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

dudafunk · 01-04-2010, 08:54 PM

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?

01-04-2010, 08:54 PM	#1 (permalink)
dudafunk Enthusiast Member Join Date: Nov 2009 Location: Long Island, NY Posts: 421 Drives: '09 370z Base Red AT Rep Power: 16	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?