Bought A Camaro SS... Aaaaand, It's Gone.. - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Existential Lad · 03-25-2016, 12:32 PM

Bought a Camaro. Or so I thought. I received a letter from the lender saying I was denied the loan. I put $5,000 down, and expected to finance the rest. That dealer better return my down payment or things might get TRAGIC!

Anyways, I love the Camaro. Not enough power for me, but it was still fun.

Here's a picture. (Not taken at the dealership) It's the black one.

EDIT: I'm all fine. I overreacted. I guess I got myself a CAMARO. Glad to be on this team :P

HyperV117 · 03-25-2016, 12:37 PM

That sucks bro. The dealer can't finance somewhere else?

Mr. Stacy · 03-25-2016, 12:38 PM

Try another lender?

Credit unions are usually more lenient and customer orientated.

Existential Lad · 03-25-2016, 12:46 PM

Quote:

Originally Posted by HyperV117

That sucks bro. The dealer can't finance somewhere else?

I hope they can't. I really enjoyed the Camaro, but If I can get my down payment back I can keep saving up, and buy a C7 Z06. I'll buy a little beater to drive me from point A to B.

Though, if I do get financed through a different lender then i'll keep it, and enjoy it!

marsmann · 03-25-2016, 01:08 PM

Freaky optical illusion in that pic. I don't know if it is the camera angles, or the colors of the cars but the black one looks the widest, the silver second and the white one looks so narrow.

Just a weird observation.

Dealers typically will work with a number of lenders. Different lenders use different sources for credit checks and other background checks. If you still want the car it should be easy to move to a different lender, either through the dealer or on your own, that will use a different credit bureau and have a different qualification process. Good luck. Looks like it would have been a nice one.

arkentect · 03-25-2016, 01:13 PM

IF you get denied by a lender bc of credit, maybe you should be using that $5000 down-payment towards things to increase your credit score... not add more debt... just sayin

1Coopgt · 03-25-2016, 01:16 PM

Quote:

Originally Posted by Existential Lad

I hope they can't. I really enjoyed the Camaro, but If I can get my down payment back I can keep saving up, and buy a C7 Z06. I'll buy a little beater to drive me from point A to B.

Though, if I do get financed through a different lender then i'll keep it, and enjoy it!

The banks won't give you a loan for a Camaro and you think you can afford C7 Z06 . How does that work ? Your credit rating isn't good enough for a 20k used car ( just guessing) but you think you can afford to buy a 63k+ car. Was the Corvette dropped off of a cliff and wrecked so it's only worth 2011 Camaro ss money?

JDP Sales · 03-25-2016, 01:16 PM

That doesn't mean that the dealer hasn't secured financing. Call the dealer. It likely just means that the loan that was originally submitted wasn't approved as submitted. I did finance. About 1/3 of the loans we got done were initially declined. No biggie......yet.

All the best,

Jared Royce
801.545.4215

Existential Lad · 03-25-2016, 01:23 PM

Quote:

Originally Posted by JDP Sales

That doesn't mean that the dealer hasn't secured financing. Call the dealer. It likely just means that the loan that was originally submitted wasn't approved as submitted. I did finance. About 1/3 of the loans we got done were initially declined. No biggie......yet.

All the best,

Jared Royce
801.545.4215

2 were declined already. I've made peace with this. It's not my time quite yet.

vinman · 03-25-2016, 01:26 PM

Champagne taste on a beer budget perhaps

Welker2 · 03-25-2016, 01:27 PM

Depending on how long you've had the vehicle & state laws, the dealership may claim all or part of your deposit as a 'usage fee' (rent) on the vehicle.

Existential Lad · 03-25-2016, 01:30 PM

Quote:

Originally Posted by 1Coopgt

The banks won't give you a loan for a Camaro and you think you can afford C7 Z06 . How does that work ? Your credit rating isn't good enough for a 20k used car ( just guessing) but you think you can afford to buy a 63k+ car. Was the Corvette dropped off of a cliff and wrecked so it's only worth 2011 Camaro ss money?

I know pretty well I can't afford a C7 Z06. Right now. I would use the down payment to buy a beater car while I work, and save for it. Also, start building a better credit score. by the time I am ready financially. the car will be way less than it is now. (planning on buying used) I'll just keep walking right now. One day i'll run. I'll run that Z06 until I cri everitim.

