ACK!! Question regarding loan approval

FSUGAPEACH78 · ‎03-21-2010

HI guys,

We bite the bullet yesterday with our AWFUL Roadloans packet in tow (approved for 17%APR up to $27K) and visited our local Carmax. Unfortunately, they do not allow negative equity to be rolled into your new vehicle loan (the vehicle I'm trading in is in my fathers name) and the amount that Carmax wanted to give us for the vehicle was ludicrous! About $4K less than what we owe. So Carmax ran our credit as if we didn't have a trade at all, and we were approved by Santander (24% APR !!!) and Wachovia at 12% !!!!!

I was so proud to see Wachovia showed up on that screen, but the problem is they based that approval on us not having at trading in. We decided to leave Carmax and head to the big Nissan dealership in our area that had my dream car for sale on the used auto lot. They do accept Roadloans but they are wanting to add fees to the loan (which I didn't think they were supposed to do) and they are in the process of running our credit through Wachovia to try to grab that same approval that Carmax gave us.

With all of that being said the question I have is this:

Could the Nissan dealership use that same approval that Wachovia gave to us at Carmax? We would be able to easily afford this new car payment if our interest rate dropped to 12% and we would be able to buy a little nicer car that we would be able to get using the Roadloan approval with awful interest rate.

FSUGAPEACH78 · ‎03-21-2010

Anyone

Anonymous · ‎03-21-2010

Could the Nissan dealership use that same approval that Wachovia gave to us at Carmax?

Could Nissan use the credit pull by CARMAX for your loan thru them?? Sure they could,, but they wont,,

The Nissan dealer will pull your credit for a loan same as any other dealer/ lender you choose to go to. You may want to limit your credit INQ's since they are costing you points and too many INQ's could cost you a loan.

17% is high, Unless you plan on cramming the loan down,,, Even getting 12% from Well Fargo I would keep any vehicle purchase under 15-grand as the interest on a 48-60-mo at 12% loan will be high, atrocious may be a better word,,, if you don't pay it off early, but I agree, 12% would drop your payment close to 50-bucks a month,,

Good luck with whichever way you go ...