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Auto loan D E N I E D :(

Valued Member

Re: Auto loan D E N I E D :(

I have been looking for a base 2013 Subaru impreza WRX which goes for around 26k.

 

However, I havent been able to find a base one for few months so I might have to settle for a premium model which is around 29k...

 

Any other places I should try to apply for before being at the mercy of the dealers?


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Current Score: 732
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Message 11 of 39
Valued Contributor

Re: Auto loan D E N I E D :(


Silviaspeck wrote:

I have been looking for a base 2013 Subaru impreza WRX which goes for around 26k.

 

However, I havent been able to find a base one for few months so I might have to settle for a premium model which is around 29k...

 

Any other places I should try to apply for before being at the mercy of the dealers?


I just bought a 2013 Legacy with limited history. They gave me 0% for 36 months. Although, I put more down and came in with a pre-approval at 1.9%, and my history was almost 2 years long. Big different between a 1 year history and a 2 year history.

 

What is your zip code? I'll help you find one. Also, any dealer can for sure get you one. They can either do a dealer trade for it, or they can order one for you.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 12 of 39
Valued Contributor

Re: Auto loan D E N I E D :(

The lowest price that I am seeing that car has sold for is just over $24k. So, set your target at $3k under MSRP. That will take some negotiating, but just get in touch with all the local internet sales managers for the Subaru dealers in the area. 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 13 of 39
Valued Member

Re: Auto loan D E N I E D :(

Problem is still the approval part...

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Current Score: 732
Goal Score: 750


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Message 14 of 39
Valued Contributor

Re: Auto loan D E N I E D :(

The base WRX is for sure out there.

 

http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?endYear=2014&zip=94121&listingType=new&...

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 15 of 39
Valued Contributor

Re: Auto loan D E N I E D :(


Silviaspeck wrote:
Problem is still the approval part...

I don't think it is. I think you have an approval at 4%. That is what you ask the dealer to beat. They probably can, or atleast get close.

 

If you want a better shot, build your history another 6 months. If you want to try now. I think you can.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 16 of 39
Valued Contributor

Re: Auto loan D E N I E D :(

Not to throw you a curve ball, but if I didn't care about fuel mileage. Which it doesn't look like you do, since you are getting a WRX. I would suggest you check out a Legacy with a 3.6. The interior is more refined, still has a decent suspension. Yet, it has more usable torque and comfort. Driving a stick gets annoying at some point. I always was an advocate of a manual, until I drove an auto...

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 17 of 39
Valued Member

Re: Auto loan D E N I E D :(

So, I just came back from a dealer and I got APPROVED!!!!!!!! my Transunion score used was at 71x and approved for 4.65% APR.

 

Price of the car was negotiated down to $27000 (well below invoice) but I got stuck with extended warranty for $2200 on the top...

 

The Finance manager told me that I MUST get this warranty for the bank to approve the back end of the deal? And this is non-negotiable.

 

How much truth is there? Can I still call Subaru after I take deliver (next week) and cancel this warranty I do not want?


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Current Score: 732
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Message 18 of 39
Valued Contributor

Re: Auto loan D E N I E D :(

The finance manager was lying, you never have to buy a warranty to get approved. That just makes a loan upside-down, which is the last thing a bank wants. He was blowing smoke to rip you off. You just lined his pockets with about a grand. Write a bad yelp review for that. An extended warranty to 6 year 100k should only run about $1300 on that car. You can likely cancel the warranty still. 

 

Did you pay $27k for a base WRX??? I hope that was a premium.

 

But as for the approval: I told you so Smiley Happy CONGRATS!

 

Were my posts at all helpful?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 19 of 39
Valued Member

Re: Auto loan D E N I E D :(

Yes it was 27k for premium. Which I think the price was pretty good considering.

However I am hearing that you can cancel the extended warranty directly from Manufacturer even after I take delivery of the car. Is this true?

If so, I would say that I got a sweet deal for a premium!

And also thanks to everyone here for advices and support! I should be more excited but I feel so ripped off about the warranty.

Starting Score: 597
Current Score: 732
Goal Score: 750


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Message 20 of 39