Nissan 370Z Forum  

F&I Manager: Loan "Booked" = APPROVED?

Greetings, A question regarding what the finance guy sees on his computer screen. Car financing was pre-screened and one of the banks had the green tick suggesting a pre-approval I

Go Back   Nissan 370Z Forum > Nissan 370Z General Area > Nissan 370Z Pricing / Ordering Discussions


Reply
 
LinkBack Thread Tools Display Modes
Old 01-04-2010, 09:54 PM   #1 (permalink)
Enthusiast Member
 
dudafunk's Avatar
 
Join Date: Nov 2009
Location: Long Island, NY
Posts: 421
Drives: '09 370z Base Red AT
Rep Power: 16
dudafunk is on a distinguished road
Default F&I Manager: Loan "Booked" = APPROVED?

Greetings,

A question regarding what the finance guy sees on his computer screen. Car financing was pre-screened and one of the banks had the green tick suggesting a pre-approval I believe.

Down payment made, car delivered.

Now to make sure I don't get stuck in a yoyo (spot delivery scam), I would call the lending bank but they say they haven't received my application from the dealer yet.

Go back to the dealer he says it has been sent and shows me his screen - loan status shows as "BOOKED" (and "eBOOKED" for some other applicants).

Does this word BOOKED mean the actual true approval (few days after delivery) or still the initial application after the pre-approval?
dudafunk is offline   Reply With Quote
Old 01-05-2010, 10:32 AM   #2 (permalink)
A True Z Fanatic
 
FuszNissan's Avatar
 
Join Date: May 2009
Location: St. Louis
Posts: 14,275
Drives: Pure Sex
Rep Power: 542
FuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond repute
Send a message via AIM to FuszNissan Send a message via Skype™ to FuszNissan
Default

Means that the contract has been excepted by the lender.
Doesn't mean 100% in the clear, but most likely you are fine. Once the Contract status changes to FUNDED, then it's officially done. You shouldn't have anything to worry about.
It it says pending, then worry.
__________________
Mods: Too Many to list!
LouFuszNissan

ZDAYZ 2012
FuszNissan is offline   Reply With Quote
Old 01-05-2010, 02:48 PM   #3 (permalink)
Enthusiast Member
 
dudafunk's Avatar
 
Join Date: Nov 2009
Location: Long Island, NY
Posts: 421
Drives: '09 370z Base Red AT
Rep Power: 16
dudafunk is on a distinguished road
Default

Today I called the bank and they gave me my loan number and I am now logged into the bank website and I can see my account.
NOW its surely done right?

(See, I'm worried because when I applied for the auto loan for the same bank independently from their website, I was rejected on the grounds of not being a US Citizen. But when I went thru the dealer, of course after agreeing with his marked up APR, I seem to be approved with this same bank!).... what do you say?
dudafunk is offline   Reply With Quote
Old 01-05-2010, 03:02 PM   #4 (permalink)
A True Z Fanatic
 
FuszNissan's Avatar
 
Join Date: May 2009
Location: St. Louis
Posts: 14,275
Drives: Pure Sex
Rep Power: 542
FuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond repute
Send a message via AIM to FuszNissan Send a message via Skype™ to FuszNissan
Default

If you have a loan number you are fine.
Funded Status is only the dealers concern. That is when the dealer receives the money from the bank to relieve the inventory.
__________________
Mods: Too Many to list!
LouFuszNissan

ZDAYZ 2012
FuszNissan is offline   Reply With Quote
Old 01-05-2010, 03:18 PM   #5 (permalink)
Enthusiast Member
 
dudafunk's Avatar
 
Join Date: Nov 2009
Location: Long Island, NY
Posts: 421
Drives: '09 370z Base Red AT
Rep Power: 16
dudafunk is on a distinguished road
Default

And now the bank has made the commitment and wouldn't come back to me a month later saying the loan is canceled (or pay higher interest etc.) since they missed out my citizenship issue?
dudafunk is offline   Reply With Quote
Old 01-05-2010, 03:36 PM   #6 (permalink)
A True Z Fanatic
 
