Got a pre approval from capital one for a car...went to dealer signed all paperwork on December 18th and left with my new car....23 days later dealer called and said I was declined because I didn't prove my income...well I did they just submitted it wrong. Since I have gone back gave my income again. Still saying I'm denied. Then gave my last 2 years of tax returns. Now it's over 30 days I haven't heard anything from dealer but now see yesterday that my credit has been pulled 3 times and now my score is down 12 points... I called capital one today and they say they did approve me but dealer didn't submit info in a timely manner and it expired...dealer resubmitted and I have another pre approval with capital one. What the heck is going on and what do I do?
You should be wary. It sounds like the dealer is going to violate the Truth in Lending Act through a yo-yo sale. Make sure that whatever terms are offered are the same as you originally agreed to in every respect. Or if they are different, make sure that they are more advantageous to you (which inevitably, they will not be).
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