We were recommended to use Dakota Financing by Ritchie Bros auction for the purchase of a service Truck for our company.
Things went smoothly, we obtained an approval letter stating our amount of approved financing and terms.
We agreed to all (including 25% cash down) ... fast forward now to the auction, we bid on a service truck that met ALL the requirements that were stated to us and I triple checked everything before we purchased!
We win the auction, send over all paperwork as we were told we needed to w/I 24hrs after the sale.
We let them know that the truck had to be paid for within 7 days and picked up within 14 days.
I checked in daily as we never got updates from Dakota Financing w/o me inquiring first.
5 days AFTER the sale, 2 days PRIOR to the truck having to be paid for Dakota Financing tells us that the truck we purchased had more miles than they are comfortable with, IF we give them 40% cash down they'll do it but otherwise they are withdrawing their approval! 48hrs PRIOR to the truck having to be paid for because we are now in a legal agreement with the auction company. We made the purchase with a prior approval that the finance company decides to back out on at the very last minute! This has cost us late fees and allot of stress trying to coordinate everything over again! Extremely unprofessional and I would/ will be letting every source possible know what a scam this company is and to not trust them to do business with! We are looking into legal recourse due to the situation they left us in. There is no fine print, there is nothing we missed! Mileage was NEVER stated as a requirement for our loan ever! Asking for 25% down and then upping it to 40% down is nothing short of a scam and we definitely will be taking legal action to see that other small businesses do not get taken advantage of or scammed as well!
Things went smoothly, we obtained an approval letter stating our amount of approved financing and terms.
We agreed to all (including 25% cash down) ... fast forward now to the auction, we bid on a service truck that met ALL the requirements that were stated to us and I triple checked everything before we purchased!
We win the auction, send over all paperwork as we were told we needed to w/I 24hrs after the sale.
We let them know that the truck had to be paid for within 7 days and picked up within 14 days.
I checked in daily as we never got updates from Dakota Financing w/o me inquiring first.
5 days AFTER the sale, 2 days PRIOR to the truck having to be paid for Dakota Financing tells us that the truck we purchased had more miles than they are comfortable with, IF we give them 40% cash down they'll do it but otherwise they are withdrawing their approval! 48hrs PRIOR to the truck having to be paid for because we are now in a legal agreement with the auction company. We made the purchase with a prior approval that the finance company decides to back out on at the very last minute! This has cost us late fees and allot of stress trying to coordinate everything over again! Extremely unprofessional and I would/ will be letting every source possible know what a scam this company is and to not trust them to do business with! We are looking into legal recourse due to the situation they left us in. There is no fine print, there is nothing we missed! Mileage was NEVER stated as a requirement for our loan ever! Asking for 25% down and then upping it to 40% down is nothing short of a scam and we definitely will be taking legal action to see that other small businesses do not get taken advantage of or scammed as well!