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I do have a question. I'm trying to buy an RV and I received…

I do have a...

I do have a question. I'm trying to buy an RV and I received a Motor Vehicle Purchase Order - Simple Interest. It shows the dealership as the creditor/seller and list finance charges, etc. But, it also has the words "loan subject to credit approval." They said they've secured financing but this doesn't look right to me. I've never purchased an RV so and this could be how things are done but I don't get it.

Accountant's Assistant: What state is this in? And how old is the RV?

California.

Accountant's Assistant: Has anything been filed or reported?

The RV will be brand new from the factory. No, as far as I know nothing has been filed or reported.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

No, that's it.

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Answered in 12 hours by:
1/20/2018
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,037
Experience: Tax professional and business consultant for 35 years.
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Hi from Just Answer. I'm PDtax, and can assist.

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That is standard language on pre-printed loan documents. But it is used for a reason.

The final approval comes after that document is submitted. The vehicle price, title documents, your credit score are all reviewed before the transaction is finalized.

Your approval was preliminary, then it will be finalized when the dealer delivers the documents to the lender and secures final approval.

The dealer being named as lender is ok, as some RV dealers both sell and finance vehicles.

Thanks for asking at just answer. Positive feedback is appreciated. Five stars is best. I'm PDtax.

PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,037
Experience: Tax professional and business consultant for 35 years.
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Customer reply replied 4 months ago
Thank you. This answers my question. I was getting a little concerned because every time the contract was sent to me it kept coming back with the wrong address for me, or wrong zip code, or wrong address and zip code. A little sloppy and caused me to think there was some shady dealing going on.
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