$8000 and 1 month later, dealership says no loan

Dealership calls me a month after saying there's no funding
In in California. I purchased a used car a month ago from a dealership who got the financing approved (as far as I knew, I signed a thing from the back outlining the financing terms). I paid $8000 downpayment, and I'm happy with the car etc.
Since getting the car, l've spent about a $1000 on some upgrades and l even have received the license plate for the car in the mail yesterday.
Anyway, today I get a bunch of notifications about hard credit checks. And then the sales agent from the dealership calls me saying there is no financing, he doesn't know why and I need to come back to work on the financing. What's going on and what are my options?
Www.fordtruckpro.com
Link to Steve Leghto • Dealer Sold Him Car bu...
#cars #auto #truck #carbuying #fordtrucks #ford #newcar #automotive #car #carsofinstagram

[@kjisnot]

I remember one dealer sign of "All loans approved with approved down payment". I take to mean if your credit sucks and you want a $20k car the down payment might be $19k.

[@hoapres]

Sled lots aka BHPH guarantee financing by making you put $4K down on a car that is really only worth $3K selling it to you for $7K. Once you fail to pay for it then they just repo the car and sell it again.

[@hoapres]

Another stealership ripoff. You promise to get the customer financing from a prime lender at 7.99% interest or captive financing at 2% interest then call the customer after he has the cars for a couple of weeks saying that the only financing is available is from subprime or even worse a subsubprime lender at 31.99%. The customer agrees to getting ripped off because otherwise everyone starts asking about what happened to his car. I knew someone who was able to grind a dealer into a mini deal with the dealer financing the car or so he thought. A couple of weeks later they gave the old we couldn't get the deal financed and he went back to the dealership saying: No problem. I brought a cashier's check for the car. The dealership really wasn't too happy with that wanting the car back. The customer said in so many words: Look, If I can walk in with a $60K+ cashiers check then don't you think I have a good lawyer to sue you if you try to get the car back.

[@hoapres]

It's called an unwound deal. Spot delivery is common. Just return the car getting the down payment back. Just return the car and don't agree to crazy financing terms. Best of Luck.

[@ScottRoofwalker]

It’s not unwound yet

[@hoapres]

@@ScottRoofwalker It is assuming that one doesn't agree to change the finance terms.

[@ScottRoofwalker]

@@hoapres I’m with you. It will probably unwind. The fact that he’s put money into the vehicle makes this even worse, and they’ve titled it to him if they’ve given him plates. It’s a mess all the way around.

[@bigdog2618]

I bought a new loaded Chevy 4×4 3500 diesel pickup in Texas in 2007,I put $9500 down and signed finance papers. Drove it for 6 weeks and 3000 mile vacation towing RV ,new leather drivers seat was already cracked.I still had not received a payment book or payment information,so I called dealer and they said they needed another $ 3500 to get me financed.lol I took truck back and told them to give me my $9500 back and they did ,but my contact stated they could have charged me mileage etc .Can you imagine the hit They took on that new truck to resale used. Was largest dealership in Houston,why didn't they just carry the loan themselves..