Regular Contributor
xthatgamerguyx
Posts: 118
Registered: ‎07-22-2012
Car salesman said to come in, the finance manager thinks he can help...

I've heard this before - what does it mean??? LOL

 

I applied for financing online, FICO scores in the 605-630 range, about $5K upside on my current car, $1000 down payment.

 

When I pressed for a straight answer about financing, aprroved or not, the salesperson said not to worry, that the finance manager had been doing this for 15 years and could definitely help. In the past with lower scores, I've gotten a straightup "NO".

 

Why can't I get a straight yes or no? I know they just want to get me in the dealership but I'm not going to drive 1.5 hours to get the runaround...

February 2012: 480 across the board (before I found this site and started working on my scores)
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Starting Scores: TU FAKO: 543 (06/16/2012) EX FAKO: 547 (06/16/2012) EQ FAKO: 528 (06/16/2012)
Current Scores:TU FICO: 639 (11/20/2012) EQ FICO: 617 (11/20/2012)
TU FAKO: 606 (8/30/2012) EX FAKO: 574 (09/04/2012) EQ FAKO: 564 (09/30/2012)
Established Member
davefromca
Posts: 13
Registered: ‎10-22-2012
Re: Car salesman said to come in, the finance manager thinks he can help...

Why dont you talk to some banks before you even step inside one dealership? The dealerships can make money by giving you a higher apr. You can get banks to compete for your business, then they will truly try to get you the best financing. Maybe try lendingtree.com?

Established Contributor
bettercreditguy1
Posts: 758
Registered: ‎02-11-2012
Re: Car salesman said to come in, the finance manager thinks he can help...

Where do you currently bank? Are you at a Credit Union? As stated earlier, dealers make money pushing the paper. Know what you pre qualify for in loan amount and rate before you ever go on a car lot. Do not ever disclose to the salesman you can do your own financing until you get ready to sign for your new purchase. Then ask them what kind of financing arangements they can make. At this point, they can not manipulate the payment, interest, or term or they know that they will not beat your deal.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Regular Contributor
xthatgamerguyx
Posts: 118
Registered: ‎07-22-2012
Re: Car salesman said to come in, the finance manager thinks he can help...
Thank you guys for the suggestions. I had applied through Lending Tree about 6 months ago and was not matched with any lenders.

However, I applied again and was matched with Capital One. An improvement I suppose.

Interestingly enough, I noticed a pull from them yesterday, so I assume the dealership ran my app thru them.

I work for and bank with Wells Fargo. I was turned down thru them a few months ago as well.

I am not a member of a CU and not able to join one currently.

I'll wait to see what CapOne says.

Thanks again!
February 2012: 480 across the board (before I found this site and started working on my scores)
-------------------------------------------------------------------------------
Starting Scores: TU FAKO: 543 (06/16/2012) EX FAKO: 547 (06/16/2012) EQ FAKO: 528 (06/16/2012)
Current Scores:TU FICO: 639 (11/20/2012) EQ FICO: 617 (11/20/2012)
TU FAKO: 606 (8/30/2012) EX FAKO: 574 (09/04/2012) EQ FAKO: 564 (09/30/2012)
Regular Contributor
xthatgamerguyx
Posts: 118
Registered: ‎07-22-2012
Re: Car salesman said to come in, the finance manager thinks he can help...

Well, denial from CapOne - perhaps because the dealer submitted an app to them yesterday? Wish I had known that when app'ing at Lending Tree. LOL.

February 2012: 480 across the board (before I found this site and started working on my scores)
-------------------------------------------------------------------------------
Starting Scores: TU FAKO: 543 (06/16/2012) EX FAKO: 547 (06/16/2012) EQ FAKO: 528 (06/16/2012)
Current Scores:TU FICO: 639 (11/20/2012) EQ FICO: 617 (11/20/2012)
TU FAKO: 606 (8/30/2012) EX FAKO: 574 (09/04/2012) EQ FAKO: 564 (09/30/2012)
Established Contributor
Tazman81
Posts: 711
Registered: ‎06-23-2010
Re: Car salesman said to come in, the finance manager thinks he can help...

What is the reason you receive for the denial?  With excellent credit, most banks will only finance about 120% of a vehicles value.  With $4k negative equity, that may also be hurting your changes for a different vehicle.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

Wallet: Chartway Visa 10k | AMEX Costco TE (AU) 25k | Cap One MC 750 | Cap One Visa 750
Regular Contributor
xthatgamerguyx
Posts: 118
Registered: ‎07-22-2012
Re: Car salesman said to come in, the finance manager thinks he can help...
[ Edited ]

Good question - there was no reason stated in the email. It only said that they had received my request from Lending Tree and would not be able to approve me at this time.

February 2012: 480 across the board (before I found this site and started working on my scores)
-------------------------------------------------------------------------------
Starting Scores: TU FAKO: 543 (06/16/2012) EX FAKO: 547 (06/16/2012) EQ FAKO: 528 (06/16/2012)
Current Scores:TU FICO: 639 (11/20/2012) EQ FICO: 617 (11/20/2012)
TU FAKO: 606 (8/30/2012) EX FAKO: 574 (09/04/2012) EQ FAKO: 564 (09/30/2012)