If I were you I would call GMAC myself, I am telling you that they pulled all three of my reports and my husbands reports as well and we were approved for the 0% and the score was highest on EQ, are you able to get access to a GMS or GSP which would make the car cheaper, I just bought a Denali and the sticker is $50,000, ended up getting it for $36,000 with GMS and downpayment. There is hope make the F&I guy "work" for you, because he can make it happen.
Keisha thanks, do you have a number for GMAC? My scores are 488 EQ 606 CE 564 TU FICO What is GMS and GSP? And again thanks, thsi car thing is really important for us.
Pull your report and find out which division pulled your credit, I will also call my fried that works at GM and ask him who you can talk to .
Call the F & I guy and ask him to give you the information, and I would also ask him what is the bank willing to do, are you putting any money down ?
The F&I said that at this time he does not have any financing for me. I gotta be able to qualify for something with two scores above 550. How low does GMAC go? I want the 3.9% for 60 months on a 44k loan. I have never had an auto loan before and my previous loans are all sub 5k for student loans. Thanks so much for all your help.
I don't think that the paid chargeoffs are the problem. At least for me it wasn't. Why do you have 6 defaulted student loans? Have you rehabilitated them? Do you really owe the phone bills? I looked on a website "gmac financial services", and it looked like they wanted your debt/income ratio to be no more than 20%(excluding mortage payment). Did you ask him if you could choose a less expensive vehicle? Could you explain the phone bills and the student loans? Is this finance guy willing to help you? If not, maybe another dealer/financer could. You could always take them copies of your credit report and tell them what you want and find out if they can do anything for you. GMAC seems to be the easiest to work with. I tried Dodge and Hundia(sp) and they turned me down flat. Something to consider is that just because you have a baby on the way, doesn't mean that you need a new car. I realize that you want only the best for your baby, but sometimes you have to deal with what you have. Believe me when I say that I've been there! Just thought of something. How old are the student loans? The laws have changed and they can stay on your credit forever until paid off, even past the seven years. If they are past the seven years, and you were to consolidate them with a new loan (not rehabilitation), could you do this? I guess what I'm saying is that it might not be worth rehabilitation if they are very old and upon payment (like when you consolidated and the new loan paid them off), they would have to fall off of your report., right? Read the thread "desparately need help with motion!" posted by Mommy2cats on 09/12/02 (I don't know how to link). There is information regarding "the 1998 Higher Education Reauthorization Act" and that might help. Hope this helps. Sirrowan
I don't think the F&I guy is not working hard enough for you, I would go somewhere else, but I would still call GMAC
Just checked CE and called EX No inquires from Chevy or GMAC Just called TU I have 2 inquires, one from the dealer and one from GMAC (Now I am pissed about this, why would they pull two? the dealer on 9/23 and GMAC on 9/24) I just called EQ being that I have already pulled my report today...and 0 inquires for EQ. So from this, we know that they only pulled TU. I just called a dealer who said they pull EX. I just had an inquiry removed from EX, so hopefully my 606 is higher now. Any ideas on what to do next?
Still trying to find a number for GMAC. I also agree with you on the F&I guy not working that hard. I have already gotten them to sell the car to me below invoice including Taxes and Options. I played one dealer against another to see who would bite. I also got this in writing as to the options and price, Now the money part is the problem. sirrowan, we really do need a new car. Mine is over 10 years old 380K miles and hers is 7 years old 180K on it. We just want a safe reliable car. I generally work on each car every weekend. Last weekend was a brake job for both and a hose for hers, along with standard watching of the oil leaks. Since becoming a CNetter, I have learned two major things. 1. EVERYTHING IN WRITING 2. IF YOU DON'T NEED IT, DON'T DO IT! a. Do not apply for cards just to have them, Are you using it for a BT or lower ratios, inmprove overall credit file as in number of store cards and such I can afford the car, I just do not have the credit for it. I can put down 10% because I need the rest for the mortgage in 6 months. Now I know that I should get the mortgage first, but we are planning on building a home and winter here is rough so no time ot waste with playing around with cars. So to make this an even shorter post. WE NEED A CAR. We will get this car thanks to you and everyone here at CN. so what is the next move?
