APPROVING BANK: Cap One
BUREAU PULLED: EX
CREDIT SCORE: 609
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: NEW
YEAR OF VEHICLE: 2013
MAKE: tbd
MODEL: tbd
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 36000
TERM CONTRACTED: 60
APR/LEASE RATE: 6.8
MONTHLY PAYMENT:
ANNUAL INCOME: 70,000
MISCELLANEOUS COMMENTARY: 4 open trade lines, BK <12 months ... For those with low scores, there's hope.
APPROVING BANK: GM
BUREAU PULLED: EX
CREDIT SCORE: 590
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: NEW
YEAR OF VEHICLE: 2012
MAKE: tbd
MODEL: tbd
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 25000
TERM CONTRACTED: 72
APR/LEASE RATE: 6.7
MONTHLY PAYMENT:
ANNUAL INCOME: 70,000
MISCELLANEOUS COMMENTARY: So the dealership offered me 9% and gave me a bunch of explanations to the rate (credit, repo, bk, etc). I said NO Thank you and pulled out my shiny Cap One check for 36k at 6.8%. Dealer gave me all the possible reasons why the Cap One check wouldn't work (i.e. all the Dealer forms that they have to submit and how it's at the mercy of Cap One). I told them.. look, it says you only need to submit one form, and that's proof that I work. You have my paystub which is more than sufficient. Reluctantly, they let me sign the paper work for Cap One but still required that I get set up with their 9% for backup. They also threatened me.. that if Cap One doesn't fund the check in 5 business days, that I'd have to go with the 9%. I said.. look, it's Saturday and there's an upcoming holiday. I can't help it that the banks are closed for 2 of the 5 days you're giving me. They gave me this whole Policy and Law explanation. I asked.. can I see that policy in writing? At which point, they admitted that it was not in writing anywhere. So.. I reluctantly signed the paper work too. At one point, I thought.. Maybe I should come back to buy the car when it's not a holiday and not a weekend so that I have the 5 full business days. Luckily, it didn't get to that point. Because if it did.. I probably wouldn't have went shopping elsewhere. Anyhow, I was done w/ the paperwork and already out in the lot getting into my new car. At which point, the finance guy had a change of heart...They chased me down and said they were able to match with better terms. Surprising...but not so surprising.