Q: I have an auto loan in just my name. I submitted an application online to refi that loan using both my wife and myself
I have an auto loan in just my name. I submitted an application online to refinance that loan using both my wife’s and my information, including our address, income, etc. They immediately pulled credit for both of us. Two days later I got a notification that our loan was approved and to call the company. When I called, I was told that we were approved for X and they needed some additional information. After a few minutes the person on the phone said “actually in Florida we cannot refinance an auto loan and add or remove anyone from the originalloan in the process.” In other words, the loan in my name cannot have my wife added. They asked if I wanted to run my information AGAIN to try under just me. My question is, shouldn’t they have known this “rule/law” prior to negatively impacting our credit, especially my wife’s? Do I have legal grounds to go after them regarding that hard credit pull because they didn’t disclose that prior to pulling, even though our address was given in advance?
A:
Should they have known? Yes. However I doubt it is worth the effort it will take to try to go after them.
Hope this helps. Good luck.
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