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Did the dealership exaggerate income?...

Valued Member

Re: Did the dealership exaggerate income?...

Yeah don't worry about it.  When I was shopping for my car this past March, I went to 4 Nissan dealers, and have 50 inquires to prove it!  LOL.  But since they coded thank goodness as 1,(but I think like 5 slipped through) I got the car I wanted, on the same day. Now the issue was I ONLY wanted NMAC (Nissan) for financing.  And the first 3 dealerships couldn't get the deal done with NMAC, and ran my credit with the whole neighborhood, but the 4th did. They liteally have like 40 diffrent programs.  Some dealerships are da bomb, others are not very well adept with most of the programs that the brands financing works with, so they stick to what they only know, and turn away tons of business just because someone got declined an auto loan.  Sometimes they resubmit the paperwork several times to get it right.

 

I am pretty sure that GM is in the same boat, and I am very confidant that if you go to another dealer within the same network, they may be able to help you.  At my final dealership, it took 3 guys to put the paperwork in the right way so that it wouldn't bounce back from Nissan.  And voila, APPROVED in an instant. Not all dealerships work with the same financing programs, and others work with all of them.  So don't get discouraged, it can be done!  I actually have the Capital One GM card, and I have about $1000 in points on there to put towards a new car, so you are really keeping me intrigued with how your process goes!

 

:0)

Who's the Queen of the land with the Golden Tiara upon her head, It is I, Queen Spadolot!
Message 21 of 40
Valued Member

Re: Did the dealership exaggerate income?...

I may consider going to a new dealership to see if it makes a difference. Or at least be told the “truth” just so I know I did everything I could for that inquiry. My husband and I were talking about how crappy this is and how they just lost business. But I guess they don’t need our business so oh well. Haha

I did get our denial letter from the Cap One Auti Nav from 5/23 and the reasons stated were:

Too many liens. (We have no liens)
The many evictions. (We’ve never been evicted. Ever.)
Last eviction too recent. (Again, never evicted.)
Presence of recent inquiry from personal finance company. (What does that mean?)

So I’ll call Cap One tomorrow and do some recon and have them explain how they came up with this answer.
BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 22 of 40
Contributor

Re: Did the dealership exaggerate income?...


@Newstart2018 wrote:
I may consider going to a new dealership to see if it makes a difference. Or at least be told the “truth” just so I know I did everything I could for that inquiry. My husband and I were talking about how crappy this is and how they just lost business. But I guess they don’t need our business so oh well. Haha

I did get our denial letter from the Cap One Auti Nav from 5/23 and the reasons stated were:

Too many liens. (We have no liens)
The many evictions. (We’ve never been evicted. Ever.)
Last eviction too recent. (Again, never evicted.)
Presence of recent inquiry from personal finance company. (What does that mean?)

So I’ll call Cap One tomorrow and do some recon and have them explain how they came up with this answer.

Hmm that's interesting..did you run all three reports to make sure is reporting acurately after your BK was discharged? Could be some things on there that need to be cleaned up.... and as mentioned each dealership has its own way with the financing company. It takes that one kind of F&L guy to get a deal approved with the same captive lenders. I would advise looking for the high volume dealer in your area and ask if they have a post BK finance specialist or a finance manager who specializes in such situations. 

BK7 08/2016 DC 12/2016
Cap1 Venture One $9500 | Cap1 Quicksilver One $3500 | Merrick Bank $1400 | Barclays Apple Rewards $2500 I CFNA $1200 (Survived BK7)
I Starting Score 10/2016 Fico8: TU 597 I EX(LP) 607 I EQ 592
I Current Score 5/2018: TU 658 | EX 662 | EQ 668
Message 23 of 40
Valued Member

Re: Did the dealership exaggerate income?...


@Newstart2018 wrote:
I may consider going to a new dealership to see if it makes a difference. Or at least be told the “truth” just so I know I did everything I could for that inquiry. My husband and I were talking about how crappy this is and how they just lost business. But I guess they don’t need our business so oh well. Haha

I did get our denial letter from the Cap One Auti Nav from 5/23 and the reasons stated were:

Too many liens. (We have no liens)
The many evictions. (We’ve never been evicted. Ever.)
Last eviction too recent. (Again, never evicted.)
Presence of recent inquiry from personal finance company. (What does that mean?)

So I’ll call Cap One tomorrow and do some recon and have them explain how they came up with this answer.

WHOA REALLY?  Yeah pull your report. Its free, if not search the forums for a particular site, and it's only $1.  Dispute ALL that stuff if it's not yours, pronto. I did that last year, and they removed within a couple of weeks, all kinds of flukey stuff on my reports.  My score jumped like 58 points.  I am disputing some stuff on my repots right now, sent out 8 letters to experian, transunion, equifax and the card issuers this morning.  

 

After being on these forums, you learn how to play the game, or the credit card companies and lenders will run all over you!  You may call Capital One, but most of thier stuff is automated.  But they can play with the system to get it where it will approve you through them so they can help you in which direction to go.  

