Auto Loan Approvals!

[Gladius]

Why would you "refuse to verify income"?

[persocon]

fitn  great job showing them who's in charge!

how did you refuse to verify income? teach me! i would like to know

[fltn]

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@persocon wrote:

fitn  great job showing them who's in charge!

how did you refuse to verify income? teach me! i would like to know

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This reply is also a reply to poster above yours.

So the sales guy that I was dealing with was over the phone. I live an hour from the dealership. He tried to play the game of the I will give you an extra discount if you come today, but only if you come today. Then he pulled the " you should put a deposit on it right now to hold it, another guy went home to get his CC to make a deposit"

First, who leaves a CC at home before a big purchase where a deposit might be needed? Or why didn't he just get ithe truck while he was there? So I refused a deposit, told him I was at lunch in a public place and in no way was I giving out a CC number for someone to hear. He kept telling me I might get all the way there and lose it.

So I asked what I needed to bring with me, if anything, or was I just automaticly "signature approved"? He said yes. 

So I drove there, fully prepared to not buy. But I was ready to play the game. I wanted him to think I was rushing in, but also taking a chance of "losing" the truck to Mr. ran home for CC. I refused to even test drive it. I sat in it for 15 minutes, adjusted the seats and mirrors. Played with the touch screen radio and settings. Then I got in the back seat and sat for another 10 minutes to make sure who ever sat back there would be comfortable. 

I already drove one at another dealer so I knew I wanted it.

So when it came time for paper work they wanted proof of income. I was like WTH? I told him I was told that I did not need it. So they then wanted me to unfreeze EQ. I said well that could take 3 days plus it is Saturday. I also said it was a long drive here being told I didn't need anything, that it would be a long drive home and then you will be closed tonight before I can get back. You are closed on Sunday, so basicly 30+ hours for me to rethink and change my mind, and do you really want me to have second thoughts or do you want to sell this truck. While he was thinking I got my keys out so he seen I was ready to go in 10 seconds. Now all the sudden we can do it after all.

I am a 5'2" female, 36, look to be about 25. They did not know how to take me. I work that to my advanage.

[fltn]

I also ask stupid questions when I buy cars, then I see their eyes light up like they think this is gonna be way to easy. They I say some really smart things and that confuses them.

I flat out say, 9K for my trade is crazy, guess I will go back and buy that Ford that I didn't really like because they offered me 14900 and I am ok with not having the perfect car if I get a better deal. ALWAY, ALWAYS, ALWAYS keep keys in pocket or purse so you can be dramatic and make noise pulling them out while they are talking so they think you are leaving. Half pay attention when they talk at the same time, LOOK LIKE YOU ARE ADHD AND LOST INTEREST 5 MINUTES AGO.

Now I only do this when I KNOW that I am being played.

[whatdebt2014]

"ALWAY, ALWAYS, ALWAYS keep keys in pocket or purse so you can be dramatic and make noise pulling them out while they are talking so they think you are leaving. Half pay attention when they talk at the same time, LOOK LIKE YOU ARE ADHD AND LOST INTEREST 5 MINUTES AGO."

I love it... I"m days away from car shopping and I while I will be pre-approved I will definitely use these tips since I'm upside down and want to get the most I can for my trade... Congrats!!

[fltn]

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@whatdebt2014 wrote:

"ALWAY, ALWAYS, ALWAYS keep keys in pocket or purse so you can be dramatic and make noise pulling them out while they are talking so they think you are leaving. Half pay attention when they talk at the same time, LOOK LIKE YOU ARE ADHD AND LOST INTEREST 5 MINUTES AGO."

I love it... I"m days away from car shopping and I while I will be pre-approved I will definitely use these tips since I'm upside down and want to get the most I can for my trade... Congrats!!

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One tip, at least it worked for me, and it saved me from dealing with them telling me how upside down I was.

I told them when he asked how much of a down payment I would have if anything before I even said the truck I wanted, in my 2nd phone call after my app, I told him "probabaly 2K or what ever I needed and I also have a 2011 Hyundai Elantra with 51K miles that I am only 6-8 months into a 60 month loan, and I know I am REALLY upside down on"

I looked up black book and it said value was 9-11K in excent condition, which mine was not. So I already expected to get a low ball offer and I told him that. I expected to hear 7 or 8K tops.

That took the tool they use of disappointing you with your car is not worth anything speech and then trying to "make you happy with a lousy deal".

I then told him what I wanted ( a few different versions of the truck) and what I wanted to pay, my range "23 to 25K because I am really upside down and I need my old loan paid off and a new truck for around 32K tops. What can you do? I am ready to buy this week, what can you make happen for me?"

So as I said above I got an upgraded truck from what I drove there for, for the same price as the one I thought I was gonna get plus 11500 for my upside down car.

I looked up the price for the truck I got while in dealership with all the add on features they have on it and it said it should sell for 32 - 35K.

Good luck!

[Strepthroat]

APPROVING BANK: Nissan

BUREAU PULLED: EQ

CREDIT SCORE: 776 

CUSTOMER STATE OF RESIDENCE: GA

NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Nissan

MODEL: Platinum Premium

MILEAGE: 10

RETAIL/LEASE: Retail
AMOUNT OF LOAN: $40,842

TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.6%

MONTHLY PAYMENT: 726

ANNUAL INCOME: $100,600

DEBT TO INCOME RATIO: Didn't run the numbers

MISCELLANEOUS COMMENTARY:

Loan in spouse's name only.  No other debt except mortgage. Spouse also approved for mortgage couple of months ago, hasn't shown up on credit report. Thinking about refinancing loan; local credit union offering 1.9%.

[ZeroChance]

APPROVING BANK:  BMW Financial Services
BUREAU PULLED:  Experian
CREDIT SCORE:  883
CUSTOMER STATE OF RESIDENCE:  CA
NEW/USED:  New
YEAR OF VEHICLE:  2014
MAKE:  BMW
MODEL:  435i
MILEAGE:  12
RETAIL/LEASE:  Purchase
AMOUNT OF LOAN:  $51,373
TERM CONTRACTED:  36 months
APR/LEASE RATE:  3.19%
MONTHLY PAYMENT:  $1500
ANNUAL INCOME:  ...
DEBT TO INCOME RATIO:  ...
MISCELLANEOUS COMMENTARY:  I was shocked at how high my credit score was!  I wasn't planning on buying a new car but I couldn't resist.  As such, I hadn't optimized my credit report...let 3 credit cards report balances...a couple reported more than $5000!  So when I was asked if I had excellent credit, I said I wasn't sure.  Salesman advised that he check my credit score, and there it was - 883!

[Gladius]

With that high of a score, your interest rate should've been even lower than that. Why is your payment so high? My wife had a low 700 score and BMW offered her a 2.0% rate.

[ZeroChance]

The current regional offer from BMW Financial Services is 3.19% with super elite (highest tier) credit. It's not the best rate but BMW FS did a 6 month pull ahead on my 2011 535i lease. So I got my lease terminated without penalty or fees, and I got a new car.

The payments are high because I forgot to include the sales tax.

ZC