ajenks

Good to know Marv. Wish I had realized you were GM sooner as well, but then I would have asked you a hundred questions about my future car. I don't know how supplier pricing works, but the first 2 dealers I spoke two were not budging off the GMS. Which is also why I am skeptic at how the 3rd one could knock another 1K off the cost. He didn't seem interested in supplier pricing because he said he could beat it. Dealer #1 is going to rework #s tomorrow and see if they can meet the price. I would rather he get my business since he's been so patient with us. He's making me doubt this better deal, but I can't figure out if that's honesty or a sales tactic. I had someone tell me once that you'll always get a better deal from the salesman who will walk away. He said the ones desparate to sell are the ones who will take all your $$ in the end. Seems reasonable.

I get why they wouldn't trade it to the dealer once we called them, but apparently they weren't willing to trade it prior to that either. Dealer #1 just let us know they too now have a red one coming in on a trade from another state. Now my question is whether they can match the #s this other dealer gave us. Notsomuch - it's a 2010 Acadia. The first 2 dealers I talked to weren't willing to wiggle on the GM supplier price. One of them even told me it was "illegal" for him to price it lower. Haha... I'm blonde, but I'm pretty sure I don't have to use my supplier number.

FWIW - they came back $1000 less than what I was getting on GM supplier, and came down 1% on the interest. Holy smokes - they either need to sell a car badly, or I'm getting hosed.

Does this sound fishy, or just business as usual? And yes, I still don't have the car. We found a car on a lot about 100 miles away we wanted. We asked the local dealer we were working with to get it on trade, and he calls back pretty quickly to say not available. 2 days go by, and this perfectly packaged red car is still on the website of the other dealer. We finally call them direct, and they say it's here. We ask our local dealer to call them again, and he says they only have one and he doesn't know why they won't give it up. Meanwhile, I call them direct and they offer me a better deal than anyone else. Tell me they just don't want to trade it. We're asking them to run #s now, and I checked the BBB and no complaints. Does anything sound off about this deal? We're going to drive and pick it up ourselves if the #s come back right. It will save us close to $1000 if my math is right.

I don't know how I missed this until now, but I just caught an incorrect TL on TU. It's a car loan from 2004 reporting 30 days late under "current status". The loan was sold to another lender in 05, and was current at the time it was sold. Should I just dispute directly with TU first? I don't see how it could report anything other than paid as agreed since we don't owe them money. It's not reporting this way on either EQ or EX.

GMAC. I did talk to the financing person at the 2nd dealer and she thought they would need to run my credit again. She was also skeptical at how I qualified for 6.39 apr based on what I told her about my credit score, but thought it may have been our downpayment bumping into the next tier.

Okay - revised question regarding this. I called another dealer regarding similar car, and got a better price. He says they can pull my approval with this other company without even running my credit again. Is that true?

Eek - Okay, we got approved for our loan for a new car on Saturday. The dealer we want to buy from ended up having to get one from another lot (30 miles away). So we signed papers on a the condition that once we saw the car and liked it, it was ours. Fast forward to today - apparently the other dealer sold our car at some point inbetween. Our dealer found a similar car with similar options, plus one addition that I don't want. They won't discount the price to the first car we found, so I am not terribly thrilled about this option. I felt like we were "lucky" to get approved. How does this work - if we were to go through a different dealer who had exactly what we wanted, would we need to start the entire approval process over? Are there instances where you may get approved once, and then not the second time? I feel like we're back to square 1!!

APPROVING BANK - GMAC BUREAU PULLED - Transunion CREDIT SCORE - 646 CUSTOMER STATE OF RESIDENCE - TN NEW/USED - New YEAR OF VEHICLE - 2010 MILEAGE - 150 RETAIL/LEASE - Approx 36K AMOUNT OF LOAN - 30,500 ADVANCE PERCENTAGE - Would have financed 100%, ended up only financing about 85% TERM CONTRACTED - 60m APR/LEASE RATE - 6.93 MONTHLY PAYMENT - 597 MISCELLANEOUS COMMENTARY: Had 1 paid charge-off 15 months ago on previous auto loan. According to the finance person, GMAC was the only lender that approved and was because we had good previous history with them. Charge-off is the only negative item on our credit other than a handful of slow-pays.

I will be making a new vehicle payment starting in January!! I kept coming up with more questions for Marv , so I decided it was time to just call our car guy and ask him instead. Hehe. Walked into the dealership knowing I wanted an Acadia and which options were "must-haves." I wanted an SLT, but wasn't completely sure I would be able to afford it. We worked up a deal, but just couldn't get the payments where I needed them. We ended up going with an SLE, and even though it doesn't have all the bells & whistles - it has everything I wanted (minus leather seats). On top of that, got the best interest rate I've ever had just a year after a crappy charge-off (paid) on another vehicle. Thankfully, we had good prior history with GMAC and that's who ended up financing us on 6.39% interest. I'll fill out the approval info in the sticky - but a special shout-out to Marv who helped answer all of my random questions. Here's to a new year and building better credit for a lifetime! Next time, I will NOT be stressed when I walk into a car dealer.

So another post got me thinking... does the bank actually "need" my money? I stick with BofA just because I've been with them forever, not for their stellar customer service and high fees. I used to have a credit card, but I stupidly had a 60-day late following a handful of 30s and they promptly closed my card. I've since showed timely payments and PIF, so they made plenty of money off of me during that time. I know they have no incentive to ever make that tradeline pretty... BUT if I had a nice sum in savings, would they be more inclined to work with me? Just wondering if I made an in-person visit to the branch manager and they saw a healthy savings, if they might feel more compelled to help me. Is this another pointless thread?

A stroke of good luck? Just kidding - but if Amex ever sends me an invitation to apply, I will probably faint. Or throw a party.

I am getting closer to buying a new (or almost-new) car, and with a ding on my credit - nervous about getting jacked on my rates. I want to do some rate-shopping, but could that ultimately hurt my chances at getting a decent loan? TIA

I second PP. My score didn't change at all after my latest auto loan reported PIF. Took about 30 days from the time they cashed the check to show up on my report. It did, however, go up nearly 10 points when I paid off a small credit card. HTH.

Just wanted to add same thing happened to me. I think I only owed $1500 at the time they repo'd and my credit even shows that my lates were getting lesser at the time - it went from 90-60-30 then charge-off. Thanks bank for helping me out. We're getting ready to apply for our first loan after, and it has been slightly over a year. We also PIF another auto loan AFTER the CO, so I'm hoping that will help prove worthiness. Keep you posted.