topic Re: Denied Denied Denied in Auto Loans

Denied Denied Denied

creditwatcher2012 — Sat, 24 Nov 2012 08:57:06 GMT

I dont understand, I'm looking to finance a 2013 infiniti JX for 52k with about 10k down, I started applying in June of this year and have been to 3 dealerships, the dealerships just kept on pulling my credit and now I have 75 credit inquiries on equifax and experian, and 21 on transunion.. I have perfect payment history on my credit cards (they are all pretty new), currently have high utilization, and 21lates on prior auto loan.

I CANT GET FINANCED ANYWHERE.

any suggestions, I was also looking at a ford eplorer..... but .....denied.......

I make 92k a year as a general contractor,

scores tr-612

equifax and experial-580..... they were all in the high sixes until utilization posted..

Any suggestions would be appreciated...Thx

Re: Denied Denied Denied

TrishN — Sat, 24 Nov 2012 14:48:08 GMT

Base on your basic question I'll say no. 52k for car down 10k finance 42 k,no sorry you are super high risk .if you can bring 20 k and up for down payment then you may can get it.iam sorry base on your credit score ,your credit in a toilet. You have to fix it before try to get big finance

Re: Denied Denied Denied

Croselx — Sat, 24 Nov 2012 15:43:13 GMT

I'm assuming you don't need the car right now. I would pay off all cards and only allow one to report 1-9% util. Get a copy of the report and see what is dragging you down, make notes and then try to GW, DV, PFD, etc.

I believe that you will eventually find someone to finance you (probably require a bigger down payment), but it wouldn't be good business for you in the form of higher interest rates, possibly throwing you of budget (plus you might be so desperate for approval that you will probably accept everything the dealer throws at you).

Your options are:

Fix credit or maximize what you already have (bring util down)

Find a cheaper car

Save up for a bigger down payment

Re: Denied Denied Denied

mtrsprt — Sun, 25 Nov 2012 01:06:59 GMT

I agree. Maxxed utilization, 21 lates on auto loans? sub 600 score, and asking for a loan on a 52K dollar automobile......... If you have a $90,000.00 income, What seems to be the issue here?????

Re: Denied Denied Denied

tooleman694 — Mon, 26 Nov 2012 17:00:27 GMT

I got an auto loan for 36k from Cap one with a 620ish score with zero down and I had a couple 30 day lates within a few months of getting the new loan.

Just keep working the score by paying down the cards and you will get it.

Re: Denied Denied Denied

sphinx313 — Fri, 30 Nov 2012 07:02:06 GMT

Tooleman694, what was the interest rate on this loan if you don't mind me asking?

Re: Denied Denied Denied

tooleman694 — Fri, 30 Nov 2012 14:03:14 GMT

It was 16 percent.

Re: Denied Denied Denied

marty56 — Tue, 04 Dec 2012 21:12:24 GMT

I would take a copy of your CR to a local CU and see what they say. They may not tell you anything unless you apply but it is worth a shot and it wont cost an INQ. Some CUs might even give you advice on what to do to help your changes, in the short term.

Re: Denied Denied Denied

daybreakgonesXe — Thu, 06 Dec 2012 07:46:52 GMT

creditwatcher2012 wrote:
I dont understand, I'm looking to finance a 2013 infiniti JX for 52k with about 10k down, I started applying in June of this year and have been to 3 dealerships, the dealerships just kept on pulling my credit and now I have 75 credit inquiries on equifax and experian, and 21 on transunion.. I have perfect payment history on my credit cards (they are all pretty new), currently have high utilization, and 21lates on prior auto loan.

I CANT GET FINANCED ANYWHERE.

any suggestions, I was also looking at a ford eplorer..... but .....denied.......

I make 92k a year as a general contractor,

scores tr-612
equifax and experial-580..... they were all in the high sixes until utilization posted..

Any suggestions would be appreciated...Thx

I think the text highlighted in red sums it up completely, especially that last one: 21 lates on an auto loan?! considering the dealers and many other companies use an Auto Enhanced Fico Score which weighs heavily on payment and previous history with auto loans, no wonder the poor guy can't get one! :X

Re: Denied Denied Denied

bigpayback — Sat, 08 Dec 2012 22:54:22 GMT

Not to beat a dead horse but I thought the TEN 30day lates on my report was bad. On a 60 month loan you was late more then 1/3 of the times, if I was

you I would try to see if I could get the new pathfinder, its the same vehicle without all the bells and whistles. I will also be in the car market in the next

couple of months and actually looked at both vehicles. Our primary vehicle is on it's last legs, hopefully I can get my credit score to at least 620 ASAP,

our local toyota dealer told us he can get us approved for a 42k highlander with a minimum credit score of 620 plus $5000 down. Our current toyota will

be paid off in March 2013. The only reason for the 10 lates was bc my wife was diagnosed with stage four cancer and had to quit her 40k per yr job. I had

to go part time, my income dropped from 90k+ per yr, to just a little over 42k. Good Luck.

