I can help, I manage a car dealership.

[Anonymous]

I applied to Prevail CU which I have been with since 1996 but they are based in Seattle (used to be called King County Credit Union). On top of all the derog info that shows on my CR that they quoted, they also said that since they are in Seattle and I am in LA, it would be like an unsecured loan for $16000 not a regular auto loan since they couldn't easily repossess the car if I defaulted. They told me to try a local CU.

So I opened up an account with American Airlines CU two days later  since they have a branch down the street from me and applied for $13500 and they denied me too. 

Now I'm not sure about going to a dealer since I've filed disputes with both TU and EQ after realizing that 666 is not a good enough FICO score on it's own to get approved, but the actual info on there is as well. I've also sent goodwill letters to 4 adverse tradelines via email today and a PFD letter to a collection agency last Friday. I was gonna wait 30 days and see what happens.

[Anonymous]

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@UpNComing wrote:

A good dealer can have you through the entire process within 90 min.

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Then, I guess I have never dealt with a good dealer.  Honestly, my husband and I have bought several cars and trucks in our over 40 years of marriage from supposedly the best of the big reputable dealers here in Southern California and, our experience "at the table" has always taken at least 3 hours. 

[UpNComing]

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@Anonymous wrote:

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@UpNComing wrote:

A good dealer can have you through the entire process within 90 min.

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Then, I guess I have never dealt with a good dealer.  Honestly, my husband and I have bought several cars and trucks in our over 40 years of marriage from supposedly the best of the big reputable dealers here in Southern California and, our experience "at the table" has always taken at least 3 hours. 

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VWoA is pushing thier dealers to have a customer out within an hour, which is highly unlikely.  The entire sales process should be no more than 45 min, the finance process should be no more than 45 min during which the detail department should have the vehicle cleaned and ready for delivery.  The actual delivery of the vehicle rarely goes past an hour.  Mostly 30 min.  I would lose my cool if a customer waits 3 hours. 

[Revelate]

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@UpNComing wrote:

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@Anonymous wrote:

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@UpNComing wrote:

A good dealer can have you through the entire process within 90 min.

---

Then, I guess I have never dealt with a good dealer.  Honestly, my husband and I have bought several cars and trucks in our over 40 years of marriage from supposedly the best of the big reputable dealers here in Southern California and, our experience "at the table" has always taken at least 3 hours. 

---

VWoA is pushing thier dealers to have a customer out within an hour, which is highly unlikely.  The entire sales process should be no more than 45 min, the finance process should be no more than 45 min during which the detail department should have the vehicle cleaned and ready for delivery.  The actual delivery of the vehicle rarely goes past an hour.  Mostly 30 min.  I would lose my cool if a customer waits 3 hours. 

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Los Angeles dealers in general are all over the map, though my own time was around 75-80 minutes after sitting down at an Acura dealership: wasn't a whole lot of back and forth in my case (apparently my initial flat-refusal made an impression, wonder what they thought of me as a customer, anyway i digress).

How much does the Internet for people who pursue a car purchase via that route cut off from the usual sales process time if they fill out paperwork / apply for financing online, compared to the general walk-in?

[UpNComing]

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@Revelate wrote:

 

Los Angeles dealers in general are all over the map, though my own time was around 75-80 minutes after sitting down at an Acura dealership: wasn't a whole lot of back and forth in my case (apparently my initial flat-refusal made an impression, wonder what they thought of me as a customer, anyway i digress).

How much does the Internet for people who pursue a car purchase via that route cut off from the usual sales process time if they fill out paperwork / apply for financing online, compared to the general walk-in?

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Revelate I wouldn't say that applying for financing ahead of time really saves any time.  Simply because the dealer will make every attempt to beat your finance quote to earn the loan themselves.  Arming yourself with information via the internet is a must these days.  If you sit down with a salesperson and explain that you are armed with information it cuts out a lot of back and forth.  My sales staff will actually visit edmunds with the customer to ease the customers tentions about getting a fair price.  Its a huge time saver.

