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Camaro Price | Ordering | Tracking | Dealers Discussions Discuss pricing and ordering experiences.

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Old 05-31-2009, 09:30 PM   #1
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Sad story...

I placed my order last december. Walked into the dealer and requested an order for a 2SS RS.

I gave 2K deposit as asked, and filled in the finance application.
After 2 weeks no response, I called in to ask about the order and the financing. The salesman tell me that the financing has been approved and that so long as I dont **** up my credit between now and delivery, everything should be fine.

Then the crisis hit the market and the dealership closed down. They passed my order to another gm dealership (owned by the same owner).

After receiving a call on thursday that my car has arrived, they requested to reapply for financing. I told them I had already applied and asked if they had the file. They call me back hours later and tell me they have my file with all the info, and they ask permission to apply for credit with that info.
Considering what the other guy said, I figured ok, no problem. Should be fine since nothing negative has happened to affect my credit score. If anything it should be better than when I applied.

I get a call back the next day saying that my credit has been denied, and they are asking for either a cosigner or a larger downpayment (i am offering 10K total).

Can you believe that?
I do not have anyone that can cosign for me.
After placing the order, getting the good news that I am approved for a v8, waiting 7 months for the car, getting the amazing news its arrived..... only to be donkey punched with the final news.

UN-F'N BELIEVABLE!!!

Last edited by KILLER74Z28; 06-01-2009 at 10:14 AM. Reason: Inappropriate language.
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Old 05-31-2009, 09:33 PM   #2
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That does suck, but what's on your credit that's holding you back? Have you not been monitoring it? You gotta keep on top of it. Get your credit scores from the three major reporting agencies and find out what's holding you down, fix it, dispute it and try to find one in another six months. Good luck!
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Old 05-31-2009, 09:33 PM   #3
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Get your 2 thousand back and find a credit source. GO TO ANOTHER DEALER!
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Old 05-31-2009, 09:33 PM   #4
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Can you not get outside financing? Maybe from a credit union or something? Have you tried capital one's blank check financing?
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Old 05-31-2009, 09:33 PM   #5
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Try local credit unions and other sources of credit. There's lots of threads on here about credit sources. You don't have to use your dealer. There is no one, universal denial.
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Old 05-31-2009, 09:35 PM   #6
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my credit score is ok. not that amazing since i have never had a loan before.
whats been holding me back for the past 3 years of getting loans is always the same story. "this is your first loan, you need a cosigner".

i dont know how to break the cycle without a cosigner.
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Old 05-31-2009, 09:39 PM   #7
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Old 05-31-2009, 09:42 PM   #8
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most dealers do try outside banks, so no sense in trying that. But what you should do is check your credit. But if you have never had a loan before and dont make a lot of money and your trying to get a loan you probably wont unless you have a cosigner. And if you can get one on your own, your rate wont be that high. But its always hard to find a cosigner. Usually if a dealer cant approve you your going to have a harder time finding something.
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Old 05-31-2009, 09:43 PM   #9
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That sucks, I learned your score even does down when you get a credit check...Experian and the other credit mongers need a call from the king of torts...
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Old 05-31-2009, 10:00 PM   #10
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Dude, watch your applications. applications that are accepted won't affect your fico, but when you get denied it will hurt your fico. You may want to wait a few months for it to balance off. Go to freecreditreport.com and find out whats up.
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Old 05-31-2009, 10:01 PM   #11
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Quote:
Originally Posted by sstphoenix View Post
my credit score is ok. not that amazing since i have never had a loan before.
whats been holding me back for the past 3 years of getting loans is always the same story. "this is your first loan, you need a cosigner".

