Approved, then denied>? finance

[Bgwilly31]

I went to my personal fifth third bank in a attempt to get financed for my new rossion q1.

We went through the process of explaining to them how its a kit car, provided all the paper work, invoice, copy of another certificate of origin ( because it had no vin of course), and even the sepereate invoices for the motor and drivetrain install.

They took all the paper work and said they would see what they could do. A couple of days later i got a call back and they said i have good news, your approved. I said fantastic and went ahead and put down my deposit and ordered the car. She said okay whenever the car is ready just let us know and we can get the checks together.

Now that was about mid-to late july. Well the time has come to start to get rossion paid so i go to the bank with my actual certificate of origin and she starts to get everything ready.

Then i get the bad news. She calls me back and says they wont do the loan because its an out of state dealer and a specialty vehicle.

Now im very friendly with the girls at the front desk and the finance lady debbie ive been talking to. Ive known them for years. So i dont particulary want to get them in trouble. But this is pretty dayum bad. And im just not going to stand for it. I was approved and then denied later. If i didnt have other means of getting financing then i would be screwed here.

Im thinking the bank needs to make an exeption because of Their mistake. If my my finance lady cant handle it i will have to talk to somebody above her. And if they cant handle it, well then they just lost a customer.

What do you guys think. ?

[CHRISN]

You can handle the out of state part by buying it from your dealership.
The dealership wouldn't pay tax so your dealership would buy it from rossion and you would buy it from your dealership. It will take a little work but it may be the answer.
Now as far as the specialty car goes not sure if you could get that worked out or not.

Give me a call when you get a chance.

Chris

[fishguy]

i think the issue is likely with it being a specialty vehicle, and if it is used as collateral on the loan it can be hard to "value" the car since its a kit car, and probobly a bad risk for them if you default.


forget being buddies with these people, this is a proffesional relationship right?

you are doing business here, not trying to get in debbies pants.............right?

so if debbie approved, then denied, she is responsible to be professional, she is not your buddy; lesson here is when doing business, always get it IN WRITING.
go over her head, deal with the top level, dont waste your time with the other "debbies".

i guess you could always do an unsecured personal loan at a higher rate.


for me, i dont borrow money and go with the rule "if you cannot afford to pay cash for something, then you cannot afford it"(mortage excluded).
good luck

[Uncle Sam]

I don't know the particulars of the financing company in this case, but often an approval is good for only a certain stated period of time, usually thirty days. This may be an "out" for the financier, but if it is a local bank then you hopefully can get a re-approval because of the circumstances. Best of luck.

[Vishus_1]

I fail to understand what difference it makes weather it is an out-of-state dealer or in-state dealer. Either way, someone gets their check and you have to pay a loan.

I do understand though the part about the specialty vehicle - but they knew that up front and informed you that you were approved. So what changed? You stated that because there was no vin you had to supply certain documentation - well...they had to know this wasn't a Chevy Cobalt or Kia.

I think you are perfectly entitled to complain.

[xxxotic]

Fifth Third has offices here in Florida and Rossion has there headquarters here too so that doesnt make sense. If you were a customer in Fl, then you could buy the car but since you are a customer in Ohio, you can't?

I work for a credit union and a lot of times we preapprove people but their are conditions, like no sports cars if you are under 25, must be a franchised dealer, car has to have under 100,000 miles, no bad things showing on CarFax Reports, etc. They should have told you this in advance.

Was your approval done a few months ago? Sometimes approvals are only good for 30 days and then it has to be re-reviewed. If this was the case, they may have changed their underwriting standards.

If you have equity in your home, you might be better off using that since you can deduct the interest.

Do you know if Rossion offers financing directly?

[Bgwilly31]

Pretty much everything i had thought of before.

The 30 days is an issue. But i put a deposit down and the car was purchased. My mistake is i didnt get in writing i assume.

I have other options. Just not ones i like too much. This option was the easiest and most convenient for me which is why i want to work it as much as possible.

Its a holiday weekend so i get to sit on this for a few more days. Come tuesday im going to talk to somebody and let you know how they talk themselves out of it. Or if they make an exeption as i think they should in this case.

I have a credit score of 756.

[Bgwilly31]

Originally Posted by xxxotic

Fifth Third has offices here in Florida and Rossion has there headquarters here too so that doesnt make sense. If you were a customer in Fl, then you could buy the car but since you are a customer in Ohio, you can't?



Do you know if Rossion offers financing directly?

The whole out of state thing never made sense to me either. But i have heard of it before.

Rossion does not offer financing at this point.

[serpent]

Same thing my bank said, and they also gave me a bunch of other reason why they wont feel 100% secure with giving me a that big of a loan. Something to do with kit car/sports car/my age

I wish Rossion offered financing, all in due time i guess.

[Randy Chase]

Rossion does have a relationship with a leasing company though.

[ADR3]

Astralease has a process worked out with Rossion to handle the car, engine, installation, etc.

Works smooth from what I was told. Google Astralease and talk with Mike.

[evomind]

Originally Posted by ADR3

Astralease has a process worked out with Rossion to handle the car, engine, installation, etc.

Works smooth from what I was told. Google Astralease and talk with Mike.

financing a kit car is very hard to do. most banks wont do it. if the car doesnt have a vin number, forget it, but u need to purchase it b4 getting the vin so its a catch 22. (if thats the situation with the vin)
when i bought my m400 i needed to finance 8k. no one would lend me 8k on a "kit car." for 8k!
i actually leased it through one of dean rosens contacts, and ill tell ya, ive dealt with friendlier loan sharks. it wasnt astralease, fwiw.
as it turned out, since the car already had a vin, state farm said they "probably" would have financed me. lucky for me the amount was so small i had several options. not sure how much you need to borrow.
you may have to go through the leasing company....dont mind their rates and their monthly fees.
if you have another expensive car thats paid for, you may be able to get a loan on that car and turn around and give the money to rossion. theres a plethora of tricks you can do but its all such a hassle.

[Bgwilly31]

Originally Posted by evomind

theres a plethora of tricks you can do but its all such a hassle.

This is my biggest beef with it.

I hate going around and calling and calling. i need a personal secretary. Ha i actually have one but she's busy with stuff actually making me money. Not costing money.

Im in talks with a credit union now. They didnt instantly say no actually asked for a certified appraisal. So i will update when i hear where this goes.