We were first contacted via our credit application option through our website. When a customer submits their information along with the vehicle they intend to purchase, it is our store policy to retain a small deposit until the funding process is complete. Often times the local lending institutions we do business with require proof of stated gross income (submitted on the credit app.) in order to recieve final approval for funding. Once the documents are recieved from the customer the transaction is completed.
When such documents were requested, the customer made no attempt to follow through in producing them. During the course of that week in particular, after reapeatedly requesting the income documents, we continued to recieve more requests for specific vehicles via our locater service form, that differed from the origianl car on the application which was already approved and being processed with the bank.
The following week conisted of yet again waiting for the income documents to complete funding, and were accompanied by an onslaught of excuses pretaining to owed income tax money and marital problems. It wasnt until recieving a letter from another lending instition, which stated why the customer was declined for the loan, were we told that they no longer wished to purchase the car.
The simple explanation: When a customers credit information is submitted to the banks and denied the loan, they send a letter to the applicant explaining the reason (s) for declination. We work with several banks in order to recieve loans and also to give the customer the most competitve rates.
Of the two banks we had submitted to only one did approve the loan.
Some Customers Undergo Most Bank Applications Graciously
We fully disclose our deposit policy as such: when applicant is approved, it goes toward the down payment. When declined, we refund the deposit and advise the customer in ways to help them the next time they apply for a loan.
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