F&I. Ask away

[way2evil]

I work in F&I, willing to answer any questions you may have.

[Drklon]

Having recently gone through the anxiety of being "spot delivered" and stressing for a week until the loan funded, I'm wondering how often financing falls through? Do you usually know for sure that you will be able to sell the RISC when you spot deliver a vehicle?

BTW everything worked out fine in my case, but I was pretty anxious for a few days.

[way2evil]

Financing can fall through for a few reasons. The most common reason is customers lying on their application. If the customer states they pay no rent, or make xx money, or have worked at their job for x years, and that verifies to be untrue, then financing will fall through. This also is embarassing for the dealership financing manager as it makes them look like a liar or an idiot.

The second reason it can "fall through" is from a bait and switch. Some deceptive dealers will put a customer out on a rate they know is not true, and wait for them to fall in love with the vehicle, then call them to resign and say that the bank did not approve their loan or some other lie.

[Eve23]

Hi,

This is my first time buying a car, so I'd like to know couple things.

I was told that if you bring your own financing, it is required by law that dealership still have to run your credit.

-I know that, but is it a different kind of credit check i.e. background to see if your a terrorist or something? (Is it a hard pull)

-They ask you to fill out out the credit paper, but if you don't want to finance with them, do you still have to fill it out? Can dealer still run your credit for rates even if you say you don't want no one else to finance you?

-If you have your own financing, you don't have to see the F&I. Is that correct?

Haha a lot of questions.. but its actually 1 question broken to parts. 

[webhopper]

Eve23 the dealership does not have to pull your credit. Mine didn't.
I didn't fill out the credit application. I brought my loan docs and navy fed loan draft check with me to the dealership.

[way2evil]

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@Eve23 wrote:

Hi,

This is my first time buying a car, so I'd like to know couple things.

I was told that if you bring your own financing, it is required by law that dealership still have to run your credit.

-I know that, but is it a different kind of credit check i.e. background to see if your a terrorist or something? (Is it a hard pull)

-They ask you to fill out out the credit paper, but if you don't want to finance with them, do you still have to fill it out? Can dealer still run your credit for rates even if you say you don't want no one else to finance you?

-If you have your own financing, you don't have to see the F&I. Is that correct?

Haha a lot of questions.. but its actually 1 question broken to parts. 

---

We do not have to run your credit but we do have to do an OFAC check. It is to check against a database of terrorists. Your social is needed, but has nothing to do with credit.

It is up to the dealership whether you must see F&I or not. Any dealership that does not require this is losing tons of money as F&I is the most profitable part of the store.

[elaine54]

I'm going to be in the market for a new car soon and I currently have pretty high credit card balances and student loan debt.  I always pay on time and have a FICO of around 700 - do you think I will have trouble getting financing?  Would it make more sense to concentrate on paying down the credit cards or coming up with a bigger down payment?

Also, do you think I would stand a better chance of getting approved from Capital One Auto Financing or through a dealer?

Thanks for any info!!

[Dustink]

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@elaine54 wrote:

I'm going to be in the market for a new car soon and I currently have pretty high credit card balances and student loan debt.  I always pay on time and have a FICO of around 700 - do you think I will have trouble getting financing?  Would it make more sense to concentrate on paying down the credit cards or coming up with a bigger down payment?

Also, do you think I would stand a better chance of getting approved from Capital One Auto Financing or through a dealer?

Thanks for any info!!

---

Pay down the credit cards, then save up a down payment while you wait for the new balances to reflect on your credit reports. Get a preapproval from a credit union, then have the dealer try to beat that interest rate.

[elaine54]

Thanks for the good advice!  Do you know if credit unions do a hard pull when you join?

I don't have any inquiries in the last 2 years and I'm trying to keep it that way until I get the auto loan.