How can I make the credit company reconsider my loan?

Question

I recently applied for a loan for a car, and was to be given the car with no money down. I waited throught he holiday season to take possession of the car. I was to trade in my old car, as this was the agreement . The day I went to pick up the car the loan was denied and taken back reason being I left the loan open for more than 30 days and that looked bad. I was also told a drop in my credit score by 30 pts hurt too. I have gotten denial letters and they all say the same thing, how can I get the companies to give me another chance. I was told by the dealership that a co signor might work (but I son't have one), or money down and the car, or just a large down pyment and they could work it out. I desperatly need this car and I cannot reapply for thirty more days . What are my options, how can I get them to reconsider?

Answer 1

I hate the credit organizations, how they work, just everything about them. I had a car get impounded while I was on a 2 week deployment for work ups while in the Navy. I called the company that gave me the loan and asked for advise, they told me they had a facility in San Diego that they could store it in, they will get it out of impound, I just need to pay the impound and storage fee. I get back, payed 489 bucks cash money, later to find out they put on my credit a redeemed repo. ? I talked to a lawyer, since I had missed not one payment ever this was illegal, they cant do that. Well, its been 8 years now fighting and I still have a repo on my record.

I know you want this car, unless you got money for a down or a co-signer, theres no asking a loan company to reconsider.....
Im sorry to hear bout your luck, sounds like you should get that salesman fired at a minimum by talking to the owner and explaining how he let this happen.

Answer 2

You can't, the dealer might be able to.

When a dealership submits a person to a lender to get them approved, the approvals are only good for 30-days, the reason for this is that a persons credit can change greatly in 30-days due to missed payments, collections etc.

The real question is why did you wait so long? I am a Special Finance Manager, have been for ove 7-years and I call people everyday and remind them that their approval is about to expire and that they need to come in and buy

You do not have to wait another 30-days to reapply for credit, the loss of 30-points is going to cost you dearly. This is why the dealer is telling you you need a co-signer or a large down payment.

Sounds like to me that the dealer dropped the ball on this one.

Answer 3

you cant ,those 30 pts are written in stone now.Cause I went through the same thing.And still trying.