maximus5403

Thanks. He really didn't want to lease, he would rather have a loan. I guess it's time to go start talking to dealers.

I know his credit is low, like high 500s from charge off credit cards in 2008, but he has a 6 figure income. Do you think it would be easier to lease or finance, or does that not even matter? He was thinking of trading in their current lexus for a new one and do the one payment lease where it's all paid up front. I would think that wouldn't be difficult for the bank since they have little risk then.

So my father is married, but my mother doesn't want to put her name on any of the vehicles. He already has one vehicle financed with a loan in his name only, and now he is looking for a second vehicle so one of them won't be left stranded. Since he is married could he get a loan for a second vehicle even though my mom won't put her name on either vehicle? If not a loan could he do a lease? a few years ago he had 2 leases, both in his name only. Thanks!

Exeter Financial and it's at 15%. Not bad considering the other dealer wanted 18% and $8k more cash down. Oh, and here's a pic Marv! Drove 700 miles today to pick it up and get it home.

Well, I was working with two dealers. And of course the one five hours away got me the best deal with least amount of cash to put down. I'm going to pick up my GT-R tomorrow, can't wait! Oh, and the dealer that I didn't buy from because they wanted twice as much cash down and 3% more APR, put about 9 inquiries in. There goes all the bumpage I did 5 months ago...

Americredit/GM Financial. My income was also much less than it is now. I was very surprised when I got approved. The vehicle was $35k and I put $11k down to get the loan.

Thanks. My last auto loan I got a year ago was at 13.75% APR, which at the time my score was 485. I could pay cash for the car now, but I would really like to build credit and add some positives to my profile rather than all the negatives from years ago. The dealer already informed me they didn't have any luck on getting approved for $45k, so I told them I would put another $10k down. They said Nissan Motor Acceptance Corp has put it under "Supervisor Review" which I am not sure is good or bad. Hopefully some good news will come on Monday.

Credit Application: Your Age? 25 Your Equifax Credit Score? 515 Your Experian Credit Score? 508 Your TransUnion Credit Score? 545 How many years have you been on file with Equifax? 7 How many years have you been on file with Experian? 7 How many years have you been on file with TransUnion? 7 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? No Will this open auto loan be a trade-in?NA How many late pays within the last 12 months on the currently open loan?NA How many late pays within the last 13-24 months on the currently open loan?NA Your current open auto loan is financed with?NA Your current open auto loan payment is?NA Estimated amount you may be upside down in this vehicle?NA Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best)NA YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 1 Total percentage utilized overall? 90%. ($1,000 limit, just paid off entirely but hasn't reported yet) How many of your revolving accounts are store cards? 0 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 1 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) YOUR PERSONAL INFORMATION How long at your current residence? 1 Year Do you Rent or have a Mortgage, or Live w/Relative or Other? Live w/ relative Your Monthly Rent or Mortgage payment? 0 How long have you held your current job? 1 year Your total provable monthly gross income is? 3900 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paycheck stub Is there additional monthly income? What amount monthly? No Describe the source. Is the additional monthly income provable? Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $10,000 Does any credit repository contain any Public Record? NO If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? Yes If yes, please very briefly describe. I have 5 collection charge offs from 2 years ago. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 8 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best)9, paid off my last auto loan of $24K in 8 months in October 2013. Never paid late always early Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best)6, due to the collection/ charge offs from 2 years ago. New or Used vehicle you are considering: Please very briefly describe. New 2014 Nissan GT-R Premium, MSRP $100,800. They are giving me $48,000 for my trade plus $10,000 cash down. Loan will be for $35,000.

Thanks Marv! I was stressing over this the past few days, so when I called the bank and they told me the loan was completed I was ecstatic!

I decided to call the bank today, and they informed me that my loan was completed yesterday and gave me my account number, which I can now pay online. As far as I see it, I don't even have to talk to the dealer anymore or provide any information as the loan is complete per the bank, correct?

I did get a formal welcome call from the lender a few days after I picked up the car. They just verified my address, phone number, and let me know to expect my payment book in the next coming weeks. Hopefully everything is good, but I won't be relieved until I get the payment book! Thanks for your help Marv!

Thanks MarvBear! So if I do receive my payment book, then I shouldn't even worry about the dealer and just make my payments then, correct?

So they could kill the deal even after the Spot agreement which stated 10 days? I left my old job a week after I signed the papers, so I figured everything was a done deal. My new pay is nearly double and I can have the CFO write a letter of my pay in addition to my first pay stub. If the deal does for some reason fall through, they will have to give me back all of my money down, correct? My down payment was over $10K which has me worried.

If I get the welcome packet with my loan information, then I will make my first payment immediately, and not even contact the dealer again. But if I don't receive the welcome packet with my account information by my next pay stub (which is days before my first payment is supposed to be due), then I will have to submit my last partial pay stub from my old employer and my new pay stub from my new employer. But as I understand it the dealer cannot take the car back after the 10 days as posted in the Spot agreement in the contract.

Sorry for being so long, this is complex! I recently purchased a used vehicle from a dealer that was able to get me financing with my not so good credit ( with a large down payment over $10K). I had provided nearly 2 months of recent pay stubs. The dealer assured me the financing went through and the deal is complete. Days after I bring the car home, the dealer sends me a request for my W-2, and that it was just a formality so I sent it over to them. Again, I was assured that everything is fine with the loan. The bank called me 2 days after I brought the car home with a welcome call, and that I should receive my welcome packet about a week before my first payment is due. Now, it is 2 weeks after I took the car home and the dealer is requesting my next pay stub for the month of March. At this point I told the dealer " isn't it a little late to ask for this information, and I was told the loan was complete." The dealer tells me again everything is fine with the loan and the bank is just asking for it. I then call the bank and as I don't have an account number yet get sent to the Welcome Department again. They tell me there are no notes on my account, everything looks fine, and I should receive my Welcome Packet this week. Now the problem I am having is that I left my old job a week after I took the car home for a new position with the double the income I was making before. I will have my first paycheck with the new company on the requested date from the dealer, but this all has me worried. I have looked over the contract and the Spot Agreement only gives the dealer 10 days, which has now passed by a few days. Do you think I have anything to worry about and am stressing about nothing? Thanks!