Re: Denied Denied Denied

dabrian — Tue, 11 Dec 2012 01:51:15 GMT

You answered your question in your post. Also, do you have mortgage or other payments? If so your income probably isn't high enough for a 50k car.

Re: Denied Denied Denied

creditwatcher2012 — Thu, 27 Dec 2012 09:35:08 GMT

Big Pay Back,

Thanks For the advice,

also I hope your wife is doing ok and I am teribbly sorry to hear that, hopefully she beats cancer.

Re: Denied Denied Denied

MovingForward_2012 — Fri, 28 Dec 2012 15:33:26 GMT

With 75 inquiries, you look very desperate to lenders. For a car that much, most lenders won't approve without a reasonable interest rate. And your interest rate would be sky high. 21 late payments?!? How and why did those occur? How old are they? If they did finance you, you would be looking at a $1,000 car payment! I also make 92K and I think that is way too high for your income. These lenders know you are going to default. My last auto loan I was never late on over the 4 years I had it and there was no grace period. With all those late payments, I don't even think a subprime lender will touch you. You are better off taking that $10,000 and buying a car cash. Lenders know your $10,000 down is the auto loan payment money you saved up instead of paying on your auto loan. Lenders aren't stupid. You have work to do. I wouldn't even try to walk back into a luxury car dealership for at least 2 years. Those inquiries cost you dearly. I'm sorry for being blunt but you aren't going to get a loan anywhere right now. You need to park it, learn about how to manage credit, and begin gardening.

Re: Denied Denied Denied

tooleman694 — Fri, 28 Dec 2012 16:26:23 GMT

My guess is that they are slow pays, rolling 30 day lates every month. That is what happened to me, I made my payment monthly but always behind 30 days. This went on for like 2 years.

My last late was in May 2011 and I bought a new car that summer. Interest rate was like 16 percent.

I had a crap load of inquires too.

Then later that fall I bought a second car, score was better and got a good rate. Had about 70k total in auto loans with the second car. But the bank required my Wife be on the loan too because they wouldn't give me 2 auto loans.

Re: Denied Denied Denied

creditwatcher2012 — Tue, 01 Jan 2013 19:23:46 GMT

Moving_Forward thanks again, I am listening to your advice, read my mortgage post again, and tell me what you suggest.

Thx..

Re: Denied Denied Denied

Creditaddict — Tue, 01 Jan 2013 21:07:55 GMT

Infiniti is pretty easy to garner an approval, so if you are being declined through them for lease or purchase you have NO reason to shop the loan around (At least when it comes to Brand New) in my opinion. it's one thing if you have a Credit Union Pre-Approval for 10% and want dealership to beat the rate or something but otherwise if you have no options and don't get dealer brand financing you know you are stepping out of "Prime" auto financing... take yourself to CarMax and find soething for under $20k and you can probably walk out with a $600 payment at 23%... yes that's awful but that's what you have to do with 21 lates and maxed out credit cards, trust me... I have done it with BK's and actually with CarMax and Infiniti!

Re: Denied Denied Denied

creditwatcher2012 — Tue, 01 Jan 2013 21:36:32 GMT

Thanks, sorry for the late response Im trying to read all of my posts,

I have a half decent approval with cap1 and about 6 months ago I had one with infiniti at 4.something percent but after 30 days it expired, but I need to focus on paying my cards down right now.

Thanks for The reply thou,

Re: Denied Denied Denied

BKFireFly — Fri, 04 Jan 2013 05:23:31 GMT

Hi everyone. I am new..been lurking for a while. Also looking for a car loan. Certified used $ 2K down, possible trade (if my car isnt laughed off the lot). looking for 20K but will take up to 16-18 and up my down payment. (FICO 602 dec-walmart, high util, & collections, couple lates). Student loans 90K in deferrement, Chase SL are reporting higher than initially borrowed.

I am sending out GW & PFD tomorrow. I have been denied by Honda Financial, Chase, Cap1, & MCU. My car is on deaths door-not worth repairing...need to replace before it truly craps out. Can I recon an auto loan app?

Round up

40k income

2K down

possible trade maybe 1500

borrow 15-18K

What can I do?

Thanks so much for your replies

Re: Denied Denied Denied

MovingForward_2012 — Fri, 04 Jan 2013 17:40:22 GMT

I would recommend starting a new thread with your questions. You are tacking on to someone else's post. You can try to go through special financing. Call different dealerships and ask if they do special financing. Those dealerships that do can shop the loan to subprime lenders to try to get an approval. Prestige Financial is a subprime lender. You can call them to see if they will approve you.

Re: Denied Denied Denied

BKFireFly — Fri, 04 Jan 2013 18:12:27 GMT

Thank for replying. I took your advice and started a new thread. Also i applied with road loans last night and they appoved me for up to 31,000 @ 16 %. Interest is ridiculous.