 

But handle all those disputes asap. Then reapply.  With the CapOne auto navigator, since it is not a hard pull, you can reapply every 30 days if you wanted to!  Google is your best friend with dispute letters.  Just search what you are looking for and add myfico.com after it, and you will find a load of stuff from other contributers on this site.  Don't search just google, because you may get some mis-information out there, and be waisting your time.

Who's the Queen of the land with the Golden Tiara upon her head, It is I, Queen Spadolot!
Message 24 of 40
Established Contributor

Re: Did the dealership exaggerate income?...


@ENVISOUS wrote:

@Newstart2018 wrote:
I may consider going to a new dealership to see if it makes a difference. Or at least be told the “truth” just so I know I did everything I could for that inquiry. My husband and I were talking about how crappy this is and how they just lost business. But I guess they don’t need our business so oh well. Haha

I did get our denial letter from the Cap One Auti Nav from 5/23 and the reasons stated were:

Too many liens. (We have no liens)
The many evictions. (We’ve never been evicted. Ever.)
Last eviction too recent. (Again, never evicted.)
Presence of recent inquiry from personal finance company. (What does that mean?)

So I’ll call Cap One tomorrow and do some recon and have them explain how they came up with this answer.

WHOA REALLY?  Yeah pull your report. Its free, if not search the forums for a particular site, and it's only $1.  Dispute ALL that stuff if it's not yours, pronto. I did that last year, and they removed within a couple of weeks, all kinds of flukey stuff on my reports.  My score jumped like 58 points.  I am disputing some stuff on my repots right now, sent out 8 letters to experian, transunion, equifax and the card issuers this morning.  

 

After being on these forums, you learn how to play the game, or the credit card companies and lenders will run all over you!  You may call Capital One, but most of thier stuff is automated.  But they can play with the system to get it where it will approve you through them so they can help you in which direction to go.  

 

But handle all those disputes asap. Then reapply.  With the CapOne auto navigator, since it is not a hard pull, you can reapply every 30 days if you wanted to!  Google is your best friend with dispute letters.  Just search what you are looking for and add myfico.com after it, and you will find a load of stuff from other contributers on this site.  Don't search just google, because you may get some mis-information out there, and be waisting your time.


I think OP can get a free pull directly from the bureau the denial letter mentions, due to the denial.  But I was wrong about going through the GM website for financing, so....

Message 25 of 40
Valued Member

Re: Did the dealership exaggerate income?...

I have disputed all errors on both mine and my husbands reports. I was hoping that was all taken care of, but I discovered this information came from LexisNexis. I've printed off a form requesting the reports they have for us so I can start disputing on there as well. I will mail it off and wait 30 days for an update. This will take a while, but it's worth the time to get this taken care of correctly. In the meantime I will call and speak with Cap One just to try and cover everything. 

 

What a mess. 

BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 26 of 40
Frequent Contributor

Re: Did the dealership exaggerate income?...

If at all possible I would wait 6-12months before purchasing a vehicle. Not many captive lender's or CU's will touch an applicant who has just been discharged from a BK without re-establishing themselves. GM Financial won't extend financing to someone only a month out of BK, they want to see 6-12 mo's post BK (depending on how strong your credit was before BK) with re-established credit, such as a few CC's or debt that was carried through the BK like a Mortgage.

 

Less than a month post discharge you are more than likely limited to Midwest Acceptance, CPS (Consumer Portfolio Services), and Prestige, all of whom specialize in BK financing.

 

Give it 6 month's to a year at the very minimum, with a few CC's or other tradeline's, and allow your score to rebuild and to re-establish your credit, then give it a go.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($19,500) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 27 of 40
Established Contributor

Re: Did the dealership exaggerate income?...


@Newstart2018 wrote:

I have disputed all errors on both mine and my husbands reports. I was hoping that was all taken care of, but I discovered this information came from LexisNexis. I've printed off a form requesting the reports they have for us so I can start disputing on there as well. I will mail it off and wait 30 days for an update. This will take a while, but it's worth the time to get this taken care of correctly. In the meantime I will call and speak with Cap One just to try and cover everything. 

 

What a mess. 


Yeah, LexisNexus does not make it easy to dispute anything.  They generally believe they are infallible.

Venture: $18K | Amex ED: $18K | Amex BCE: $15K | NFCU CR: $15K | IT #1: $14.5K | Wells Fargo: $11K | Savor: 10K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $5.9K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.5K | Cabela's: $1K


 


Current FICO 8 Scores: EQ: 728 | TU: 736 | EX: 726


Message 28 of 40
Regular Contributor

Re: Did the dealership exaggerate income?...

GM Financial approved us for 9.9% 2 months after our discharge but we are still thinking about it.  It's their incentivized rate (we were told it would be 15-18% if we took the rebates instead).  If we go with a remaining 2017 we can have both the rebates and that rate. 

 

So GM Financial appears to be BK friendly depending on how your dealership does things.

Message 29 of 40
Valued Member

Re: Did the dealership exaggerate income?...

That’s the only reason I decided to bite the bullet and try with GM. I have read that they will work with people out of BK and since we had already been with them before, I decided to try.
BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 30 of 40