Auto loan approval questions

[Anonymous]

This is my first auto loan and it's been quite the learning experience. Ok, so I do have a loan but getting there seemed like a never ending road. My dealer is wonderful and while I do sometimes feel like "they're forking car salespeople" they have also gone above and beyond in helping me find the car and financing.

I freely admit to my mistakes and that I kind of ruined my credit all on my own like a big girl. I had a mountain of student loan debt, credit cards and I had other money problems in 07- 08. My scores are not terrible but my payment history is like a blind man's dart game. I've paid as agreed most of my credit cards and my loans are consolidated and current/forbearance. On most of my denial letters they state something similar to AAoA unknown or not long enough, serious delinquency, late payment too recent or unknown and lack of revolving accounts. Mostly true and 100% my fault .

I have avoided credit cards since 07 because of my problems. I applied for a Wells Fargo card in 08 which was promptly denied. I probably should have looked in to other options but I knew my history and didn't give it a second thought. I figured I was paying my debts and eventually someday I'd dig myself out. Now I'm older, wiser and desire to do adult things.

I have a loan but I'd rather be with someone other than Ally. I've had friends and family screwed by GMAC(now Ally I think) so I'm thrilled but not thrilled. I know with poor payment history I should kiss their butts for approving me but I just feel like they're not the right bank for me. Could I call the other banks and ask for reconsideration? Would it be worth it?

I don't have a problem with the terms, just personal objections to their business as a whole. The rates and terms are totally expected for my situation. Also if possible I don't want to switch banks when I refinance.

My Experian score is 635. My Equifax scores were 672 and 664. Not great but not as bad as I thought.

I've tried the local credit union I'm with no luck. They were not impressed with charge offs. I haven't gone to talk to them in person because I didn't want to push the issue. I really just feel lucky to have anyone approve me. Even if it's Ally.

Should I do anything? Should I do a happy dance? Any help or suggestions are appreciated.

[SamsungHDTV]

A few questions for you:

1. Are those FICO scores?

2. What are the terms on your current loan? (amount financed, rate, and how many months)

3. Have you checked out the "rebuilding credit" section on these forums?

I think that you should focus on rebuilding your credit first, see what you can do with that. When you see some improvement, then go attempt to refinance depending on your current terms.

[Anonymous]

Yes, FICO scores from my denial letters. 25,000 at 8.25% is what I've been approved for. I don't know how much I'll be financing exactly because the car I want isn't on the lot. I'd like to finance 22k but it depends on where my dealer finds my car. I know, I could just settle or pick something else but I'm in no rush for this car. However, before we get into "pick a different car or get a used one" and so on I'm open to used cars, and my salesperson has worked several options. If you want more details PM me. I'm here for help and suggestions, I'd be a fool to turn any idea away.

Yes, I've read some things in the rebuilding credit section. That's where I learned most of this stuff from! Great help. That's why I was curious about calling and asking for a reconsideration.

I'm working to clear a couple errors on my report in hopes of finding financing elsewhere. Maybe at a lower rate, but mostly because I have my own personal beef with Ally.

Luckily I don't need a car just yet but the repairs that are going to be needed in the next 6 to 8 months will probably be as much as the car is worth. My dealer has been working hard to find a car within my price range. I'm not too worried about the high payment, I know that comes with the territory. I know I'll be refinancing ASAP so I can get a better rate.

I've been current on everything for 11 - 12 months so I know things are going in the right direction. Just checking all my options.

I'm here to learn and I'm willing to consider any ideas or suggestions the people here have.