SuperShawn, Help with Auto Question

Discussion in 'Credit Talk' started by danrs, Nov 4, 2001.

  1. danrs

    danrs Well-Known Member


    I've got a dealer who is getting the car I want in within the next 2 or 3 weeks.

    A little history on my loan process so far:

    Approved by my CU for 15K, about 8K short of what I need.

    Approved by People First for 22.5K at 20.5%, forget that.

    Denied by Lending Tree.

    My Experian is clean, 3 CC's, 15 mo history, 2 Inq, 692 score.

    My Equifax is clean, 4 CC's, 15 mo history, and a paid in full auto from 9 yrs ago, 3 Inq, 728 Score.

    TU 3 CC's 15 mo, and an unpaid 3000 repo charge off from 6.5 yrs ago, 620 Score.

    5yr, 3 mo on job.
    4 yr 6 mo at address.
    50K salary
    4K for down payment
    Want to finance about 23K out the door (tax, tags etc).

    The dealership says they pull Experian for Toyota Financial services, but can also pull Equifax if TFS doesn't approve.

    So, my question to you, what kind of shape am I in?

    Will the lack of history make them pull all 3?

    And, do I go now for pre-approval through that dealer, or wait until the car is on the lot, and walk in and make them spend some time with me negotiating price, then go for the financing? I'm thinking that once I'm on the lot, ready to buy, financing may be a little easier to come by than by way of a faceless application. Would you say that is correct?

    Finally, the truck they have coming in is being built the second week of this month. It is exactly what I want, and haven't found it anywhere else. The dealer has quoted me a good price, about 400 over invoice. Should I go in before the car get's there and put down a deposit? The fleet manager who I'm dealing with said not needed, my name's on the truck, but I'm worried something could happen and it would be sold out from under me if some sucker came in willing to pay sticker in the time it took me to get there.

    If I do make a deposit, can I get the deposit back if the financing falls through, or if the rate is too high for me?

    Thanks for any help. Sorry so long, but you're the auto expert here, so I know you'll probably have the answer to my questions! I've been waiting for this for a couple years now, and think my credit is at the point I can pull it off.


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