well i have a good credit score and i can more then afford it i own a buisness that is doing quite well...and did really damn good in mississippi doing fema work made more money then i can spend in a year...

 

Doesn't matter they ******* with you! Take it back and if you like it that much go get another one from a DIFFERENT dealership. These guys are playing games with you to get more money out of you! Heres what happens you get approved for a 10% car loan so they tell you they could only get you 20% then they buy the loan from the bank and re sell it back at the 20% and then they make an additional 10% in intrest on the back side of the loan. Thats how car dealerships loan departments make money.

GO ELSEWHERE!

 

hate to be the obvious voice here...why dont you pay cash then and not give anybody a couple grand in interest?

 

AWESOME POINT!!

 

Jesse,

I just got your PM and wanted you to know I didn't intend to insult you. OK?

That is a good credit score, especially for a 19 yr. old. Are you sure there are no collections? Again, the dealer isn't obligated to show you anything, so if they did showed you anything, it's the good stuff. You have to keep in mind, they wanted you to walk out of there with the car and a false hope that you were getting a great loan.

The only other thing I can think of is a possible collection or, since you're 19 did they say anything about a co-signer? Sometimes a co-signer can help, sometimes it can hurt.

E.G., I also have excellent credit. Before my wife and I were married we went to a dealership looking to buy a used '95+ Blazer. She had horrible credit from her ex-husband, and I was honest and up front with the dealership since I delt with that type of stuff when I sold cars. I specifically told them not to run our SS#'s together because when they do, the credit score is based on the average between the two people.

I told them to run our credit reports seperate and if they couldn't get us both bought together, then only put my name on the loan.

Of course, they didn't listen to me. Without my knowledge, they ran our SS#'s together and said "We'll call you." They tried to get us to take the Blazer, but I refused.

Four days later I finally called them to find out what was going on. Their response was "We got you approved on a '95 Grand Am"???

I said "We want the Blazer."

They said "We couldn't get both of you approved on the Blazer."

Then, repeating myself, I said "So then take her name off the loan like I told you. And get me the Blazer."

They said, "It's too late now. You have too many inquiries on your credit report (which also effect if you're approved or not.)"

Needless to say we went elsewhere.

My point is, if they did ask you for a co-signer and that person has a bad credit score, that will also effect the loan you get.

If you don't have a co-signer right now, and are able to get someone who also has good credit, ask the dealer if it will help. If they say no, then they're just trying to **** you over and you need to go somewhere else.

 

well i just got home from the dealer...and the reason i dont buy it in outright cash is just cus im trying to get better credit then what i have and have more credit history then i do...So i no longer have my Cobalt i gave them the keys and told them to have a nice day and walked out. I went to the bank where i do all my personal banking and my buisness banking with and there seeing what they can get me with my credit so if i get that im going to go to a different dealership bout half an hour away and getting the same car but a manual transmission instead of an auto.. so i find out within the next 30 mins or so if i can get a loan (remember i want a loan so i have have more on my credit history and to raise my credit score) and aj_92rs please believe me that you didnt insult me at all you were just stating what you knew and it infact helped me. But the amount of trouble this dealer has caused me i will not be going back to them...(problem was it was a fuckup sry for the language but it was a promotion they were having and had brought down car salesman from somewhere else and he lied on my application the only issue was that i have been with my company for 8 months...not a year like he stated...so i dont blame the dealership i blame the ******* car salesman :-( but now i have no ride and i miss my car so much!

 

Way to stick it to them.

Major props!

 

u go boy!

 

You shouldn't have gone back to the dealership. If they didn't have a record of you applying for credit then they don't have a legal contract that you took delivery. You should have just kept the car. Glad to hear that you got out of it ok though.

 

well just got off the phone with my bank...insafeicent ammount of credit history...so no go there :-( im outta options now :-( and no ride

 

get a parent to co-sign All is solved

 

i wont let them lol

 

why not? It solves the problem and will still get you credit. Thats how I got my credit up. I let my parents co-sign then a few years later after I had history and what not I got my own loan to pay off the initial loan

 

cus i honestly dont think they will help they've always told me they would help me with these kinda things and then they dont :-( so im **** outta luck guys i fell in love with my car and now i dont have anything but some pics i took last night

 

I would give it a try man. Especially if you like the car. Just go to your bank with your parents and have them try to co-sign. Especially if they trust you to pay i dont see why it wouldnt happen and you would get ur ride.

 

i will just wait until 4 months comes up and i'll reapply only thing holding me back is the fact i havent been at my job for a year like the carsalesman said i've only been there 8 months :-(

 

I'd say get a co-signer OR try another dealership! Just cause ONE is an ass pipe doesn't mean we all are.

Find one that wants to make the sale and they will make it work!

Glad you turned it in and didn't take that from them.

 

get on chevys website and get a preaproval...for the exact car i want from another dealer...but not sure if i can get the preaproval...

 

So? TRY! You never know till you try! The worst they can say is they need a co-signer and thats when you call mom and dad.

 

I'm a finance manager at a GM dealership in CA and I see these situations all the time. Considering your age and limited credit experience, I recommend again from previous posts that you get a co-signer. The other option to to put a nice hefty downpayment so that the bank or GMAC feels more comfortable financing you taking into consideration your limited credit. GMAC also has a first time buyer program..although it does require that you have a little more time on the job.

In regards to the dealer pulling back on the contract, and increasing the rate....that is common. I know in California, the dealer has 10 days to have the contract assigned to a bank that will approve the entire contract (rate and financed amount)....hence the reason for them to resign you, and the dealer has the right to cancel the contract. They probably did not have an approval and just wanted you to fall in the love with the car...and gamble on the fact that you'll resign since you love the car.

Good luck!

 

So the dealer can break the contract but not the buyer? I think that is real shady.

 

ok

first off what ur explain is illegal.. i had this happen to me the first time they ran my credit thought they said i didnt have enough history... so i had to have my father co sign.. well gmac screwed up and still sent me a letter saying that they will make a deal ofr 18% interest... ignore it and keep making payments..

 

first off, massive props to you for being a 19 year old who sees the situation and makes the best choice.
im certain most 19 year olds would say "**** all you old farts im keeping it"
and ended up screwed on a high interest loan, probably end up getting reposessed.

It sucks that they baited you like that and you fell in love with the car (not surprising, they are great cars) but i think youve done yourself a huge favour, and you will look back on this thanking god that you waited a bit more and got the right deal for you.

Chin up brotha. youll get your ride eventually. and it will be the right deal for you.

 

Go for it! I was drooling over the SS and decided WTF and filled out the online approval. Sure enough! But your a smart guy, do what you think is right for you!

 

Not shady. Since dealers are not financial institutions, they are making the rates with the assumptions and provisions based upon what lenders will approve. If the dealer writes a contract that cannot be financed or approved by any bank, then the dealer has the right to adjust the contract to make it approvable. In (sue happy California) the dealer has ten days to get the contract bought.

In fact the consumer has to sign on the contract the following: "Seller's Right to Cancel. If the Buyer and co-buyer sign here, the provisions of the Seller's RIght to Cancel on the back of the contract gives the Seller the right to cancel if the Seller is unable to assign the contract to a financial institution."

Here's what's on the back of every contract in California (not sure how it is elsewhere):
a. Seller agrees to deliver the vehicle to you on this date this contract is signed by Seller and you. You understand that it may take a few days for the Seller to verify your credit and assign the contract. You agree that if the Seller is unable to assign the contract to any one of the financial institutions with whom Seller regularly does business under an assignment acceptable to Seller, Seller may cancel the Contract.

Again, lawyers know this option....and lose all the time.