Pre-Approved For $50,000 Auto Loan

by Ryan Guina

At least, the offer is good for up to $50,000 based on preset criteria for credit-worthiness. It’s a legitimate offer too, as it is from my bank. I paid off my auto loan with them about 6 months ago, and I guess they think it’s time for me to upgrade. I have a very reliable car, and no need for anything else. And $50,000? That’s way over the top! (2.5 times my current vehicle!)

To make things worse the bank sent out a check with dealer instructions on how to fill everything out. The check is from the bank and does not have any personally identifying information, so I don’t think anyone could fraudulently use it against me. To use the check, all I would need to do is take the check and instructions, call my bank, get the pre-approval number, and have the dealer fill out the new car’s info. It is easy enough to do in a matter of a few hours, start to finish. I’m sure that’s what they plan on.

Sorry! This goes straight into my paper shredder!

I think it’s interesting that as soon as you finish paying a debt, there are hundreds of lenders out there willing to extend you more credit. Even if you go through bankruptcy, your inbox will be flooded with offers for more credit.

I recently wrote a post about how to reduce the number of credit offers you receive. It won’t stop all offers, but it gets most of them. One type of offer it won’t stop is from companies you currently do business with, such as the case with me today. That’s OK with me though. I like my bank. 🙂

Published or updated December 9, 2010.
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