I was told by wells fargo bank (finanacial) that upon paying off my current loan 6,500, that I was pre-approved for a 25,000 loan to purchase a new car. The only condition was that I paid off my current loan. I did and I took my receipt to the bank proving my loan had been satisfied and I was then told I was only approved for 22,000, when I asked why and began to share my case that previously I asked for 25,000 and was told I was pre-approved the bank manager told me it was no big deal and that initially I was only pre-approved for 22,000 but the extra 3,000 wouldn't be a problem. The next day I found the vehicle I was looking for and it was being sold for 26,500, I then called my bank to get every thing squared away and was then told I couldn't get approved for a loan that exceeded a monthly payment of 400 and that being the case I could only get approved for a loan up to 17,000. Is this normal practice? I feel like I got screwed, I paid 6,500 out of my pocket expecting to in return get the vehicle I was looking for and instead I end up with a 17,000 and in the world of brand new SUV's this amount doesn't cut it.
