10-31-2012 11:09 AM
I've heard this before - what does it mean??? LOL
I applied for financing online, FICO scores in the 605-630 range, about $5K upside on my current car, $1000 down payment.
When I pressed for a straight answer about financing, aprroved or not, the salesperson said not to worry, that the finance manager had been doing this for 15 years and could definitely help. In the past with lower scores, I've gotten a straightup "NO".
Why can't I get a straight yes or no? I know they just want to get me in the dealership but I'm not going to drive 1.5 hours to get the runaround...
10-31-2012 04:30 PM
Why dont you talk to some banks before you even step inside one dealership? The dealerships can make money by giving you a higher apr. You can get banks to compete for your business, then they will truly try to get you the best financing. Maybe try lendingtree.com?
10-31-2012 07:02 PM
Where do you currently bank? Are you at a Credit Union? As stated earlier, dealers make money pushing the paper. Know what you pre qualify for in loan amount and rate before you ever go on a car lot. Do not ever disclose to the salesman you can do your own financing until you get ready to sign for your new purchase. Then ask them what kind of financing arangements they can make. At this point, they can not manipulate the payment, interest, or term or they know that they will not beat your deal.
11-01-2012 08:33 AM
11-01-2012 08:51 AM
Well, denial from CapOne - perhaps because the dealer submitted an app to them yesterday? Wish I had known that when app'ing at Lending Tree. LOL.
11-01-2012 09:24 AM
What is the reason you receive for the denial? With excellent credit, most banks will only finance about 120% of a vehicles value. With $4k negative equity, that may also be hurting your changes for a different vehicle.
11-01-2012 09:28 AM - edited 11-01-2012 09:29 AM
Good question - there was no reason stated in the email. It only said that they had received my request from Lending Tree and would not be able to approve me at this time.
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