Credit Card Center Advertiser Disclosure†
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.