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?

FuszNissan · 01-05-2010, 09:32 AM

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.

dudafunk · 01-05-2010, 01:48 PM

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?

FuszNissan · 01-05-2010, 02:02 PM

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.

dudafunk · 01-05-2010, 02:18 PM

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?

FuszNissan · 01-05-2010, 02:36 PM

That I couldn't honestly answer.

dudafunk · 01-05-2010, 02:44 PM

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 · 01-05-2010, 02:46 PM

(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..

koeppelnissan · 01-06-2010, 03:15 PM

Where did you get it at?

FuszNissan · 01-06-2010, 03:26 PM

I have seen everything.

dudafunk · 01-06-2010, 03:30 PM

JP Morgan Chase (thru the dealer)

dudafunk · 01-06-2010, 03:39 PM

^^^^ 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.

keithakola · 08-26-2015, 04:13 PM

So how does the story end? Was it OK?

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: 15	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?

01-05-2010, 09:32 AM	#2 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	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

01-05-2010, 02:02 PM	#4 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	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

01-05-2010, 02:36 PM	#6 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	That I couldn't honestly answer. __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

01-06-2010, 03:26 PM	#10 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	I have seen everything. __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

01-05-2010, 01:48 PM	#3 (permalink)
dudafunk Enthusiast Member Join Date: Nov 2009 Location: Long Island, NY Posts: 421 Drives: '09 370z Base Red AT Rep Power: 15	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?

01-05-2010, 02:18 PM	#5 (permalink)
dudafunk Enthusiast Member Join Date: Nov 2009 Location: Long Island, NY Posts: 421 Drives: '09 370z Base Red AT Rep Power: 15	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?

01-05-2010, 02:44 PM	#7 (permalink)
dudafunk Enthusiast Member Join Date: Nov 2009 Location: Long Island, NY Posts: 421 Drives: '09 370z Base Red AT Rep Power: 15	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?

01-05-2010, 02:46 PM	#8 (permalink)
dudafunk Enthusiast Member Join Date: Nov 2009 Location: Long Island, NY Posts: 421 Drives: '09 370z Base Red AT Rep Power: 15	(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..

01-06-2010, 03:15 PM	#9 (permalink)
koeppelnissan Supporting Nissan Dealer Join Date: Oct 2009 Location: queens Posts: 859 Drives: 14 6MT Trng Spt Nav Rep Power: 16	Where did you get it at?

01-06-2010, 03:30 PM	#11 (permalink)
dudafunk Enthusiast Member Join Date: Nov 2009 Location: Long Island, NY Posts: 421 Drives: '09 370z Base Red AT Rep Power: 15	JP Morgan Chase (thru the dealer)

01-06-2010, 03:39 PM	#12 (permalink)
dudafunk Enthusiast Member Join Date: Nov 2009 Location: Long Island, NY Posts: 421 Drives: '09 370z Base Red AT Rep Power: 15	^^^^ 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.

08-26-2015, 04:13 PM	#13 (permalink)
keithakola Base Member Join Date: Mar 2015 Location: Orlando, FL Posts: 1 Drives: 2012 Nissan 370Z Rep Power: 10	Update So how does the story end? Was it OK?