RoadLoans Experience / Advice?

[justbroke]

I faxed in my Roadloans stuff this morning and was denied.

My husband got a promotion Aug 1 and, since our year to date salary wasn't up, they denied us. They refused to look at his commissions and his upped salary. Sad part is, the income is there to be "approved".

They are very picky on the debt-to-income ratio. If you have a recent new job, they are almost as bad as the mortgage lenders.

They won't count overtime or commissions unless you can prove at least 18 months worth of it. That Debt-To-Income is going to be a big things these days. Gone are the days of 51% DTI.

[Stilltheone]

Sucky part is our new payment would be $60 less than our current one. How are we affording our current payment?

[justbroke]

Sucky part is our new payment would be $60 less than our current one. How are we affording our current payment?

They don't care what your current DTI is. Only that your new DTI would be XX%.

I went to refinance my house 2 years ago, and the lady said point blank... "I don't know how you can afford it now". (I guess she was right... but that's besides my point.) The refinance actually made it better and dropped my DTI within a range that they could approve it. Back then, you could get 49% DTI on home loans. Not going to be able to do that easily today, even with car loans.

What happened with mine is that I had offsetting income. I forgot to include my rental receipts as Income. That made it look like a 65% DTI.

[Stilltheone]

Again, the income is there, they just "can't" look at it. They have to look at his income, pre-promotion.

Learned my lesson...will never use Roadloans ever again!!

[justbroke]

Again, the income is there, they just "can't" look at it. They have to look at his income, pre-promotion.

Learned my lesson...will never use Roadloans ever again!!

I never understood the "look back" on this. While I have had overwhelming success with RoadLoans, Capitol One, and HSBC Auto, I was frustrated more by RoadLoans (who sells most of their loans to a terrible servicer called TranSouth).

They do tend to want a LOT more paperwork. I had less paperwork when asking for a loan from Ford Motor Credit. However, at the "deal desk" Ford gave me a hard time, so I told that dealership I'm leaving to another Ford Dealership and will use my HSBC Auto check 9which I had in my pocket for $25K. I made sure they saw it.

Better to find out now, than when you actually go to get a vehicle, as I did in the Ford Motor Credit situation.

[zakaddy]

I've got my fingers crossed. I didn't hear anything after I faxed my stuff in - I even called late in the afternoon and checked and they said that I was all set and if they "needed anything else" they'd call.

So I picked out a car, got a good price and all that - during the paperwork part obviously the finance guy wanted his chance to see if he could get me a better rate and all that - so I figured (esp with all this shifty seeming RoadLoans info) that it couldn't really hurt. So I guess I'll find out tomorrow if I'm actually going to try with the RoadLoans check.

He said that they see RoadLoans checks a decent amount at that delaership and he never usually has that much problem with them. He even said that they usually respond back in an hour or two to "approve" the check (on the dealer side, that is).

I did screw up by actually telling him what my RoadLoans APR was... so now he knows that if he beats 17.69%, he has the better loan and can use that info to try and screw me in another aspect. ;)

[mnepitjr]

The dealer is gonna tell you he can get it less now that you have told him. Bad mistake. He will make it look like you are getting a better deal and cheaper finance rate and then add stupid crap like finance charge, processing charge and so forth. If it was me and he came back with something that was close to what I already have, I would stick with the Roadloans since you already have the finance rate set. And now the dealer is gonna get more hits on your credit score trying to find you a cheaper rate which will hurt you.

[Ugh07]

So what happened zakaddy?