Having trouble getting loan even with 40% down

[Anonymous]

Still can't get a loan. My FICO jumped from 636 to 686 (50 point jump) and the judgement is now reporting as resolved with Experian (and deleted with EQ and TU), and the 3 CO Amex accounts are now reporting a $0 balance. But I still can't get approved. The judgement and 3 CO Amex accounts are my only baddies. I also have 1 30 day late for my Shell card from 3 years ago, but that's it, and I don't think that late payment is counting against me at this point since it's slightly over 3 years old. And the judgement is resolved and the 3 CO Amex accounts have a $0 balance. You'd think I'd be able to get an auto loan for $40K when putting 40% down now, but still no dice.

[nws2002]

Have you tried going to back to Chase and asking what amount they would approve you for?  I just bought a 2012 Jeep Liberty and Chase wouldn't approve the $25,000 the dealer put in for approval, but I received a letter in the mail two days later with a counter-offer of $24,000.  By that time I had already purchased the car and at a better interest rate from another bank, but you might check.

[Anonymous]

You should of called me. I've got a 2008 Jeep Liberty that I need to sell. Only 20K miles on it. Great deal.

Haven't gone back to Chase because last time Chase told me that they couldn't approve me even for $5 to buy some applesauce. LOL! My credit hasn't changed THAT much that they would suddenly go from not even $1 to offering a loan for $40,000. Or at least, I don't think.

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@nws2002 wrote:

Have you tried going to back to Chase and asking what amount they would approve you for?  I just bought a 2012 Jeep Liberty and Chase wouldn't approve the $25,000 the dealer put in for approval, but I received a letter in the mail two days later with a counter-offer of $24,000.  By that time I had already purchased the car and at a better interest rate from another bank, but you might check.

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[Anonymous]

Just got an approval on a Barclaycard Financing Visa and got a CL of $2,000. My first new credit card in over 4 years (have never been able to get approved until now) so it's quite a relief that the tide is starting to change on my credit! It's not an auto loan, but hopefully it's a sign of things to come. I only applied for it because I need a new Mac computer and they were offering 12 months interest-free. So I figured why not give it a shot. Now I'm just hoping it doesn't hurt my score since it's a new account and will drop the AAoA slightly.

[MovingForward_2012]

Perhaps it depends on state because Acura in Colorado has very strict credit requirements. The dealer told me that Acura's credit requirements are more strict than BMW and Audi.

Yes Acura Financial is part of American Honda Corp, but Acura has tighter underwriting requirements. Yes they are the same company but the Acura Subdivision looks at credit apps with more scrutiny.

[Dustink]

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@Anonymous wrote:

Just got an approval on a Barclaycard Financing Visa and got a CL of $2,000. My first new credit card in over 4 years (have never been able to get approved until now) so it's quite a relief that the tide is starting to change on my credit! It's not an auto loan, but hopefully it's a sign of things to come. I only applied for it because I need a new Mac computer and they were offering 12 months interest-free. So I figured why not give it a shot. Now I'm just hoping it doesn't hurt my score since it's a new account and will drop the AAoA slightly.

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You are racking up the INQs.

I suggest you wait 6 months before trying again. Keep building up that down payment, and getting those baddies off. Then, negotiate a smoking deal on the 2013 or get a 2014.

Currently, you should be getting at least $2,500 under MSRP on the 2013. But in 6 months it should be better than that.

[Anonymous]

I already negotiated the best deal that can be gotten... About $6,000 off MSRP.

[creditwatcher2012]

I am sorta in the same position. Have cash to put down, anyways make a long story short over the summer I kept getting denied but eventually as a flawless approval with infiniti financials for 37500 @5.6 intrest with about 10-15k down, I had 11 but was short 4k, so had to hold off even thou it was the only approval I had..... Do me a favor and STOP APPLYING before you make a mistake I did and have the dealer shoot your credit out to 5-8 different banks and boom 8 new inquires..... That kept happening to me and now I have crazy inquires aroun 50 something; I make about 92k reported income, and about 15k on the side, just wait, but it worse comes to worse and you need the car, check out infiniti, they are good with approvals, I have been down your road, and with denials, it's just not gonna be good at the end for you...

[creditwatcher2012]

Excuse the typos, on my cell

[Anonymous]

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@creditwatcher2012 wrote:
@I am sorta in the same position. Have cash to put down, anyways make a long story short over the summer I kept getting denied but eventually as a flawless approval with infiniti financials for 37500 @5.6 intrest with about 10-15k down, I had 11 but was short 4k, so had to hold off even thou it was the only approval I had..... Do me a favor and STOP APPLYING before you make a mistake I did and have the dealer shoot your credit out to 5-8 different banks and boom 8 new inquires..... That kept happening to me and now I have crazy inquires aroun 50 something; I make about 92k reported income, and about 15k on the side, just wait, but it worse comes to worse and you need the car, check out infiniti, they are good with approvals, I have been down your road, and with denials, it's just not gonna be good at the end for you...

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Haha! 50 inquiries? I feel your pain! I've got 25 and I think that's a hillarious amount as it is. Good news is that about 20 of those will all drop off within a month of each other. So next January, those will no longer count against my score. If I remember correct, inquries don't count against your score after 12 months and then drop off completely from view after 24 months.

No interest in an Infininiti though. I'm already approved for a lease on a $75K BMW with BMW FS, but can't get approved for a purchase on a $65K Porsche with $25k cash down. Go figure!! But I've decided I really, really want the Porsche and that is the only car for me. But honestly, how nuts is that that I can be approved for leasing a $75K car with BMW FS, when leasing is harder to get approved for than financing, and yet I can't even get a damned loan on a $65K Porsche with 40% cash down. Honestly... **bleep**?

Furthermore, BMW FS approved me for financing on a $58K BMW with 35% down. So the Porsche is only $7K more and I agreed to put 5% more down on that one than the BMW (which works out to $6,000 in cash more) WHICH MEANS that it's only actually a loan for $1K more.

Is BMW FS super easy to get approved for or something? Seems like they love me and all of the other banks hate me. Haha!