Can a dealer ask for additional docs THREE DAYS after the sale?
Question: >Is it possible to get pre-approved loan limits in USA? In Australia, you >would go through the RACV (US equivalent of AAA) or the banks to get a >pre-approved borrowing limit, then you can go to the car yards knowing >exactly how much you have available to spend. Puts the buyer in a much >stronger bargaining position.
Answer: You can get a pre-approved loan, or as in my case, I just took a home equity loan to pay for my car, get a slightly lower rate, intrest is tax deductable and I keep title ownership to the car. I had a situation where the true owner was the finance co., but the dealership sent me the title. Now thinking I held a trump card, I kept the title for a year until I had to renew my registration. Low and behold, the DMV said that I couldn’t do anything until I cleared up the mess with the title. I gave it back to the finance co. and I was then able to renew my registration. There was never any indication from the DMV prior to my office visit of any documentation problems. They said it was not their problem. The point is, they can hold up any renewals if a transaction has not been completed between two parties.
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