Re: Re: Re: Re: Car Loan Info anyone?? If you don't want to see people "SPEWING" stuff, go somewhere else. I personally think you are full of s**t, and need to get a life.
Re: Re: Re: Re: Car Loan Info anyone?? thanks, teri. I just pulled out a copy of DH's credit report from 99, and it shows on there. We'll see!!
Re: Re: Re: Re: Car Loan Info anyone?? "down in the NYC area" That's the problem right there... Obviously, NYC is not really a car buying market, unlike OH or MI...or even UPSTATE NY...so the market dynamics can be all screwy compared to the rest of the country. Top that off with an "average" income being sky-high, and the rents just the same, and most people there don't buy cars, they take public transit or taxis. Right now, with the economy being quite frankly in the shit tank, most anybody should be getting the red carpet treatment at the dealers, just to get a sale. They may even fudge a few numbers for you, inflate income, etc. just to get the approval for you from their bank/finance co. and you may not even know it.
Re: Re: Re: Re: Car Loan Info anyone?? {{{{Right now, with the economy being quite frankly in the shit tank, most anybody should be getting the red carpet treatment at the dealers, just to get a sale. They may even fudge a few numbers for you, inflate income, etc. just to get the approval for you from their bank/finance co. and you may not even know it.}}}} Excuse me!! I didn't think people here were so sensitive and had such sticks up their butt. I am merely pointing out the truth & what I have faced when trying to a buy from numerous dealers. The economy may be in the "shit tank", but if you look at the numbers car & home sales are stick at or near record highs, and demand easily exceeds supply for both. It makes you question how bad this so called recession really is. Red carpet treatment from the dealers??? Right!!, they treat you (the customer) like you should be grateful that they are getting you into a motor vehicle. Also just because many people take public transportation, taxi etc... doesn't give the dealer any right to try to rip someone off because they don't fit their ideal profile. Inflate income or fudge the numbers?? First that is outright fraud. Second you must bring paystubs, w2's, utility bills before you get approved for anything. They don't need to do that, since if you don't qualify, the next guy will
Re: Re: Re: Car Loan Info anyone?? KCPaul, No it wasnt...I had never used usaa for anything because I figured it would never be approved, since even most finance companies wouldnt do it and if they did, it was an awful interest rate. So, one day, I figured what the hell and calld to do an app. Much to my surprise, the loan was approved for 17K. We did our second loan a month later and it was approved for 38+k. No preapproval offers or anything.
Re: Re: Re: Car Loan Info anyone?? Reading TooMuch VS NickL on the 2003 Expedition loan was like watching a battle of wits between two unarmed men.
Re: Re: Re: Car Loan Info anyone?? Reading TooMuch VS NickL on the 2003 Expedition loan was like watching a battle of wits between two unarmed men. THE END ** *** ** LB 59
Re: Re: Car Loan Info anyone?? Actually when you have no choice and need said car to get back and forth to work and cannot rely on the public transportation system, have no one to co-sign for you and don't have money saved....it makes sense to you. I had an old neon that had so many problems with it that it took me over 3k and still no one knew what it was, until I said fudge and and went into a dealer. No, I did NOT get the best interest race - 19% because of my low FICO but I after haggling and threatening to walk out, I got the payments down to what I could afford and only put down 1k. Makes sense to me. Now I can drive back and forth across town to get to my job where I make all my money without stress. As soon as my FICO goes up to a great refi number, then I will go ahead and refi the jeep and all will be right. Some people can't afford to wait!!
Re: Re: Car Loan Info anyone?? Oh and Nick I understand you are upset because of things that happened to YOU but that still is not FACT as evidenced by many in this thread...different scenarios for different folks. Learning from all of these scenarios would help you...not hurt you. BTW...yep you are right, dealers do treat you as if you owe them the world...after I brought my jeep the first thing I did was transfer my old high school tassle from the neon to the jeep. This tassle was over 10 years old and a precious keepsake for me. Well when I took the jeep the next day to be detailed, they threw it away...needless to say, I was upset. The salesman that ended up finishing my loan (I had two, and the first was a GODSEND...to this day we still keep in touch and if I ever wanted an Audi, I'd head to him) kept telling me that with my low score I should just be happy that I got the car and stop worrying about the tassle...it was gone. Well I put him in his place (won't say what I said here, but he was taken aback...I'd done my research) and when he offered me a piddly $10 worth of gas for my loss (his worlds...it's just a number on a string..uh huh) I about punched him...but I'm a lady. I told my friend, my first salesman what happened and he went so far as to call his mom who was about to order a tassle for his brother for graduation to see if she could find out if back numbers could be made. I had a 50/50 experience with this dealer but if it wasn't for Shane...I probably would have never BROUGHT the car from them.
