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I applied for financing through a dealer. The rate offered through their main bank was worse than my current loan. I declined the offer and arranged financing through my CU at a much lower interest rate. A few weeks later I received a letter in the mail from the bank through the dealer telling me "we are unable to approve your request", and goes on to list the reasons why. So, my question is, are banks required to send this notice by law regardless of why the loan was not carried forward? Just seemed to me that the letter is indicating that I wasn't credit worthy, when I really am, and truth is it was me who declined them, not this way around.

Can long term auto financing lower someone's fico score? Does it look bad to other lenders even if you pay it off early? I want the longest loan term I can get, but I want to pay it off early.

I apologize if already posted or if it belongs elsewhere. Just noticed these 2 random articles regarding some changes to GE Capital. Caught my eye because I think 3 or 4 of my accounts are with them. I say "news" because while it's entirely news to me it may be something that's "old news" that's already been discussed and whatnot and my head must have been in the sand lol :/ http://www.forbes.com/sites/halahtouryalai/2014/03/13/why-ge-is-getting-rid-of-its-profitable-credit-card-biz/ http://www.zacks.com/stock/news/126530/ge-files-ipo-for-finance-arm-spin-off

Hi, I have a bond for deed that I have been paying on time for the past 1.5 years. It will commence in April of next year. The house currently is valued at about 140k and the balance in April will be approx. 70K. I have a score of around 660 and my wifes at 600; also not a very extensive credit history. I had a bankrupsey 8 years ago and just started rebuilding a couple of years ago. I have a combinded income with my wife of 100K with no other loans except her student loan on the reports. Does anyone know how I should start to get this property refinanced in April and what my chances are? Thanks

I am quite curious on the best route to take when financing another car. I had to file chapter 7 bankruptcy after an unexpected job loss, my 2010 Dodge Journey was repossessed as a result of that action. I am about to recieve discharge and my score from transunion is a terrble 480. I took a very large Credit Union and Ally Auto Fianance down in the bankruptcy, so I know Ally is out of the question. I found a vehicle I really like (2011 Chevrolet Equinox 2LT AWD with almost every option.) The Finance Manager in the office said Santander and Capital One might be my best option, but in the same sentence he said that Ally would almost certainly approve that loan. After that statement I seriously doubt his judgement. I have $3000 to put down and the vehicle is $21000.

Hello everyone I am in need of a car, I have come across a late model truck that I like 2003 ford expedition with about 160,000 miles. for 3,000. I have a account with navy federal my Equifax score is 616 fico and my Transunion and score is 685. I have 4 neg on my Equifax report not paid and one paid all under 800.00. I rather have a pull from Transunion but navy always pulls from Equifax. What are my chances of getting this loan. I will be paying it off in 4 months because I am trying to buy a home. I am looking for a loan for 2000.

I purchased a car on 7/14 (brand new). Dealership would not let me take car as recalled part was discovered and needed replacement, they gave me a rental car to use while waiting for part to come in and replace. On 7/23 car was complete and I was supposed to recieve it when finance department at dealership called and said that they cancelled the contract. The reason they gave me was "because they could not make me happy". Hoping I'd fall for that lame excuse, but I didn't. In any event, I had received confirmation from finance company (GM Finance) on 7/19 that loan had been funded and funds dispersed to dealership. I went through my contract with a fine tooth comb and the only 2 reasons I found stating dealership had the right to cancel the contract was due to "lack of being able to finance purchaser" or "if misreprentation occured with credit", neither of which applied. I never did have the car so I returned the rental car to the dealership and they gave me my old trade in vehicle back. I was not happy, as far as I was concerned, the car was financed, the loan was in my name and I was financially responsible for it until the dealer decided to return the funds (I verified several times with GM Financial after this happened). As you can well imagine I was not happy about what happened and I was not about to just shrug my shoulders and walk away. I wrote a letter to the GM of the dealership copying in the President of their parent company and also some higher up exec's at GM to not only let them know what happened, but to also let them know how I was treated, which was anything but professional. I got the attention of someone because the controller of the dealership called me last Sat. afternoon letting me know he'd received a copy of the letter from the parent company and was basically groveling and doing what he could to smooth the situation over. After letting him know that I wasn't stupid, that I knew that the reason they cancelled the deal was not because they couldn't make me happy, but because of something else and I would appreciate his honesty, he let me know that they basically were not happy with the trade value / allowance they gave for the vehicle I was trading in (at the time they made the deal) and didn't feel they would be able to get as much as they valued it at when it went to the auction. I explained that as unfortunate as that was for them, at that point it was not my problem. The i's had been dotted and the t's crossed and at that point they should have accepted the loss they were going to take and use it as a learning experience so it wouldn't happen again, but that me as the customer should not have had to be the brunt of their mistake. He completely agreed and apologized and offered to try and personally help me if I was interested in still trying to purchase a car. I let him know I'd have to think about it. My questions is, can a dealership legally do this after a deal has been finance and they have received the funds for the deal from the finance company? I am located in Arizona and I've contacted the Attorney General's office who has been no help and only letting me know I could file a complaint, but they could not help me with the legality of the situation. I have been hard pressed to find any attorney specializing in automobile dealership fraud. Thank you in advance.

Hello, First off I'm glad I found this site. I've been at my job for about 2months now. And I'm earning a steady income. I've been thinking of purchasing a new car (2011) or (2012). Depends if I get a good APR% and my loans stay between 300-400. What would ve the first step. My credit score is about 540-560 on all three Credit Bureaus. I know what car I want, and I know how much it costs. (Advertised price only) Can ve lower through the power of negotiation. Hopefully someone can really help me out. Thanks in advance.