Trouble getting approved??

[vesi]

So I could make the billing go to me, while my dad being the primary still?

[jrboyd_1980]

Think the bank would still send him the note to his address but you can do autodraft or request it with bank to go to you instead.

[Coldpants]

A cosigner is not a joint account. They do not even have to notify u of missed payments and can try to collect form the secondary before they try the primary. Being a cosigner can only negatively effect your credit. Just being on the loan increases you debt ratio and can lower your score.

[Coldpants]

Originally Posted by jrboyd_1980

Think the bank would still send him the note to his address but you can do autodraft or request it with bank to go to you instead.

I agree.."hands jrboyd a beer'

[CAM MAN]

I got approved 3 weeks before my car came in and had my down payment in the bank
before I signed the papers. I wanted my camaro so bad I had everything line up and I did my research before Good Luck!!!!!!!

[vesi]

Originally Posted by CAM MAN

I got approved 3 weeks before my car came in and had my down payment in the bank
before I signed the papers. I wanted my camaro so bad I had everything line up and I did my research before Good Luck!!!!!!!

They told me I had to be approved before they could order the car. Car was ordred and i get called 2 weeks later that i was denied. Car isn't even at 2000 yet.

[Coldpants]

You have time find a credit union all will be good.

[jrboyd_1980]

Originally Posted by Coldpants

A cosigner is not a joint account. They do not even have to notify u of missed payments and can try to collect form the secondary before they try the primary. Being a cosigner can only negatively effect your credit. Just being on the loan increases you debt ratio and can lower your score.

On the report, when it goes to auto loan you will either see a J (joint account) or a C (Co-signer) when they pull the credit.. It will help him establish credit. It doesn't only hurt him. I do this everyday man.. And I am damn good at my job. Just trust me on this one. I haven't become one of the more reputable dealers on this forum by giving out bad advice.

[Coldpants]

its a moot point because at 2000 he has time to find a credit union and get a loan most cut off at 500 so he should be fine.

[Coldpants]

Wait I didn't notice u were from Jersey. That is why you were not approved. Its the banks against stereotypes clause. j/k

[JohnInSoCal]

has to be the bankrupcy, otherwise with a cosigner it should really be no problem. I cosigned for a car loan for my sister years back, ended up pretty much buying the car so I didn't get bad credit.

[mjlash22]

First of all I’m sorry for saying; you were not very smart in letting them check your score before hand (or getting quotes, w/e it was you did). That hurts your score to begin with, the only time a credit check should be done is when the vehicle is on the lot and you are getting ready to finance it and take it home. I brought a copy of my credit report to my dealer as proof of my credit for the order. I told him I would go elsewhere if he wanted to check my report before the car was even there. Secondly, you should have known that bankruptcy would have affected your results with inquires. Having a bankruptcy on your record is a night and day difference for banks. Credit Union, as stated, will be your best bet now, but I think you will even have a hard time on that. Just know that every application for credit that you do hurts your score and chances of getting one.

[jrboyd_1980]

Originally Posted by mjlash22

First of all I’m sorry for saying; you were not very smart in letting them check your score before hand (or getting quotes, w/e it was you did). That hurts your score to begin with, the only time a credit check should be done is when the vehicle is on the lot and you are getting ready to finance it and take it home. I brought a copy of my credit report to my dealer as proof of my credit for the order. I told him I would go elsewhere if he wanted to check my report before the car was even there. Secondly, you should have known that bankruptcy would have affected your results with inquires. Having a bankruptcy on your record is a night and day difference for banks. Credit Union, as stated, will be your best bet now, but I think you will even have a hard time on that. Just know that every application for credit that you do hurts your score and chances of getting one.

Having a dealership check your credit and it hurting it is a myth. You can check up to 3 to 4 times on the same type of purchase and it won't affect your score. Now if you have them check it for car purchase, and house purchase, and furniture etc.. 3 different types of purchases that will hurt your credit because that is seen as irresponsible spending

[vesi]

Originally Posted by mjlash22

First of all I’m sorry for saying; you were not very smart in letting them check your score before hand (or getting quotes, w/e it was you did). That hurts your score to begin with, the only time a credit check should be done is when the vehicle is on the lot and you are getting ready to finance it and take it home. I brought a copy of my credit report to my dealer as proof of my credit for the order. I told him I would go elsewhere if he wanted to check my report before the car was even there. Secondly, you should have known that bankruptcy would have affected your results with inquires. Having a bankruptcy on your record is a night and day difference for banks. Credit Union, as stated, will be your best bet now, but I think you will even have a hard time on that. Just know that every application for credit that you do hurts your score and chances of getting one.

I knew bankruptcy had an effect, its why i had a good co-signer. They informed me that i would definately need a co-signer and I'd be okay.

But it seems even with a co-signer it isn't good enough.