I'm having dealer issues...

[Ant]

Here's the story...

I'm 18 years old and at the end of January I ordered a black 2LT/RS with white rally stripes from a local dealer.

The dealer gave me a credit application, to which I put my name on and one of my Grandparents (they have excellent credit) as the co-signer. The credit app got denied because supposedly my Grandma didn't make enough money (she's retired) but I know her and my Grandpa are loaded, so I guess I forgot to put their TOTAL income and I only put down hers. My Grandpa still works to this day.

So he sent me another credit app in the mail and this time I put my Grandpa as the co-signer...DENIED AGAIN. I guess it's because I'm 18 and barely have any credit. So I told the dealer that I will just have to put the car entirely in my Grandpa's name, even though I will be paying for it.

He told me that he's gonna have to send me another credit app, and that I'm also going to have to go into the dealership with my Grandpa to have him sign a new buyer's order.

I don't know how I'm gonna do this, because I don't want them to keep checking credit stores.

Keep in mind my dealer has a $500 deposit from me, and I guess my order hasn't even been submitted yet. I also want to change my order to white, and I won't be able to purchase the car until summer/fall anyway.

What should I do?

[RobbRock]

Well since they already ran your grandfathers credit they shouldnt have to run it again They would just run the deal with your grandpa on. Good Luck

[DeathChill]

Do you really need any credit when you have a co-signer? I think your grandpa may present a risk if you can't make the payments (age, income) in the eyes of the credit agencies.

[NAHURRY]

Dude, I know you dont want to hear this, but take this as a sign from above
and wait till you can buy it yourself. Trust me on this friend.

[DeathChill]

Originally Posted by in a hurry

Dude, I know you dont want to hear this, but take this as a sign from above
and wait till you can buy it yourself. Trust me on this friend.

I'd disagree, I'd just find a different co-signer as it sounds like his grandpa is unlikely to get the loan. However I say this assuming the original poster has a steady job with acceptable pay.

[NUCAR]

Originally Posted by RobbRock

Well since they already ran your grandfathers credit they shouldnt have to run it again They would just run the deal with your grandpa on. Good Luck

Too early to be messing with Grandpa again. White is not going to come on until Juneish and the banks may be a little less spooky at that time. Approvals are going to be an issue for many, I fear.

[Ctrain24]

Originally Posted by Ant

Here's the story...

I'm 18 years old and at the end of January I ordered a black 2LT/RS with white rally stripes from a local dealer.

The dealer gave me a credit application, to which I put my name on and one of my Grandparents (they have excellent credit) as the co-signer. The credit app got denied because supposedly my Grandma didn't make enough money (she's retired) but I know her and my Grandpa are loaded, so I guess I forgot to put their TOTAL income and I only put down hers. My Grandpa still works to this day.

So he sent me another credit app in the mail and this time I put my Grandpa as the co-signer...DENIED AGAIN. I guess it's because I'm 18 and barely have any credit. So I told the dealer that I will just have to put the car entirely in my Grandpa's name, even though I will be paying for it.

He told me that he's gonna have to send me another credit app, and that I'm also going to have to go into the dealership with my Grandpa to have him sign a new buyer's order.

I don't know how I'm gonna do this, because I don't want them to keep checking credit stores.

Keep in mind my dealer has a $500 deposit from me, and I guess my order hasn't even been submitted yet. I also want to change my order to white, and I won't be able to purchase the car until summer/fall anyway.

What should I do?

How much are you putting down?

[Ant]

Originally Posted by Ctrain24

How much are you putting down?

I plan to put down around $10-12k.

And I don't know why my Grandpa would get denied, he makes good money (owns his own Masonry business) and has excellent credit.

[MrGazinya]

Originally Posted by Ant

I plan to put down around $10-12k.

And I don't know why my Grandpa would get denied, he makes good money (owns his own Masonry business) and has excellent credit.

Something don't sound right here
in regards to not getting approved

[NAHURRY]

Originally Posted by Ant

I plan to put down around $10-12k.

And I don't know why my Grandpa would get denied, he makes good money (owns his own Masonry business) and has excellent credit.

Does he owe on anything significant?

[Ant]

Originally Posted by in a hurry

Does he owe on anything significant?

I don't think so...he may have a small mortgage though.

[rolnslo]

Here's my suggestion...Get the loan from your grandparents for the difference between what you have for the downpayment and the total out the door price. Arrange with your grandparents to pay them a fixed monthly amount for a fixed amount of time at a reasonable interest rate.

Your grandparents can put the car in their name and hold the title until you complete the loan payments.

[ravensjeff]

Sounds more like credit issues, vs dealer.

Believe me-dealers have plenty of issues, but wanting to sell a car isn't one of them.

[Ant]

I left my dealer a message today, but he never called me back. I'll try again tomorrow and try to find out exactly why the credit application didn't work.