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Discussion Starter · #1 ·
Dont mean to pry but was just wondering. I have perfect car credit for almost 4 years now and 3 years of various credit card credit..never missed a payment. I had no problem getting different cards etc til lately because of a damn medical bill that shows up and some tax shit i dont owe, still trying to fix. So in 3 years ill have more car credit and stang will be paid off. I hope they make the RL still cuz i want a brand new one but i dunno if i can get this tax thing off. I guess ill be older by then so that will help as well and hopefully will make more money...j/w if anyone had any input. Does saturn work with ya good?
 

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Superd00d
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I had $1,500 on a GMAC loan in default, the car was totaled and is part of a lawsuit. That's what I get for co-signing for a buddy on a $3,000 car. I got approved just fine.
 

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My saturn dealer told me that only 15% of the people that applied for 5 years at 0% thru GM got the loan.The other 85% got turned down.I dont think this is all over the country just at this dealer but the do have 6 dealerships in my area.
 

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I am 18 and have had a credit card for 6 months, only purchasing gas on it, and got 0% for 6 years (gotta make sure I can pay for it..damn school) and didn't even have to get my parents to co-sign...I was shocked as Soctia Bank was willing to give me a $34,000 loan as well...I started laughing in the dealership...as did my dad.
 

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If the dealership has a good finance guy they can get you financing somehow. Just don't go to ten different dealerships and fill out a credit form. The more inquiries on your credit report, the less likely they'll give you a loan.
 

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my credit wasnt the hottest and they got me into my car with no problem.....had a few companies turn me down but they found one and got a half ass decent intrest rate
 

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My credit sucks and my mom had to co-sign for me on both Saturns. I don't even think I can get approved for a lease. And I'm going to be 25 in a couple of weeks.

Oh well - thats what I get for maxing out a credit card of $2500 when I was 17 and deciding not to pay it back.
 

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mbhmustang98 said:
Dont mean to pry but was just wondering. I have perfect car credit for almost 4 years now and 3 years of various credit card credit..never missed a payment. I had no problem getting different cards etc til lately because of a damn medical bill that shows up and some tax shit i dont owe, still trying to fix. So in 3 years ill have more car credit and stang will be paid off. I hope they make the RL still cuz i want a brand new one but i dunno if i can get this tax thing off. I guess ill be older by then so that will help as well and hopefully will make more money...j/w if anyone had any input. Does saturn work with ya good?
I'm a former F&I guy - Even though you may still have some derogatory credit on your bureaus, the fact that you have perfect car credit for 4 years carries HUGE weight with automotive lenders.

Get yourself an explanation for the medical bill and tax issue, so you can let the F&I guy present it to the lender - 9 times out of 10, if they have a good explanation, you're in good shape.

Go for it - nothing to lose - worst case scenario, it costs you a couple of inquiries. MAKE SURE, and use this word, that the F&I guy doesn't "SHOTGUN" your application - you may end up with 15 inquiries, and that hurts. Make sure they shoot it to just 1 or 2 lenders.
 

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Jim Lewis said:
I'm a former F&I guy - Even though you may still have some derogatory credit on your bureaus, the fact that you have perfect car credit for 4 years carries HUGE weight with automotive lenders.
That's what got me that car. I had the $1,500 sitting in default, but the saw that I had paid every single payment for the last 3 years, on time, for my last Saturn, that I traded in. Plus, they saw my Corvette loan that was almost finished with perfect payments for 2 years. That made my explanation of the lawsuit easier for them to swallow I guess.

A good finance guy can work wonders too.
 

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Your F&I guy is your friend - people have NO idea how valuable a good F&I guy with good relationships with the lenders is to a dealer.

When I retire to teaching tech school and being an expert witness, I'll probably go back into F&I. Or just open up "Jim's Buy Here Pay Here"...
 

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F & I can save your life!!! I just filed bankruptsy, but it hadn't discharged yet. Debt up to my ears, credit score around 450ish. Financed at 9% for 5 years......
 

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Discussion Starter · #13 ·
Cool thanks!!! Well as long as they make them new still ill have one in a few years..long time to wait but oh well. If they dont make them new ill get a barely used one. I guess i am luck afterall!! I tried to get one now but i have too much negative equity. I dont wanna betray the stang so i was gonna sell my 99 SL2 and get an older fox 5.0 and have the redline, but oh well..gotta wait a few years yet.
 

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Jim Lewis said:
Your F&I guy is your friend ...
Not all of them. I once bought a vehicle on a bank holiday and wanted to use my credit union. F&I person insisted that my CU required credit life. I protested but she wouldn't back off. I decided to finish the deal anyway and checked with my CU the next day. They were very unhappy to hear how I was treated and wanted the name of the dealer and F&I person. They got the insurance canceled and I got a full refund within a few days.
 

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Many credit unions DO mandate credit life, and some even mandate disability insurance - all part of the "deal" you get for stretched standards and low rates.

I didn't come on here and say "all F&I people should be annointed for sainthood", I said that when you have credit issues, a good F&I person can get things done for you, when many people can't.

If this is going to be a "bash the F&I guy" forum, I'll go to another topic and quit giving finance advice.
 

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Jim Lewis said:
Many credit unions DO mandate credit life, and some even mandate disability insurance - all part of the "deal" you get for stretched standards and low rates.

I didn't come on here and say "all F&I people should be annointed for sainthood", I said that when you have credit issues, a good F&I person can get things done for you, when many people can't.

If this is going to be a "bash the F&I guy" forum, I'll go to another topic and quit giving finance advice.
Hey, he didn't bash all the finance folk, just pointed out that some suck. Come on Jim, there are 3 posts that are positive towards them, and one that said 'they're not always your friend'. That's hardly a 'bash the F&I guy', and it REALLY not turning the whole forum into bashing them either...
 

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Yes, well, these forums usually turn into the same "oh yeah, well my salesman/F&I person/service advisor is a creep and he ripped me off"...and I'm just not into that bullshit.

People start trying to top each other with horror stories and it turns into a bash fest.
 

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Jim,
Sorry if I touched a nerve, but being in the business you are certainly aware there are some downright dishonest characters out there. My dad sold cars for over 10 years at 3 different dealerships. My example was trivial compared to some of the stories he could tell. Maybe if you had said "an HONEST F&I guy is your friend" I wouldn't have been prompted to comment. Call me a cynic if you want, but I never assume I'm going to be treated fairly.

As far as bashing goes, imagine how GM employees must feel reading these forums (no, I'm not a GM employee). And what about "all part of the "deal" you get for stretched standards...". Sounds like you might be stereotyping credit unions a bit. Perhaps I should have added that I was putting 1/3 down and have a very high credit score.

No matter what business you're in you often have to bear the reputation and sins of others. I like what I do for a living but I hate the business if you know what I mean. And unlike salesmen, car dealerships often have only one F&I person. The customer doesn't really get to chose. I'm just throwing this out since I tend to think out of the box alot - What if F&I people could be independent like mortgage brokers. If I had a guy I could trust, I'd go back over and over. It could be the next big home business opportunity.
 

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rip_vw32 said:
F & I can save your life!!! I just filed bankruptsy, but it hadn't discharged yet. Debt up to my ears, credit score around 450ish. Financed at 9% for 5 years......
How did you get financed with that bad of credit? I have a discharged bankruptancy, a credit score over 600 and I couldn't get financed.
 
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