What is your income, debt obligation?
Income is $70k+ depending on the year.. monthly debt obligation is $1800, that includes mortgage, current car (will trade in), 1 credit card, 1 installment loan, and student loan
Do you have any other credit lines on you profile?
Yes, as noted above My question was do you have any other credit lines showing in your credit profile, not credit cards. I was inquiring if you had mortgagas, other intsallment loans, car loans-in other words i was asking if you credit file only had two cards in it.
As stated above, I have a mortgage, an installment loan, a student loan, and 1 credit card that has a balance. I have 4 others that don't. My total monthly obligation WITH mortgage, debt, and current car is 30% of my income.
Have you had a financed car before?
Yes, I've had auto loans continuously for the past 10 years, never missed or had a late payment
What kind of a car are you looking to finace ($$amount)
Toyota Prius III - finance amount was $30k with negative equity from car
Will you have a downpayment?
Had planned on $1500, but was told yesterday that I'd have to pay sales tax out of pocket... sooo, there goes my DP
I did have a bankruptcy over 5 yrs ago Thats why I was trying to figure why you had scores so low.
I was told yesterday that the score they pulled was 700ish (really kinda pissed at the dealership, couldn't get a straight answer on anything) In what regards? In all honesty the dealership pays to compile your credit score you do not.
What I was mad about was that we asked several times what the scores were that they pulled. After ignoring the question or not actually answering it, he finally said "Oh, one was 700 ish and one was a little lower".
We were told that we'd have to wait until tomorrow to hear from Toyota Financial because even though we got there at 1, they didn't get our app submitted until 4:30 somehow, and this was after telling them that we wanted the car before 2:30. Your score is kinda bad, with bad supplemental information and they have to submit and see if there is a counter and what they can do. Saturday is the busiest day at any car dealership- unless its closed. There is no expectation of a time frame unless you have predone everything through the week and are just picking the vehicle up as the doors open in the morning. Every facet of the dealership and its support networks are at full speed by noon. A dealership may have 16-20 salesman but only 4-5 finance guys. The finance guys take an hour per customer to do all they need to do and sell what they are expected to sell. If by 9:30 AM all the finance guys are occupied by existing customers who are just coming in to pick up their cars..well you can see how the process starts to get backed up. Just loading the paperwork into the system, between laser printers and impact printers and printing them off takes time. I have seen some dealerships have a secretary pre load the paperwork to facilitate the progress, but even that person has limits.The Finance companies they are dealing with are dealing with regions of dealerships-if the deal is computer approved no problems, if it needs to be manually reviewed there is also a bottleneck. In short Saturday is not the day to tell them your time limits as its like going to a busy restaurant on a Friday night and telling them at 8:00PM that you need to be out the door by 8:35 and Oh you want your steak well done.
I understand that Saturday is usually a busy day. There was one other couple there looking, who also had to wait just as long as we did.
What I meant by that we wanted the car before 2:30, I meant that we agreed to purchase it. It took them over 30 min to find the keys to let us test drive it. Then they looked over our trade in and told us it needs a new transmission (even though the one in it has recently been replaced) and when we stated that the transmission was under warranty, they told us that it just must be the shocks that are making the transmission act up. Right.
After lowballing our trade in and finally coming back with numbers that would work, we were then told we needed $5k down BEFORE we even filled out an application. They said it was to keep our payments under $479. We never told them how much we could afford payment wise, we know better than that. It was games like this that kept them from even giving us the credit application until just after 4 and then some other b.s. that prevented it from being given to the finance guy until 4:30, at which time we were told to go home and they'd call us.
Long story short, Toyota approved us at 2.9%, with zero down. Of course, now they've told us what our payments are (we have yet to sign the paperwork) and somehow, they're higher than they should be because they've probably tacked some crap on to it. We're going to sign and pick up the car tonight, after getting the amount financed straight.
