Signed Auto Loan then rejected 2 weeks later???

[fiklps]

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.

[MarvBear]

I've never heard of this happening. If you have the payment book/vouchers, then likely your problem lies with the bank, imo rather than the dealer.

[Labyrinthine]

I've never heard of anything like that. I'd call Chase and make sure what they show is what you show on the contract. I don't see how they can change the contract once it has been signed and finalized.

[fiklps]

Thanks everyone. I called Chase and they said letter was sent in error and loan is approved for the contracted amount.