DENIED! (Not a big surprise)

[dingdong]

So I drive a BAC (Big Ass Car) SUV( we have horses, so I need to be able to pull a trailer) I drive 70 miles to work each way, so my gas costs are over 500.00/mo.

I was thinking, I could by a smaller cheap car , double my mileage, and it would save me about 250.00 in gas ( I currently get about 12-14 MPG) And with a 200.00/mo payment, I could also build my credit a bit. So really the actual cost to me would be nothing.(MY BAC is paid for and in my ex's name and he covers the insurance) Plus the tires on the beast are 200.00 each, so I would save on that wear and replacement cost from not driving it every day.

Which would basically be a wash, maybe even come out a little ahead, as I wouldn't drive the BAC, except when needed to pull the trailer. (Which isn't often)

So I pulled the trigger and applied through the Crap 1 auto finance ( cause it seems like they will approve virtually anyone) just to see if I might be able to qualify for a smallish auto loan. They have a min of 7500.00 financed.

Didn't really want to use them, but was just checking to see where I stand.

Well.. I got the big fat DENIED email within 30 seconds of applying.

I wasn't shocked in the least, but jeeze if you can't qualify for a crappy car loan, then I must be at the absolute bottom of the barrel credit wise.

Oh well, at least I am debt free! Looks like I am going to stay that way!

BTW, I was discharged in March, I may try again in a few months, if gas starts going nutso again.

[albacore44]

Sorry to hear that........It's one reason I purchased a new car before I file. !st att I spoke to told me I should buy a car. I looked at him like he was crazy. But I totally understand now.

So I went to a dealer, found what i wanted, and negotiated a pretty nice price. Next comes the financing, so I'm dealing with this old salesman, I know this guy was over 65, because we talked about all the old dealers he worked for here in So cal, i knew most of them. He comes back with my credit report. He says I just don't understand this, your score is low slightly below 600, but not 1 late, lots of history, 10 pages long. etc. well we will run it through the internet and see if someone accepts it, he comes back a few minutes later and says I told the sales manager, if we can't finance this guy, owns home, 30 years employed same company, no late pays etc. then we need to close the doors here because we can't sell cars. so a few minutes later they call me over. 2 banks accepted it Cap 1, and Chase. I took Chase for the lower rate.........ohh the irony, I'm defaulting on 4 of their CC's

[justbroke]

dingdong... now there you go again. Getting denied!

Best wishes on securing financing in the future. You should probably wait until September or October. (The phantom six-month post-discharge rule. )

[DeadManCrawling]

Hrrrrrmmmmm.

Maybe we should redo that Fako score thing.

It is possible you could beat me this time.

Seriously, though, sorry to hear this and hope it resolves in your favor.

[dingdong]

Thanks guys!
I appreciate the support, Getting denied was completely worth it just to see your kind words.

I actually haven't had any kind of credit for a few years, so eh, no biggie, kind of used to it.

But I thought just maybe...

Probably would have chickened out anyway and not bought a car.but it would have been nice to have been "worthy" again.

Now I am going to go apply for a mortgage!

ha-just kiddin'!

[DownNotOut]

Awww, dingdong, I'm sorry! I know you don't really want more debt, but when someone denies you it still stings a little, yeah?

Keep your chin up and like the others said try again later - I'm sure there are people out there who would approve you. Wasn't there a thread from someone else who bought a Ford? They were just discharged and got some really good incentives from Ford.

[dingdong]

[justbroke]

You can check it out. I think I had a loan through RoadLoans about 7 years ago or so. They weren't too bad... think I had 14% on the car back then. I later refinanced it through HSBC for 4.95% or something like that.

[dingdong]

Thanks, I will call them Monday and see what they have to say.

I could probably live with 14-16%, seeing that I have crappy credit, I wouldn't expect a decent rate anyway.

If I could get something for under 7000.00, and 200.00 ish / month, I might just do it.

Plus my daughter needs a car and she could drive the BAC around locally, and it would be safe if she was ever plowed by another car.

I'll post what I find out on Monday.

Thanks!

[Nick9075]

So I drive a BAC (Big Ass Car) SUV( we have horses, so I need to be able to pull a trailer) I drive 70 miles to work each way, so my gas costs are over 500.00/mo.

I was thinking, I could by a smaller cheap car , double my mileage, and it would save me about 250.00 in gas ( I currently get about 12-14 MPG) And with a 200.00/mo payment, I could also build my credit a bit. So really the actual cost to me would be nothing.(MY BAC is paid for and in my ex's name and he covers the insurance) Plus the tires on the beast are 200.00 each, so I would save on that wear and replacement cost from not driving it every day.

