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My fiance & I were recently approved for a $10,000 loan from our credit union. The loan officer said the dealership we planned on buying our car from was partnered with the credit union and that they could handle all the loan documents there. We were able to talk the dealership down in price, although we initially called our credit union and asked for an additional $500. They said they wouldn't be able to request the additional money until the next day. The dealership said forget about the extra $500 and sold us the car.
We signed all the financing paperwork, etc. Today we received a letter from the credit union informing us that we were not approved for loan amount of $10,500. I'm probably fretting about nothing here, but we wouldn't be at risk for receiving another letter tomorrow stating we were denied the $10,000 loan too, right? Our loan officer specifically said we were approved for $10,000 at 5.49%. We signed all the paperwork at the dealership, and drove off the lot that night. They wouldn't send all that paperwork through if the dealership didn't have confirmation from the credit union of the initial $10,000, right?
I'm just worried because I checked our online credit union account, and the loan has yet to show up. Our payment date was listed as April 19th of $248 on the paperwork.
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