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MarvBear: Acura Shady Financing: What next

The last post in this topic was posted 2435 days ago. 

 

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Hi Marv,

 

Quick question, I went to lease my first car at Accura. Everything was going great, UNTIL I got into the finance office.

I just want to make note that I wanted to talk withthe finance lady prior to running my credit, as I had some questions. That was not an option.

Ok I get in the office and her deamnor was nasty, ok anyway. She looked at my application, asked basic questions and entered it in the computer, next thing I know she said your denyed, sorry and closed my file.

I was shocked, U asked the following:

reason: not enough credit history

Score: 697 ( she said I qualified for their preferred Tier which is Tier 1) (she didn't know if it was auto enhanced scoring, she asked what is that)

who did they pull: Experian ONLY

what can be done: co-signer who can show payment history

 

She said she couldn't print anything out but moved the screen to show me what America Honda Finance gave her.

I saw my one credit card that I opened back in Oct 2013 CL 2000 ( i have 2 other cc I was approved for but are not reporting yet)

I have no baddies never been late.

 

my questions MarvBear is:

when trying to get a lease approval from the bank, the negotiated price is the amount they are requesting right? In my case it was $34,155

 

Am I entitled to something in writing stating that I was denied and based off what factors?

I never actually seen the denial

 

Should I request to speak to an under writer @ American Honda Finance on Monday and explain anything? (the finance lady didn't know what or who it was)

 

Could I have chosen a different model less than the amount she entered requesting an approval? or is it just denied regardless?

 

Should I try again when these two cards start to report?

 

How long should I wait to retry again?

 

Are there any car financing companies that are first time leasing friendly that you can recommend? would I face the same issue with other car financing companies?

 

Should I just take out a loan from my local credit union and just pay it as per terms just to show that I am responsible? and for how long do you recommend that I have the term for?

 

The income is there and was given proof via 6 months of pay-stubs.

I was putting 0 down as I knew I qualified for at least preferred tier 1

I went on a mini app spree, well I only applied for one (and I truly believe that is an app spree) cc and was approved instantly. They pulled Experian despite the fact that 5 minutes prior I refroze it!

Even though I didn't drive off with my car, I appreciate the experience!! It has taught me that I can face these car dealers and have the confidence and wisdom to show that I know what the bleeeeepppp I am talking about!! Except when it comes to financing :rofl::rofl: :rofl: :rofl:

 

All help is appreciated!! I look forward to your feedback!

Edited by tatianna8020

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They are required to provide a written "notice of adverse action." This is similar to being denied for a credit card, it says which credit bureau was used and in very general terms what kind of information led to their decision.

 

It is easier to qualify for a loan than a lease. Having only one card, 8 months old, is indeed a weak history. If you are young you might get into a student or first time buyer promotion.

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when trying to get a lease approval from the bank, the negotiated price is the amount they are requesting right? In my case it was $34,155

 

Yes, so it should be.

 

Am I entitled to something in writing stating that I was denied and based off what factors?

 

The dealership should provide your with an AAN, They have 30 days to do so.

 

Should I request to speak to an under writer @ American Honda Finance on Monday and explain anything? (the finance lady didn't know what or who it was)

 

An indirect credit analyst will not take a call from the end consumer.

 

Could I have chosen a different model less than the amount she entered requesting an approval? or is it just denied regardless?

 

That would depend on the specifics of the denial from the captive.

 

Should I try again when these two cards start to report?

 

The main credit forum is better qualified to give general credit reporting advice on a general basis than myself. But those cards reporting may impact your score.

 

How long should I wait to retry again?

 

I believe the captive's decision remains active for either 30 or 60 days, regardless of another dealership's application submission on your behalf.

 

Are there any car financing companies that are first time leasing friendly that you can recommend? would I face the same issue with other car financing companies?

 

That may be possible with a pristine credit profile and under certain circumstances. None of which can contain any derogatory credit information.

 

Should I just take out a loan from my local credit union and just pay it as per terms just to show that I am responsible? and for how long do you recommend that I have the term for?

 

Yes, 36 months.

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when trying to get a lease approval from the bank, the negotiated price is the amount they are requesting right? In my case it was $34,155

 

Yes, so it should be.

They didn't provide me with any paperwork stating how much they requested the bank to lend me, are they supposed to?

Am I entitled to something in writing stating that I was denied and based off what factors?

 

The dealership should provide your with an AAN, They have 30 days to do so.

Was she supposed to give me this the same day? Do they mail it?

 

 

How long should I wait to retry again?

 

I believe the captive's decision remains active for either 30 or 60 days, regardless of another dealership's application submission on your behalf.

Thanks good to know!!!

 

Should I just take out a loan from my local credit union and just pay it as per terms just to show that I am responsible? and for how long do you recommend that I have the term for?

 

Yes, 36 months.

Yikes I was hoping that you say 12 months :rofl: but hey have to start somewhere!!!

Thank you for all your help!!

Edited by tatianna8020

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