Sad story... - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

sstphoenix · 05-31-2009, 08:30 PM

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!!!

SSOOCH · 05-31-2009, 08:33 PM

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!

Ranger 75 · 05-31-2009, 08:33 PM

Get your 2 thousand back and find a credit source. GO TO ANOTHER DEALER!

babyjulie83 · 05-31-2009, 08:33 PM

Can you not get outside financing? Maybe from a credit union or something? Have you tried capital one's blank check financing?

UCF w00t · 05-31-2009, 08:33 PM

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.

sstphoenix · 05-31-2009, 08:35 PM

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.

bluch · 05-31-2009, 08:39 PM

nards444 · 05-31-2009, 08:42 PM

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.

Stevo · 05-31-2009, 08:43 PM

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...

Treadstone · 05-31-2009, 09:00 PM

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.

BL202 · 05-31-2009, 09:01 PM

Quote:

Originally Posted by sstphoenix

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.

bluch · 05-31-2009, 09:02 PM

you want to see another REALLY sad story?

http://www.camaro5.com/forums/showthread.php?t=25061

GothamCamaro · 05-31-2009, 09:43 PM

Quote:

Originally Posted by bluch

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.

Vash · 05-31-2009, 09:49 PM

Who did you apply with? Did they change lenders?

05-31-2009, 08:30 PM	#1
sstphoenix Drives: Black 2LT RS 5th gen Join Date: Dec 2008 Location: montreal Posts: 362	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 09:14 AM. Reason: Inappropriate language.

05-31-2009, 08:33 PM	#2
SSOOCH Camaro SL,UTs Drives: 2010 Camaro SS/RS #16429 Join Date: Sep 2006 Location: South Jordan, UT Posts: 7,358 View My Garage	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! __________________

05-31-2009, 08:33 PM	#4
babyjulie83 driving! Thanks GM !!! Drives: 2SS Camaro in ABM!!! Join Date: Oct 2008 Location: Dallas, TX Posts: 354 View My Garage	Can you not get outside financing? Maybe from a credit union or something? Have you tried capital one's blank check financing? __________________ I finally settled on a name for her....."Bonnie" Everything is better in a Camaro.......puts a smile on my face everyday.....

05-31-2009, 08:39 PM	#7
bluch OH CANADA! Drives: 2011 RAM 1500 LARAMIE Join Date: Mar 2009 Location: Edmonton, AB, CAN Posts: 3,930 View My Garage	__________________ Had to trade in the Camaro for a truck :(, but hopefully I can join the Camaro family again one day

05-31-2009, 08:42 PM	#8
nards444 Drives: 1SS/RS Black Join Date: May 2009 Location: New york Posts: 2,123 View My Garage	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. __________________ 2010 1SS/RS Black, CGM stripes, polished Rims, Tinted windows, Hurst shifter

05-31-2009, 08:33 PM	#3
Ranger 75 Drives: 2010 Camaro 2SS IBM Join Date: Apr 2009 Location: Florida Posts: 286	Get your 2 thousand back and find a credit source. GO TO ANOTHER DEALER!

05-31-2009, 08:33 PM	#5
UCF w00t Geek Drives: IOM 2010 Camaro 2SS Join Date: Oct 2008 Location: Orlando Posts: 4,452	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.

05-31-2009, 08:35 PM	#6
sstphoenix Drives: Black 2LT RS 5th gen Join Date: Dec 2008 Location: montreal Posts: 362	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.

05-31-2009, 08:43 PM	#9
Stevo Drives: Camaro 2010 SIM Join Date: Nov 2008 Location: Louisiana Posts: 348	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...

05-31-2009, 09:00 PM	#10
Treadstone Drives: Z51 BABY! Join Date: May 2009 Location: LSFREE~!!!!! Posts: 787	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. __________________

05-31-2009, 09:02 PM	#12
bluch OH CANADA! Drives: 2011 RAM 1500 LARAMIE Join Date: Mar 2009 Location: Edmonton, AB, CAN Posts: 3,930 View My Garage	you want to see another REALLY sad story? http://www.camaro5.com/forums/showthread.php?t=25061 __________________ Had to trade in the Camaro for a truck :(, but hopefully I can join the Camaro family again one day

05-31-2009, 09:49 PM	#14
Vash Drives: 00 Blazer Join Date: Aug 2008 Location: Texas Posts: 5,104	Who did you apply with? Did they change lenders?

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