Re: Used Car Loan update...
Originally posted by CCollector
Friend Jesse, 23, with 619 FICO, tons of derogs 2-3 years old, no current tradelines, no previous auto loan history, has been trying to get a used car loan. PeopleFirst, E-loan, and some homelife auto or something like that all denied, but one of them must have sent a request out to lenders to see if he would be approved. Jesse received a message on his answering machine that said he was approved, come and see our cars, yada yada.
He went to the lot and didn't find anything he liked at all. Now, I tried to explain that beggers can't be choosers, but he would rather not pull a loan out w/ high interest on a car he doesn't want. He asked the salesman if he could have the lendor's name and # who approved him and the salesman refused to give it out, even after requesting phone bill statements and check stubs/deposit slips. My friend basically wants to contact the approved lendor on his own, negotiate interest rates, and buy a car either private party or from another dealer ship. I advised him to call up and demand the lendor information and don't get off the phone until someone gives it to him. What are his options here?
Why should a used car dealership give their efforts to someone so they can take the result of their efforts to someone else. Many times with these types of loans, the dealer is on the hook for up to 2 years if the loan goes south. Also, even if he got the name of the lender, most times they will only go through dealers and will not accept loans on private sales. I can tell you that if I was the person your friend called, I would politely tell him that it would be a cold day in H*LL before I gave him that information and most likely would also tell him that I was cancelling the loan period.
Remember renting is just like buying...Only for somebody else.
Professional Disclaimer: "Any advise that I provide concerning mortgages is generic only. You will need to speak with a mortgage professional about your specific situation"
insanity: doing the same thing over and over while expecting a different result
email is on