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Old 09-08-2010, 01:50 PM   #1
Granch
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Join Date: Jan 2009
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Default Approval Reversed

Never in my 20 years or so in this business have I had this happen to me..

I roll a car on an approval from chase 5 days ago. no stips no nothing...
Guy was a 652 and i had a couple turn downs, but chase bought the deal no sweat.

Today I get a call from my analyst saying that they had to pull the deal and the approval was no longer good..I had to ask him if he was F*kin with me, I cant remember what else i said but i don't think it was so kind.

They said while going thru funding review or something there was some misrepresentation with the bank. Found that hard to believe, but something made them nervous.

The guy is stand up, managing director for a big bank,a nd has a huge income...

So i call my rep, no help, the only saving grace she told me was that her boss said she saw it happen maybe three times, does me no good...

Luckily i shot it over to cap one, they bought it, same rate...no stips.

Almost had to pull the car or tell him to write a check...

My fear is that cap one might do the same now..

Last edited by Granch; 09-08-2010 at 01:59 PM.
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Old 09-08-2010, 02:17 PM   #2
SHACOS
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I wonder what the misrepresentation was? The stories I've heard are making my scared when it's time to get my new car and I have excellent credit!
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Old 09-08-2010, 02:47 PM   #3
XDCX
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Quote:
Originally Posted by Granch View Post
They said while going thru funding review or something there was some misrepresentation with the bank. Found that hard to believe, but something made them nervous.
I wonder if the bank was doing some phone verification and found a discrepancy? But even if that was the case you'd think they'd talk to you about it before they pulled the approval.

From a liability perspective, the bank must be pretty confident that whatever they discovered is correct given they didn't allow the customer a chance to provide more information.
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