Hyundai financing

killnfool · ‎02-23-2011

Was looking into getting a new car in April when my current car completely died on me so I had to get a new one extremely quickly since I didn't have a back-up vehicle. My credit is great, no baddies, PIF on my 3 cards each month , just a few thousand on a student loan left, but no previous car loans or mortgages that are within 10 years. Liked a Hyundai and decide to get it. Finance guy runs my credit and the scores are great, 819 Experian/798 TU non-auto enhanced. But get this, he says he couldn't qualify me for the promo rate because my credit report was too thin. Now I know I don't have a car loan that's still showing (just over 10 years ago), but the student loan is like 8 years old and the average age on the cards is I think 4 years with no inquiries in the last year. You don't get scores that high with "thin" credit in my opinion. It was only 1% point (4.9) from the promo rate and it had been a very very long day since my car broke down so I didn't fight it too much. I still feel like the dealer was probably lining their pockets though. Any thoughts on this? And what are the odds of getting a better rate by refinancing someplace? Any suggestions besides CU's? I'm self employed and would rather not jump through hoops proving income. I just told Hyundai I'm a manager instead of an owner which I read is the easiest thing to do.

Marcin1287 · ‎02-23-2011

I think he is lying to you.

Creditaddict · ‎02-23-2011

well while I think that's crazy he couldn't give you promo... 4.9 is very good and probably can't get much better than that unless you go with a different car maker that is offering a 0%

Anonymous · ‎02-23-2011

Wow: You lied to the finance guy and fraudulently filled out your credit application by saying you were a manager and not the owner and are upset you paid 1% higher then the promo rate.

And yes a "Thin" file can give you a high score.

Was the finance guy not telling the truth? its possible

Was he telling the truth :its probable.

If you have no real credit in your file other then a few cards and student loans, yeah if your cards are small limits, you really do not have a credit history.

And what rate are you thinking you will shop around and get? in the wild there are very few places offerring less then 2.9%

I think anyone being self employed who does not want to "jump through hoops" to "prove income" should be real happy they got a 4.9%.

I am still amazed about casual fraud.

By the way, since you are at such a low rate at 4.9%, can you explain exactly how much you think the finance guy is lining his pockets on you with? Do you think he had you bought at .4% and spread to 4.9%?

killnfool · ‎02-23-2011

@Anonymous wrote:
Wow: You lied to the finance guy and fraudulently filled out your credit application by saying you were a manager and not the owner and are upset you paid 1% higher then the promo rate.

And yes a "Thin" file can give you a high score.

Was the finance guy not telling the truth? its possible
Was he telling the truth :its probable.

If you have no real credit in your file other then a few cards and student loans, yeah if your cards are small limits, you really do not have a credit history.

And what rate are you thinking you will shop around and get? in the wild there are very few places offerring less then 2.9%

I think anyone being self employed who does not want to "jump through hoops" to "prove income" should be real happy they got a 4.9%.

I am still amazed about casual fraud.

By the way, since you are at such a low rate at 4.9%, can you explain exactly how much you think the finance guy is lining his pockets on you with? Do you think he had you bought at .4% and spread to 4.9%?

Forgetting for the moment that you're acting like a unhelpful condescending jerk from the safety of the internet, I didn't lie or commit fraud as I am the manager of the business as well as the owner. Not only have I seen it advised on this board to just state manager, but the salesman who sold me the car said to do just that as well to avoid delay and having to find stacks of financial records. Had the finance guy asked who owned the company or cared I would have told them, but he didn't for either.

I brought up the whole topic because I've read in consumer car magazines that dealers will try to add % points above what you actually qualify for to pad their pockets, it's a common practice. And here is some simple math for you, 2.9% is less than 4.9%, so yeah I'd rather get lower rates that I should qualify for when I know I've been very careful with my credit history. And some more simple math, I think the dealer lined their pockets with 1%, like I stated. 4.9% is still more than the 3.9% promo rate and more than a lot of banks advertise. Why pay more when you shouldn't have to?It adds up over a 5 year loan.