I financed my 2002 Impala through GMAC. My scores were 620's or 630's, I can't remember exactly. GMAC pulled Equifax. The first time, GMAC turned me down (the dealer put me through for way too much money that I didn't want to borrow anyway). The dealer told me exactly what made GMAC hesitant to give me a loan. First of all, I had open collections showing on my credit report. I had receipts for every one of the collections showing that they had been paid and explained that a medical collection was erroneous. Secondly, they told me that I had never had an auto loan before. I explained to them that I DID have one, just that it didn't show on the credit report that they were viewing. Guess what? GMAC pulled my Experian too. I assume it was to see if the car loan was on that credit report. It was. Also, now that I'm thinking about it, the guy that owns the restaurant that I used to work at told me to drop his name (cheesy, I know) and I did. My initial contact was with the Manager of Sales. I got my 2002 Impala at $150 above wholesale with 2.9% for 60 months, had to give up the rebate though. Do you have an old positive car loan on your credit report?
Re: Re: Car Loan Info anyone?? We bought a new Mazda MPV in 2001 before I started doing any credit repair and our credit history was in the toilet. I'm positive all three scores were in the mid to low 500's. Nonetheless, we were approved by Mazda Credit at 12% interest with 3k down. Not a great rate, but probably better than we deserved. We also got approvals from PeopleFirst and eloans, but they were at higher interest rates, 13.5% and 14.5%, IIRC. I'm sure the only reason we were approved is that we had two prior auto loans showing, the one immediately prior was paid with 0 lates and the one prior to that had a couple of 30 day lates.
Re: Re: Car Loan Info anyone?? {{{{We also got approvals from PeopleFirst and eloans, but they were at higher interest rates, 13.5% and 14.5%, IIRC. I'm sure the only reason we were approved is that we had two prior auto loans showing, the one immediately prior was paid with 0 lates and the one prior to that had a couple of 30 day lates.}}}} FWIW, Peoplefirst & Eloans will toss your application if you have any type of imperfect credit. I applied and was rejected within 24 hours from both, even though my FICO score is in the mid 600's. These are a waste of time, since a hard inquiry is pulled even when you don't have a chance in hell of being approved. Also, as one F&I manager told me, your total FICO score is what is considered. Making timely payments on a previous car loan, (or in my case fully paying it off early with no lates) is required for any future car loan. The rate & amount financed is determined by your FICO score. Despite all this, the best I can get on a used car is 13.9% (but typically higher at 15% - 17%). Go Figure.
Re: Re: Re: Car Loan Info anyone?? Untrue.. I used peoplefirst and got approved with derogs about a yr and a half ago. They sent me to their special finance section, but I got approved and it all went smoothly.
Re: Re: Re: Car Loan Info anyone?? How interesting, what NickL says. It seems he's not shopping at the right places. GMAC gave me 6.9% financing with ~525 FICO score in 2000. Navy Fed CU approved DH for 6.9% ($16K) with DH's FICO being ~625. Wasn't enough for what we wanted, so.... Another local CU approved him for the $21K we wanted at 7.4%. (That was through the dealer, btw, so I'm sure there was some markup going on.) Maybe you should try going out to Jersey to buy a car instead of trying to shop in NYC?
Re: Re: Re: Re: Car Loan Info anyone?? Very interesting. I guess this just proves that every loan depends on the individuals situation and not just the credit score. I was just approved for a loan on a 1999 Suburban with 2k down and 19% int at GMAC. My FICO at the time 540. Very recent derogs, but an old credit line which keeps me out of the 400's. BTW I had no choice. I live in MN. Everything here is spread out. You have to drive. I also was losing my car because it's a leased vehicle and the lease is up and I have a job and 3 kids to haul around. Sometimes you just don't have a choice.
Re: Re: Re: Re: Re: Car Loan Info anyone?? I should have mentioned that I had 3 perfect auto financing tradelines on my CR's when I got that loan through GMAC.
Re: Re: Re: Re: Re: Car Loan Info anyone?? You cannot even begin to compare the auto market in the midwest to the auto market & the shopping experience in the northeast, particularly the NY/NJ region. I am sure that out there the dealers are actually halfway professional, & you probably will never have to deal with the slimy, abhorrent sales techniques that are common practice in this region of the country. Here a FICO of 540 would be an automatic denial for any car loan (or the ability to purchase since even an initial test drive is now predecated upon approved credit.)
