I recently purchased my 2004 Jeep Cherokee at a big dealership on a Sunday last month and the finance guy wrote up the contract & gap ins showing our lien holder as “Chase Bank”… okay, that’s fine. Just the other day I received a letter from Chase Bank saying… We’re sorry, can’t accept the loan.. I called the dealership back to inform them they said , “Oh.. that’s okay you’re accepted thru Suntrust Bank”. I asked for another contract & gap ins contract with that info & my signatures. The finance guy replied “That I didn’t need that info that the old contract was sent to Suntrust”. What would you do? That kinda bothers me.
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So long as Suntrust is sending you a bill for the auto loan you will be fine. A lot of auto contracts are written before the dealer gets final loan approval. I have found that asking to hold the transaction until the dealer has final loan approval actually eliminates this problem. A few people I have known have had to return a vehicle because the dealer let them take the care before the loan was approved. If does not make the dealer happy to wait for approval, but it is better for the buyer.
That is how it works. The contract can be reassigned any number of times. Read the fine print on your “Retail Installment Sales Contract”, and you will see the clause that says “holder in due course rule,” which allows the loan to be reassigned without new contracts. The GAP goes with the loan.