I wouldn't worry. I used to have really good credit high 800's, but thanks to a crappy economy and not saving for a rainy day and then a really rainy year my credit tanked. But I still got my s2000 with no job and lousy credit. I think my rate was around 6% and financed through honda. So don't worry if you have the car it's yours enjoy.

 

he signed a conditional contract if they can't get financing he brings the car back..all dealerships have that caveat included in spot delivery paper work..trust me..it ain't a deal until a lender buys the contract; however, a good F&I guy can get most anyone done...hey mr 100k...FICO means your paying a "vig" of about 3 or 4 percent...I've got a 3.9% loan or 6.1% lower than yours...how much $$ is that you're paying over the life of the loan...lenders generally don't give a rats ass how you became a stiff, and if you show a good income/debt they'll write you ...at a premium rate..i.e. 10%

 

go to mexico

 

Well, my credit score was about 600 or so when I got my Civic, and I make arounf $55k a year. I have a good bit of credit card debt from sharing a CC with a family member (HUGE MISTAKE). Then a little over 2 years ago I closed all my CC and my credit history has been perfect since then. I paid on a 2000 Honda Civic with Honda Finance for 24 months or so and I paid on my 2005 Civic Si for 5 months, both car were paid one time or early and I overpaid the amounts every month. The finance guy told me they did not see my 2000 Civic when they processed the credit app, which he says when he looked at it.

The credit app had a conditionally statement on it. My loan is 3.9% for 6years for around $510 plus an extended warranty which made it a little higher $540. I did not take a bad hit on the Si, they gave me more than payoff. I may be a little backwards on the S2000 for a few months, but I plan to pay a little over.

My dad has been selling Volvos, BMWs and MBenz for a good while, more than 15 years selling Volvos. He said that if they did not see me getting approved that the car would still be at the dealership, especially given the car. He said they would have prescreened on a high ticket Honda like that. He said that afterhours the apps are processed electronically, and the computers get it wrong sometimes. He feels it will only take a phone and to tell them to approve it.

 

unfortunately I was in the same situation as you and went to the dealer and they would not finance me. My ex would not pay for the car that she promised to pay and my credit was terrible; under 600 as well. The dealer wanted me to have a co-sign and I brought my brother who have over 800 in score but the dealer wanted 25% I left and went to my credit union. They are much more understanding and gave me a loan fo 3.75% The dealer didn't care if I was making over 300K/year or not.

 

I'd highly recommend you get a credit report from the three major agencies, maybe mistakes on there etc. Consumers should do this at least once a year. The govt has mandated these agencies allow consumers one free report each year, this is in the phase in process so depends where you live whether you can get it free yet or not. Here's a link to one of the three, it'll tell you if you're eligible for a free report yet.

http://www.equifax.com/

Chris

 

I have a ongoing account setup with Equifax (a few $$ a month) and I monitor my credit report on a monthly bassis. When I closed my credit cards over 2 years ago I started monitoring my credit. Making sure I am aware of what is on it. Several of my CC were hitting my credit every months to see if they could raise or lower my interest rates. And a few other things I have filed complaints about and have had corrected. At least with my Equifax based report, I can explain any single line item on my report.

 

No news is good news so far, I hope. I called the dealership and talked to my salesman this morning. I told him to call me if there were any issues with Honda Finance today, and he said he would. He is the same salesman I bought the Si from 5 months ago and he is very deligent about calling me and staying in touch. It has been 5 hours and I have not heard, so I am guessing there are no problems. He told me it happens sometimes with car purchases on the weekends and it usually takes one phone call on Monday morning to straighten it out.

So, I am a lot less paranoid now.

 

You might want to check out http://www.carbuyingtips.com/ , it might also be a dealer scam that they're trying to pull on you to get some extra money.

 

Maybe, but I highly doubt it. I took my 1987 Accord there for about 2 year, I had all my 2000 Civic work done their for 2 years and I have purchased a car form them previously. And, I know other people that have and were happy. There parts department is cheaper than some AutoZone and Advance auto places in town.

In the past 2 years, I have tried to buy cars at an Acura dealer, a Mazda dealer, 3 other dealers in town. They would not touch unless the interest rate was above 11%. And, at that rate if I tried to haggle 2k or 3k less than invoice, I woudl still come out paying more when the financed loan is paid off.

Back in Sept '04 I tried to get a 2005 RSX Type S and they would only give me $11,200 for my WRX, and the interest rate was north of 12%.

Back in Nov '04 I tried to get a 2005 Mazda3 and they wanted to give me $10k for my Subaru WRX and charge me $22,7000 for a Mazda3 that was $19,410 (based on MazdaUSA.com) with the options I wanted.

In March '05 this Honda dealer gave me $14,500 for my WRX (that had 30k mile worn ECSTA 712 tires and a non-working A/C, which I disclosed) and gave me an interest rate of 4.9%. I do not think I could have sold the WRX and got $14,500 for it, especially not in SC in the summer heat. The A/C was going ot cost $500 to $800 depending on how/where I got it fixed.

Now they give me $17,000 for my Si, which based on Edmunds has a first year depreciation over $3,600. So, $19,300 - $3,600 = $15,700. Then they give me a 3.9% interest rate which is good for my credit history level.

Maybe they are scamming me, but I have seen nothing yet to even make me think that. And, the only reason the guy told me Sat. was so I would not freak out when I got a letter in the mail.