Here is a number for GMAC 1-800-200-GMAC. I think this is customer service at it has an automated "punch your account number", just keep hitting the pound button and it will assume you are not intelligent enough to understand and it will transfer you. Hope this helps. Sirrowan P.S. 380K miles!!!!!!!!!!
Hey, maybe they don't really want to sell you the car for the price they agreed on and will not put forth the extra effort to get you the car. What was the exact reason for denial? Insufficient income for insufficient credit?
kbanger, Here's some phone numbers for GMAC (bottom of post). Here's GMAC Financial services (that's where the numbers below are from). They have online application and financing: http://www.gmacfs.com/ It looks like they use Nuvell for non-prime loans. They don't have a phone number but do have a website and an instant financing online button for dealers, interesting, and a contact us by email option: http://www.gmacfs.com/automotive/nuvell.htm Here's a ChevyNet link: http://www.chevy.net/chevy/money/index.asp They list PeopleFirst and Nationwide as options for financing too, with links. I know PeopleFirst will run you through several finance companies, Cap One is one of them as is Household. Household approved us for the maximum dollar amount and highest interest rate -- it was 17-ish. I plugged Nuvell into the search and found an old post by Marci, she says Household for financing and if you aren't approved by them to find someone affiliated with Nuvell. BTW, when baby chloe arrives she could be primed to qualify for the grad financing program ;-), sorry I had to! But hey, my suburban is 20 years old, she could be driving it one day. What color do you think she'll like? I'm going for RED! Marci post (sassy note -- she always gives spot on great advice, says me): "If it's a new car you're looking for and Household Auto Finance turned you down (!), then try to find a dealer who works with: nuvell (a sub-prime GMAC division) Consumer Portfolio Services (CPS) CharterOne Auto Finance Summit/Capital One Auto Finance Wells Fargo Financial Acceptance Be prepared to pay astronomical (20%+) interest rates and 10% down and be prepared to present a million utilities in your name, and a billion references but you should get approved. I got approved with CPS in '98 with about 4 unpaid 1 year old CO's, 6 unpaid defaulted student loans and 5 unsatisfied judgements (these weren't mine, but I had a merged report issue) on my credit reports. My interest rate was embarrasing, but it got me into a dependable car with very high resale value once I pay it off. Hope this helps and I hope you get what you need." marci Here's the phone numbers: Contact GMAC by Phone GMAC Customer Service Center (auto financing) 1-800-200-4622 Vehicle Finance 1-800-32-SMART GMAC Mechanical Customer Service Center 1-800-631-5590 GMAC Mortgage 1-800-766-GMAC GMAC Home Services 1-908-542-5500 Family First by GMAC 1-800-964-GMAC MIC General Homeowners Customer Service 1-800-531-0101 MIC General Employee Vehicle Insurances Sales 1-800-328-5503 GMAC Business Credit 1-877-GMACBC8 GMAC Commercial Credit 1-212-884-7000 Demand Notes & SmartNotes Information 1-888-271-4066 Demand Notes Representative 1-800-548-7923 SmartNotes Representative 1-800-869-2198 Protect Your Vehicle 1-800-631-5590 GM MotorClub 1-800-997-7846 Dealership Insurance 1-800-729-4622 Reinsurance 1-800-380-4055 Sassy
I called GMAC, they said I had to deal with the dealer directly. So I am off to another dealer, wish me luck. Will let everyone know when I get back. BTW still no baby
Okay heard from Dealer #2: Declined for GMAC Derogatories Recent Charge-offs Delinquent loans (sl) and no history to support loan amount. I want 44k, never had a car loan. And the biggest surprise is they only pulled TU. Which is showing 6 student loans 3 collections 1 charge-off I am waiting for the charge-off to be deleted, 1 collection, I just started validation for(they got it yesterday, FCNB account sent to CA) and the other two are phone company. Current address and very recent. Tried to negoiate for % off, they daid we longer do that only payment in full. So those two are not going anywhere anytime soon. And as for the student loans, I was waiting for the holiday to get them. so where do I go from here? the dealer said that he could check sub-prime which has a state cap of 15%, I said hell no, how about you get my file and we try to talk GMAC into it. I said i was willing to put down 10%, can go to 20%, all I want is the 3.9%, So i will keep all posted. BTW still no baby, but I have lost 3 pounds due to all the exercise. Thanks Sassy!
