I'm having dealer issues...

[ravensjeff]

They might not tell you- since it's your Grandpa's info. I'd be surprised if they would tell you.

[Ant]

Originally Posted by 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.

I would feel bad asking them, besides, I don't think they have that kinda money to just lay out for me...I know they're well off financially, but I just don't think they'd do that...at least not now.

[Rockies4]

Have you tried going to a Credit Union? Maybe you could just join a Credit Union and go through them instead of the dealership. You'll get a better interest rate. Just put $500 into a savings account and then go back a month later and try to get approved for an auto loan.

[Ant]

Originally Posted by Rockies4

Have you tried going to a Credit Union? Maybe you could just join a Credit Union and go through them instead of the dealership. You'll get a better interest rate. Just put $500 into a savings account and then go back a month later and try to get approved for an auto loan.

Would I do that now? Or when the car actually comes? I don't know why my dealer is doing a credit check now.

[steelmart]

Originally Posted by NUCAR

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.

he ordered black with white stripes. What's the hold up? I'm # 1 out 15 allocated. I ordered black rs 2ss with white stripes and I'm Suppose to be #1.

[carfansince73]

Originally Posted by Ant

Would I do that now? Or when the car actually comes? I don't know why my dealer is doing a credit check now.

Anytime really to join. Just as long as you are a member before you take delivery so you can take advantage of their usually lower interest rates. Of course GM "might" have a special APR as well. Who knows?

That is strange he's doing a credit check now. I don't know your age, but he might be sizing you up to see if you could actually qualify for a loan. If you couldn't, your spot might mysteriously move to the end of the line like that other member, DORMEUS007, who is #9 out of an allocation of 8. (I wasn't implying DORMEUS007 didn't qualify for a loan but that he lost his spot )

Running your credit also has a negative effect on your credit, especially if he is planning on running it again when you take delivery of the car. Go to www.annualcreditreport.com and get your report for free, the credit score will cost a few bucks though, but at least you will know where you stand. Also when YOU run your report, it doesn't go against your score.

[Mr_Draco]

Go somewhere else to get the loan. Dealers are being VERY picky atm in regards to financing.

[pondo]

EVERYONE is being very picky with financing! I think many people will have problems with this. A 750 FICO score is just "eah" right now to the banks. Isn't it ironic the banks get bailed out with so much money yet won't lend any of the money out to help the economy?

[mlee]

2 excellent replies

Originally Posted by Rockies4

Have you tried going to a Credit Union? Maybe you could just join a Credit Union and go through them instead of the dealership. You'll get a better interest rate. Just put $500 into a savings account and then go back a month later and try to get approved for an auto loan.

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.

Speaking from experience; I showed my son the way to the Credit Union when he was denied his first auto loan. Credit Union hooked him up in 10 min after he opened a simple account.
****Also from experience... before I sent him to the CU I did my best to teach him #2 quote...he simply wouldn't listen and I guarantee you won't listen either. He is now handcuffed to his job while he pays on a 2007 Toyota Tundra V8 with all the extras. Sweet truck but I guarantee you he wouldn't do it again.

Now he's going to get to watch me drive circles around him in my new Camaro. (same price as his Tundra) 47 years old and my first new car purchase. And not from being broke either... from being smart. Wait a couple years and buy a used 2010 camaro. You can have mine when I get the Z or the convertable. I promise to take great care of it until you take over. Good Luck.

[Rockies4]

Go to a Credit Union tomorrow. The way the process works is once you get approved for a loan, you just let the Credit Union know when you want the loan to start (they will also get you some type of range amount).

In other words, you would be "Pre-approved." When the car arrives, you would call your Credit Union when your ready to sign the final papers. The person from the Credit Union will need the vin number. That's basically it. I have excellent credit and the dealer offered way higher rates than my Credit Union. You can also get an extended warranty and GAP insurance through your Credit Union and at a lower cost. Just ask about their rates.

[Ant]

So Credit Union is the way to go it seems...thanks guys. Will it matter that I'm only 18 though?

[Rockies4]

Interest rates are not stable. You can lock in your interest rate for 30 days. They should also give you the lower rate if the rates go down within a specific period after you have your loan. So interest rates now will probably be different when your Camaro comes in. I'm in the same position. I believe in the summer that rates will be slightly lower. Banks are getting pressured to free up money. By summer time, hopefully they will have gotten the message.

[Rockies4]

Not sure. Can't hurt to go ask.

[sac-au-lait]

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.