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Credit Scores and Vehicle Financing

1023 messages,  Last post on May 07, 2013 at 3:37 AM

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What is this discussion about? Car Financing

Messages Page 100 of 103

#985 of 1023 Re: Balloom financing [megros] by qbrozen

Aug 25, 2011 (9:20 am)

Replying to: megros (Aug 25, 2011 7:58 am)
well, ask about prepayment penalties and make sure it is stated in the contract somewhere. Maybe even just call the bank in question. I'd also question why the loan needs to be structured that way. Shouldn't the rebates still apply to a non-balloon finance? And, if not, then that would indicate to me prepayment of this special loan would be a problem.

#986 of 1023 Re: Credit denied after taken possession [ksccts] by timmy15

Aug 25, 2011 (1:03 pm)

Replying to: ksccts (Aug 24, 2011 6:31 pm)
I agree it doesn't make sense. And, no one will say why. Nissan Motor Acceptance Corp says they will send a letter, but cannot say anything over the phone. That's why it is so frustrating. The dealer is just being a jerk. I think there was something placed wrong in the application/communication between the dealer and NMAC, but no one will discuss it. I could easily get a loan, but the 0% interest is why I purchased the car from them.

#987 of 1023 Re: Credit denied after taken possession [timmy15] by timmy15

Aug 29, 2011 (7:34 am)

Replying to: timmy15 (Aug 24, 2011 4:56 pm)
An update to my post. Instead of paying the dealer for wear and tear on the car, I decided to just pay it off. So, I brought in a check for the entire balance and that was it. Now, at this time, I still did not know why my loan was not approved, despite having an 822 credit score, a good job, and no debt. I FINALLY received the letter from Nissan Motor Acceptance Corp explaining why my loan was not approved. It said my debt ratio was too high and my credit score was too low. I brought the letter to the dealer, who contact NMAC and after some discussion it was discovered there was an error in the paper work. The dealer blamed NMAC and I'm sure NMAC blamed the dealer. I think the whole thing was a scam for them to get out of the 0% financing. Be careful out there.

#988 of 1023 Re: Credit denied after taken possession [timmy15] by Mr_Shiftright HOST

Aug 29, 2011 (10:45 am)

Replying to: timmy15 (Aug 29, 2011 7:34 am)
So they wanted an 840 instead of an 822? LOL!

#989 of 1023 Re: Credit denied after taken possession [timmy15] by verdugo

Aug 29, 2011 (12:27 pm)

Replying to: timmy15 (Aug 29, 2011 7:34 am)
. I think the whole thing was a scam for them to get out of the 0% financing.
 
Well, it kind of worked
 
Glad that you were able to pay it off. Enjoy your car and thank you for the follow up post. Most of the time, we don't get to find out what happened.

#990 of 1023 Re: Credit denied after taken possession [verdugo] by Mr_Shiftright HOST

Aug 29, 2011 (1:49 pm)

Replying to: verdugo (Aug 29, 2011 12:27 pm)
Well in most cases, that's still the cheapest way to buy a car, especially since putting your car money into a savings account isn't very fruitful these days.

#991 of 1023 Advertised financing rates - negotiable? by knight_ru

Sep 01, 2011 (10:07 am)

Out of curiosity - any tips on how to negotiate listed financing rates? I have excellent credit but do not want to pay the advertised 2.9% financing charge in this market.
 
thanks in advance.

#992 of 1023 Re: Advertised financing rates - negotiable? [knight_ru] by Mr_Shiftright HOST

Sep 01, 2011 (10:21 am)

Replying to: knight_ru (Sep 01, 2011 10:07 am)
Often the rates are pegged to other incentives, so if you want the incentives you have to pay the rate. This is all set up by the captive financing institution.
 
You can shop for money just like you shop for a car however. If you think you can beat 2.9% privately, go for it.

#993 of 1023 Re: Advertised financing rates - negotiable? [Mr_Shiftright] by knight_ru

Sep 01, 2011 (10:27 am)

Replying to: Mr_Shiftright (Sep 01, 2011 10:21 am)
For example - a regional bank is offering 2.5 for the same amount of months - If I bring that in, will they match it, or would I just be better off getting approval for that and bypass the negotiation process?

#994 of 1023 Re: Advertised financing rates - negotiable? [knight_ru] by Mr_Shiftright HOST

Sep 01, 2011 (11:55 am)

Replying to: knight_ru (Sep 01, 2011 10:27 am)
Well be on your guard here. They may *say* they'll match it, and even write it up at a lower rate, but the contract will read "subject to approval of credit" blah blah---and then you may find that the financing didn't go through even though they gave you the car. Not a good situation.
 
As long as the incentives/rebates on the car (if any) aren't tied to the dealer's financing, then it's a wash as far as I'm concerned. I've always used my own financing as I have access to local assistance if I need it.

Messages Page 100 of 103

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