Re: Re: Re: Re: Re: Re: Re: Helpful Tips For Loan Apps... I've told him/her once and I will say it again. Considering my knowledge of the car business, which I would like to think is alot =), both from owning a car lot and from the fact that I too had been shopping for one, everytihng this person says just does not fly.
I GUESS I GOTTA' GET OUT MORE AND SEE THESE LONG LINES AT THE DEALERSHIPS!!! I just live the WRONG way from the dealerships... GEORGE =============== The line runs from your area clear back here to Ohio. Yer rite GEORE you just gotta get out more lol
My store is nextdoor to a dealership...WOULDN'T THE LINE BE SO LONG I WOULDN'T BE ABLE TO GET IN THE DRIVEWAY EVEN AT 6 AM???
I haven't had the dealer come in and offer all my cashiers DOUBLE/TRIPLE PAY to come work for the dealership!!!
Sorry ... Been away for a few days & look @ all the posts! First ... I should clear up one small mistake ... The c/o was not from '94. (Don't I wish '94!) It's actually from '97 ... due to fall off @ the end of '03. As for Nkl, I'm not so sure how you deviated so far from my original post? I really don't follow your logic or facts regarding co/joint applicants. I had mentioned my folks were involved & I don't see how I could possibly be setting them up for a direct lawsuit? I suppose your assuming a worse case scenario ... where a co-app. would be listed on the loan doc. & If I were to be involved in accident which involved gross negligence ... I suppose the co-app. would likely be named in a lawsuit ... You know, like it was said above ... We live in a world where nothing is guaranteed or 100% safe guarded ... Hence the reason "insurance" was invented. Worrying about such things is somewhat trivial ... The entire world functions on a known fact that calculated risks are inevitable & unavoidable. We could go on for days about all the risks one should or shouldn't take in their daily lives (It simply becomes a catch 22) ... Some things are within sound reason and judgment & most people simply understand & accept this ... We as a Society would cease to function if we were to loose the faith based on such understanding. I deem your point(s) a bit overly cautious given the situation.
Re: Re: Helpful Tips For Loan Apps... I think he's corn fused between the loan app and the car title.
Re: Re: Helpful Tips For Loan Apps... Hence the reason "insurance" was invented. wildbill ================ You can't get an auto policy on a loan application it has to be on the auto title. The END ************************* LB
Re: Re: Re: Re: Re: Re: Helpful Tips For Loan Apps... Re-hijacking the thread back here...lol. Last year DH and I bought a new GMC Sierra 4x4 with all the bells and whistles. $34,000 with $250 down and a trade in that was $1,000 upside down AND with scores slightly lower than they are now (but I think my TU was still over 600). Our interest rate is 13.9%. Yes, it's high, but we can afford the payment and are raising our scores, getting all the crap deleted off our reports, making all of our payments on time and in a few months we'll be in a position to re-fi at a lower rate. I will admit part of our scenario was that the dealer knew that where DH worked is a great place to have their license plate tag with logo driving around. Lots of guys with lots of money liking the look of the new purty truck. So it was in their best interest to deal with us a little.
Re: Re: Re: Re: Re: Re: Helpful Tips For Loan Apps... Cr8ivegrl... Please step away from the keyboard & place your hands behind your back ... You are surrounded ... Your "post" hijacking days have come to an end missy! Glad to see/hear you got a car loan w/scores that nearly rival mine. I'm still looking into a used car loan ... though I had hoped PeopleFirst was going to work out ... especially w/a co-app backing me up. They, PF, if they actually do what they say they do ... Have a really good thing to offer ... Who wouldn't want to walk in w/a blank check in hand to negotiate a car loan ... There is no better bargaining chip if you ask me! (Yes, I know ... Cash would be better, but that's just not going to happen ... Please refer to the perfect world reference above). Here's something I just noticed regarding my own earlier advice ... A. Person with best credit should always be first name on application. Damn! I listed myself 1st & folks 2nd ... How much of a difference does something like this really make ... I knew I should have found this out before sending in that app! EQ - 652 TU - 618 EX - 591
Re: Re: Re: Re: Re: Re: Helpful Tips For Loan Apps... Guilty as charged... =+) In our situation, we had moved out to a ranch on a dirt road in Wyoming that wasn't plowed right away after snow storms. We needed 4x4, big and reliable. But if you are just looking for used, I think you should be okay. I would shop around still... and if you motor/engine troubleshooting savvy great! If not, bring a friend who is. Even with the 8 gaziillion point inspections some places claim to do, you never can tell. As far as cash down friend who used to sell cars told us that dealers like the cash down because they get to keep that money (the dealership paid for company spiffs that way if I remember right)... hence the request for $2-3k, even with a good trade in. I don't know how true all that is, but it makes sense why some of them are so adamant about it. But on the other hand, don't they make their commission on the financed amount? That would explain them not wanting 50% down.
Re: Re: Re: Re: Re: Re: Re: Helpful Tips For Loan Apps... Anybody know how much of a difference the following co-app rule makes? (I just noticed this while re-viewing a copy of the loan doc ...) A. Person with best credit should always be first name on application. Damn! I listed myself 1st & folks 2nd ... How much of a difference does something like this really make ... probably should have found this out before sending in that app! EQ - 652 TU - 618 EX - 591
I had a co-signer on a truck loan I had a few years back. I listed me first and him second. No problems getting the loan, but I couldn't tell you if my interest rate suffered because of it. Also I am fairly certain that my credit was still high 600s at that time. My need for a co-signer could have been more of an income issue for all I know. Now for our current truck loan my DH is listed first and I have the higher scores. ???
I just asked my hubby what he thought and he has always been under the impression that they figure out if you qualify for the loan by the highest scores listed regardless of position on the app and the interest rate on the lowest scores listed again regardless of position on the app.
