I purchased a used 2015 Chevy Volt on Monday. Absolutely LOVE the car. Showed it to my partner, family, friends, coworkers, it's a blast to drive, I'm saving so much on gas, and I even put new wiper blades on it.
Problem is I got a letter today that the bank has declined the loan due to "Modifed LTV too high". I'm not entirely sure what that means but I'm suspecting it's because I did not put any down payment by the time tax, fees, the gap insurance I elected to buy from the dealer, etc. that I'm basically "too upside down" on the car loan.
What on earth are my options? I'm assuming I will have to either give back the car or put some cash into the deal to get the loan amount down. Problem is, I have no money to give otherwise I obviously would have! I do see the same dealer I "bought" the Volt from has a Fusion Energi for like $4K cheaper so might see about exchanging for that but honestly I read the reviews the Fusion Energi is not nearly as good of a car as the Volt.
I'll have to go in tomorrow morning to the dealer and see what to do but honestly I'm frustrated and upset and unsure about what to do! Anybody have advice? Thanks.
Problem is I got a letter today that the bank has declined the loan due to "Modifed LTV too high". I'm not entirely sure what that means but I'm suspecting it's because I did not put any down payment by the time tax, fees, the gap insurance I elected to buy from the dealer, etc. that I'm basically "too upside down" on the car loan.
What on earth are my options? I'm assuming I will have to either give back the car or put some cash into the deal to get the loan amount down. Problem is, I have no money to give otherwise I obviously would have! I do see the same dealer I "bought" the Volt from has a Fusion Energi for like $4K cheaper so might see about exchanging for that but honestly I read the reviews the Fusion Energi is not nearly as good of a car as the Volt.
I'll have to go in tomorrow morning to the dealer and see what to do but honestly I'm frustrated and upset and unsure about what to do! Anybody have advice? Thanks.