What is an adverse action letter mean when financing a car?
I received an adverse action letter from Toyota Financial today, three weeks after driving my new Camry off the lot. I made a $20,000 down payment and financed $15,000 at 1.49% for 36 months, as per the special rate they were advertising. This letter wants me to come into the dealership to change the terms to my financing, as they weren't able to approve me at this rate and terms. What does this letter mean? Do I have to go back to the dealer?