So was I approved??
 

Ive ran my credit at 2 dealerships.. the first said everything was a go... I bailed out on the deal... Got a letter from GMAC saying we must regretfully inform you that we are unable to perform transaction etc...


the second dealership I tried said that I received that letter because I did not go through that deal... Well I just got another one.. I dont understand though.. They worked the numbers told me my interest rate etc..

So just to confirm.. have any of you guys experienced this?? wouldnt they have told me once they ran my credit instead of wasting my time??

I would imagine they sent you in to more banks than just GMAC to get the financing all set. Sometimes other banks offer better rate and term than GMAC. So, if GMAC declined you, they would send a letter. If your dealer quoted rate and term, it must have been with another bank.

Your best bet is to find a Credit Union that you qualify to join. They normally will be flexible when it comes to credit more so than the big finance companies, and most will have some nice low rates. Sure it may be easier at that time to get approved and drive away the same day, but you'll pay a little a lot more in interest. Don't let the "gimmie now syndrome get to you."

Do some shopping around; don't pull your credit until you know you're for sure to buy. Also don't forget you can pull your credit with no penalty once a year.

What happened was you got declined by the automated computer system. That letter is automatically generated when that happens, the finance manager will then call up the lender, talk to an actual person and re-hash the deal, and can usually get the deal approved that way. It may have gotten declined for something simple, as you not having a actual land line phone number, or the addresses don't match on your reports.

Thank you.. Im just kinda worried,,, i mean what if i would have traded my car in right then and there...so it must have been through a different bank..

Lenders are required by law to send a letter if you were declined. Most likely, as was previously stated, it's no big deal. Call the dealer and ask for clarification if that would help you to feel better. They won't mind.