Just a rant really...

I'm soooo close to getting my 997.1 Turbo delivered from Ohio.

I get a call from the dealer today informing me that my additional income (~$10K from teaching piano) won't be considered even though I have provided regular proof of deposits to my bank.

Now they are saying they won't approve my loan. Uhh, a $10K reduction in income makes that big a difference? My house is paid off and I don't have a mortgage. I really have nothing else to spend my money on other than my car. I don't want to state my income, but it's roughly $30K over the cost of the car.

Issues:
Dealer had to correct my address twice (not my fault).
They requested my pay stub and asked how much my bonus was. My pay stub doesn't show my bonus (uhh, no prior jobs have shown it unless it was specifically the stub with the bonus.
My proof of regular deposits from teaching piano apparently wasn't enough for them.

Sigh... I searched for so long to find a car, and after a few weeks of working with the dealer I get greeted by this bad news. Plus, it was a 3.9% too, lower than I've received from other places.

 

That's a real bummer. Are you at risk of losing your order to someone else?

 

As far as I know, no. I really hope not. I have already signed all the paperwork, obtained and paid insurance for the car, and sent a $2K deposit.

 

Try finding a local credit union and apply through them. I never finance through dealers anymore - not because of approval, but because once you see how pleasant and easy it is go through the right credit union is - you'll wonder why you ever did it any other way.

I have never obtained a loan through them, but I hear great things about http://www.penfed.org

-m

 

There was some board sponsor offering creative financing a while back, don't recall the name.
Might also try a credit union.

 

+1. Credit unions should always be considered in your loan search. They are often more lenient than commercial banks / dealerships. I hear Penfed come up a lot on the boards, but haven't used them personally.

 

im going to tell you something like you are my friend.

you look like a ***** right now. are you really going to give up on getting the car that quick ?
something similar happened to me when i got my car 4 years ago.
call bank of america. they will approve you.
post pics this weekend when it gets delivered to you.

if you really want the car, you'll get it. don't take no for an answer.

 

That's probably good advice for anything in life, Steve.

 

Haha, I absolutely DID NOT give up. Nowhere did I say I was giving up. Just ranting here on the forum.

I'm obviously looking for a low APR as well. I can easily find one with 6% or higher which I don't want.

 

my apologies.
the minute i read it, i remembered when i went through similar BS. it ended up stressing me the hell out, but it made taking delivery even sweeter. i look forward to you getting yours.

 

Thank you sir. The salesman on the phone was like, "Well, there's nothing we can do." That didn't sit too well with me. Plus me being half a country away, makes things more difficult.

Their attitude and followup wasn't very good these past few weeks, but I'm sticking with it since it's a car I love. Plus I'm not going to be using them once I take delivery in my new home state of CA.

 

You'd think, considering how much money they'll be getting from you regardless of where you get your loan, that they'd try to help you enjoy as smooth a process as possible. I guess that's what largely separates the dealers you love and recommend all your friends to and the dealers that you merely overcome as another obstacle on the road to getting your dream car.

 

Your W-2 would show the bonus. Also, offer up your 1040 that would show earned income, etc.

 

+1... great advice

 

I like many have dealt with financing issues. You can try credit unions but they don't always work out as you do not have a relationship with them. As Steve mentioned above go to BofA or a bank you deal with regularly and ask them for a check. ie. I went to Bof A and asked for 100k for a car, I was approved in less than 24 hours, simple as that get online and submit your apps and don't worry about credit report dings. Good luck