Thought this deserved a new thread..... For those of you not following, I can't get an auto loan. I did the dealer route, that didn't work, so then I did the CU route. That didn't work either. I called the CU back this afternoon to get more info, and she said I qualify for "A" tier credit--my empirica score is 661. However, I don't ahve any paid installment loans on my bureau (only revolving) and this is why they turned down. They requested a cosigner, I said no. So she presented the option of taking out a secured loan (like $3K down for a $3K loan). I'm entertaining this idea, but do any of you think there are other options as far as a car loan with this score?
At this point, I would just go with the Grand Am that you told me about, remember? Then, take out the loan and pay it on time. Ask, how soon would be able to apply after receiving the secured loan and it has some payment history. Also, Matt what was your TU score when you pulled it online through the TU website? Just wondering how different it is from the real score that lenders see.
Beta, That's what I'm going to do I guess. The only prob with that is if I take the $$ I have for the down pmt ($3K) and finance it via secured loan, then I will have that payment, as well as payments to my Dad. So in essence I will be doubling my payments which makes no sense to me. It would be easier (at least for the time being) to skip the secured loan junk and just do it on my own. But, then I still want have the installment loan on my history. AAAArrrrgggghhh.....
Is your down payment poor? I had a 579 with TU and chase financed me a new car. The reasonable down payment was the kicker. like $3500 seems to be the magic number.
Re: Auto Loan Denied/TU Empirica 661 matt_r | 161 posts since Mar 2002 65.25.164.225 | 05.17.2002 @ 16:36 My down payment was $3K on an approx. $14K car. Over 20% ==================================================== MATT : Take the $3000.oo and open yourself an account. Deposit the monthly payment you would have made on the 11,000.oo loan balance into the account each month. By doing this you will have enough money to pay cash for a car by the time you would have paid the loan off. Had you done this say 5 Yrs. ago Getting a loan would not be a problem for you now, as you would not need their stinking money. lb59
lb59... you are rediculous... you are telling him he should have saved 5 years ago for a car he wants today? Why don't you ever address the situation with a reasonable answer, not some "Highly IDEAL", plan that takes years. All of your answers seem to be in keeping with the attitude of 'don't use credit'.. if you would pay attention to this situation, you would see he is in this predicament because he has not had a previous loan!!!!!
Re: Auto Loan Denied/TU Empirica 661 radiohead | 523 posts quote: -------------------------------------------------------------------------------- Originally posted by lbrown59 Re: Auto Loan Denied/TU Empirica 661 matt_r | 161 posts since Mar 2002 65.25.164.225 | 05.17.2002 @ 16:36 My down payment was $3K on an approx. $14K car. Over 20% ==================================================== MATT : Take the $3000.oo and open yourself an account. Deposit the monthly payment you would have made on the 11,000.oo loan balance into the account each month. By doing this you will have enough money to pay cash for a car by the time you would have paid the loan off. Had you done this say 5 Yrs. Ago Getting a loan would not be a problem for you now, as you would not need their stinking money. lb59 -------------------------------------------------------------------------------- lb59... you are ridiculous... you are telling him he should have saved 5 years ago for a car he wants today? Why don't you ever address the situation with a reasonable answer, not some "Highly IDEAL", plan that takes years. All of your answers seem to be in keeping with the attitude of 'don't use credit'.. if you would pay attention to this situation, you would see he is in this predicament because he has not had a previous loan!!!!! =================================== Had he done this he would have the car now-He did not and don't have the car today. You tell me which way he would be better off! And how long does a five year loan take? If he can't get a loan how many years will it take. If he doesn't get the loan or the car what will he have five years from now? If he does as I suggested what will he have in five years? LB 59
Re: Auto Loan Denied/TU Empirica 66 Okay everyone stop bickering. Seriously though, your suggestion has no practical implication lbrown59. First of all, one of my main goals is to establish credit, not avoid it. Secondly, whatever you or other radicals think about the consipracies surrounding the credit industry, it's just a fact of life and if I want a house, a car, or flexible spending options, credit will be a necessity. While I *hate* FICO and all the stress it brings to my life, it is simply the way of the world. All I can do is live with it and stumble along.... Do you suggest that when I want to buy a house, I start making 'mortgage' payments to a savings account for the next 30 years, then take the money and buy a house? Get real. That said, I *FINALLY* got financed today. I called a Nissan dealership this morning, explained my situation to her andf axed her my reports. She said it's workable and submitted my info to Ford Credit. I WAS APPROVED @ 8%!!!!!!!!!!!!!!!! So I say, screw CarMax, screw the CU, and screw everyone else that has said "NO!" to me. I did it , and I'm quite proud of myself at the moment. It's a 2002 Nissan Sentra GXE with all the goods (I know, what kind of 'goods' does a Sentra come with, right?). MSRP was $15,417, I negotiated it to $13,917...$3K down. Total financiing was $11,787 with taxes and everything. Ford Motor Credit is my "hero of the week" for coming through when everyone else ran from me when I said I was a first time buyer.
