I purchased a car, I received a call stating that the bank wants to do an inspection. Is this okay?
While I have never experienced this personally, I cannot say that it is beyond the realm of possibility. That said, I would call your bank back to ensure that it was really them calling. Unsolicited calls can be a sign of fraud, so don't give out any information at all based on an incoming phone call. I would think any required inspection should have been completed before the loan was funded, but it wouldn't surprise me for a sub-prime lender to ask for an inspection. It might also be a sales ploy to get you to buy "gap insurance" if there is a significant difference between the current value and loan balance, so be aware of that as well. If you feel something shady is going on, feel free to contact your local Better Business Bureau as well.
Makes a lot of sense. They want to know you have insurance and that the car is real and valuable. If they don't do this, they would be foolish, because you could be telling them one thing, when something else was true. I would let them, if you want the loan. Hope this helps.
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