Why didn’t she just keep up her payments? She sounds like a bum.
You didn’t read the article, did you?
The answer is in the article...You wouldn't have asked a dumb question if you would have read it.
She had the preliminary/tentative approval for the loan, but then the finance company didn’t actually approve it.
The problem wasn’t her missing payments - she was notified within a month, so it’s likely the first payment wasn’t even due yet. The problem was there was no loan so the dealer never got paid for the car.
The article doesn’t mention what steps (if any) the dealer took before showing up with a tow truck to repossess.
—”Why didn’t she just keep up her payments? “
My read is that they said, Your loan is preapproved here is the keys. We will call when the paperwork is ready...
But for some reason, there is always some problem that requires changing the terms of the loan, so they can squeeze a bit more...
We bought a slightly used dealer demo Ford Expedition and wrote a check for the full amount.
A few weeks later and a couple thousand miles from home, we get a call, they were very polite, BUT very concerned.
A problem with the check, the account was valid with sufficient funds, but out of date!
I seldom write checks; my wife manages our finances. I was carrying an old checkbook.
They were very happy to work it out, and nice about it.
It’s not a matter of that. It was there in her paperwork. The loan approval was conditional. She ended up not qualifying and refused to return the car, so they repossessed it.
Being a psycho, she went off with all these antics. She’s just an ahole
I don’t know who’s paying her legal bills but it seems it would cost more than the car pretty soon. Same thing for the dealer. Might as well give her the car and stop the legal bills and collections efforts.
Timeliness of payments have nothing to do with this incident. This a a scam/hustle some car dealers engage in to extort more money (higher interest rates) from buyers/borrowers.
They come back weeks after the loan approval and sale of the car and say new/more credit history has been found and demand the buyer agree to rework the loan terms (think loan shark rates) or the car will be repossessed and down payment forfeited.
Credit info sufficient for car loans is obtainable by the dealer in a matter of minutes. "New" information does not come up weeks later. Complete scam. Also, any loan agreement for a car that has some fine print saying that the loan can be abrogated later on that premise is preplanned for the ripoff.
If you read the article you would know it wasn’t an issue of car payments.