how long for financing to approve?

[Krazy]

how long did it take for you guys to get your financing approved?

thanks

[She_Prime]

Mine took one business day. Went to the dealership say today to sign by the next day (afternoon) they called back with the approval.

[Jeff-TheBiz]

At the most 24hrs.

Next question... Do they physically have your car?? or are they going to "Try and find one"

[mazdabetty]

next day! (to my pleasant surprise)

[SKYMP3]

Should be quick for finance approval, but it took me 1 week to do a lease takeover!

[Krazy]

they have the car. physically.

all i need is the bank's approval for finance.

just waiting and waiting and waiting hahaha (estimating... it'll be done by today or tomorrow)

even feel bad bothering the dealership with calls anymore lol

[aris]

next day! (to my pleasant surprise)

+1

[zoomsay]

how bad would your credit have to be not to be approved?

[mazdabetty]

hahahha my credit is pretty bad.... with $46,000+ in student loans your credit would have to be pprreeeeeeetty damn bad... but sometimes I feel like they prefer financing the people who have bad credit cuz they make more $$$ of them :chuckle

[aris]

I went in on a thursday morning to buy my car and friday at 3pm i got a call that i got approved for the loan...and i got perfect credit.

[repoman_2]

Took approx. 10-20 minutes for my approval. My wife and I have pretty good credit and I do work for the dealer though:)

[Krazy]

i assume my credit is not bad...


student loan is below 20k.

i make... right now 40k a year. Still in school.

No other debts... just annoying.

they didn't approve lease. so i switched to financing.
(only reason i wanted lease was cause i know i would want something else in 4-5 years time)

and... i work for a credit card company.. i wish i can walk down to accounts and check my credit myself hahaha.
(and no.. i don't wanna pay $30 for my own credit report online :)

[Krazy]

im really tired of waiting..

but dealer was patient and helpful through my problem with lease...

so i do want to stay loyal.





Dealership is MoT :)
(i am starting to wish jeff was in his office when i went to test drive T.T)

[aris]

just wait and see what happens..how long as it been?

[Krazy]

well.. i do understand.. it's busy for month-end at financial institutions...

i guess.. since last thursday i think...





can't wait to go zoom zoom :(

[aris]

well.. i do understand.. it's busy for month-end at financial institutions...

i guess.. since last thursday i think...





can't wait to go zoom zoom :(

Oh i guess that a long time to wait...go back to the delaer and see what's going on with it.

[Krazy]

yeah... i think if i don't get an answer by today...

I'll just cancel.. get my $1000 deposit back and go somewhere else.

as much as i want to stay loyal...



if I ask to cancel.. are there any fees I need to pay?
licensing fee?

I know the BM told me I can get the full deposit back. just wondering what other cost is relevant in this case.

[TokyoKiller]

yeah... i think if i don't get an answer by today...

I'll just cancel.. get my $1000 deposit back and go somewhere else.

as much as i want to stay loyal...



if I ask to cancel.. are there any fees I need to pay?
licensing fee?

I know the BM told me I can get the full deposit back. just wondering what other cost is relevant in this case.

If its MoT, isn't Jeff the Business Manager?! :whoa

[bigbot]

Long post

Just remember if you go somewhere else and they will do a credit check. Your credit bureau score will fall again. Every credit check performed against you, your score drops about 8 points.

As for being declined for a lease and then you tried financing, makes me question the sales rep practices, as your TDS / GDS (Total Debt service ratios and Gross Debt service ratios) would actually be lower with a lease opposed to a finance, due to the fact that your payment is lower. Thus making it easier to be approved for the lease over the finance. Any sales people that deal with credit should have known this and told you the odds for a approval is probably Nil It is possible, that your slow reply back, is because the sales rep is a little nervous to tell you, you have been declined again.

Based off of you income and only your student loan as debt, you should be well within TDS/GDS ratio's for approval. Do you have other credit instruments (Credit cards/line of credit) that you owe nothing on? Should you do, then the credit approval looks at those products and assumes maximum minimum payments and inserts them into your TDS/GDS calculations for a decline or approval. Should you do, you could tell the credit department, that you are willing to cancel these products to get a approval. The only other thing that it could be, is your credit score is very low and does not warrant a approval.

You can always ask the sales rep what your credit score is. The can tell you this information, do not let them tell you they cannot.

Credit Score1
Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers.

There are many different ways to work out credit scores. The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900. High scores on this scale are good. The higher your score, the lower the risk for the lender. Lenders may also have their own ways of arriving at credit scores. In addition, lenders must decide on the lowest score you can have and still borrow money from them. They can also use your score to set the interest rate you will pay.

