|05-10-2001, 06:34 PM||#1|
Join Date: Mar 2001
Location: Capitola, CA
Trouble getting loan, advice...?
Alright, I'm turning to my fellow i-clubbers for some help here, someone has to have some idea.
On 3/22 I ordered a WRX, which came in this week and I was supposed to be picking up tomorrow (Friday 05/11).
Now I'm finding that I can't get a loan for it! Here's a brief loan history:
11/97 - Purchased new S-10 pickup, got a loan for $13k, made payments on it for two years, never late, traded in truck.
12/99 - Purchased new GTI VR6, got a loan for $20300, made payment for a year, never late, sold car.
10/00 - Small ($5000) used car loan for a Mitsu Eclipse GSX, recently paid, sold car.
In January after I sold my GTI, I was looking into getting a Tacoma S-Runner, my bank suggested I get preapproved before ordering, so I did through them, and shopped some rates (Eloan, peoplefirst, etc). Toyota was unable to build a car to the configuration I ordered, so I cancelled after submitting two times. Now it's March, I decided on the WRX.
Went to get my loan for that around the end of April, figuring the car would come in sometime in the next 30 days and found my credit being denied. Turned out at Christmas when I signed up for a Mervyn's card to get a 15% discount on my purchase or whatever it was, the saleslady neglected to put in the 60 days defered billing that she offered. So I called Mervyn's about it, they were nice, handled everything, by the 3rd of May all errors were clear in their system.
Problem solved? Oh hell no. Now I have to wait for the info to update to my credit reports. So I'm thinking my car won't be in for another couple weeks, should get handled...then five days later, my car is here. Credit reports still bad. Yesterday, I mistakenly contacted Equifax instead of Experian.
Equifax updated my information withing an HOUR, it was so perfect and smooth, and I used their online myfico.com thing and showed I had a beacon/fico score through them of 675...good enough for me right now.
Then I realized this morning I cleared up Equifax instead of Experian, called Experian and they are so unwilling to do anything for me. They don't have any kind of rush they can put on anything, all they'll say is things should be updated within 30 days. They're so set on saying I'm "disputing" the information, but Mervyn's has corrected it, so all I want them to do is ~update~ my credit report with the current information.
Here are the scores I've seen through Experian in the past three days: 555, 579, 573, 589. All way too low for me.
So here's my dillema. My silver WRX wagon is in, my dealer is being very helpful and will likely hold it for a couple weeks, but not for 30 days obviously. I don't care if I get a jacked 12% loan approved or something at this point, and refinance it once the credit stuff is repaired, but I can't even get that right now. I can get NOTHING...it's so awful, I feel like some kind of broke bum.
For the record, I'm 22, make a shade over $40k a year, and rent from my gf's parents, which leaves me almost no rent ($100 month)...so I've got the money for the payments too, that's not an issue.
Does anyone have any experience in a situation like this? Any good advice? Everyone seems to live and die by the Experian FICO score, and it's messing me up big time, because nobody wants to hear my situation...or they just can't do anything about it.
Does anyone know of ANY lender for auto loans that looks at EQUIFAX instead of Experian? My Equifax is all repaired and nice now, and looks great...should have no problem. But everywhere I try seems to pull Experian and it looks bad. Someone give me some advice here...I don't want to have to watch someone else drive my wagon around town...
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|05-10-2001, 10:41 PM||#3|
Join Date: Jan 2001
Talk to the F&I guy at the dealership. If you KNOW you can refi in a month or two with a good rate, it won't be so bad. Tell him what's going on. Tell him to give you a 24.99% loan with no pre-payment penalties. You'll get shafted on the interest until you can refi, but you at least get the car. And dealers LOOOVE 24% interest loans. You'll make his day.
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