cancel
Showing results for 
Search instead for 
Did you mean: 

Help! Will I qualify?

tag
joshuapd1987
Frequent Contributor

Re: Help! Will I qualify?

Took 5 days to finally find the right car.

 

Applied for financing.

 

The business manager was a TOTAL jerk. First he told me there was no way to make it work and that I was flat our declined.

 

And I said... why?

 

he said because I have no auto loan history and my amex is maxed out.


And I said - I'm sorry. You mean my NPSL Amex that I pay in full every month? I don't think so. And all my revolving accounts are at 0.


Then he asked me to put 40K down on a 75 (including taxes and fees) car.

 

Not okay. And I'm feeling a little insulted that he would accusing me of maxing out my cards.

 

Anyway, sent him bank statements for him to try mercedes. Going to try to recon chase on my own.

 

Any suggestions? I'm okay putting down 10-15K.. but FORTY?

 

 

MyFICO Scores: 720 (EX 10/05) | 718 (EQ 10/05) | 703 (TU 10/05)| | Amex Plat NPSL | Amex PRG NPSL | Amex Business Gold NPSL | Chase Sapphire Preferred 22,000 | Chase Freedom 20,000 | Walmart 15,000 | Amex Delta Reserve 12,900 | Chase Ritz 10,000 | Diner's Club Elite 10,000 | NASA Platinum Rewards 8,800 | Capital One Quicksilver 2,500
Message 11 of 24
Creditaddict
Legendary Contributor

Re: Help! Will I qualify?


@joshuapd1987 wrote:

Took 5 days to finally find the right car.

 

Applied for financing.

 

The business manager was a TOTAL jerk. First he told me there was no way to make it work and that I was flat our declined.

 

And I said... why?

 

he said because I have no auto loan history and my amex is maxed out.


And I said - I'm sorry. You mean my NPSL Amex that I pay in full every month? I don't think so. And all my revolving accounts are at 0.


Then he asked me to put 40K down on a 75 (including taxes and fees) car.

 

Not okay. And I'm feeling a little insulted that he would accusing me of maxing out my cards.

 

Anyway, sent him bank statements for him to try mercedes. Going to try to recon chase on my own.

 

Any suggestions? I'm okay putting down 10-15K.. but FORTY?

 

 


1. I would have ONLY allowed the app to go to Mercedes!

2. What state are you in? where is next closest dealer... you might need bigger volume.

3. did he tell you what score he pulled? since it's auto enhanced

4. the lack of auto history will really REALLY hurt you... that might be deal breaker sorry to say.

Message 12 of 24
joshuapd1987
Frequent Contributor

Re: Help! Will I qualify?

1. Does that make a difference?

2. I'm working in Cleveland, Ohio right now. There's one nearby, but the sales rep was really, really helpful - so I hate to take the commission away.

3. No, but my chase Auto Enhanced rejection was 643

4. I don't doubt it should hurt - I know interest rates won't be in my favor. But no approval at all...? Come on. And then I eventutally talked him down to putting 25K down, which makes me feel like there's a little undisclosed wiggle room there. I'm happy tto put 10-15 down. I really am.

 

MyFICO Scores: 720 (EX 10/05) | 718 (EQ 10/05) | 703 (TU 10/05)| | Amex Plat NPSL | Amex PRG NPSL | Amex Business Gold NPSL | Chase Sapphire Preferred 22,000 | Chase Freedom 20,000 | Walmart 15,000 | Amex Delta Reserve 12,900 | Chase Ritz 10,000 | Diner's Club Elite 10,000 | NASA Platinum Rewards 8,800 | Capital One Quicksilver 2,500
Message 13 of 24
Creditaddict
Legendary Contributor

Re: Help! Will I qualify?


@joshuapd1987 wrote:

1. Does that make a difference?

2. I'm working in Cleveland, Ohio right now. There's one nearby, but the sales rep was really, really helpful - so I hate to take the commission away.

3. No, but my chase Auto Enhanced rejection was 643

4. I don't doubt it should hurt - I know interest rates won't be in my favor. But no approval at all...? Come on. And then I eventutally talked him down to putting 25K down, which makes me feel like there's a little undisclosed wiggle room there. I'm happy tto put 10-15 down. I really am.

