Hi all, I wanted your thoughts on this situation I’m in.
This is a bit of a long message so buckle up.
I had got a pre approval from BoFa for 17k @ 7.3%. I didn’t have a credit score before this, but have a good relationship with the bank having been their customer for a few years.
This pre approval expired in 30 days and their customer care called me once to tell me that this 30 day had some wiggle room (he called me around 1 week before expiry). I went into the dealership on the day of expiry and they used my approval and said I was good for it. I didn’t purchase the car on the day of due to insurance reason.
Next day I called BoFa to make sure it was all good and that I was going in to purchase the car. They said my quote was expired and that they could not give me an extension or reinstate it. They said I would have to apply for a new approval. They didn’t budge AT ALL on that despite escalating the issue.
NOW, I’m really screwed. I made a rookie mistake and as soon as I had this pre approval, I had several car dealerships ran hard credit pulls on my account to see if they could beat my rate. Mid month I applied for another approval and Bank of America then rejected my second credit application. (while my previous quote was still active). They said the reason was - thin credit history and multiple hard enquiries.
So now that my quote is expired, I’m left with no options . I know BofA will reject my request, because the dealer ran it on his end too and it came rejected. The dealer is offering 15.7% from Chase.
I never expected this situation at all, because the BofA customer care said i would be okay cause of wiggle room. The Manager has just apologized and left the chat.
For context the car price OTD is 28k, I’m paying 11k down and $17k loan. I am good for the cash and can honestly pay full cash, the reason I wanted to take the loan was to start building credit history.
The dealer pressurised me a lot to take the 15% rate and refinance / pay cash later on and buy the car today. I was too hesitant to do the high rate and I walked out. (His deal was $5k down and rest at 15%, no prepayment fee etc).
What are my options now?? Please help me.