Application Question

[leek]

I will be applying for an auto loan soon, and our mortgage is in my wife's name (I am not on the deed or the mortgage). I do make the payment though. Should I show this on the application?

 

Thanks

[losingmymind]

I would like to know the answer as well. We are buying a vehicle in a couple of months and are planning on DH applying w/o me. The mortgage is not in his name nor the deed. He doesn't make the payment so technically he is not financially responsible for the account. It was my home before we married and we have just left the payment as such.

[losingmymind]

.l

[ms6073]

Should I show this on the application?

 

What does it say on your credit report? More than likley the lender you choose for the transaction is going to make a lending decission based on the use of predictive analysis software (credit scoring). This method derives the majority of its data from your credit report and judgemental analysis will only be employed in the case of marginal report data/credit scores! Regardless of the day of the week, the auto lenders/dealers are usually going to know within minutes whether or not they will extend credit. Any delays will indicate that they are shopping your application around to try and get a better profit margin on the loan!

 

My advice is before you throw yourself at the feet of the auto dealer for financing, why not check with you local bank or credit union to see what kind of financing they are offering. If you follow this process, knowing before hand that you are already approved, you can then deal as if paying cash! Haggle with the salesman/dealer until you arrive at a cash selling price that is acceptable then call the bank to find out what the deal will cost you in terms of payment. Now, if you want to know what kind of rates the dealer has to offer, you are now dealing with a finite number and the salesman can not unknowingly manipulate the selling price in an attempt to leverage financing in order to improve profit margins.

 

 

Michael

[PeteB]

Similar situation here. My Wife's name is on the mortgage, but both names are on the deed. Shouldn't show up on my credit report, right? Thinking about refinancing current auto loan. 12.4% right now...my scores are 590, 623, 644. Any thoughts?

[the F&I car guy]

they are going to put both of your debts together anyways..it really doesn't matter...i would definantly stay you are a homeowner on the app though...it can only help