 


1. yes because if mercedes won't run it through themselves I don't see ANYONE else because that's a big big car loan and only mercedes cares so much about selling it

3. OUCH

4. yes no auto loan history and you want to buy a $75k car... I'm sorry but just on a 643 alone and 1 $10k credit card I would declined you even with $25k down and I know nothing else... that car is going to depreciate by $25k when you drive it off the lot so if they repo it they will still barely break even on it and you have NOTHING in your credit file that says you can't handle that kind of payment, loan, amount, anything... sorry to say so bluntly.

 

you "might" be able to lease an infiniti G37 or Q50 with a TU 643, Lexus up to the $40kish range but LEASE not buy!

Message 14 of 24
joshuapd1987
Frequent Contributor

Re: Help! Will I qualify?

FYI...

 

Please ignore the credit cards at the bottom, but rather the profile information I put in the original post... I have 4 cards 10K plus:

Walmart 15K

Chase CSP 12K

Chase Freedom 10K

Delta Reserve 12K

 

I called Chase back to recon. They're approving at 55... waiting on the interest rate now. At least it's a bit of leverage to talk to the dealer with.

 

MyFICO Scores: 720 (EX 10/05) | 718 (EQ 10/05) | 703 (TU 10/05)| | Amex Plat NPSL | Amex PRG NPSL | Amex Business Gold NPSL | Chase Sapphire Preferred 22,000 | Chase Freedom 20,000 | Walmart 15,000 | Amex Delta Reserve 12,900 | Chase Ritz 10,000 | Diner's Club Elite 10,000 | NASA Platinum Rewards 8,800 | Capital One Quicksilver 2,500
Message 15 of 24
Creditaddict
Legendary Contributor

Re: Help! Will I qualify?


@joshuapd1987 wrote:

FYI...

 

Please ignore the credit cards at the bottom, but rather the profile information I put in the original post... I have 4 cards 10K plus:

Walmart 15K

Chase CSP 12K

Chase Freedom 10K

Delta Reserve 12K

 

I called Chase back to recon. They're approving at 55... waiting on the interest rate now. At least it's a bit of leverage to talk to the dealer with.

 


I'm impressed and that should open the door into Mercedes Financial EASILY!

Message 16 of 24
joshuapd1987
Frequent Contributor

Re: Help! Will I qualify?

I really hope so!!! Any advice going in with that?

 

MyFICO Scores: 720 (EX 10/05) | 718 (EQ 10/05) | 703 (TU 10/05)| | Amex Plat NPSL | Amex PRG NPSL | Amex Business Gold NPSL | Chase Sapphire Preferred 22,000 | Chase Freedom 20,000 | Walmart 15,000 | Amex Delta Reserve 12,900 | Chase Ritz 10,000 | Diner's Club Elite 10,000 | NASA Platinum Rewards 8,800 | Capital One Quicksilver 2,500
Message 17 of 24
joshuapd1987
Frequent Contributor

Re: Help! Will I qualify?

5.64% all things considered - not bad!
MyFICO Scores: 720 (EX 10/05) | 718 (EQ 10/05) | 703 (TU 10/05)| | Amex Plat NPSL | Amex PRG NPSL | Amex Business Gold NPSL | Chase Sapphire Preferred 22,000 | Chase Freedom 20,000 | Walmart 15,000 | Amex Delta Reserve 12,900 | Chase Ritz 10,000 | Diner's Club Elite 10,000 | NASA Platinum Rewards 8,800 | Capital One Quicksilver 2,500
Message 18 of 24
Creditaddict
Legendary Contributor

Re: Help! Will I qualify?


@joshuapd1987 wrote:
5.64% all things considered - not bad!

72 months?

 

$902.19/month

Message 19 of 24
joshuapd1987
Frequent Contributor

Re: Help! Will I qualify?

48 - 1200/month. I was expecting to pay 15.
MyFICO Scores: 720 (EX 10/05) | 718 (EQ 10/05) | 703 (TU 10/05)| | Amex Plat NPSL | Amex PRG NPSL | Amex Business Gold NPSL | Chase Sapphire Preferred 22,000 | Chase Freedom 20,000 | Walmart 15,000 | Amex Delta Reserve 12,900 | Chase Ritz 10,000 | Diner's Club Elite 10,000 | NASA Platinum Rewards 8,800 | Capital One Quicksilver 2,500
Message 20 of 24
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.