topic Re: Guaranteed approval in Auto Loans

Guaranteed approval

bubbles0605 — Thu, 25 Jul 2013 14:48:05 GMT

One of the big dealers around me are having an acquisition sale for the next 4 days.

The ad came in the mail that all are approved and bankers will be on hand.

It says 37 dollars down, drive away, guaranteed approval?

What is everyone's take on this? I am in dire need of a car right now, and do have a great

income but have a repo from 6 months ago due to being laid off!

Am I wrong in thinking Guaranteed approval is a definite thing?

Re: Guaranteed approval

StartingOver10 — Thu, 25 Jul 2013 16:48:13 GMT

What does the fine print on the ad say?

Usually it has a bunch of limitations that totally reverse what the headlines claim.

Be careful, there is no such thing as a guaranteed approval.

Re: Guaranteed approval

bubbles0605 — Thu, 25 Jul 2013 17:40:25 GMT

There is no fine print on it!

Re: Guaranteed approval

Anonymous — Thu, 25 Jul 2013 17:58:04 GMT

Car dealers can get almost anyone financed that has a good income regardless of how bad the credit history may be. I wouldn't count on the $37 down with a recent repossession but a reasonable down payment (20-25%) will make some lenders willing to take the risk. I'm willing to bet somewhere on your flyer it has a disclaimer such as "Subject to credit approval."

Re: Guaranteed approval

Creditaddict — Thu, 25 Jul 2013 23:44:10 GMT

@bubbles0605 wrote:
One of the big dealers around me are having an acquisition sale for the next 4 days.
The ad came in the mail that all are approved and bankers will be on hand.
It says 37 dollars down, drive away, guaranteed approval?
What is everyone's take on this? I am in dire need of a car right now, and do have a great
income but have a repo from 6 months ago due to being laid off!
Am I wrong in thinking Guaranteed approval is a definite thing?

Back home where I came from we had a Kia Dealership that always advertised like this (we have a Nissan one that does it here in CA too) but I know at the Kia that "Could" mean as much as:

50% of purchase price down

Tax/Title and Fees Down

and up to 29.9% I think at time highest legal interest rate.

Now while the rio use to be $8990... most don't have $5k on hand when trying to buy a $9k car.... financing is ALWAYS possible... just depends how badly you need it!

Now for you....

How much is still owed for the car repo? I assume it's been sold now and you have the figure for difference?

Any other baddies like charged off credit cards, or is it just the car?

anything good on your credit and open right now?

any recent score you have?

Re: Guaranteed approval

Anonymous — Fri, 26 Jul 2013 00:35:50 GMT

@bubbles0605 wrote:
One of the big dealers around me are having an acquisition sale for the next 4 days.
The ad came in the mail that all are approved and bankers will be on hand.
It says 37 dollars down, drive away, guaranteed approval?
What is everyone's take on this? I am in dire need of a car right now, and do have a great
income but have a repo from 6 months ago due to being laid off!
Am I wrong in thinking Guaranteed approval is a definite thing?

Would you believe me if I told you I was selling this bridge?

I doubt you would, and those "We`ll approve everyone" gimicks always come with stipulations

Re: Guaranteed approval

bubbles0605 — Fri, 26 Jul 2013 14:30:24 GMT

well................. you all were right!!!! They are trying to get us approved through GM financial right now. DH has one charged off cc from 2010 and a couple medical things that we didnt even know were on there. It also lists the repo and a paid auto loan through Ford. The finance guy did say it was a good thing that he had a paid auto loan on there, and that he did see a window of oppurtunity.

I am really desperate right now and need a reliable vehicle!

No new TL's cause know one will let us prove our credit worthiness now!

Re: Guaranteed approval

Shogun — Fri, 26 Jul 2013 22:37:07 GMT

@Anonymous wrote:
@bubbles0605 wrote:
One of the big dealers around me are having an acquisition sale for the next 4 days.
The ad came in the mail that all are approved and bankers will be on hand.
It says 37 dollars down, drive away, guaranteed approval?
What is everyone's take on this? I am in dire need of a car right now, and do have a great
income but have a repo from 6 months ago due to being laid off!
Am I wrong in thinking Guaranteed approval is a definite thing?

Would you believe me if I told you I was selling this bridge?

I doubt you would, and those "We`ll approve everyone" gimicks always come with stipulations

How much? LOL!!!!!

Re: Guaranteed approval

Anonymous — Sat, 27 Jul 2013 00:43:59 GMT

@bubbles0605 wrote:
well................. you all were right!!!! They are trying to get us approved through GM financial right now. DH has one charged off cc from 2010 and a couple medical things that we didnt even know were on there. It also lists the repo and a paid auto loan through Ford. The finance guy did say it was a good thing that he had a paid auto loan on there, and that he did see a window of oppurtunity.
I am really desperate right now and need a reliable vehicle!
No new TL's cause know one will let us prove our credit worthiness now!

FYI- GM Financial used to be Americredit. Before the financial collapse, Americredit, HSBC, & Santander were the largest players in the sub-prime auto loans to anyone with a pulse. GM bought out Americredit in order to be able to sell their vehicles to sub-prime buyers because Ally basically was refusing to finance anyone with less than stellar credit. If you do get the loan go into knowing that the phrase OTET " On time every time" is firmly laser etched into texas pink granite and they have almost ZERO tolerance for being late by just a little bit before they will accelerate the note.

You mentioned a paid off loan with Ford and a repo.... was the repo a ford loan? If it wasnt you might find you could get better terms through Ford and their Tier 4/5 programs.

Re: Guaranteed approval

tld409 — Mon, 29 Jul 2013 15:35:53 GMT

@Anonymous wrote:
@bubbles0605 wrote:
well................. you all were right!!!! They are trying to get us approved through GM financial right now. DH has one charged off cc from 2010 and a couple medical things that we didnt even know were on there. It also lists the repo and a paid auto loan through Ford. The finance guy did say it was a good thing that he had a paid auto loan on there, and that he did see a window of oppurtunity.
I am really desperate right now and need a reliable vehicle!
No new TL's cause know one will let us prove our credit worthiness now!
FYI- GM Financial used to be Americredit. Before the financial collapse, Americredit, HSBC, & Santander were the largest players in the sub-prime auto loans to anyone with a pulse. GM bought out Americredit in order to be able to sell their vehicles to sub-prime buyers because Ally basically was refusing to finance anyone with less than stellar credit. If you do get the loan go into knowing that the phrase OTET " On time every time" is firmly laser etched into texas pink granite and they have almost ZERO tolerance for being late by just a little bit before they will accelerate the note.

You mentioned a paid off loan with Ford and a repo.... was the repo a ford loan? If it wasnt you might find you could get better terms through Ford and their Tier 4/5 programs.

I agree! Be very, very careful with GM Financial. If you are even 1 day late, they will add ridiculous fees and will report lates to the CBS. I would avoid this company if at all possible!