[goatjacket]

So been discussing upgrading my 18 ZL1 for a leftover 19 ZLE using the 0% incentive. After working with two dealers, and feeling good about the price, GM financial declines me for the promotion. No dings on my credit, but wife's score is a bit too low for their liking. Shame they don't consider my perfect history over the past 5+ years on their cars. Not to mention with the 0% offer, my payment would increase by under $40 a month. Oh well, I'm perfectly happy with my 18 in the garage. But I can't wait to hear how GM is having trouble finding buyers!

[Mark R]

Can't you just finance it under your own name and credit report?

[SoCal Smith]

GM financial is making this strictly by the numbers. They don't care if you had a perfect history for 5 years. I surprised that they didn't just ask for a little bit more down (to ease their fears of negative equity after your roll off the lot/when they repo it if you stop making payments) and get you rolling in your new car!

I wonder if they took into consideration the type of employment you have with the current climate?

[Luist4498]

Give it a couple months they will be begging! My problem is the opposite I can't find a dealer with the reasonable price!

[Paintslinger16]

Yep run it under just you, any car deals at credit union or similar?

[900RFWN]

Penfed - 2.9%

Wells Fargo - 3.9%

Chase, B of A, Capital One shouldn’t be too far off. Everything is on the buyers side now. Be patient and don’t apply for loans with people with bad credit.

[JonDaddy82]

Buddy.

I'm in dealer finance. To blame them for not approving you is silly. Your credit is YOURRRRR credit...not their credit. You could have paid THEM perfect for the past 5 years and let a house and two credit cards go...there's always more to the story.

Are you only trying to do it in her name? Jointly it wouldn't matter, any lender goes by the highest score of the pair.

[goatjacket]

My wife and I have good credit, just not both over 750. It's never stopped us from multiple cars. I have two leases with GM Financial now, so it iust simply surprised me. I completely agree that things may only get worse in this economy and I'll be standing by to jump on the next round.

[JonDaddy82]

Originally Posted by goatjacket

My wife and I have good credit, just not both over 750. It's never stopped us from multiple cars. I have two leases with GM Financial now, so it iust simply surprised me. I completely agree that things may only get worse in this economy and I'll be standing by to jump on the next round.

You're right, you do have good credit.

You can buy practically any car you'd like with that credit. However it isn't EXCELLENTTTTT credit, and could be this way for a myriad of reasons. DTI, ratio of balances, time on accounts, etc etc. There are lenders I work with daily that have killer promos, but require credit in excess of 780-800+ to attain them. It happens. Got you to inquire and work a deal with the dealer though, which is the point of 99% of financing promo's. Only 1% of customers actually end leaving with the promo they came in on, through no fault of the dealer or lender usually.

[Paintslinger16]

DTI for sure; going to have to pay off something and wait a bit for it to level on credit report.
Wife is a realtor, she has had deals fall through because someone couldn’t wait to buy a motorcycle before it actually closed, final credit pull and he no longer qualified to buy a house. Had a new motorcycle to live in though

[Snowwolfe]

Originally Posted by goatjacket

My wife and I have good credit, just not both over 750. It's never stopped us from multiple cars. I have two leases with GM Financial now, so it iust simply surprised me. I completely agree that things may only get worse in this economy and I'll be standing by to jump on the next round.

Easy answer is to make a bigger down payment.

[2017-ZL1]

Originally Posted by goatjacket

So been discussing upgrading my 18 ZL1 for a leftover 19 ZLE using the 0% incentive. After working with two dealers, and feeling good about the price, GM financial declines me for the promotion. No dings on my credit, but wife's score is a bit too low for their liking. Shame they don't consider my perfect history over the past 5+ years on their cars. Not to mention with the 0% offer, my payment would increase by under $40 a month. Oh well, I'm perfectly happy with my 18 in the garage. But I can't wait to hear how GM is having trouble finding buyers!

Larger down payment. Score needs to be over 810.

[Revalot]

Wait a while !

[URBAN LEGEND]

Restrictions probably got a little tighter with the current situation.