OP
UTC

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300GTSie
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I filled out a finance application while I was bored for an $8000.00 Vespa. I simply wanted to see if I would be approved. Today I received a reply that not only was I approved but the application has been submitted to "a" bank and that I should come down and pick up my scooter. Am I obligated to do this? Will I start receiving a bill in the mail? It's way way too easy to buy a vehicle these days it seems!
@dooglas avatar
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@dooglas avatar
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UTC quote
Have you already signed a purchase agreement? If not, it doesn't sound like you would be obligated to proceed with the loan. A little advice - maybe you should take $8000 decisions more seriously.
OP
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300GTSie
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Thanks. I checked the dealer site. It was a simple finance application. Nothing more. Their email was a bit over reaching I'd say.
@znomit avatar
UTC

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LX190 Friday afternoon special, [s]Primavera[/s], S50, too many pushbikes
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@znomit avatar
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UTC quote
Is the dealer in Nigeria?
@nightwing avatar
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UTC quote
Obviously a dealer tactic to push a sale. Call them up and say not interested and you aren't buying a scooter.

On the other hand, you were interested enough to fill out the credit app. If that is the case...let us know what model and color you picked out. Razz emoticon
@sdg avatar
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UTC quote
You are under zero legal obligation to do anything.

You are simply pre-approved

SDG
@treppenwitz avatar
UTC

saggezza di scala
2009 'Burma Shave' Red GTS 250ie
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saggezza di scala
@treppenwitz avatar
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UTC quote
First of all, shalom and welcome from Israel.

Despite the seemingly pushy tactic on the part of the dealer (or at least their finance department), I hope this won't influence your decision.

There are good dealers all over the country (such as SDG!)... and many of them deliver all over the country to wherever you are (such as SDG!).

I'm not saying you should go that route... but your local dealer should know you have a choice... and relate to you accordingly.

Good luck.
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UTC quote
Many dealers use their financing options to help close deals as well. They offer many options for special no interest promos, deferred payments, etc...

I work for a consumer finance company (might have been my company). You filled out a credit application and the dealer is required to submit it. This will show as an inquiry on your credit bureau, but you have no obligation on this loan until you finalize a purchase agreement, and it will not appear as a tradeline on your bureau until that time. The inquiry can have a negligible impact on your credit bureau score, but credit inquiries will only have a significant impact if done repeatedly in a short period of time.

Depending on your current finances and any promotional offer, it might be a good option...but only you can make that decision.

From my perspective, you didn't really screw up that badly.
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UTC quote
Just inform them you are no longer interested. If you are uncomfortable that they might try to muscle you in some way to come and purchase, send them something in writing officially canceling the contract.

Unless you signed a contract stating you would take ownership, you are under no obligation for the purchase. If you did, you have three days and in some states, more time.
⚠️ Last edited by Paddlenround on UTC; edited 1 time
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Paddlenround wrote:
Just inform them you are no longer interested. If you are uncomfortable that they might try to muscle you in some way to come and purchase, send them something in writing officially canceling the contract.

http://www.howtolaw.co/terminate-a-credit-contract-392214

Unless you signed a contract stating you would take ownership, you are under no obligation for the purchase. If you did, you have three days and in some states, more time.
Three days is only in a situation where someone came to your house and you completed the transaction at your house. Very few states have cool down laws on buying cars. I know Virginia does not.
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UTC quote
My link was to a NZ site. Facepalm emoticon However, we do have similar laws but it does vary state to state. You need to check your states consumer affairs laws for the exact rules about your course of action should they push the issue.
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UTC quote
Having sold cars I am very careful not to lead people on that I'm a possible buyer unless I actually am. Tying up a salesman who more than likely makes a minimum wage draw is ok if the show room is empty but if he could be catching genuine buyers it's taking a sales commission out of his pocket.