[Revelate]

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@UpNComing wrote:

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@Revelate wrote:

 <snip>

How much does the Internet for people who pursue a car purchase via that route cut off from the usual sales process time if they fill out paperwork / apply for financing online, compared to the general walk-in?

---

Revelate I wouldn't say that applying for financing ahead of time really saves any time.  Simply because the dealer will make every attempt to beat your finance quote to earn the loan themselves.  Arming yourself with information via the internet is a must these days.  If you sit down with a salesperson and explain that you are armed with information it cuts out a lot of back and forth.  My sales staff will actually visit edmunds with the customer to ease the customers tentions about getting a fair price.  Its a huge time saver.

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Ah not what I meant: the Honda / Acura / Toyota / Lexus dealerships that I looked at for just general comparison ideas here in Los Angeles, all had a "Apply for Financing" link prominently displayed on their websites.

While it's certainly in everyone's best interests for for the dealer to try to beat the current approval, if I were to have used one of these links, would it have saved any time for the F&I folks at all?  I don't know if those are generally just a pre-qual type link, or if it actually polls at least the captive lender.  I didn't try it so I can't see from my reports if it actually does a HP or not.

[webhopper]

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@UpNComing wrote:

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@poops wrote:

Serious questions...

• What really goes on when the salesman "goes to talk to the sales mgr" in the back?
• Also, why do dealerships have to keep prospective customers waiting for 2-4 hours in order to just buy a car?

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To answer your second question, 2-4 hrs is unacceptable!  That is a dealer with bad processes.  A good dealer can have you through the entire process within 90 min.

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I've waited before too... never again will I do it. Seems like its a game to me, if the dealership makes you wait 2-4 hours.  If they won't have the answer right then,  and then they don't tell me what time to come back to do my deal, or if they can't get back to me within 15 mins with an answer, I tell them I have better things to do than wait around on them, time is money, and I don't have money to waste on them, and then I leave

*** I haven't had to leave a dealership in 3 yrs, since I started working with my current salesman exclusively

[92235]

I just want to get something straight. If you have never had a car loan you will always get 8%+ interest? I went to Hyundai last summer and they pretty much told me the same thing. I don't have a car loan because I have always paid cash. I also had a 6.5 year old $150 collection that just fell off this month. I just pulled my EQ score on here and got a 746. Would I still get the crappy interest rate even at 746? I have about 4.5 years credit use and 3 years AAoA. I only have credit cards and no installment loans. I have enough income and could put down over 30% down (of course Hyundai wouldn't let me put any down if I took captive.)

[Anonymous]

Great info UpNComing, thanks for helping everyone out!  I have a question for you if you don't mind. I'm in the 5th year of my car loan (original amount 17k) and will be looking for another car in about 8 months or so.  From your experience, could you give me a rough guess as to what financing rate I 'might' get?

My scores now:  TU 575  EQ 555

I just had one 30 day late removed from 5 year auto loan, so it's now showing perfect payment record (this was done after I checked my scores, so not reflected in above scores)

Just approved for Cap One secured credit card, 300 limit (not reflected in scores yet)

Sucessfully PFD 4 medical collections ($900 total and not reflected in scores above)

Unfortunately, I have three paid judgements that may be hard to remove.  (2007, 2009, 2010)

Those are the only things on my entire report.  I'm assuming my scores will see a positive jump based on the above, but who knows how much.  I'm certain someone will finance me, but I'm not looking to pay 21% again, lol.  I know you can't predict what will happen when it comes to credit, but what would your guess be if you had to make one?  Also, the purchase price I'm looking at will be 25-30k, with 30% down.

Thanks!!

[UpNComing]

Sorry I haven't gotten back to anyone today.  I'm recovering from LASIK surgery.  I'll catch up with your questions tomorrow.