FuszNissan's Avatar
 
Join Date: May 2009
Location: St. Louis
Posts: 14,275
Drives: Pure Sex
Rep Power: 542
FuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond repute
Send a message via AIM to FuszNissan Send a message via Skype™ to FuszNissan
Default

That I couldn't honestly answer.
__________________
Mods: Too Many to list!
LouFuszNissan

ZDAYZ 2012
FuszNissan is offline   Reply With Quote
Old 01-05-2010, 03:44 PM   #7 (permalink)
Enthusiast Member
 
dudafunk's Avatar
 
Join Date: Nov 2009
Location: Long Island, NY
Posts: 421
Drives: '09 370z Base Red AT
Rep Power: 16
dudafunk is on a distinguished road
Default

Hmmm... well, have there been cases when car loans were approved and month(s) later they come back to you saying something went wrong and that the approval was made in error?... besides citizenship, have you heard of other reasons ever?
dudafunk is offline   Reply With Quote
Old 01-05-2010, 03:46 PM   #8 (permalink)
Enthusiast Member
 
dudafunk's Avatar
 
Join Date: Nov 2009
Location: Long Island, NY
Posts: 421
Drives: '09 370z Base Red AT
Rep Power: 16
dudafunk is on a distinguished road
Default

(Assume this is different from the yo yo scam where the customer didn't even sign the retail installment and walked with the car, or didn't ever get even his first statement or check with the bank that the loan application was even received or not, and this being said, was told by the dealer (not not the bank!) that his financing fell through). Clearly I am past that stage..
dudafunk is offline   Reply With Quote
Old 01-06-2010, 04:15 PM   #9 (permalink)
Supporting Nissan Dealer
 
koeppelnissan's Avatar
 
Join Date: Oct 2009
Location: queens
Posts: 859
Drives: 14 6MT Trng Spt Nav
Rep Power: 17
koeppelnissan has a spectacular aura aboutkoeppelnissan has a spectacular aura about
Default

Where did you get it at?
koeppelnissan is offline   Reply With Quote
Old 01-06-2010, 04:26 PM   #10 (permalink)
A True Z Fanatic
 
FuszNissan's Avatar
 
Join Date: May 2009
Location: St. Louis
Posts: 14,275
Drives: Pure Sex
Rep Power: 542
FuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond reputeFuszNissan has a reputation beyond repute
Send a message via AIM to FuszNissan Send a message via Skype™ to FuszNissan
Default

I have seen everything.
__________________
Mods: Too Many to list!
LouFuszNissan

ZDAYZ 2012
FuszNissan is offline   Reply With Quote
Old 01-06-2010, 04:30 PM   #11 (permalink)
Enthusiast Member
 
dudafunk's Avatar
 
Join Date: Nov 2009
Location: Long Island, NY
Posts: 421
Drives: '09 370z Base Red AT
Rep Power: 16
dudafunk is on a distinguished road
Default

JP Morgan Chase (thru the dealer)
dudafunk is offline   Reply With Quote
Old 01-06-2010, 04:39 PM   #12 (permalink)
Enthusiast Member
 
dudafunk's Avatar
 
Join Date: Nov 2009
Location: Long Island, NY
Posts: 421
Drives: '09 370z Base Red AT
Rep Power: 16
dudafunk is on a distinguished road
Default

^^^^ When you say you have seen all - - - so even if I see my bank loan (SECURED THRU DEALER WITH HIS MARKUP INCLUDED) etc. on the bank website, it is STILL not a done deal? This is sounding a little ridiculous to me but I'm all ears for what scams dealers play here.
dudafunk is offline   Reply With Quote
Old 08-26-2015, 05:13 PM   #13 (permalink)
Base Member
 
Join Date: Mar 2015
Location: Orlando, FL
Posts: 1
Drives: 2012 Nissan 370Z
Rep Power: 10
keithakola is on a distinguished road
Default Update

So how does the story end? Was it OK?
keithakola is offline   Reply With Quote
Reply

Bookmarks


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 08:20 PM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.6.0 PL2