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I10Autobuyer

Counter offer on a car loan

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We went to a dealership to purchase a car on Nov 10 2018 my daughter signed for the loan on her own." I10 Auto" finacing guy told me First Credit union offers first time buyers program but I may need to co-sign.

On Nov 13 I called the dealer to find out on the status of the loan. Someone at the dealer said everything may be ok if we didnt hear anything so I assumed everything was ok.

On Nov 21 2018 received a counter offer IAO $xxxxx=xxxxxxx frontends +xxxx backends (GAP & Warranty only) for 60 months due to LTV not within CU lending policy.

I called First Credit Union they advised to talk to the dealer.

 I emailed the Salesperson and the financing guy at the  dealer to have an explanation on the counter offer. Salesperson responded that I may need to Co-sign she was not sure on the counter offer.

Co-signing will make a difference on the LTV?

The counter offer is $606.23 less than the contract amount $xxxxxx  to be financed.

I was looking at the itemization page and the dealer is charging $549 just for the doc fee is this  a normal charge?

 

 

Thanks in advance!

 

 

 

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We went to a dealership to purchase a car on Nov 10 2018 my daughter signed for the loan on her own." I10 Auto" finacing guy told me First Credit union offers first time buyers program but I may need to co-sign.

On Nov 13 I called the dealer to find out on the status of the loan. Someone at the dealer said everything may be ok if we didnt hear anything so I assumed everything was ok.

On Nov 21 2018 received a counter offer IAO $xxxxx=xxxxxxx frontends +xxxx backends (GAP & Warranty only) for 60 months due to LTV not within CU lending policy.

I called First Credit Union they advised to talk to the dealer.

 I emailed the Salesperson and the financing guy at the  dealer to have an explanation on the counter offer. Salesperson responded that I may need to Co-sign she was not sure on the counter offer.

Co-signing will make a difference on the LTV?

The counter offer is $606.23 less than the contract amount $xxxxxx  to be financed.

I was looking at the itemization page and the dealer is charging $549 just for the doc fee is this  a normal charge?

 

 

Thanks in advance!

 

 

 

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This one will be difficult to explain to you, so I will need to ask a series of questions I would need to be answered after making a couple general observations.

 

First of all, your daughter evidently does not reside in a state that regulates dealer document fees. (not many do)  I am in Florida where the dealer document fees are usually north of $700.00,   So yes that is normal wherever in the southeastern U.S. where I have been employed.   For the sake of discussing financing, I don't think the subject of whether you should pay the fee or walk has any merit on this particular subject.

 

Question #1 Were you present when your daughter completed the transaction, and if so, did the dealership pull your credit file(s)?

Question #2  You daughter would have been given a credit score disclosure notice, what bureau was used and what was the numeric score?

 

 

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