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#972 of 1033 Re: Turned Down for Auto Loans Question [Mr_Shiftright]
Jun 13, 2011 (5:24 am)
Also, my understanding is that several inquiries all around the same time count as one inquiry, because b people do shop around for the best deals, whether it be a house loan or car loan etc., so the comment that you had too many inquiries doesn't seem right.
#973 of 1033 Re: Turned Down for Auto Loans Question [604doc]
by MrShift@Edmunds HOST
Jun 13, 2011 (5:31 am)
Also correct I think. The dealer's rap doesn't inspire confidence.
#975 of 1033 Does Debt to Income Outweigh Good Score?
Jul 31, 2011 (7:16 am)
I have a good overall credit score of 740, but high debt/income. Do auto loans or lease financing factor the debt/income more than the number of your credit score? I would prefer to lease, but either way I don't want my credit report pulled if the debt/income ratio is going to throw me out of the game. I own 3 homes (2 are rental properties) and dont currently have an auto loan. Its the mortgages and some credit card debt that weighs me down on paper. I dont have any late payments and am employed.
Thanks for any guidance!
#976 of 1033 Credit denied after taken possession
Aug 24, 2011 (3:56 pm)
I just purchased and took possession of a new Nissan car. The finance manager checked my credit rating and it was 822. I also have a very good and high paying job. The finance manager assured me my credit was excellent and that the 0% financing would be no problem. Thus, I put down a 50% deposit on the car and drove away. Two weeks later, I received a call saying Nissan Motor Acceptance Corp denied my loan. They would not say why. They demanded I pay cash or return the car. I told them the car already has 2,000 miles on it as I took it on a cross country trip during the last two weeks. They then said, that I must pay them the cost for wear and tear on the car, which is significant. Do I have any recourse against the dealer? I purchased this in good faith, put down a deposit, and was virtually guaranteed I would qualify for the loan.
#977 of 1033 Re: Credit denied after taken possession [timmy15]
Aug 24, 2011 (4:26 pm)
Google "car loan denied after possession." good info online.
#978 of 1033 Re: Credit denied after taken possession [timmy15]
Aug 24, 2011 (5:31 pm)
Credit score 822...check
High paying job...check
Denied loan...hard to believe
Can you not finance through a bank or credit union? This story makes no sense...
#979 of 1033 Re: Credit denied after taken possession [timmy15]
by MrShift@Edmunds HOST
Aug 24, 2011 (7:53 pm)
No you have no recourse because when you read your contract you will see that it says "subject to approval by the lending institution' or something like that.
And yes you have to bring the car back (in most cases). The best resolution would be to return the car (your part) and the dealer not to charge you for use (their part). If one or the other digs their heels in, then it becomes a legal issue and you'll have to bear that expense.
You can claim that they "promised" you financing and that this constitutes a contract, but I kinda doubt any court would really enforce that type of argument unless you had it in writing, or saw such a guarantee in an ad (e.g. "we never turn down anyone for financing" )
But even THAT is a loophole, because they'll get you financing all right, just not at the previously agreed rate.
Also I have to say I agree with the other poster, something about this story doesn't quite add up. Have you forgotten something?
#980 of 1033 Balloom financing
Aug 25, 2011 (6:20 am)
I figured that I'd ask about this here. The deal I'm loking at is for a 2011 Town & Country Touring. MSRP is over $29,000, and then there's a $2,000 manufacturer rebate and then if financed with a specific bank they will offer $4,000 more rebates, but there is a $3,500 balloon payment at the end of a 72 month loan. The dealership keeps assuring me that I can just refinance the loan with my credit union without any penalties and they have also told me this can be done at anytime. Anyone have any experience with this? With the dealers pricing, rebates and my trade I'm looking at financing $21,446.
I don't want a balloon payment, which is why I would refinance -rate on balloon loan is 7.18% and rate with my credit union would be 3.25% (already pre-approved). Advise, thoughts?
#981 of 1033 Re: Balloom financing [megros]
Aug 25, 2011 (6:25 am)
My thought is if you have to finance $21k for 72 mos and still have a balloon payment at the end, then you can't afford this vehicle.