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My car recently broke-down apparently its an motor issue which would cost almost the same as buying a new vehicle, So i went to several dealerships all around the city attempting to see if i would get approved for financing. Before continuing keep in mind that i have NO CREDIT, My income is in the 2.5-3k /mo which is plenty for me and i've done math which after paying for all my bills i still have more than enough to pay for insurance/vehicle payment etc.
However it may seem as most dealerships in this city don't have the slightest idea on how to treat an customer, My first stop was in Henrietta i stopped by most of the big dealerships in that area Mazda, Nissan, Toyota, Kia etc. also a few small used dealerships and on each of them we were constantly given the run around by, On one of them i felt obligated to contacting the district manager about the situation because after 2-months of waiting and calling once a week about the "status of our credit application" the financing manager wanted us to wait even longer.
I've lived in more than 12 states and i have NEVER encountered such BS with dealerships as i have in Rochester, I fail to understand what the issue is i'm beginning to think its me however even if that was the case i have enough income to qualify for financing, on top of that am putting 1-2k down-payment and possibly even including a trade-in which has a KBB value of 7.5k. Sorry if i may seem like i'm coming off in a disrespectful manner but i just felt i had to vent, I've applied for financing in more than 14 dealership locations and by every single one of them i have been given the run around.
What am i doing wrong? Is there some untold rule that i haven't been filled-in on that is preventing them from telling me if i'm approved/denied lol. Seriously i've given all the documents necessary, am offering more than enough (downpayment + trade-in) and still am being given the run around and told "we'll contact you in a few days" after a week i call back to check on the status and am being told the same thing. smh...
The problem is something with your credit. 14 different dealerships don't give the same person the runaround for no reason. They exist because they sell cars and make profit.
Why don't you take your $2k down payment and your $7k trade a buy a used car for cash with no financing? I suspect your $7k trade is the one that doesn't run?
After 14 tries attempting to finance you through every primary, secondary, and captive source. I bet you you have 50 hits on your credit. What are you doing? Join a local credit union, get yourself a secured credit card, and ride the bus for a few months. These should make it easier for you to get a loan in the future, build your credit, and save more money for a larger down payment. Good luck.
If you are denied credit, the creditor is obligated to tell you in writing exactly why. It's the law.
He's right, but remember the dealerships aren't creditors or lenders, so you should start getting letters in the mail from banks and finance companies. They will be very general (For example, insufficient credit file, insufficient collateral, high debt to income ratio).
The problem is something with your credit. 14 different dealerships don't give the same person the runaround for no reason. They exist because they sell cars and make profit.
Why don't you take your $2k down payment and your $7k trade a buy a used car for cash with no financing? I suspect your $7k trade is the one that doesn't run?
After 14 tries attempting to finance you through every primary, secondary, and captive source. I bet you you have 50 hits on your credit. What are you doing? Join a local credit union, get yourself a secured credit card, and ride the bus for a few months. These should make it easier for you to get a loan in the future, build your credit, and save more money for a larger down payment. Good luck.
I will definitely take your advice, After consulting with an different mechanic it appears all the vehicle needed was a tune-up and a few fuel injectors changed anyways -.- lol, Well atleast everything worked out for the best im glad i didn't get myself in debt. Thanks again everyone for the advice!!
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