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2011-2014 Mustangs
2011-2014 Mustang Talk
FINALLY!, Found my mustang....Need some financing tips.
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<blockquote data-quote="Torch10th" data-source="post: 10775622" data-attributes="member: 15703"><p>You're situation is much different. You had at least some credit history verse no history. Your score was also close enough to "good" that Ford likely bought down the rate to make sure you purchased their car. This is pretty standard practice in high competition markets like automobiles. Heck that's one of the reasons GMAC floundered so badly. The bought down so many rates on people that probably shouldn't have qualified for it.</p><p></p><p>The problem for the OP in this situation is that he has a worse score, still borderline poor depending on the bank, his debt/income and whether his income stream can be proven. He's no were near the point where he can simply state what he makes and a bank will believe him.</p><p></p><p>I certainly understand the OP's father's concern about taking charge of what you want et al, but he did a large disservice to you by not at least placing your name second on those previous loans/leases. He was nice enough to put the car in his name for you, I'm wondering why you're couldn't have gone on there as well. You'd be in a greatly improved situation going in to this purchase.</p><p></p><p>Heck you'd probably be around a 720 FICO and you could walk in and have your car in an hour.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 10775622, member: 15703"] You're situation is much different. You had at least some credit history verse no history. Your score was also close enough to "good" that Ford likely bought down the rate to make sure you purchased their car. This is pretty standard practice in high competition markets like automobiles. Heck that's one of the reasons GMAC floundered so badly. The bought down so many rates on people that probably shouldn't have qualified for it. The problem for the OP in this situation is that he has a worse score, still borderline poor depending on the bank, his debt/income and whether his income stream can be proven. He's no were near the point where he can simply state what he makes and a bank will believe him. I certainly understand the OP's father's concern about taking charge of what you want et al, but he did a large disservice to you by not at least placing your name second on those previous loans/leases. He was nice enough to put the car in his name for you, I'm wondering why you're couldn't have gone on there as well. You'd be in a greatly improved situation going in to this purchase. Heck you'd probably be around a 720 FICO and you could walk in and have your car in an hour. [/QUOTE]
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2011-2014 Mustang Talk
FINALLY!, Found my mustang....Need some financing tips.
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