@moondog7324 wrote:
A FICO score is not the only factor , you need the ability to re-pay, debt to income ratio, length at job etc. My wife has a 750 FICO- but has no income. She would not get a loan.Message Edited by moondog7324 on 05-08-2009 05:59 AM
I'll never forget the phone call I got:
"XXX Ford how can I help you?"
Female voice:
"I have a 730 credit score and I want to buy an Expedition EL you have any?"
"Yes I do can I get your name and phone number?"
YADA, YADA, YADA=
"Ok and before we go any further, would you be adverse to giving me your credit information over the phone so I can get my finance people working on the best rates you will qualify for?"
YADA: Name address, etc age 22 Rent 600 a month
Employment SSI Only 2130 a month
No other income, "Needs" Expediction for her 3 kids. Not currently receiving child support as the daddys are in jail.
No downpayment, not enough free income a month to support a car payment and insurance. But hey lets get em in and see if we have something.
No major positive entries on credit, no negatives score in low 700s
"OK!"
"Ma'am I do not think that a brand new Expedition EL is in the cards for you, we have a great selection of used vehicles that may fit your needs"
"I WANT AN EXPEDITION EL AND I WANT IT- I HAVE A 730 CREDIT SCORE."
"Ma'am you are not going to get a new Expedition from me or any other dealership."
"Why? because I am XXXXX"
"No because you don't have a down payment and will get a monthly payment of $1,100 just for the vehicle. Add a hundred for insurance, 600 for rent and there's no real room for you to buy food and eat. No bank is going to give you a loan."
"I didn't know a payment would be $1,100."
"OK, its a $50,000 vehicle what payment did you expect a month?
"I know how much they cost, I was expecting maybe $300. Doesn't my score help I have a 730?"