I lke to kick tires as well as the next guy but if someone else comes into the showroom I make sure I turn the salesman loose.
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UTC quote
Pre-approved finance isn't a purchase for a specific bike. I'd just call them and say you're no longer interested, but thanks anyway.

Or if it's a good deal, maybe I'd actually just buy the bike. After all, you must have been interested to query the possibility of finance anyway?
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UTC quote
One thing to consider is that this approved credit may affect your credit score (if you're that kind of nerd). If you are interested you could probably get a better financing rate elsewhere but it may also show up to the rating agencies that you've been "applying around" for credit which is normally not seen as good.

I'm no expert but I do pretend to be one sometimes. It may be of interest to pull your credit report (not just your score) and see if that shows up on there.
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UTC quote
Dooglas wrote:
Have you already signed a purchase agreement? If not, it doesn't sound like you would be obligated to proceed with the loan. A little advice - maybe you should take $8000 decisions more seriously.
This. Don't fill out anything if you don't want to proceed with the transaction. There is alot of info on that form. I mean, I like long scooter rides, and walking barefoot on the beach, but I don't want everyone to know that....or do I? 8)
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UTC quote
Consumer protections today are much better than they were 40 years ago.

Back in the 70s, I was shopping around for a car. One dealer decided to do a credit check to be prepared to provide "instant credit" if I came back. Got my basic info from the local credit bureau, based strictly on my name and city of residence, and submitted a credit request to his financing firm. NO signature or approval required.

About a month later, as required by law, I get a letter from the finance company that my application for a loan was denied. Reason: Unable to verify bank account. Of course they couldn't. My home town bank wouldn't release anything without proof of my authorization, not something that many banks did at the time.

So, I called the finance company and asked what was going on. They said they received a request from the dealer and processed it. Everything was OK, other than my bank refusing to verify anything. I said, "My income is OK?" They said it was. Obviously, the dealer made up an income entry.

To make a long story short, it took a couple of Registered letters, but any and all evidence of this credit inquiry and the "turn down" disappeared, but for a while, the local credit bureau showed that I had an adverse credit action.

Oh yes, since I didn't get a warm fuzzy from the dealer in the first place, I never returned and had purchased elsewhere, in cash, from another dealer before I got the turn down letter.
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UTC quote
Re: Finance F-up. Advice?
Fatmarvin wrote:
I filled out a finance application while I was bored for an $8000.00 Vespa. I simply wanted to see if I would be approved. Today I received a reply that not only was I approved but the application has been submitted to "a" bank
Do you still care what banks and bankers want or say over your side of the pond? Generally us Brits have utter contempt for them. They are the next biggest joke after the European Union. So ignore them.
UTC

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2009 GTS 250, 2013 Buddy 125, 2014 Triumph Bonneville
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UTC quote
If you do decide to make a vehicle purchase someday, don't finance it through the dealer. first check with your own bank, and join a credit union if you have that option, generally speaking, their rates can't be beat.

and keep an eye on your credit rating and try your best to keep it at least in the "good" area.
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UTC quote
Re: Finance F-up. Advice?
Matty G wrote:
Fatmarvin wrote:
I filled out a finance application while I was bored for an $8000.00 Vespa. I simply wanted to see if I would be approved. Today I received a reply that not only was I approved but the application has been submitted to "a" bank
Do you still care what banks and bankers want or say over your side of the pond? Generally us Brits have utter contempt for them. They are the next biggest joke after the European Union. So ignore them.
That flummoxed me when I first moved over to the US from the UK - but in the US your 'credit rating' is a key factor. I listened to advice, and opened "0% for a year" store credit card accounts everywhere I could. Then paid them off regularly just in time to never get charged interest. Now I have a very good credit rating, and *if necessary* can borrow quite substantial sums of money should an emergency situation arise.

