Well we went to the interview and sat with the loan officer. She asked why we wanted the loan and what the car was going to be used for. She mentioned my wifes score abd revolving credit being good with a score of 751. We applied for a loan of $45,000 and she said with her credit score, the rate would be 5.25 - 6.75% depending on the length of the term. She also said her income wasnt enough however mine made up for it however for some reason, even though we filed together as a co-app, the CU did not run my credit so she saked me about it. I told her my credit is very new. I have no deliq or anything but my 1st CC was opened last year with discover where I am a co-app and the 2nd CC was opened in Jan with BOA where I work and that has a balance which is on a 0% promo. Other then that, we are clean. No expenses, no rent, nothing. She seemed ok and verified our job verfication. I have my pay stubs that she took copies of and my wife had a job letter from work stating how much she makes and so forth. Also informed us that they require a $25 deposit to be kept in a acct the whole time the loan is there which is refunded once the loan is paid off and a $10 membership fee.
The loan officer said we will write the exact terms of how much we need because we told her we might not need the whole $45,000. We gave her info on what kind of car we were looking at. She gave us a page which listed the info she needed to process the loan. That included purchase order, vin, miles, etc etc abt the car to be faxed from the dealer. Insurance binder showing full coverage of the car.
So I went hunting for the car. I found 2 cars in all of NJ/NY area and made a great deal with the dealership. I set up everything by going there with my wife and father because this was our 1st car buying experience. We put a deposit of $500 to secure the car while we have to wait for the check from the CU. We got insurance from the car and so forth and go everything faxed with the full coverage binder to the dealership and CU.
HOWEVER....this concerned me today...
I have been at work all day and I told my wife to call the CU to make sure they got everything and ask if everything is ok? Well she did and the person who she spoke to asked regarding my job and how long I have been working. Also he said that they might have to check my credit and they will let her know. I really didnt understand that and have been worried since. I mean we were told to get everything together so she can get the check processed. I even asked her once she receives everything, how long would it take to process and pick up the check so I can tell the dealership when I would take delievery and she said about 2 business days...and now today mid-day the person at the CU got me and my wife conerned...
My wife did get a call today from the same loan officer but she was napping and missed the call so now we will call asap tomm morning to figure out if theres a problem or what is exactly going on. the VM did not mention anything good or bad, just who called. My father did call someone he knows in that CU and they said they have never seen someone get denied after going through what has happened so far and that it can take upto 1 week for the check to be ready so I'm just keeping my fingers crossed...I have the car waiting, deposit given, insurance set up with the 1st payment made...and now Im nervous.....
Any ideas as to what might be going on?
