down payment after papers are signed
March 16, 2009 9:27 PM Subscribe
NewCarOwnerFilter: Got a new car, signed the papers (including financing through dealer), and took the car home. Now dealer is telling us that we must put a down payment even though we signed the papers with 0 down.
posted by vocpanda to Work & Money (16 answers total) 5 users marked this as a favorite
First time buyer here. We bought a new car through a dealership with their financing option on 0% down over the weekend. Today, they called us and said our financing application was denied by the bank unless we put some down payment. The bank, Chase, apparently denied our application due to lack of down payment even though we have excellent credit (>750). The down payment is not an issue, financially for us.
However, what worries me is that the dealership refused to send us anything official from the bank (email, fax, or mail) and insist that we must go to the dealership in order to see any ‘official’ papers from the bank. When we asked the dealership if we can talk to a rep from the bank, the dealership guy on the phone said that Chase would only talk to the dealership since they’re the one booking the deal.
Anything that we need to worry about or am I being paranoid? Again, the down payment is not the issue as much as the fact that the dealership never stated a down payment is a requirement at the time of sale.