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

NR7

Well-Known Member
Joined
May 27, 2011
Messages
424
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

Honorary Master
Joined
Jul 18, 2008
Messages
58,445
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
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

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Jul 31, 2009
Messages
29,827
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.

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

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Joined
Jul 18, 2008
Messages
58,445
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
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.
 

WollieVerstege

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Jun 1, 2016
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1,232
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.
 

Anti-Chris

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Apr 24, 2017
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1,020
I am curious... What car is so scarce that the dealers doesn't even want to shift it from one to the other?
 

TheChamp

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Feb 26, 2011
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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

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Feb 26, 2011
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48,844
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.
It is a pre approval, there is no contract without a car because the details of the car should be on the contract.
 

rietrot

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30,145
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.
 

Messugga

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Sep 4, 2007
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12,452
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.
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

The Legend
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Jul 31, 2009
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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.

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

SauRoNZA

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Jul 6, 2010
Messages
44,565
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.
 
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