Impossibility of getting a loan.

[sudo]

Agh. I'm so frustrated.

Trying to get a loan to buy a used pickup to replace my car for $15k. Its been a year since discharge now so I thought I would try to qualify for a poor credit car loan.
I think I tried every reputable place on the internet and got shot down so I asked my dad for help who has excellent credit score and a high income.

I've had a car loan with wells fargo before and never missed a payment, I reaffirmed the debt and I'm actually above water on the trade.

just heard back from wells fargo and they shot me down even with the cosigner. how am I ever going to be able to get a vehicle at this rate?

[justbroke]

You tried RoadLoans, HSBC Auto Finance and Capitol One Auto Finance, and they ALL shot you down?

[sudo]

I tried capital one and got shot down. although the dealer where the vehicle i want doesn't participate in the blank check thing so it would have forced me to go with my fallback vehicle anyway.

road loans also doesn't work with that dealer.

its a small family owned chevy franchise dealership.

[Amy26]

Is there something on your credit report that you haven't cleaned up? I find it odd that even a dealership couldn't get you financing ...even at a bad interest rate. I was able to get a loan on a new car days after discharge. Are you dead set on that one vehicle? Perhaps you could speak to another dealership and see if they would have a finance program for you. I went to a Ford dealership and received a loan through americredit with nothing down.

[justbroke]

Why are you worried about using a particular dealer? That limits your options. You need to be expanding your horizon here.

[sudo]

I am actually expanding my horizons, the dealer where I found the pickup is like 300 miles away. I've been searching for exactly the right vehicle at many dealerships and this one meets my requirements. requirements being a full size 4x4 pickup with less than 100k miles and less than $15,000 so I could finance it and keep roughly the same monthly payment as I've been paying now. never been late on the car payment even by a day, but i guess that doesn't matter too much to them. this particular one is only 55k miles and is single owner and very clean.


i pulled my credit report and i see one account which shows a 268 dollar balance but also says it was charged off and closed with an annotation of included in chapter 7. i filed a dispute on it and i haven't heard back yet. that only shows up on experian. the other two look ok.

I'm not sure how my reaffirmed auto loan should look though. I reaffirmed it, one says zero balance, one says the balance before I reaffirmed, one shows nothing at all. it doesn't show any payment history since the day i filed even though I've paid on it every month.

scores experian: 592
transunion: 628
equifax: low 600s

[sudo]

one question. do you think it would work to have my dad as the primary signer and myself as the cosigner? I don't care that the car will get titled to him since I can just have him gift it to me later, but I would need to be able to get the insurance under my name.

[justbroke]

If you get a blank check from any of the places I listed, they are draft checks. They are not "program" checks. By "program" checks I mean those that require you to use a particular dealer. Make sure you are getting an actual "blank" check, also known as a bank draft. You should be able to use it anywhere.

I have never had a problem using a true "blank check" at any (branded) automobile dealership.

[sudo]

If you get a blank check from any of the places I listed, they are draft checks. They are not "program" checks. By "program" checks I mean those that require you to use a particular dealer. Make sure you are getting an actual "blank" check, also known as a bank draft. You should be able to use it anywhere.

I have never had a problem using a true "blank check" at any (branded) automobile dealership.

I'm not so sure about that. http://www.capitalone.com/autoloans/...ns.php#9_pg_sl

9. Where may I purchase a vehicle?
Capital One Auto Finance only provides financing for new and used vehicles purchased from select franchised dealers listed on our Dealer Locator. We do not offer financing for vehicles purchased from independent used car dealers, auto brokers or private party sellers.

it is a franchise chevy dealer but its not on their list.

[justbroke]

9. Where may I purchase a vehicle?
Capital One Auto Finance only provides financing for new and used vehicles purchased from select franchised dealers listed on our Dealer Locator. We do not offer financing for vehicles purchased from independent used car dealers, auto brokers or private party sellers.

That is not the Capitol One "blank check". That is the "program" check and the one I referred to in my post. If Capitol One no longer offers "blank checks" then I apologize for referencing them.

When I went to purchase my 2007 car, I applied to 2 different places that had "blank checks". This included Capitol One and HSBC Auto Finance. I also applied directly with Ford Motor Credit. I was approved by all three and made my decision based on the best APR and term (years).

[sudo]

its 2:37am here and just got an email from experian that they finished my investigation. they updated my car loan to say open/never late and to show the current balance which is substantially lower than what was previously reported.

they also fixed the line of credit to show zero balance.


experian fico jumped from 585 to 622. does that seem like its a big enough jump to bother and apply again?

[justbroke]

Please know that the credit score you see (FICO) is NOT the same as the automobile credit score! The automobile credit score puts MORE weight on prior automobile trade lines on your credit report. Since you "fixed" that problem, you may be able to get approved.

[mom2three09]

Maybe it has more to do with what you're trying to finance then it does your credit history. I know for us we couldn't find anyone to approve us for a 2008 Dodge Avenger R/T (loaded w/ only 20K miles) for $16,500 ... but we just purchased a 2007 Mazda6 i sport with 30K miles on it... the thing is tho we only needed to finance $10K after our trade. Our credit union approved us almost immediately, but wouldn't touch us when we were shooting for $16,500. The amount that we wanted to finance was obviously holding us back. Also, the Mazda book values for $4-$5K more then we paid (which I'm sure helped get us approved).

ETA: We're almost 6 mos. post discharge and were approved @ only 9.9% interest. Don't give up... we didn't and we're so glad now that we didn't

[sudo]

Wells fargo continues to say hell no.

I tried a local community bank where I have an account and they basically said there is no way they could approve a loan with my name on it, only option for them would be to approve a loan for him without me on it at all, then adding my name to the title.

I also talked to my credit union again, they said there was no way I could get it by myself or with a cosigner for any amount, but I might be able to qualify as a joint account.

I guess they consider joint ownership and a cosigner differently because a cosigner has no ownership stake in the vehicle whereas a joint owner does. Also I guess they will add in his income, housing, and employment history together for the loan application, whereas if its just a cosign they only consider my income and short employment history.

Should find out tomorrow.

[nerves]

If you have a short employment history - that is probably the problem and not the credit score. As stated in a previous reply, it could also be the amount you are requesting. I hope you find what you are looking for. I know how frusterating all this can be.