Which would basically be a wash, maybe even come out a little ahead, as I wouldn't drive the BAC, except when needed to pull the trailer. (Which isn't often)

So I pulled the trigger and applied through the Crap 1 auto finance ( cause it seems like they will approve virtually anyone) just to see if I might be able to qualify for a smallish auto loan. They have a min of 7500.00 financed.

Didn't really want to use them, but was just checking to see where I stand.

Well.. I got the big fat DENIED email within 30 seconds of applying.

I wasn't shocked in the least, but jeeze if you can't qualify for a crappy car loan, then I must be at the absolute bottom of the barrel credit wise.

Oh well, at least I am debt free! Looks like I am going to stay that way!

BTW, I was discharged in March, I may try again in a few months, if gas starts going nutso again.

I was denied an $8,000 car loan WITH $10,000 down for a USED car. The APR would likely be close to 20% but $10,000 would barely get you a used 2000 Hyundai Accent so I was hoping to get a late model Altima or Corolla from maybe 2006 with around 50,000 miles.

What do you know even with an $85,000 a year salary and offering 50% or MORE down on a SECURED asset -- no dice. This was going directly to the dealers F&I department.

[Nick9075]

I would NOT check out this offer. What you have to realize is that if you have bad or 'imperfect' credit such that you have to go thru these lenders and their 'preferred' dealers they know you are desperate therefore you will be charged the highest price possible BEFORE the finance charges are even taken into account. Not to mention all the other BS which is just profit for the dealer like 'dealer fees', 'extended warranties', and comprehensive insurance. I never wanted to do car payments for this very reason but most of these 'preferred dealers' are the lowest of the low -- as slimy & sleezy as subprime mortgage brokers or one step above payday lenders.
I am lucky that I am in the position that if I don't like the terms I can get up and walk out but hope to god I am not in that position.
Unfortunately it sucks when you see most people 7 - 10 years your junior (I am 33) and likely making less money at your job driving 2008 cars that likely cost $50,000 and up

[dogbone33]

We are going to a Ford dealer Tuesday who is going to help us. Went to one place and they have so called Fresh Start loans. They wanted us to put 2k down on a 99 durango with 115000 miles on it! We would pay 300 a month for 15 months then we would be able to get a loan for a new car. I thought it was a scam since the 2k should clearly pay for the durango out right. So I called another dealer and told them about what happened and I am not buying anything over 40k miles blah blah. They said they might be able to get us into a brand new truck for the payment we want or we can look at nice/newer used with little miles. I told them I am not the desperate to buy (even though I kind of am) so don't try to sell me crap or I will leave. With all of the rebates and the z plan through Ford we will hopefully get a new truck for a good price. But I am not getting my hopes up. They did already run our credit and said we will be driving home a truck just need to pick out one we like. So it don't hurt to look into what they have to offer. Also any interest we pay is a tax right off but if it's high we will refi. But they also said we may be able to get the 4.9% on a new one. So good luck!

[bk4sky]

dingdong-

good luck! i hope things work out for you.

i just filed and my car is 6 yrs old and PIF, i kinda know im going to have to prob drive it and keep putting work in it until it blows up lol

[dingdong]

Yeah, I am not getting my hopes up at all, if it is a bad offer and doesn't make sense financially I will just wait.

I did some research on Roadloans and found a forum where a buyer approved from Roadloans had to give the car back because the dealer asked for 2500.00 more once the buyer had the car.

It seemed that Roadloans adds on a "finance fee" that the dealer is supposed to add to the price of the car (basically pass on to the buyer), so this guy was supposed to pay 2500.00 more for the car in addition to the high interest.

I am going to ask RL if they do that, if so, no way Jose am I gonna fall for that crap!

I am not that stupid or desperate!

[Nick9075]

Thanks, I will call them Monday and see what they have to say.

I could probably live with 14-16%, seeing that I have crappy credit, I wouldn't expect a decent rate anyway.

If I could get something for under 7000.00, and 200.00 ish / month, I might just do it.

Plus my daughter needs a car and she could drive the BAC around locally, and it would be safe if she was ever plowed by another car.

I'll post what I find out on Monday.

Thanks!

I don't know what kind of barely safe less than 5 year old car or any vehicle one can find for less than $20,000 let alone $7,000.

I have $10,000 I could put down toward a loan. I cannot qualfy for $5,000 loan at any interest rate where I effectively can put more than 50% down. Any decent Nissan or Toyota from 2006 or later is at least $15,000 + taxes and fees.

No one will approve me not at 10%, not at 25% so I don't understand how those who are close to filing and already likely have bad scores are getting approved.

Cars that cost $7,000 are likely 15 year old junk boxes being sold from the lot of a gas station. Not worth it considering the cost of repairs.