Now they have 2 used cars on their hands.
Letter from GMAC
Thread Starter
Team Owner
Joined: Jan 2007
Posts: 40,718
Likes: 6
St. Jude Donor '08-'09
Letter from GMAC
After trading my LMB 06 for a VR 06 and being told I was approved for 72mos @ 1.9% 3 weeks ago, I get a letter from GMAC saying they are not agreeable to handling the proposed transaction as submitted. However they are agreeable to handling the transaction under modified terms relayed to the dealer. What are my legal rights if they try to give me a higher rate and payment after telling me I was approved for the other? 
Race Director
Joined: Dec 1999
Posts: 11,799
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From: Houston Texas
St. Jude Donor '08
This has scam written all over it. Not long ago this was a popular tactic that dealers would pull to sell the car and then up their profit. Make sure that the letter is legit by calling GMAC before you do anything. Then, if it is, stick to your guns with the dealer to get the financing you agreed to.
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Thread Starter
Team Owner
Joined: Jan 2007
Posts: 40,718
Likes: 6
St. Jude Donor '08-'09
This has scam written all over it. Not long ago this was a popular tactic that dealers would pull to sell the car and then up their profit. Make sure that the letter is legit by calling GMAC before you do anything. Then, if it is, stick to your guns with the dealer to get the financing you agreed to.
Called the number on the letter and a recording answers sayig it's the GMAC St Louis acquisition center. It's sunday so they are closed.
Thread Starter
Team Owner
Joined: Jan 2007
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St. Jude Donor '08-'09
I dont want to say yet till i get more information. I just got the letter yesterday after they had closed so i havent talked to them yet.
I dont know. The dealer hasnt told me anything about it. Unless it's a lower payment or interest rate then they can forget it.
I dont know. The dealer hasnt told me anything about it. Unless it's a lower payment or interest rate then they can forget it.
Burning Brakes
Joined: Jul 2004
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Thread Starter
Team Owner
Joined: Jan 2007
Posts: 40,718
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St. Jude Donor '08-'09
Racer
Joined: Oct 2004
Posts: 408
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From: Acworth Ga
Look in your paper work you signed, there is probaly a form called a bailment agreement. What this form states is that if the financing does not get approved as stated, they can get their car back. In Georgia a lot of dealers do what is called a spot delivery. They deliver the car to you on what they think the bank will approve. At least call the dealer and see what changed, if it changes to much just unwind the deal. Hope it works out.
Team Owner
Joined: Dec 2003
Posts: 57,408
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From: queensbury ny
I bet the dealer put you out in the car before actually having an approval from GMAC.Any idea what your credit score is?1.9 apr anywhere is subject to qualification.Also,it is possible that they denied you then the dealer called and got a rate reduction or an approval on the 1.9 apr.Talk to your selling dealer and ask to see the approval sheet.
Melting Slicks
Joined: Aug 2007
Posts: 2,641
Likes: 80
From: Florida
After trading my LMB 06 for a VR 06 and being told I was approved for 72mos @ 1.9% 3 weeks ago, I get a letter from GMAC saying they are not agreeable to handling the proposed transaction as submitted. However they are agreeable to handling the transaction under modified terms relayed to the dealer. What are my legal rights if they try to give me a higher rate and payment after telling me I was approved for the other?
Did the dealer and GM say you were pre-apporved? Did the dealer write up the contract correctly, ie, terms, rate, year of cars? Perhaps it was unacceptable from the get go and should have never been processed and sent to GM. Many of these type contracts have an 'escape' clause for the lender. However, there should be some accountability.
Hopefully, when they open on Monday, you will be able to gather more information and avert going the legal route. Good Luck.
AL
