Quote:
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?  |
You may have a couple hurdles to clear.One,if your grandpa finances a car for you and your name isn't on the registration it may be considered a straw purchase,which is not legal in some states.The banks probably know this is the case since the dealer has submitted the app twice.Second,nowadays a strong co-signer does not negate limited or bad credit.Banks have now formed strict stipulations and if any portion of the borrowers deal falls outside the box,no matter how high the credit score or income,it is declined.I had a customer with a 835 beacon score declined.That was an automatic approval a year ago.Today, all the rules have changed and the banks make them up as they go along.