Approval Question

[fxtrader]

I submitted an app today for a 2014 Jaguar F-Type V8 S, $69,995, 2,300 miles.

Down payment: $6-7k required

Monthly payment: $1,200

Interest rate: 7%

The dealer tells me he has me approved but can't disclose the lender until I say yes to the payment. He states the F&I manager did not inform him of the lending company or my credit score. I submitted an app over the phone. I don't even know what amount he is financing, how many years, etc..I was never told this over the phone..I purchased my first car in March 2015 (2015 Toyota Corolla). Any thoughts? seems shady...

[bstone]

He's just playing control games with you.

Tell him yes to the payment, it's not binding until you sign the contract and take delivery anyway.

Everything is negotiable, even the rate. Tell him you want to put 0$ down and your bank told you 3% (let him call your bluff). The dealer can charge you a higher rate than you are approved for, I got my rate down 3% but just telling them no way and getting up to leave. Worst that happens is he doesn't budge, if you're good with the payment and rate you sign for it, best case scenario is you get a better deal.

[fury1995]

---

@fxtrader wrote:

I submitted an app today for a 2014 Jaguar F-Type V8 S, $69,995, 2,300 miles.

Down payment: $6-7k required

Monthly payment: $1,200

Interest rate: 7%

The dealer tells me he has me approved but can't disclose the lender until I say yes to the payment. He states the F&I manager did not inform him of the lending company or my credit score. I submitted an app over the phone. I don't even know what amount he is financing, how many years, etc..I was never told this over the phone..I purchased my first car in March 2015 (2015 Toyota Corolla). Any thoughts? seems shady...

---

Joe.. is that you? I thought I said it was 72 months when we talked on the phone earlier..

(kidding)

Yes, just say "I think that should work" doesn't matter really..

Curious.. you apped over the phone? No signature, no electronic consent? No privacy statement?

[fxtrader]

The app didn't go through the Jaguar dealers website so we did it over the phone. No income verification (only stated income on the app. they didn't call my job). I consented over the phone to pull my credit. Do you think I should speak directly to the F&I manager? I'll know in a day or two who they submitted apps to once I receive the credit inquiry alerts..I was surprised I was even approved.

[fury1995]

---

@fxtrader wrote:

The app didn't go through the Jaguar dealers website so we did it over the phone. No income verification (only stated income on the app. they didn't call my job). I consented over the phone to pull my credit. Do you think I should speak directly to the F&I manager? I'll know in a day or two who they submitted apps to once I receive the credit inquiry alerts..I was surprised I was even approved.

---

Well.. I will say this is my forte.

Many reasons.

I own a Jaguar F-TYPE.

I am in the car business.

9 years at a Jaguar Dealer.

That said, what are you Fico Scores.. Auto Fico's? What is the model F-TYPE you are buying (for values)? If you are above 620, they submitted you to Jaguar Financial (Chase underwrites Jaguar Financial). Is this certified?

We'll start there...

[fxtrader]

Scores are 680-690 FICO. Not sure what my Auto Enhanced is.  2014 F-Type V8 S convertible. I prefer the non-convertible. List price is $69,995. 2,200-2,300 miles. He told me Jaguar denied the app. He wouldn't tell me who approved..

[fury1995]

---

@fxtrader wrote:

Scores are 680-690 FICO. Not sure what my Auto Enhanced is.  2014 F-Type V8 S convertible. I prefer the non-convertible. List price is $69,995. 2,200-2,300 miles. He told me Jaguar denied the app. He wouldn't tell me who approved..

---

Your scores are more than enough to buy this Jag if your income supports. How is your previous car credit? That rate is too high for this deal.

[fxtrader]

I purchased my first car in March 2015 for a family business (Toyota Corolla). No negatives on my reports. He said one out of the three approved me but only with a 6 or 7k deposit. 7% rate and 1,200 monthly. Seems high. We haven't discussed pricing yet. What do you suggest?

[fury1995]

---

@fxtrader wrote:

I purchased my first car in March 2015 for a family business (Toyota Corolla). No negatives on my reports. He said one out of the three approved me but only with a 6 or 7k deposit. 7% rate and 1,200 monthly. Seems high. We haven't discussed pricing yet. What do you suggest?

---

You said this is a Jaguar dealership correct? I don't seem to place the car...

$70K is on the high side for a non certified Jag going into winter..

There are currently 52 2014 F-TYPE V6 S's for sale in the US...

Is this a local trade in? Have you seen Carfax? Is it on their website?

[fxtrader]

It's at a dealer on Long Island, NY. The car has been removed from the site but the Jag website still saves the history. It's listed as sold on the history section. I think it is a CPO.The car is a 2014 V8 S . No trade.