"Why did I get a letter from an auto lender saying my counteroffer was not accepted? "

"I bought a new car from the dealership. After putting a lot of money down, trusting the dealer to source the financing for the rest, signing on the loan, and driving the car for over a month, I got a letter from a lender saying my counteroffer was not accepted.

I don’t remember making a counteroffer to anyone and the lender that sent me the letter is not who I was told to send my payments to. What does this mean? "

Answer provided by
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Johnny Puckett
Answered on May 11, 2021
“The dealer likely tried to get you financed through the lender that sent you the letter but was unsuccessful, so the dealer went with another lender that would approve your loan. Lenders are required by law to notify you anytime you are rejected for credit, and this is in all likelihood of no consequence to you.
If you think a mistake has been made, though, you should contact the dealer and/or your lender just to be sure.
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