8 replies to this topic

[Scarlett Jo]

Hi everyone,

I wondered if anyone had experience with Ally Financial?

I applied online and received a pre-approval. Of course they said that I should work out the APR with the dealer that I selected.

I will provide proof or residence and income verification. Will they need to pull my credit again? Has anyone ever had a pre-approval fall through?
I've never purchased a new car, so I'm not sure how this works.

After I select the car and I sit down with the finance guy, what happens?

Thanks for any information you can give me!

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[breeze]

I believe Ally is the banking part of what used to be GE Capital.

[jgill84]

It will put the app into the dealers system. i dont think ally will pull another credit report, but the dealer may pull another, i know when i did my pre approval with toyota, they dealer still had to pull my reports.

[boomhower1820]

You can rest assured the dealer will pull to try and beat it. I have my loan through ally and haven't had any service problems. Didn't do a preapproval, just went to the dealership.


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[MarvBear]

You applied to an indirect lender. The dealer is responsible for setting the rate and terms.

The dealer will also pull your credit file again so they can provide all the required notices.

You would need to negotiate the price with the sales department and then head off to the F&I Manager and hope you didn't bit off more than you can chew.

[Scarlett Jo]

You applied to an indirect lender. The dealer is responsible for setting the rate and terms.

The dealer will also pull your credit file again so they can provide all the required notices.

You would need to negotiate the price with the sales department and then head off to the F&I Manager and hope you didn't bit off more than you can chew.

Thank you!

I read about indirect lenders in the doc you have, but I'm still not sure I understand. Does the car lot have to approve me as well?

[MarvBear]

Indirect lending & Direct lending are explained in seperate topics in this forum.

http://creditboards....hp?showforum=60

Read them BOTH, then if necessary, post back a question about what it is about Direct vs Indirect you don't understand.

[Scarlett Jo]

I didn't quite get it, but I Googled to better understand. Thanks!