Household Auto - opinions?

I received "preliminary-approval" for a Household auto loan today. The packet included several things that I needed to sign, as well as a draft check (that is not valid until final approval). In addition to the information I provided (Driver's License, proof of insurance, paystub) they requested proof that I had completed consumer credit counseling. CCCS is on one of my credit reports for a JCPenney account. This was several (like 6) years ago. I called CCCS and asked for a fax to Household and they could not do it because they could not find my record... so anyway, I wrote a letter to household, included it with my packet and informed them about the situation. I also have a loan on one credit report, reported as an open auto loan. Household asked me to trade that vehicle in as well... well, I don't have an open auto loan w/ the bank they referred to, but I do have an installment loan. I explained this as well, and included contact numbers for both the bank and CCCS. So, now I'm stressed that I will not be approved. Does anyone have any information on how Household approves, etc?

 

RE: Letter included to Househo

Household Bank, f.s.b.
11452 El Camino Real
Ste. 400
San Diego, CA
92130

Dear Sir or Madam:

It was a pleasure speaking with your representative, REP NAME, on the afternoon of December 6. 2000. I had several questions concerning a preliminary credit approval letter and the requirement checklist that arrived in the Airborne Express mailer. REP NAME was friendly, knowledgeable and answered my questions satisfactorily.

Enclosed you will find the following items required by the Checklist document.
1. Signed Loan Repayment and Security Agreement (Contract)
2. Signed Credit Application
3. Signed and Completed Agreement to Provide Insurance
4. Copy of proof of current auto insurance
5. Copy of valid driver's license
6. Copy of most recent paystub(s). I am paid twice a month. I included the November 2000 paystubs.
7. Completed Reference List
8. Other information indicated on the Checklist.
9. Copy of vehicle title.

One of the additional requirements required proof of completed consumer credit counseling. I contacted the Consumer Credit Counseling of NAME to obtain the information and have it faxed to your office. The Consumer Credit Counseling Service was unable to locate any record for me, though it was the service I used while in college. I do not know how I can satisfy this requirement since the service seems to have no record of my participation in the budgeting/management program that I attended several years ago. The phone number for this agency is NUMBER. The address is STREET, CITY, STATE ZIP. Please let me know if you have any suggestions on how I might facilitate the transfer of this information or provide some sort of alternate information to you.

The final requirement listed on the checklist indicated that I "must trade open auto." I discussed this situation with REP NAME and explained that I no longer have an open auto loan. I do however have a monthly installment loan with BANK that I hope to pay in full by summer 2001. I have included a copy of my current vehicle title, showing that is not subject to any liens and is certified by the State of STATE. The telephone number for BANK is NUMBER. The BANK representative I spoke with indicated that she could not fax a letter to you (Household) because it would require approval, but she could verify information with my authorization. Please let me know how I might assist you with this, or provide alternate information or requirements.

In closing, thank you for considering my application. I followed the checklist to the best of my ability and with exception of the information listed above, have completed everything successfully. If you have any questions, please feel free to contact me by telephone at NUMBER or by email at EMAIL ADDRESS.

Sincerely,
HOPEFUL CONSUMER

 

RE: Letter included to Househo

Looks like you covered all the bases... I doubt Household will reject your request for an auto loan, based on all the info provided and your efforts in complying with their requeriments. I wish I could say the same... I applied for a $5000 Household auto loan through the Web and was denied... I was told a letter would be forwarded explaining their decision. I can't wait to read what reasons made them determine their denial. The only negative I have is a 120+ days late on an installment contract from Bally's back in 11/96, since I live in NY according to the law it should be removed on 11/01. Other than that... my credit has been pretty solid. 4 credit cards, never late, pay on time. no more than 5 inquiries. I contacted Household, and they said to wait for the letter and then call.

Keep your fingers cross !

I'll keep you up to date

 

RE: Letter included to Househo

Bally Total Fitness totally sucks. I have three friends that joined, moved, one in the Peace Corp, one in Americorp and one out of state. Obviously, there isn't a Bally's in Romania of all places, and if you are in Americorp you travel too much, and the friend that moved, well the closest Bally's was 50 miles away. All three had major trouble cancelling the contract, and all three had some sort of negative placed on their reports.

Thanks for the info. on Household, sorry, couldn't let the Bally deal go...

 

RE: removed 11/01?

New York has a different standard. I believe it is 5 years.