Existential Lad · 03-25-2016, 01:31 PM

Quote:

Originally Posted by vinman

Champagne taste on a beer budget perhaps

You said it m8. xD

Existential Lad · 03-25-2016, 01:32 PM

Quote:

Originally Posted by Welker2

Depending on how long you've had the vehicle & state laws, the dealership may claim all or part of your deposit as a 'usage fee' (rent) on the vehicle.

I've had it for 2 weeks. Thinking I was going to be financing it.

03-25-2016, 12:32 PM	#1
Existential Lad Banned Drives: 2011 Camaro 2SS/RS (BLACK/GRND FX) Join Date: Mar 2016 Location: USA Posts: 91	Bought A Camaro SS... Aaaaand, It's Gone.. Bought a Camaro. Or so I thought. I received a letter from the lender saying I was denied the loan. I put $5,000 down, and expected to finance the rest. That dealer better return my down payment or things might get TRAGIC! Anyways, I love the Camaro. Not enough power for me, but it was still fun. Here's a picture. (Not taken at the dealership) It's the black one. EDIT: I'm all fine. I overreacted. I guess I got myself a CAMARO. Glad to be on this team :P Attached Images Last edited by Existential Lad; 03-26-2016 at 03:32 PM.

03-25-2016, 12:37 PM	#2
HyperV117 Drives: 2010 Camaro 1SS Join Date: Nov 2015 Location: CA Posts: 358	That sucks bro. The dealer can't finance somewhere else? __________________

03-25-2016, 12:38 PM	#3
Mr. Stacy El Duderino Drives: 2011 2LTRS Convertible Join Date: Jan 2016 Location: Seattle Posts: 2,194 View My Garage	Try another lender? Credit unions are usually more lenient and customer orientated. __________________ I bowl. Drive around. The occasional acid flashback.

03-25-2016, 01:13 PM	#6
arkentect Drives: 2010 Camaro SGM 1LT M6 Join Date: Jan 2015 Location: Rochester, NY Posts: 1,630	IF you get denied by a lender bc of credit, maybe you should be using that $5000 down-payment towards things to increase your credit score... not add more debt... just sayin __________________ Arkentect's Build Thread!! - UPSTATE C5 MEMBER 2010 SGM M6 1LT - SOLD Current - 2009 C6 Corvette Z51

03-25-2016, 01:26 PM	#10
vinman The BBOMG fill-in husband Drives: 2015 2SS/RS 1LE AKA V1LE Join Date: Aug 2010 Location: Elmira, NY Posts: 4,458 View My Garage	Champagne taste on a beer budget perhaps __________________ UPSTATE C5 MEMBER

03-25-2016, 01:08 PM	#5
marsmann Drives: 2012 2SS/RS Vert M6 Join Date: Jun 2014 Location: South East, PA Posts: 117	Freaky optical illusion in that pic. I don't know if it is the camera angles, or the colors of the cars but the black one looks the widest, the silver second and the white one looks so narrow. Just a weird observation. Dealers typically will work with a number of lenders. Different lenders use different sources for credit checks and other background checks. If you still want the car it should be easy to move to a different lender, either through the dealer or on your own, that will use a different credit bureau and have a different qualification process. Good luck. Looks like it would have been a nice one.

03-25-2016, 01:16 PM	#8
JDP Sales Drives: Chevys at the limit Join Date: Nov 2010 Location: SLC, UT Posts: 9,621	That doesn't mean that the dealer hasn't secured financing. Call the dealer. It likely just means that the loan that was originally submitted wasn't approved as submitted. I did finance. About 1/3 of the loans we got done were initially declined. No biggie......yet. All the best, Jared Royce 801.545.4215

03-25-2016, 01:27 PM	#11
Welker2 Ret AF, cancer survivor Drives: 2013 Camaro 2SS/RS & 2006 Corvette Join Date: Jul 2015 Location: Mesquite, NV Posts: 2,741 View My Garage	Depending on how long you've had the vehicle & state laws, the dealership may claim all or part of your deposit as a 'usage fee' (rent) on the vehicle. __________________