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I just bought a used car from a dealership. They "worked" with banks to help get me financed. I was approved by Chase, signed a contract with Chase including terms and even received my payment vouchers in the mail shortly after. Now 3 weeks after purchase I get a letter from Chase stating my loan has been denied due to "Number of loan repayment months exceed term allowed for transaction".....whatever this means. I have a 60 month loan. They gave me a counter offer for $700 less, but still at 60 months and I must contact dealership in 10 days to accept. I read the back of my contract with Chase and I don't see any terms stating they can make any changes unless I make a late payment which I have not. Can they do this? Appreciate any advice. Again I have a signed contract with Chase and even have my payment vouchers for the original stated loan amount. Marv - I hear you may be able to help. Let me know if any questions.