Credit Rating1
Some credit-reporting agencies report the lenders' rating of each of your credit history items on a scale of 1 to 9. A rating of "1" means you pay your bills within 30 days of the due date. A rating of "9" means that you never pay your bills at all or that you have made a consumer debt repayment proposal to the lender. A letter will also appear in front of the number: for example, I2, O2, R2. The letter stands for the type of the credit you are using.

"I" means you were given credit on an installment basis, such as for a car loan, where you borrow money once and repay it in fixed amounts, on a regular basis, for a specific period of time until the loan is paid off.

"O" means you have open credit such as a line of credit, where you borrow money, as needed, up to a certain limit and the total balance is due at the end of each period. This category may also include student loans, for which the money may not be owing until you are out of school.

"R" means you have "revolving" credit, where you make regular payments in varying amounts depending on the balance of your account, and can then borrow more money up to your credit limit. Credit cards are a good example of "revolving" credit.1
The most common ratings are "R" ratings. These are known as North American Standard Account Ratings and are the most frequently used. The "R" indicates that the item being described involves revolving credit. If you always pay on time, it will be coded an R1. If an amount was written off because you never paid it back, it is coded R9. The R ratings are a coding system that translates "on time", "one month late", "two months late", etc., into two-digit codes.3

R0 Too new to rate; approved but not used;
R1 Pays (or paid) within 30 days of payment due date or not over one payment past due
R2 Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due
R3 Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due
R4 Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due
R5 Account is at least 120 days overdue, but is not yet rated "9"
R6 This rating does not exist.
R7 Making regular payments through a special arrangement to settle your debts
R8 Repossession (voluntary or involuntary return of merchandise)
R9 Bad debt; placed for collection; moved without giving a new address or bankruptcy.
Other rating indicators that might be found on a report are "I" for installment credit or "O" for open credit line.

[Krazy]

I have one credit card when they did the check.. and 0 balance.. with 2000 limit.

the rep told me i have limited credit.

as for credit card.. I usually pay off the balance except for sometimes when I forget. Then pay next month.

I had great experience with the dealer.. but im just frustrated wiht the situation.


Just called in to cancel the whole thing. I'll find out a bit more.
Then.. try somewhere else.

[Krazy]

Can it be.. because.. they checked couple time to try to get me to be approved from leasing? That could have affected my credit...?

Arg... im even considering just buying a demo 2009 with cash.. :(

sighhhhhhh

[bigbot]

Yes and no. The person doing the credit check, should have just gone into the existing check. However if they did not pay attention, they could have pulled a new one causing 2 checks that reduced your score by 16 points.

Just because you pay off your credit card balance in full does not mean your have no payments. You have to remember this is still available credit to you at any point in time and as such they apply a maximum minimum payment to the credit application. In this case in would only be like $30.00, nothing to warrant a decline to TDS/GDS ratios

Being told you have limited credit is bull they are not telling you the full reason of the decline. You have a student loan that is credit scored and you have a credit card that is credit scored. What do they want? they want you to be over extended in available credit? total bull. As long as you have been using the credit products and they are not brand new (less than 1 year) than you have created a active credit bureau. Now if they are fairly new and show a limited repayment schedule, then this could mean your credit score has not been fully established at this time and the reporting is showing as R0 or I0 which means the decline was based on a non active credit bureau. You do not start a credit bureau with a low score and build up, you start off with a non active bureau rating that establishes a score (mosty likely around 650 - minimum bank credit score) The only way to fall is by actively seeking credit or having a bad repayment history.

[Krazy]

yeah... that's why I don't see what the problem is...

I am enrolled in a program called co-op...

so I made money all the way through univ working at big companies..

so even my student loan isn't too much.

I did just start my current job.. in may. So.. im guessing that's a reason?
cause I started my job.. fairly recently.

making 40k a year.. with like max 20k student loan... 2000 limit mastercard.
I guess they just don't like me hahaha

maybe i'll have to.. resort to getting a lancer or civic sigh.
im at work right now.. annoyed out of my mind.

[Krazy]

My student loan is $16,914..... lol

I had a TD MC since... 18 or 19.. cancelled it cause I changed my bank to PC.. so now I have PC mastercard. lol

why is this so much work for me?

[bigbot]

I did just start my current job.. in may. So.. im guessing that's a reason?
cause I started my job.. fairly recently.



Bingo, there is the reason. They will not count this income until any probabtionary period is over (normally 6 - 9 months)

[bigbot]

should have added. This income can be counted but the job will need to be deemed "a necessity" ie. Doctor..

[Krazy]

im guessing.. project manager.. is not a necessity :(


Very frustrated.. I am a very independent person and don't want to ask parents for help. I guess there's no other choice. Only thing is.. their reported income is very low. Sighz.


Anyhow... I'll try something. will let you know how it turns out.. so if someone else has the same problem in the future.. they know.