Also, my cards don't have low limits and the only reason I don't have a current car loan is because I'm financially responsible and like to keep my cars until they die. My last car loan fell off of my report a short while ago. I'm not some college kid with a single secured card to his name.

Anonymous · ‎02-23-2011

@killnfool wrote:

@Anonymous wrote:
Wow: You lied to the finance guy and fraudulently filled out your credit application by saying you were a manager and not the owner and are upset you paid 1% higher then the promo rate.

And yes a "Thin" file can give you a high score.

Was the finance guy not telling the truth? its possible
Was he telling the truth :its probable.

If you have no real credit in your file other then a few cards and student loans, yeah if your cards are small limits, you really do not have a credit history.

And what rate are you thinking you will shop around and get? in the wild there are very few places offerring less then 2.9%

I think anyone being self employed who does not want to "jump through hoops" to "prove income" should be real happy they got a 4.9%.

I am still amazed about casual fraud.

By the way, since you are at such a low rate at 4.9%, can you explain exactly how much you think the finance guy is lining his pockets on you with? Do you think he had you bought at .4% and spread to 4.9%?

Forgetting for the moment that you're acting like a unhelpful condescending jerk from the safety of the internet, I didn't lie or commit fraud as I am the manager of the business as well as the owner. Umm you did lie. if you omitted that fact you owned the company on the records you lied. Irregardless of what you feel- you did commit fraud for the purpose of gaining a loan. Not only have I seen it advised on this board to just state manager,There is no relationship between what you can be advised on ths board and what is legal, illegal or just anectdotal. I see miss information on this board daily-especially as different states have vastly different financing regulations regarding car sales. but the salesman who sold me the car said to do just that as well to avoid delay and having to find stacks of financial records. Had the finance guy asked who owned the company or cared I would have told them, but he didn't for either. Still and again, an omission to get around paperwork is a lie. if you had not brought it up, I would have never brought it up. All those people in home loans they could not afford used well the loan guy said I should do XXXXX.

I brought up the whole topic because I've read in consumer car magazines that dealers will try to add % points above what you actually qualify for to pad their pockets yes completely legal and done daily, it's a common practice. And here is some simple math for you, 2.9% is less than 4.9%, so yeah I'd rather get lower rates that I should qualify for when I know I've been very careful with my credit history. maybe you have been too carefull and have actually kept a nice score but have now created a short history? And some more simple math, I think the dealer lined their pockets with 1%, like I stated. 4.9% is still more than the 3.9% promo rate and more than a lot of banks advertise. Tell me how many banks are advertising 2.9% for 60 months? And if you see that many then please refinance, there was no reason to come here for advice. Why pay more when you shouldn't have to? You paid it first and are upset later? It adds up over a 5 year loan. about $7 a month per point.

By the way in your original post you stated you were tired and just went along with it. Kinda your fault huh? You also stated: "I'm self employed and would rather not jump through hoops proving income. I just told Hyundai I'm a manager instead of an owner which I read is the easiest thing to do." I find it interesting that there was no salesman told me to do it affirmation until after you were called out on it.

Also, my cards don't have low limits and the only reason I don't have a current car loan is because I'm financially responsible and like to keep my cars until they die. My last car loan fell off of my report a short while ago. I'm not some college kid with a single secured card to his name. Well, lets see, you are apparantly not that financially responsible if you just sign a deal as you are tired then grouse about it the next day. If your car loan fell off your report it has been ten years since it was paid off, really responsible people would have saved enough to pay cash for their next deal. The fact of the matter is the finance guy probably got you financed at 4.9% in a way that allowed them to claim you as a manager no questions asked and yes he probably did make a percent, its the cost of doing business, and you being tired, and you not wanting to go through the paperwork hurdle. you accepted it. if you had manifested the paperwork needed and would have gotten the Promo rate, well you didn't...
Also, unless you were buying an Equus, Hyundais are not Audi A8s they are not that spendy.

And LASTLY: If you are so financially responsible you should have all your paperwork ready to go as needed to initiate a new loan.
You may have in this transaction paid the price with taking the easy way out by not getting the best rate possible, and...this is the best part: or not. No one in this forum knows.

killnfool · ‎02-24-2011

I'm not going to waste anymore time with trolls. I thought this forum was better moderated than that. Didn't realize it was 1998 and adults still did that in major helpful forums.

