Auto Loan Denial Inquiry

Summary

If a finance company denies your auto loan, they must provide specific reasons for the denial under the Fair Credit Reporting Act. You can request this information in writing or by phone. If the denial is based on your credit report, they must inform you how to obtain a free copy. Document all interactions with the finance company and car lot. If the car lot interfered, gather any written agreements or communications. Consider consulting a local attorney for personalized advice.

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No they were going to finance me the car lot personally went over to finance place and said no
Thanks for sharing more details. If the car lot interfered in your financing process, it might be helpful to understand more about the situation:
*. Did the finance company provide you with any reason for the denial?
*. Were there any written agreements or communications from the car lot or finance company?
This information can help determine the next steps.
No
Got it. If you haven't received any reasons or written communications, you might consider the following steps:
- Contact the finance company directly and request an official reason for the denial.
- Document all interactions with both the car lot and finance company.
- Consider consulting a local attorney for personalized advice.
Would you like assistance in finding a local lawyer to help with your case?
How would I ask the finance company for info or reason for denial
Case Rating: *
You can contact the finance company and ask for the reason for the denial by sending a written request. Here’s a sample template you might use:
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[Your Name]
[Your Address]
[City, State, ZIP Code]
[Email Address]
[Phone Number]
[Date]
[Finance Company Name]
[Finance Company Address]
[City, State, ZIP Code]
Subject: Request for Reason for Credit Denial
Dear [Finance Company Name],
I recently applied for auto financing through your company. Unfortunately, my application was denied. I am writing to request the specific reasons for the denial of my credit application.
Under the Fair Credit Reporting Act (FCRA), I understand that I am entitled to receive this information. Additionally, please inform me how to obtain a free copy of my credit report if the denial was based on information in my credit report.
Thank you for your assistance. I look forward to your prompt response.
Sincerely,
[Your Name]
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Make sure to keep a copy of your request for your records.
What if I called in
Case Rating: *
If you prefer calling the finance company, you can still request the reason for the denial over the phone. Here’s a suggested approach:
- Call the finance company’s customer service number.
- Politely explain that you were denied financing and you would like to know the specific reason for the denial.
- Mention that under the Fair Credit Reporting Act, you are entitled to this information.
- Ask if they can send you the details in writing or email.
Would you like more information on what to do if the finance company doesn't provide the details?