@donkort wrote:The dealership might try to "bargain" with you based on the preappoval. They might try for a larger interest rate on the loan, say. Or they might try to say "their" score is lower than yours. They just might not be faithful to the preapproval.
Even when I had 670s across the board, and I had paid off two leases WITH THE SAME DEALERSHIP with no lates, they still claimed "their" score on me was a 640.
These dealerships can sometimes get really slick. I would be prepared to bargain with them. And be assertive, but not aggressive. A few of them have tried to "pull a fast one" on me; sometimes, they succeeded.
Make sure you get the BBB rating on the dealership. And look up "complaints."
Being a valued contibutor on these forums you should know by now scores are provided by the bureau pulled, not the entity that requests it and those scores vary based on what primary bureau is used and what version is used. The dealership that provided you with your 640 credit score would have also provided you with a risk based pricing notice (RBPN) just like any lender. The notice is provided to you to read as required by law. Dealers are required to keep a copy of the signed notice on file for up to 7 years and you can request a copy any time you deem necessary just like any other paperwork you would have signed during any transaction. None of that would have mattered anyway as the lender the dealership submits to would have their own RBPN from whatever primary bureau the lender uses and whatever version of that bureau is used. That RBPNwould have been mailed to you whether you accepted the financing or not.
@SigGio wrote:Did a pre approval on Pen Fed Site and came back approved at a 7.34 for 84!!!!!!!
Yes, income is consistent for 4 years.
The scores I had there were the Auto Scores from this site...
It just really freaks me out when buying something like this. I didnt finish the application because the car is not here, the loan is only good for 30 days if I don't do a "draft", and I have 3 cards over 30% util ( many more under or at 0) but I just sent out payments to get them all under 20% util. Maybe bring the score up just a tad bit more when statement hits this month.
With your income, I wouldn't be too concerned. Just watch your advance on this particular auto loan as 84 month qualifiers generally have tighter advance guidelines. Down payment is the key for you as well. If you can throw a little more money at the application, that will go a long way and will show the bank your invested in this loan from the start. Try not to finance any of your taxes/fees. Most auto lenders care more about their equity position for that loan application than the appllicants other debts. Borrowing 90% of the collaterals value is less risky to the bank than borrowing 100% of the collateral and so on. $1388 X 84 @ 7.34% is a big payment but that Vette is a nice car!
@SigGio wrote:Thanks man,
actually, the price after tt&l and dealer fees is a little over 102. Car is 97k MSRP. So the 92k i was looking for was with down payment.
What's the registration State and selling price? I'll break it down for you.