Re: Auto Loan Denied/TU Empirica 66 Had he done as I suggested 5 Yrs.ago he wouldn't have even walked what he did walk.
Re: Auto Loan Denied/TU Empirica 66 Matt_r Checked out the site. Car looks good. Nice options. Nissans are great cars. I still have an older 300ZX. Runs perfect, just change the oil in your car every 3,000 miles car will run forever. Have fun.
Re: Auto Loan Denied/TU Empirica 66 matt_r | 171 posts 1* Seriously though, your suggestion has no practical implication lbrown59. 1*When all else fails it's the only way. 2*whatever you or other radicals think about 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. 2*Hay don't knock it till you try it. I haven't had a car loan since 1989.I've paid cash for every car or truck since then. Right now I have 7 cars & trucks all paid for.I could buy a car like yours with cash. I also built a 4 and a 6 car garage all with cash. - BTY/ being right doesn't make one a radical. 3*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... 3*People don't have to they choose to. 4* 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. 4*Not practical because of the large sum of money involved.99.9 % of people don't know the best way to buy a home. 5*That said, I *FINALLY* got financed today. I called a Nissan dealership this morning, explained my situation to her and faxed her my reports. She said it's workable and submitted my info to Ford Credit. I WAS APPROVED @ 8%! It's a 2002 Nissan Sentra GXE with all the goods. 5* Good.I'm glad for you but what if it hadn't worked out??
Re: Auto Loan Denied/TU Empirica 66 Matt- CONGRATS!!!!! I know you probably want to tell the CU to screw, but in 2 years, you may be able to refi at 5 or 6%, save you a little bit in interest! Nissan's are great cars, although I'll stick with my Honda
Re: Auto Loan Denied/TU Empirica 66 Congratualtions Matt!! Finally, PHEW!! You deserve it, after all you have gone through! Too bad, the other people lost your business!!! Dealer financing is definitely better. Enjoy your new car
Re: Auto Loan Denied/TU Empirica 66 to lbrown: yep, yep yep he could have had his car by saving for 5 yrs. too...but, the real question you should be asking is...is it the proper financial planning decision? Now he nails down a Ford loan at 8%. If he had saved up the cash up to this point, should he blow it on the car now? Probably not, if he was invested in good growth funds earning 12-15%. He could get the loan ANYWAY at 8%, while continuing to earn 12-15% on his money invested, and come out ahead, using OTHER PEOPLE's MONEY. That's one of the secrets of creating wealth. Invest for high returns, borrow at lower rates.
Re: Auto Loan Denied/TU Empirica 66 Hi Matt, Just read the good news. Congrats!!!!!!!!! My husband and I are looking at minivans so I'll look into financing a Ford Winstar. Have fun driving that new car LB ps. What credit report did they pull?
Re: Auto Loan Denied/TU Empirica 66 how come nissan dealer send your loan application to ford instead of nissan motor acceptance corp.? i bought a se-r spec v about 3 months ago, when they pulled my equifax, it came out to be around 570, i've only been working for a year when i bought the car, had no history for installment loans, and one late payment on my equifax report, with 2000 down i financed with nissan motor acceptance for 6.9%.
Re: Auto Loan Denied/TU Empirica 66 The dealership I bought from has 16 dealerships in the area, some of them are ford dealerships. So, they can finance any of the vehicles they sell thru ford motor credit. When I was talking to the finance manager at the dealership, she said that the only two lenders she thought would take me was either Ford or Nissan. Since I don't want inquiries up the ying yang, I asked for her to do one lender at a time, to limit the damage. I asked for Ford to be submitted first (based on what I had heard about them on this board). Well, Ford came back with an approval, so I never did Nissan. I simply don't need the inquries at this point, especially after Carmax did a job on my reports (they did 5 inquiries and none of them approved me). Plus, with you saying that Nissa pulls Equifax, I probably wouldn't have gotten approved anyway---my EQ report looks terrible compared to my TU.