Re: Auto Loan Denied/TU Empirica 66 Congrats!!! Look, you won't have to save for 5 years while walking everywhere!!!
Re: Auto Loan Denied/TU Empirica 66 True enough. I take delivery on Tuesday...now I just have to find somewhere to park it. Parking around here is outrageous...at least $100/month. I'll deal with that on Monday.
Re: Auto Loan Denied/TU Empirica 66 matt_r Congratulations on the new car and loan! BTW- 2002 Nissan Sentra's are great cars. The new Sentra has been called the mini-maxima. I'm sure it has lots of goodies.
Re: Auto Loan Denied/TU Empirica 66 Congratulations matt_r. Sorry you had to go through so much, but the end result was worth it. Enjoy that new car!! BTW, Nissans are awesome. Very well put together cars.
Re: Auto Loan Denied/TU Empirica 66 Congratulations...Matt!!! As you know, Ford is my hero. They financed me two months after my bk at 2.9% with 10% on a 2002 Ford Focus. I've heard you can use Ford financing at other dealers, but they seem to like "their" financing the best. Very pleased to hear you found a dealership with a finance manager who was on the ball. Cynthia
Re: Auto Loan Denied/TU Empirica 66 Finally!!! Wow, Matt that's great. It's good to find someone who can actually do her job and help you out in the process. Nissan's are great cars. Like I told you before, I've had my Nissan sentra since '94 and it's still running fine after 100k miles. I'll probably get a new Nissan Altima next year. I'm very glad to know you didn't get screwed on the financing like I did. Also, don't get the extended warranty, I only used it once to get my keys I locked in the car! C O N G R A T U L A T I O N S ! ! !
Re: Auto Loan Denied/TU Empirica 66 Thanks everyone. Yes the finance manger is an angel, IMHO. She truly stood up to the challenge and got it done, at a reasonable interest rate. The reason why I was able to finance through Ford is because the dealership I bought it from (Boucher) has 16 locations in the area (SE WI), some of which are Ford dealerships. She also said that Ford does all the 'floor financing; (can't remember the exact term, but it was something like that) for all the new cars that they have on all of their lots. So, needless to say they have pretty good pull with Ford because of the huge financial relationship they have with them. I asked the finance lady if she had to do a lot of talking, and she said not really. The finance lady is actually the one that I signed the papers with--the only dealings I had with a salesperson was when I looked at the cars on the lot and took one for a test drive. She told everyone at the dealership that I was a good friend of hers, and she wanted to do the sale--that's why I got the $1.5K discount. I could tell that she totally trusted me and I trusted her in return...it was a great feeling. I know I didn't get jacked, which makes it easier to sleep at night. Thx again everyone. Topazmoon, you were the major influence (after reading your recent post about your new focus) that made me decide to have her apply to Ford for financing. I'm sure glad I made that decision.
Re: Auto Loan Denied/TU Empirica 66 Thx mindcrime. I got the GXE with the 'synergy option package' which basically upgrades everything in the car, plus alloys, spoiler (although I really didn't want this but had to get it to get everythign else), 180W stereo, cruise, etc etc etc. http://www.config.nissandriven.com/...N&make=nissan&option=_TE_GXE&style=&year=2002 Later, Matt.
Re: Auto Loan Denied/TU Empirica 66 betacredit | 425 Finally!!! Wow, Matt that's great. I'll probably get a new Nissan Altima next year. +++++++++++++++++++++++++ Go Toyota
