Well my new car arrives in 2 weeks so I finally had the guts to apply for a penfed auto loan. Completed the application and it is under review as we speak. I have two jobs so it makes the monthly income troublesoome to accept right away.(hoping thats the case) Should I call now and square everything away or just call tomorrow afternoon? I hate waiting for the yes or no and wooried about there scoring system. No negatives when it comes to paying loans on time and have a 5 year old PIF collection that is my only derog. Crossing fingers
so odd thing just happend here. I sent in twop pay stubs from my employers from mid July and mid Aug.(had those on file) called back to confirm with the loan officers and i was told they are not close in enough to todays date which I'm fine with. But they didn't ask for most recent they are now asking for my last two W-2's?? Has anyone been asked for W-2's to get approval for a car loan??
Well after jumping through all the hoops with penfed they gave me a laughable counter offer of $35k when i need $55k. Here's the kicker, it had nothing to do with my credit score which was 716!! or income($108k btw) it was because they felt my credit history wasnt long enough. I have a good mix of credit which is why i was so suprised. had a 2011 335xi loaded which i paid on time every month and paid it off completely this past april for example. The gentleman i spoke to said i can write an email and perhaps they will reconsider.
Need some advice guys what does everyone think???
If they send you a survey, blast them on it. Then someone will call you back and most likely help you out. Just make valid points like you did here, and ask the question why you didnt get what you needed.