[bigbot]

Good luck.

[Krazy]

lol i give up.

im just gonna buy with cash lol.

show those stupid bank they are WRONG! hahaha

but since 2009 has cash incentives.. might look for a 2009 instead of 2010 :(

[zoomsay]

lol i give up.

im just gonna buy with cash lol.

show those stupid bank they are WRONG! hahaha

but since 2009 has cash incentives.. might look for a 2009 instead of 2010 :(

Maybe you should check your credit report. See exactly where you stand, who knows, someone could have hijacked your identity. From what you told us, you shouldn't have a problem getting approved.

[Krazy]

Sales rep showed me the responses from leasing company.

It just says i have LIMITED credit. So -_- co-app is needed.

w/e.

i picked up my Mazda TODAY!

looks fantastic :D

tinted windows and im set.

[mazdabetty]

Bingo, there is the reason. They will not count this income until any probabtionary period is over (normally 6 - 9 months)

Ahh I'm not sure this completely true, I started my new job in December and I was approved for financing at the end of January... WITH my giant biatch of a student loan to pay off...... still have no idea how this was approved. hahaha



anywayyyy Krazy congrats on your new 3!!!!!! So exciting, make with some pics!!!

[bigbot]

Ahh I'm not sure this completely true, I started my new job in December and I was approved for financing at the end of January... WITH my giant biatch of a student loan to pay off...... still have no idea how this was approved. hahaha



anywayyyy Krazy congrats on your new 3!!!!!! So exciting, make with some pics!!!



Actually it is completely true. I have 12 years bank lending experience. I see declines on this every single day. There are only three way around this. 1) you are deemed essential
2) the new job is in the same field of a job you just left in the last year
3) something was not reported to the credit adjudicator properly or if at all, and yes this happens quite often just to get a deal approved especially when it comes to mortgages (mortgage broker)

[bigbot]

Sales rep showed me the responses from leasing company.

It just says i have LIMITED credit. So -_- co-app is needed.

w/e.

i picked up my Mazda TODAY!

looks fantastic :D

tinted windows and im set.


Congrats on the purchase

[mazdabetty]

Actually it is completely true. I have 12 years bank lending experience. I see declines on this every single day. There are only three way around this. 1) you are deemed essential
2) the new job is in the same field of a job you just left in the last year
3) something was not reported to the credit adjudicator properly or if at all, and yes this happens quite often just to get a deal approved especially when it comes to mortgages (mortgage broker)

HMMMMMMM Interesting... maybe it works differently at different institutions then.

Because,
1) I am definitely not essential... hahahha (apparently the world does not NEED design....
2) My new job is not in the same field. I'm a recent graduate.
3) Maybe there was a mistake in my favour... but I doubt it. Knowing my luck. hahahhaha, but they never asked what my position was. Or anything else about my job. Their only concern was that I had just moved and my addresses were all over the place.

WEIRD!!!!!!!!!!!!!!! :bana2 maybeeeee my luck is starting to turn. Everything's comin up milhouse! :P

[Krazy]

I sense sexism. hahaha

I can't remember.. was there a slot on the application to put in your gender?

hahaha

anywho... it all worked out and im zoom-zoom'ing all over the city.

[mazdabetty]

hahahahaha I don't knowwww!!! imagine though? hahahaha

Glad it all got sorted out!

[aris]

My parents just bought a brand new truck today and they got approved in one hour

[Krazy]

My parents just bought a brand new truck today and they got approved in one hour

now you are just showing off!

haha... well another reason I got off a friend is because Mazda doesn't have their own leasing company? But supposidely some other brands do.

So it's more difficult with banks with the whole economy going down the drain :p




ps. You know what the dealer my dad knows suggested? He wanted me to get Chevrolet Cobalt LT for 14k. I was like... no thanks... i'll stick to my zoom zoom.

[aris]

now you are just showing off!



Wasn't trying to..It's are company truck so maybe that's why it went so quick.

[Krazy]

Wasn't trying to..It's are company truck so maybe that's why it went so quick.

haha i was only kidding.

yeah.. i think it's cause im still in school too :(

they know i still have to pay over 10k in tuition... :(

[ElegantGremlin]

haha i was only kidding.

yeah.. i think it's cause im still in school too :(

they know i still have to pay over 10k in tuition... :(

$10k in tuition? That's more than I paid in tuition for my entire program (3 years).

[Krazy]

well actual tuition is around 3k.
(including $500 for co-op(intern) fee)

And my housing rental fees usually come up to 2k.

Haha, so yeah.

I just count 5k per term.

But engineers.. CS... they pay like 6-7k or more.. for their tuition i think.
(just tuition)

it's crazyyyy and it keeps going up.