Was basically denied today, any input?

[Creditaddict]

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@09Lexie wrote:

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@DevotionToU wrote:

When I signed up for DCU last week, it gave me a pre-approval for 25k, which I did not take at the time, as my scores are currently not as high as they will be in a month or so.  Have a lot of utilization being freed up from paying off quite a bit of debt this month, so the DTI (which factors in minimum payments right?) will be much better.  I figured it was worth the wait if I can get a better rate from them.  I started to get worried when everyone started talking about how they would recommend people stop using DCU.

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This is precisely why I became concerned.  Rather you choose to go with DCU or another lender, the choice is yours.  Unless  we have definitive proof that DCU changed their auto lending policy- it's unwise to make blanket statements.

I would have preferred confirmation from the lender, they certainly would have no reason to be dishonest. 

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They are very concerned about DTI and they use a (I think if I followed her correctly) 3x max MONTHLY INCOME... so TOTAL Unsecured DEBT cannot exceed 3x monthly income (which is not a normal DTI because the payment on that 3x would be like under 10%... I didn't understand

but we were denied none the less!

[awp317]

Just to finalize this thread, LR financial is underwritten by chase. I just opened my mortgage with them as well as 2 other cards so I guess they were just feeling a bit fed up with me. The final counter today was if I wanted 0.9% to put down 45k. Or put nothing down (omg who would do this) and get 4% apr through wells fargo. I decided to keep looking and take it as a sign it really wasnt the right vehicle. 

DCU is apprently capped at 40k no matter how much money you make so they are way out lol

[awp317]

To finalise this thread. I applied through USAA and got 1.39 for 36 months, set up automatic payments and used their services to finanlise the deal combined that dropped that to 0.59% brought home my new black beauty last night. Could not have been easier with usaa. Called up wednesday and applied, the only hitch was I had to submit tax returns due to the ammount of the loan (she said any loan over 50k requires this) after I did that I called back and the check was faxed right to the dealer and I put my down payment on amex in the finance office and earned some points while I was at it! Total financed was $63,294.xx  OTD price was 89,595 with TTL. Ended up putting less down than originally planned. But it just worked out that way. Thanks again for all the help! USAA has to be my favorite bank in the whole world.  I could tell however they werent happy I got outside financing, Tried to sell me every extra in the book from paint protection to an undercoating protection. IM in the south, it doesnt snow, we dont get salty roads lol!

[Remember0]

Wait you got them to accept your amex for a 20k+ down payment? Pro haha. Not an easy achievement, trust me.

And good for you for beating them at their own game in the finance office by financing yourself AND refusing useless crap.

Note to self: If I ever buy a high end car, insist the entire amount go on my credit card(s).

[awp317]

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@Remember0 wrote:

Wait you got them to accept your amex for a 20k+ down payment? Pro haha.

And good for you for beating them at their own game in the finance office by financing yourself AND refusing useless crap.

Note to self: If I ever buy a high end car, insist the entire amount go on my credit cards.

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I checked wiht amex "will my chargest be approved" thing and ran 35k through it and it said it would be approved so I knew I was safe. If you mean the dealer It had all this advertising for amex so I knew if they tried anything (which they didnt) I would have some ammo in the arguement. I always use my amex for down payments. Free points. Im tempted to actually let the balance stay on there until statement cuts just to have that show as my "high balance" limit on my CR report. Also just to see what the minimum payment would be lol