Any helpful people with knowledge of good banks/APR's at the moment, and is refinancing the loan now better off, or wait a little? I figured now would be better because the credit pulls would be lumped in with the Hyundai pull and count as one. Without any processing fees or anything, if I can get 2.99% it would save me about $22/month or $1320 total so it's worth it if the fees aren't too much. I've read bad things about Lendingtree, but that was mainly for home refinancing and home equity loans. I guess I should have predicted the future to know my timing belt would break early and should have made all of my required tax documents magically appear in the mail and did my taxes well before April 15 when, as originally stated, I was planning on getting a new vehicle.

Anonymous · ‎02-24-2011

I'd just like to take a moment to remind everyone that we greatly value being friendly, supportive, and respectful. The inherantly helpful & inviting nature of our forums is what keeps most of us coming back, time and time again.

That said, supportive doesn't always mean telling another member, seeking answers/advice/opinions what they want to hear (or read, as the case is here). Sometimes, there's no exceedingly gentle means of relaying important information. Some people appreciate un-sugarcoated honesty, and some... not so much. But, I think it can be said that the vast majority of us try to, as kindly as we can, give honest, responsible, and timely advice and opinions, even if we think that it might not be as well-received as we'd like it to be.

I think that we all have to take heed at the well-known addage to not kill the messenger. If the advice isn't what you're looking for, isn't what you're interested in, or is off-target to your needs, it's perfectly okay to simply take what helps, and leave what doesn't. You can also offer clarification, in an effort to get more relevant answers if you think that the responses provided are out of scope.

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Anonymous · ‎02-24-2011

@killnfool wrote:
I'm not going to waste anymore time with trolls. I thought this forum was better moderated than that. Didn't realize it was 1998 and adults still did that in major helpful forums.

Any helpful people with knowledge of good banks/APR's at the moment, and is refinancing the loan now better off, or wait a little? I figured now would be better because the credit pulls would be lumped in with the Hyundai pull and count as one. Without any processing fees or anything, if I can get 2.99% it would save me about $22/month or $1320 total so it's worth it if the fees aren't too much. I've read bad things about Lendingtree, but that was mainly for home refinancing and home equity loans. I guess I should have predicted the future to know my timing belt would break early and should have made all of my required tax documents magically appear in the mail and did my taxes well before April 15 when, as originally stated, I was planning on getting a new vehicle.

This won't be easy. 4.9 isn't bad but 2.9 is obviously better. What you have done though is now you have a used car since it has been titled. Now I'm not saying it is impossible but try to find a lender that will refi a used car at better than 4.9 will be a feat! FWIW one a my cars was refied from Toyota to NFCU and I got it a 4.74 but if I had 4.9 I wouldn't of even wasted my time with the refi. I think NFCU will still treat this as a "new" car based on the age of the car but, are you a member with NFCU or any CU's?

If you didn't put a decent sum of money down when you bought it also you could be faced with the problem of being upside down, which will only make this harder.

In the end though you have learned a lesson in life that I'm sure you won't make again because you are clearly upset about it. Good luck and let us know if you refi.

Anonymous · ‎02-24-2011

@Anonymous wrote:

This won't be easy. 4.9 isn't bad but 2.9 is obviously better. What you have done though is now you have a used car since it has been titled. Now I'm not saying it is impossible but try to find a lender that will refi a used car at better than 4.9 will be a feat! FWIW one a my cars was refied from Toyota to NFCU and I got it a 4.74 but if I had 4.9 I wouldn't of even wasted my time with the refi. I think NFCU will still treat this as a "new" car based on the age of the car but, are you a member with NFCU or any CU's? If you didn't put a decent sum of money down when you bought it also you could be faced with the problem of being upside down, which will only make this harder.

I'm pretty sure that a credit union would still consider the OPs purchase under "new" for a refinance. It looks like Alliant is offering 2.95 for new, and 3.5 for used. It'd be worth it to check it out, I think.