Even though I've got a reasonable pension income, decent sums of money in several bank accounts and normally buy everything with cash - without the 'credit rating' being on tune I'd never be able to borrow money, not even get a bank loan from the aforementioned banks. A different take on personal finance is all.
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UTC quote
The credit rating is the thing. I got sucked into a sham (BlueGreen timeshare) many years ago. A real bait and switch. Long story short, we paid on it for a while and after not being able to use it as we were told, tried to get out. No such luck. We simply defaulted. Nobody got screwed except us. Our credit rating still sucks. Oddly enough, I cannot "qualify" to borrow $3500 from my own bank, for a used Vespa, but can borrow $6000 from Vespa (Sheffield).
@bob_copeland avatar
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@bob_copeland avatar
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UTC quote
Credit Score Huge Advantage in the USA
Credit score is driving everything today.

1. Interest rate on a Home Mortgage Loan
2. Interest rate on Auto/Scooter Financing
3. Part of a Employment Decision
4. Pricing on Auto/Home Insurance

If you have been fortunate enough to manage money
well and live within your means, the world will come
to you.

Upside: No matter how bad your credit posture, bankruptcy,
you can completely rebuild to the best rating in 6-7 years.

Bob Copeland
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UTC quote
Re: Finance F-up. Advice?
Matty G wrote:
Fatmarvin wrote:
I filled out a finance application while I was bored for an $8000.00 Vespa. I simply wanted to see if I would be approved. Today I received a reply that not only was I approved but the application has been submitted to "a" bank
Do you still care what banks and bankers want or say over your side of the pond? Generally us Brits have utter contempt for them. They are the next biggest joke after the European Union. So ignore them.
Low credit score will raise your insurance rate also.
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UTC quote
Re: Finance F-up. Advice?
WEB-Tech wrote:
Matty G wrote:
Fatmarvin wrote:
I filled out a finance application while I was bored for an $8000.00 Vespa. I simply wanted to see if I would be approved. Today I received a reply that not only was I approved but the application has been submitted to "a" bank
Do you still care what banks and bankers want or say over your side of the pond? Generally us Brits have utter contempt for them. They are the next biggest joke after the European Union. So ignore them.
Low credit score will raise your insurance rate also.
I still can't get my head around that - why on earth? Suppose you had loads of money in the bank, had never had to have a mortgage or otherwise borrow money, you'd pay more for insurance? None of their damn business!
@flordian avatar
UTC

Rocket Man
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@flordian avatar
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UTC quote
Re: Finance F-up. Advice?
jimc wrote:
WEB-Tech wrote:
Matty G wrote:
Fatmarvin wrote:
I filled out a finance application while I was bored for an $8000.00 Vespa. I simply wanted to see if I would be approved. Today I received a reply that not only was I approved but the application has been submitted to "a" bank
Do you still care what banks and bankers want or say over your side of the pond? Generally us Brits have utter contempt for them. They are the next biggest joke after the European Union. So ignore them.
Low credit score will raise your insurance rate also.
I still can't get my head around that - why on earth? Suppose you had loads of money in the bank, had never had to have a mortgage or otherwise borrow money, you'd pay more for insurance? None of their damn business!
Jim, you're so right. When we paid off our mortgage last year our credit rating dropped 20 points immediately. WTF?
@nightwing avatar
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UTC quote
Potential lenders like to see a good pattern of on time payments. Paying off loans removes those payments from your profile, thus eliminating your track record of finance.

In my lifetime, I have paid off 4 mortgages. Not one of them shows on my credit score. Neither do countless auto loans paid off and personal lines of credit. Once you wipe the debt slate clean, it is like starting over without any credit. It does suck.
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UTC quote
NightWing wrote:
Potential lenders like to see a good pattern of on time payments. Paying off loans removes those payments from your profile, thus eliminating your track record of finance.

In my lifetime, I have paid off 4 mortgages. Not one of them shows on my credit score. Neither do countless auto loans paid off and personal lines of credit. Once you wipe the debt slate clean, it is like starting over without any credit. It does suck.
I do believe that this is the first time in my life I have heard being completely debt free sucks.
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UTC quote
NightWing wrote:
Potential lenders like to see a good pattern of on time payments. Paying off loans removes those payments from your profile, thus eliminating your track record of finance.

