jul 18, 2008
Messages
58,474
NR7 said:
Hi everyone, hope you're all enjoying your Friday.

So I was looking for a specific vehicle in a specific colour. Went to the dealer I dealt with in the past and said they would get me one but to reserve one I would need to apply for finance first.

No problem, finance approved etc so all that's left is for the dealer to get the car and us to sign the final contract.

Problem is now he can't get one, because other dealers are holding onto theirs given how scarce stock is. If he can't get one the next chance for one is off the shipment at the end of the month.


So... In a bit of a pickle. Particularly because I know of another dealership (different group, Fury Mazda not Supergroup Mazda) with it sitting right there on their floor and they are willing to discount it by R3k more. They don't want to trade the car with another dealer.

Any advice ? Kinda worried since the finance was already applied for, would it look bad on my credit if it was cancelled and reapplied for at the dealer that actually has the car ?

Thanks
Click to expand...
If you've been through the checks, I'd say it's a matter of reapplying with the right car. Don't know if that means a new credit check. Speak to your finance house. They might just be able to make those changes without reapplying from scratch? I say go for it. Ditch the dealer if they can't source it.
 
Pho3nix

Pho3nix

The Legend
Joined
Jul 31, 2009
Messages
29,870
Crimson & Blue said:
If you've been through the checks, I'd say it's a matter of reapplying with the right car. Don't know if that means a new credit check. Speak to your finance house. They might just be able to make those changes without reapplying from scratch? I say go for it. Ditch the dealer if they can't source it.
Click to expand...

Usually you'd talk to one or two people about VAF finance in your bank regarding your application.
Send them the new OTP and explain your situation.

I've done exactly this.

If it's through the dealer, just go to the other
 
The Door

The Door

Honorary Master
Joined
Jul 18, 2008
Messages
58,474
Pho3nix said:
Usually you'd talk to one or two people about VAF finance in your bank regarding your application.
Send them the new OTP and explain your situation.

I've done exactly this.

If it's through the dealer, just go to the other
Click to expand...
Correct, the banks don't care which dealer they do the deal through... the agents (finance house agents - not the car dealers) on the other hand.... they might try a few tricks to keep the deal in their bucket.
 
W

WollieVerstege

Expert Member
Joined
Jun 1, 2016
Messages
1,244
What you should have at this point is an offer from a finance institution to provide financing, not an actual agreement, unless you already signed the finance agreement (not the application) - which would be weird.
I usually get multiple offers from multiple banks and dealers. No issues.
If the finance agreement is concluded - and you then want to cancel it becomes problematic.
 
A

Anti-Chris

Expert Member
Joined
Apr 24, 2017
Messages
1,031
I am curious... What car is so scarce that the dealers doesn't even want to shift it from one to the other?
 
TheChamp

TheChamp

Honorary Master
Joined
Feb 26, 2011
Messages
49,012
I honestly don't see the problem, as already said you go to the other dealer, the prepare an OTP, you sign it and send it to the bank.
 
TheChamp

TheChamp

Honorary Master
Joined
Feb 26, 2011
Messages
49,012
WollieVerstege said:
What you should have at this point is an offer from a finance institution to provide financing, not an actual agreement, unless you already signed the finance agreement (not the application) - which would be weird.
I usually get multiple offers from multiple banks and dealers. No issues.
If the finance agreement is concluded - and you then want to cancel it becomes problematic.
Click to expand...
It is a pre approval, there is no contract without a car because the details of the car should be on the contract.
 
rietrot

rietrot

Honorary Master
Joined
Aug 26, 2016
Messages
30,163
It goes on your credit record but it doesn't necessarily look bad or count for anything.

Someone that checks in the next 6 months or for the next deal for where the car is actually available might just ask you about it.

Then just say deal not taken up because the car was no longer available.
 
M

Messugga

Honorary Master
Joined
Sep 4, 2007
Messages
12,483
rietrot said:
It goes on your credit record but it doesn't necessarily look bad or count for anything.

Someone that checks in the next 6 months or for the next deal for where the car is actually available might just ask you about it.

Then just say deal not taken up because the car was no longer available.
Click to expand...
Nonsense. It 100% impacts your credit score if you do multiple credit applications in a short period. Significant enough to worry about? Depends on credit rating.
 
Pho3nix

Pho3nix

The Legend
Joined
Jul 31, 2009
Messages
29,870
Messugga said:
Nonsense. It 100% impacts your credit score if you do multiple credit applications in a short period. Significant enough to worry about? Depends on credit rating.
Click to expand...

It wouldn't be a new credit application if it's the same car.
 
SauRoNZA

SauRoNZA

Honorary Master
Joined
Jul 6, 2010
Messages
44,732
You haven’t taken finance so it can’t count for anything.

It’s just an application. Throw it in the proverbial bin and go get the car.

For that matter have the same person from the bank who did the finance deal at dealer one do it for you at dealer two and save some hassles.
 
You must log in or register to reply here.
Top