i no longer have the 06 gt, i got my 95 cobra back....i was buying it from a local dealership and something went wrong, they were trying to get more money i think and tried thru dozens of lenders and it was a no go....
well the new car was short lived....
- Thread starter MI95Cobra
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April fools!
I was waiting for someone to post some horrible story today...First of all, they wouldn't let you drive the car off the lot without first securing the funds
'66 coupe
Founding Member
First of all, they wouldn't let you drive the car off the lot without first securing the funds
Not true. If the deal was done on a Sunday, most banks would be closed. But if the buyer has solid credit and the dealer is sure they can secure a loan they will write the deal up give the customer the car, then just finish the financing on Monday when the bank opens.
On rare occassion the credit app. won't go through, like if some of the info was falsified, then the dealer will get the car back from the customer. I've seen it done.
Often time the deal may not go through the way the dealer wanted. But it's easier to have the customer re-sign on a car they've already taken home than to have them wait until Monday to find out what their real payments will be.
The story would not have surprised me if it was true.
Dealers can hold points on your credit. If you get approved for 7.9%, they can sign you for 8.9% and keep the extra point. That's why it's a good idea to secure your own loan before going to the dealership.
its an actual true story......i had the car for a week and they informed me last friday, so i gave the car back went down to the next car lot and found another 06 gt ($4000 cheaper) on late saturday and by tuesday got a word saying i was approved BUT because the previous dealer hit up all lenders and something to do with them contacting the lenders within the week, and every check on your credit knocks it down a point, and not getting approved by the lenders the first time (same lenders are used for both dealerships) i was denied again and was told to try it again in a few months....
Wow, sorry to hear that, man, usually someone tries to pull-off a horrible story on april fools...
I guess it depends on the dealer, the place I bought my used SUV, they do not let any car off their lot that has not been fully approved for financing. I went in on a saturday, and had to wait until wed. night to pick it up because they set-up everything with the banks during the week.
I wish you better luck the next time you go....
I guess it depends on the dealer, the place I bought my used SUV, they do not let any car off their lot that has not been fully approved for financing. I went in on a saturday, and had to wait until wed. night to pick it up because they set-up everything with the banks during the week.
I wish you better luck the next time you go....
Its true!!! Dealerships have MANY lenders,.. and during a loan app, they usually submit to all of them!! Which, takes your credit down, because at that point.. there are so many "requests" for "credit" that you become a liability..
Take your down payment in,.. and also INSIST!! that they try no more than two lenders. If the first two dont hit, odds are.. the others wont either. Or,.. you'll be screwed with a super high interest rating.
I once tried to buy a car,.. having PERFECT credit.. and was shot down because my credit history wasn't long enough. So, its kind of a catch 22. You pretty much, have to BE in debt.. to put yourself into debt.
Geee, I wonder who thought that one up...
I am almost 30 years old, and I have NEVER had a credit card. I figure if I don't have the cash for it... I dont need it!! The banks don't look at it the same way..
They want interest, .. they want penalty fee's.. pretty much, they want someone with "less than perfect credit" who isnt a liability.. "credit apps" So, they like when you OWE people money.. they dont like when you are ASKING for money.
Thats my take on that situation anyway...
Will.
Take your down payment in,.. and also INSIST!! that they try no more than two lenders. If the first two dont hit, odds are.. the others wont either. Or,.. you'll be screwed with a super high interest rating.
I once tried to buy a car,.. having PERFECT credit.. and was shot down because my credit history wasn't long enough. So, its kind of a catch 22. You pretty much, have to BE in debt.. to put yourself into debt.
Geee, I wonder who thought that one up...
I am almost 30 years old, and I have NEVER had a credit card. I figure if I don't have the cash for it... I dont need it!! The banks don't look at it the same way..
They want interest, .. they want penalty fee's.. pretty much, they want someone with "less than perfect credit" who isnt a liability.. "credit apps" So, they like when you OWE people money.. they dont like when you are ASKING for money.
Thats my take on that situation anyway...
Will.
'66 coupe
Founding Member
I'm 23 and have a near perfect beacon score. If I went for an auto loan I would need one more credit card on my history to get the best rate; but I could get approved as it is. I've had one credit card since I started college at 17. But the card was and is paid off every month and I haven't given them a cent of interest...but that was enough to get me the good beacon.
If that's what you need to do, then do that. It's just like writing the person a check, except you only write one check at the end of the month.
5.0_GT_kid
Dirt-Old 20+Year Member
You need to get yourself at least 3-5 credit cards and keep them in good standing. Like 66 coupe said, if you pay them in full each month you won't get stuck with the interest.
Get those credit cards and stay current on them. Use them to buy things you do everyday (gas, groceries, utilities) and then just pay them off when it comes due. It won't be long and you'll be able to finance anything you want.
Also keep in mind that as your score gets better, you can get cards that get different rewards. I know a guy who pays his cards off in full each month so he doesn't pay interest, but between his cards he got about $500 in rewards like cash back and airline miles.
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