Hello,
I need a little help here. Any advise is GREATLY appreciated!
I recently applied for a few used auto loans from Bank of America and Capital One and got denied from both. My credit scores from all 3 bureaus ranges from 732 to 735.
Now, a little more in depth details:
I have been blessed to have good paying jobs since the age of 18. At that age [18], I decided to lease a nice car [new Infiniti G35] that, I will admit was way too much for me, though I had absolutely no problems affording it. Ofcourse, at that age, no one would even think about lending me a penny for such a car, and I never bothered to apply for a loan. My parents at the time had a great credit score and were easily approved.
3 years later [today], and not one single late payment [not that it affects my score since it was not under my name], I have come to an end with my lease. I absolutely love the car and want to buy it out under my name for its residual value (22k). The car itself is actually currently valued at 25k.
I have been working at my current job for about 20 months as a part time worker making about $23 dollars an hour [$8 an hour + commision] with an average shift of 24 hours per week. This has me around $2100-$2300 gross income per month.
According to MyFico.com, I have no late payments, have had credit for "One Year", and had my earliest account [school loan] opened 18 months ago. I have about 3000 in credit card limit with only $43 balances combined for both, which are always paid off in full.
As far as school loans, I have a 5,000 dollar loan showing up in good standings that will not need to be repayed until after I graduate. Besides that, I almost no debt what so ever; only a phone bill and food.
Wheew, I know some of you will be overwhelmed with reading by now, so here's the final details:
I applied for a 22,000 dollar loan for a 60 month term and got denied for both. With my good credit score, high current income to debt ratio, why was my loan denied? I know its a vague question, since it varies by lenders, buy anyone have a general idea?
My payments would only only been in the low 400's, and I make about 4 times that money in net income with no other expenses.
Ahhh, this is so frustrating! I would assume I can find a loan somewhere, I just hope its not with rediculous interest. I need to get this loan within a week.
I have an optimistic feeling that the dealer will approve me for a loan with the current lender [Infiniti Financial Services], since I highly doubt they want the car back; it's not like they're even selling a good amount of cars in this current market. But I was really wishing I had another lender to make myself more competitive to others.
Am I being too optimistic, or are the lenders just not seeing what I can afford? Again, I would have no problems what so ever with a loan like this 
Thank you for anyone who took the time to read and respond,
-Henry
Thanks for a quick and honest responce.
As far as commision, sure, its never guaranteed. But being in the type of job that I am in, my monthly checks for the 18 months that I have been working there have always been within $100 of each other. This is just how it is for sales associate in this company. The only way commision is not guaranteed for myself is if I go to work with the intentions of not working.
As far as my parents cosigning, unfortunately, being that my parents were involved in real estate, their credit score have plunged from high 700's to who knows where [most likely 500's]. They have missed many mortgage payments and were being foreclosed [they escaped it though]. (Fortunately, they have gotten back on their feet the last 6 months. But the credit damage has been already done). In this case, I assume they have nothing to help me with (?).
Again, thank you for your quick response. It's a frustrating experience for me. But I guess in the eyes of the lenders, they see it a completely different way. I've seen people with debt over their heads get 40k loans; yet me, being almost debtless and having flexibility with my income, gets denied.
I guess the dealership might be the best chance I have [for credit under my own name].
Any more suggestions?
You probably should look into:
1. A good credit union which you can talk to the LO about your circumstance
2. You need a down payment of some sort. Don't ask for 100% financing as this shows you don't save or have reserves. You really need to pay TTL and you need to put down on purchase at least $2000. This will also avoid negative equity in the short to mid term.
3. You might need to put your application in at www.lendingtree.com or www.eloan.com because they access multiple lenders, including those who work with newer or less than perfect credit.
4. You might ask one of your parents to co-sign (so that it is in your name also and you build credit with the payments).
Good luck 