I had some problems a few years ago and no job so my credit was really messed up and now I am making pretty good money so I want a new car. My fico score is 560 with about 4 collections from about 2 years ago but my dad has a 700 score and makes about 200k and agreed to cosign. I also have a 2003 Mustang that I only owe 3500 on and the dealership will probably give me 10500 for it The car I want is 30k sticker, Please, Help me out people what are my chances? Thanks
Additional Details
The dealship called today and he got my information and said he would call back. He called back but he didn't say I got approved, he just said for me and my dad to come up there. I ask him did It go through and he said he didn't try but earlier he said he would try? So, do you think he is lying and knows I didn't get approved or what? Why didn't he just tell me one way or another? I didn't mention, I make 3000 a month before taxes. Thanks for any help
2007-06-21 06:09:10 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
This is a old dealer trick.
They do not want to tell you up front that you are approved because they are afraid that you will go shopping at other dealers.
Besides until you are in front of them and they have verified that you and your Dad are who you say you are they are forbidden by law to discuss any details of your approval.
2007-06-21 07:23:23 · answer #1 · answered by ? 7 · 0⤊ 0⤋
If they had an approval, they wouldn't hesitate to say so. I believe that he is lying as to whether or not he "tried" for an approval. If your Dad is a 700 and his debt to income ratio isn't out of line, you should have gotten approved. I think that the dealer probably got a counter offer from the bank, and wants you to come in so that they can try to switch you into a car at the amount of the counter.
You might try going to your or your dads bank and get pre-approved to see what you qualify for. With that information, you can make a much more educated choice.
2007-06-21 06:18:35 · answer #2 · answered by Tom S 5 · 0⤊ 0⤋
Sorry, but the last thing you need is a NEW car. Pay off the Mustang and keep driving it.
2007-06-21 07:40:43 · answer #3 · answered by mikey 6 · 0⤊ 0⤋
As long as your dad consigns you should not have a problem although you will probably get stuck with a high interest rate.
2007-06-21 06:13:33 · answer #4 · answered by WJVV 4 · 0⤊ 0⤋