Having Trouble Financing

[jediknight36]

Hey, we got some bad news on our orphan yesterday. We applied for financing with our credit union and they denied us (length of employment was a major factor. I worked at my last job for 3 years before I changed jobs, but technically am still employed there part time), smart said it didn't look good, but the Finance manager is going to try and pull some strings. Apparently they don't have too many sub prime loan specialists there. We were told it would not be an issue because our credit is better than when we financed the Toyota matrix in 06, and we have over 24 consecutive months of on time or early payments.

We see the smart as a symbol of our family moving out of a very dark period. And really think this is a good move to get one.

I ask that the community here on Smart Car of America pray, or push good thoughts, what ever you feel is necessary, that this hard working family be able to adopt this orphan. Thank you so much.

[Orphan-Beggar]

Pushing good thoughts toward the finance manager at a dealership is an uphill struggle-
Best wishes-
Hoping you have brainstormed every conceivable option

[MPrice2984]

Jedi - hang in there and persevere. I was there a number of years ago and had to rebuild also. The best thing is that you haven't made any late payments in a couple of years. You may have to take a slightly higher interest rate but after a year or so run your credit report, see what your credit score is and then refinance. The most important thing you can do is go slow, make wise choices and rebuild your credit as having no credit accounts are treated worse than subprime ones. Bad things happen to good people but you can make it back. I'll keep my fingers crossed for you.

[markitect]

You may want to call up some banks and apply yourself. My dealership only seemed to have checked through 3 different banks. Try some more credit unions and such.

[chieftmc]

I too feel your pain! I was there about 13 years ago (we were "downsized") and it took about 5+ years to rebuild, BUT it CAN be done Good thoughts out to you.

[jediknight36]

You may want to call up some banks and apply yourself. My dealership only seemed to have checked through 3 different banks. Try some more credit unions and such.

I have been, and its been a no go. The only things that look good are 1) Toyota of Lewisville said they approved me and the finance mgr ther told me in February they would e able to finance the smart. His assistant said he was not sure, because Mercedes sell their cars at a "premium" which I dont know what he means by that. 2) smart Finance MGR said he might be able to pull some strings. Im praying he does. Interest rate dosnt bother me too much. As long as its not over the 20% we are paying for the Toyota and we get like 72 mo. Then we can afford the monthly, and thats what is important to us.

[jwight]

Don't need to know all the details, but it might help if you decreased the loan amount by making a larger down payment, if that's feasible. Good luck with your smart purchase.

[jediknight36]

Originally Posted by chieftmc

I too feel your pain! I was there about 13 years ago (we were "downsized") and it took about 5+ years to rebuild, BUT it CAN be done Good thoughts out to you.

Originally Posted by jwight

Don't need to know all the details, but it might help if you decreased the loan amount by making a larger down payment, if that's feasible. Good luck with your smart purchase.

YEa, we can put down 1000, we were hoping it would be more, but we had to use some savings this summer. No one has even asked if we had a down yet. They just assume we dont.

[jediknight36]

I just got the call... they wont do it.

[limey]

Try applying online at Capital One:

Capital One Auto Finance - Auto Loans, Car Loans and Auto Financing