Recently the engine in my car died, and it pretty much costs as much as the car is worth to fix it, so my wife and I were looking at purchasing a used vehicle from a dealership to replace it. My wife did a great job of contacting some dealerships and asking about financing, making sure to tell them that our credit isn't great, but that it's all old stuff, no bk's, no repo's, no judgements. She told them my EQ Fico is 570 and everyone said that yes, they would be able to help us get financing. So, yesterday we went to a dealership after A LOT of online research to narrow down the search. We decided on a '03 Honda Odyssey with 101,000 miles and it was in great condition. The asking price was just right, and my wife managed to haggle another $1400 off the asking price. We were all set to go...until they did the financing application.
Denied.
At first the sales manager came back out and said we would either need a co-signer (we're not doing that) or 30% down. We didn't have that much money. Later on in the conversation it ended up going up to 50% down.
My wife found info about the Cap One Auto loan this morning, read that people with a min score of 550 have been accepted and since I'm above that, we applied, although knowing we'd have to look for a different vehicle since this one was a tad too old and the mileage was too high to qualify.
At first I got a message saying we'd find out in 7-10 days. Two minutes later...DENIED.
This is so incredibly frustrating. My score was climing in the low 600's until a bogus collection popped up 6 weeks ago. My wife jumped on it immediately and got it deleted (with written confirmation of it's deletion from the ca) but the score still hasn't recovered.
Is there anywhere else to turn? Having one car with a growing family (we have a 3rd baby on the way in about 9 weeks!) is frustrating and very difficult.
I thought about asking my credit union, but they are STICKLERS about there being no collections on the credit report, and I still have a few I'm trying to get deleted.