In my lifetime, I have paid off 4 mortgages. Not one of them shows on my credit score. Neither do countless auto loans paid off and personal lines of credit. Once you wipe the debt slate clean, it is like starting over without any credit. It does suck.
This is so true. It's all about your ability to show you can make timely payments. A mortgage lender friend of mine told me a year before I bought my first house to stop paying off my credit cards in full each month and instead leave a small balance open each month to increase my FICO score.
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UTC quote
TroutBum wrote:
NightWing wrote:
Potential lenders like to see a good pattern of on time payments. Paying off loans removes those payments from your profile, thus eliminating your track record of finance.

In my lifetime, I have paid off 4 mortgages. Not one of them shows on my credit score. Neither do countless auto loans paid off and personal lines of credit. Once you wipe the debt slate clean, it is like starting over without any credit. It does suck.
This is so true. It's all about your ability to show you can make timely payments. A mortgage lender friend of mine told me a year before I bought my first house to stop paying off my credit cards in full each month and instead leave a small balance open each month to increase my FICO score.
As a young'un trying to build credit, this makes me cringe. And the whole credit reporting system makes me cringe.

I initially started paying for EVERYTHING with my credit card. I wouldn't overspend, I just would use my credit card instead of my debit card. But this turned into my credit reports reporting absurdly high balances. Like 70% utilization (because I'm a young'un and have very low limits) this affecting my credit score negatively.

It's been a sucky learning process.
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Madison Sully wrote:
NightWing wrote:
Potential lenders like to see a good pattern of on time payments. Paying off loans removes those payments from your profile, thus eliminating your track record of finance.

In my lifetime, I have paid off 4 mortgages. Not one of them shows on my credit score. Neither do countless auto loans paid off and personal lines of credit. Once you wipe the debt slate clean, it is like starting over without any credit. It does suck.
I do believe that this is the first time in my life I have heard being completely debt free sucks.
Welcome to America. Yeah, it's total B.S. but you have to play the game.
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UTC quote
Re: Finance F-up. Advice?
jimc wrote:
WEB-Tech wrote:
Matty G wrote:
Fatmarvin wrote:
I filled out a finance application while I was bored for an $8000.00 Vespa. I simply wanted to see if I would be approved. Today I received a reply that not only was I approved but the application has been submitted to "a" bank
Do you still care what banks and bankers want or say over your side of the pond? Generally us Brits have utter contempt for them. They are the next biggest joke after the European Union. So ignore them.
Low credit score will raise your insurance rate also.
I still can't get my head around that - why on earth? Suppose you had loads of money in the bank, had never had to have a mortgage or otherwise borrow money, you'd pay more for insurance? None of their damn business!
You've got to remember that we're talking about blind, unthinking math here: Statistics can probably prove that people (not necessarily you) with higher credit scores are less likely to get into accidents than people with low credit scores. All the insurance companies (and your prospective employer) are trying to do is cover their butts with whatever they can and, as it turns out, math is fairly accurate.
@lomunchi avatar
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2020 Honda NC750DCT
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UTC quote
Madison Sully wrote:
NightWing wrote:
Potential lenders like to see a good pattern of on time payments. Paying off loans removes those payments from your profile, thus eliminating your track record of finance.

In my lifetime, I have paid off 4 mortgages. Not one of them shows on my credit score. Neither do countless auto loans paid off and personal lines of credit. Once you wipe the debt slate clean, it is like starting over without any credit. It does suck.
I do believe that this is the first time in my life I have heard being completely debt free sucks.
But once you're debt free and living off of paying with cash life can be pretty awesome!
@skunkhome avatar
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UTC quote
What that guy said^^. Of course here is little you can do about paying taxes but it great not to owe anything other than that.

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