i dont know how to break the cycle without a cosigner.
Dont know how to immediately help you but when I first started establishing my credit I would get a small 2k signature loan or something. I wouldn't spend any of the money and just used the loan money to pay it back over about a 6 month period. After a couple of times doing that I was good to go. Qualified by myself at 19 for a 20k dollar car. Have kept good credit since and everything has been smooth sailing. Getting started is always the hardest part cause no one trusts you. I wish you luck.
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2000, Order accepted by GM ???
3000, Order accepted by production control 04/30/09
3300, Order scheduled for production???
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3800, Order produced 06/10/09 Vin: 2g1fj1ej1a9116578
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4300, Intermediate Delivery ???
4B00, Bayed ???
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Old 05-31-2009, 10:02 PM   #12
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you want to see another REALLY sad story?

http://www.camaro5.com/forums/showthread.php?t=25061
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Old 05-31-2009, 10:43 PM   #13
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you want to see another REALLY sad story?

http://www.camaro5.com/forums/showthread.php?t=25061
This one is worse, this guy can't get his Camaro.
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Old 05-31-2009, 10:49 PM   #14
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Who did you apply with? Did they change lenders?
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Old 05-31-2009, 10:53 PM   #15
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Man that sucks but if you are putting up 10K down payment, then I don't see why financing couldn't go through so I would check your bank and some credit unions your self. I know dealers check around for you, but it's always a good idea to go check for yourself.
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Old 05-31-2009, 10:53 PM   #16
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Call a few banks tomorrow, you might have more luck there !!
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Old 05-31-2009, 10:57 PM   #17
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you want to see another REALLY sad story?

http://www.camaro5.com/forums/showthread.php?t=25061
....old news and whats the point???
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Old 05-31-2009, 11:00 PM   #18
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go to a credit union. they financed me without any questions asked after i was turned down by dealers and my bank (BOA).
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Old 05-31-2009, 11:04 PM   #19
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Maybe your dealer is trying to pull a fast one...
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Old 05-31-2009, 11:05 PM   #20
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Maybe your dealer is trying to pull a fast one...
that's what I was thinking. They may have found a buyer that will pay way over sticker. If you got turned down they have to tell you why. I'd grill them!
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Old 05-31-2009, 11:08 PM   #21
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most dealers do try outside banks, so no sense in trying that. But what you should do is check your credit. But if you have never had a loan before and dont make a lot of money and your trying to get a loan you probably wont unless you have a cosigner. And if you can get one on your own, your rate wont be that high. But its always hard to find a cosigner. Usually if a dealer cant approve you your going to have a harder time finding something.
With smaller banks and especially small credit unions that require some sort of special connection to join, you can often make some sort of emotional plea to them to convince them to loan to you. Having a dealer run it through some automated system that checks a few of their partners is by no means the end all be all. They don't try every possible lender. It might take some legwork but you I think if you are actually able to afford the loan you should be able to get someone to lend you the money. Of course there is always that case where they're right and you shouldn't be buying the car but if not, someone should be willing to make some money on you! (you are paying interest so they are making money on the loan) You just have to sit down with them and convince them that you can, in fact, afford it.
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Old 05-31-2009, 11:58 PM   #22
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i feel you on this...although my grandfather or mother will cosign for me... i too have never had a loan so large and cant get it without a cosigner...my credit is pretty good (late 600's)...i have like 4 credits cards...student loans paid...car insurace, phone bill, and other lil shit...and i agree with you on WTF do we have to do to be able to get that first loan? it just dont make sense...how did all these people that have takin out loans b4 get that first one? i didnt wanna have to turn to my family i wanted to do this all by myself but i cant...
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Old 06-01-2009, 12:01 AM   #23
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All pretty good advice. May need to get an LT to start.
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Old 06-01-2009, 12:07 AM   #24
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Still. Need to know who your financing with. Some banks are bust... they jack up requirements. Some banks.. are flush with cash and lower requirements.
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Old 06-01-2009, 12:09 AM   #25
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...how did all these people that have takin out loans b4 get that first one?
Usually by not ordering a 35thousand dollar car. My very first brand new car loan I was 18 and I couldn't get approved for what I really wanted and ended up with a 1989 Nissan Sentra. That's what's really going on here. Even with 10k down they don't want to loan you 25k+ dollars.
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