Auto Loan Approvals!

[Mikey41]

I was offered $3500 then dealer made a deal of $6000. I felt he was adding that $2500 back to the car which he did later in warrant and told me the bank said I need it. It's not an option. Which isn't true. He was very sneaky but I was smart too.

[tonyjones]

That's why I always do a fixed price OUT THE DOOR including taxes and all fee's.

[echoanswer]

FYI, I'm not divulging exact numbers here.

APPROVING BANK: Capital One
CREDIT SCORE:  640 (average of the 3)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Chevy
MODEL: Cruze LS automatic

RETAIL/LEASE: Retail

MSRP: < $19,000 

PRICE: $14999 (incl. cash back rebates)

DOWN: $10,000
MILEAGE: >20

AMOUNT OF LOAN: $6,500 approx
TERM CONTRACTED: 60
APR/LEASE RATE: 9% (approx)
MONTHLY PAYMENT: $145 (approx)
MISCELLANEOUS COMMENTARY:  

-I have a BK just one year old. The company I worked for went out of business in early 2009 & I was unemployed/severely underemployed for the next 3.5 years, but for the past year have had a steady job again (although with a huge pay cut still). I have one credit card reopened from my college days (that was not in BK) with a VERY low limit. I have no other debt & my rent, ultitiles, cell phone and auto insurance are pretty low for SoCal. I have no other bills.

-I got my car for an ad price, but I also managed to haggle other dealers down to $15,500 and $16,200 on a car with an MSRP over $19,000. Most dealers scoffed at me when I said I wanted the car for $15k, but two were trying pretty hard for my sale.

- I was turned down for $5k loan by local credit union & advised to go through a dealer at another. Roadloans offered me an insane rate at 17.9%. Two other banks offered me 11% & 12% (the dealer's local bank & Chase, respectively). 

[Flying_High]

Hello, How do I stop getting Emails when peoples replys on this form??  Thanks.

[Schoolbuskid]

You can unsubscribe in your email that you receive! 

[Kratos-TM]

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@echoanswer wrote:

FYI, I'm not divulging exact numbers here.

APPROVING BANK: Capital One
CREDIT SCORE:  640 (average of the 3)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Chevy
MODEL: Cruze LS automatic

RETAIL/LEASE: Retail

MSRP: < $19,000 

PRICE: $14999 (incl. cash back rebates)

DOWN: $10,000
MILEAGE: >20

AMOUNT OF LOAN: $6,500 approx
TERM CONTRACTED: 60
APR/LEASE RATE: 9% (approx)
MONTHLY PAYMENT: $145 (approx)
MISCELLANEOUS COMMENTARY:  

-I have a BK just one year old. The company I worked for went out of business in early 2009 & I was unemployed/severely underemployed for the next 3.5 years, but for the past year have had a steady job again (although with a huge pay cut still). I have one credit card reopened from my college days (that was not in BK) with a VERY low limit. I have no other debt & my rent, ultitiles, cell phone and auto insurance are pretty low for SoCal. I have no other bills.

-I got my car for an ad price, but I also managed to haggle other dealers down to $15,500 and $16,200 on a car with an MSRP over $19,000. Most dealers scoffed at me when I said I wanted the car for $15k, but two were trying pretty hard for my sale.

- I was turned down for $5k loan by local credit union & advised to go through a dealer at another. Roadloans offered me an insane rate at 17.9%. Two other banks offered me 11% & 12% (the dealer's local bank & Chase, respectively). 

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Thanks for this motivation to haggle. Wow, you really talked them down below invoice.....they must have been desperate!

[rich092201]

Semi newbie here. I would like to know where in the forum to post about advice on bad credit credit card help

Thanks,
Rich

[Schoolbuskid]

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@rich092201 wrote:
Semi newbie here. I would like to know where in the forum to post about advice on bad credit credit card help

Thanks,
Rich

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@rich092201 wrote:
Semi newbie here. I would like to know where in the forum to post about advice on bad credit credit card help

Thanks,
Rich

---

Go to the credit card section and post there! This is the Auto Forum..

[mshopkins]

APPROVING BANK: Capitol One
BUREAU PULLED:Transunion
CREDIT SCORE: 555
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: VW 
MODEL: Passat TSI SE
MILEAGE: 9
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $28415
TERM CONTRACTED: 72
APR/LEASE RATE: 9.2%
MONTHLY PAYMENT: 514.00
ANNUAL INCOME: $62000
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: Bankruptcy discharged in July 2013.  ZERO down Dealer pays first payment.   Cap1 gave me a 30000.00 check for 8.54% 60 months I increased the months with the intention of refinancing with my bank in 24 months and the rate increased.  I purchased my car on the last day of my check.   Nice car.  Used the Audi/VW supplier discount. Also added a couple warranties.  This forum has been awesome. I used Credit Karma to start monitoring my credit.  

[greenmachine]

First, thanks to the Community for this thread, gave me confidence to TRY instead of not even bother at normal Creditors with a score like mine.

APPROVING BANK: Toyota Financial
BUREAU PULLED: Equifax (I think for Toyota, USAA for sure)
CREDIT SCORE: 620Equifax
CUSTOMER STATE OF RESIDENCE: Texas (shopped exclusively in Dallas area)
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Toyota
MODEL: Camry LE
MILEAGE:67302
RETAIL/LEASE: Retail
AMOUNT OF LOAN:  15000
TERM CONTRACTED: 72
APR/LEASE RATE: 8.4%
MONTHLY PAYMENT: 277
ANNUAL INCOME: 45000
MISCELLANEOUS COMMENTARY:

After first viewing this thread, I decided I would give USAA a try.  I was approved for up to $11,000 with 11.5% 60 months.  I had been to multiple dealerships where the care I came to look at was gone, (Last week of September, so cars were vanishing).  All of them said, "let me see if we can beat USAA," followed by, "No one can contend with USAA." 

Even the first Toyota Dealership I went to, (2nd to last dealership I went to, I was looking for a Nissan or possibly Ford/Chev prior), said the same thing, then came back with 18%!  Needless to say, I left.  The second Toyota Dealership, I was ready to buy the car I did buy with USAA's loan check and money down, but needed a good drop in the price.  After about an hour of the best, (meaning level-headed, calm and conversational), negotiations I had my entire time searching,  they said they can't come down that far on the price, but will send USAA fishing with a 9.5% deal and came down $1000 on the price.  I said deal.

Then, I saw the finance manager, it was the end of the day, so he said he would work on the loan and let me know if he needed anything.  He said to the Salesman when I was leaving something to the extent, "He's got some hiccups, but we'll work on it."  This left me weary and afraid of what may happen.  One week later, final sales contract/first bill received, with a lower APR than I signed on the sales contract for.

My payments would have been less than $277, but I did purchase an extended warranty, ($2300) through the dealership since it was the same price USAA had quoted me prior to going to the dealership.  I may be a sucker but not having to pay for any mechanical issues on a car with 67k  is piece of mind I was willing to cough up dough for.  (USAA also wanted the extended warranty paid in $300+ monthly payments for like 6-8 months, so Toyota Fin option was better).

Sorry for the length, but I thought I'd give as much detail to repay for the great help I received from other contributors.

CHEERS!