Applying for an auto loan hassles

[AdamK47]

Did you show them your post-count?

You don't want to overwhelm them all at once.

 

[momeNt]

OP - there is a possibility the bank you are working with is out of its depth. Is this your first luxury / exotic car loan with MSRP above $150k? You may need to sit down with a high net worth money manager as they are going to be more familiar with that type of financing.

 

[BurnItDwn]

Whatever you're getting, I hope you drive the hell out of it.
Garage queens make everybody sad.

 

[SKORPI0]

As claimed - 850 credit score. 40% down payment, >$100k car. I don't see why the bank/credit union wouldn't have a problem granting that loan automatically.

Oh, how a pic of you and the GT-R. Same with your gun collection.

 

[IronWing]

As claimed - 850 credit score. 40% down payment, >$100k car. I don't see why the bank/credit union wouldn't have a problem granting that loan automatically.

Oh, how a pic of you and the GT-R. Same with your gun collection.

Yeah, I want to see a pic of the GT-R parked in your gun safe.

 

[boomerang]

kranky nailed it in post #24. Don't jump through hoops for a bank. They don't want to make the loan because they can't get it backed by Fannie, Freddie, or Sallie.

Get to the bottom of it with this bank and if they don't want to play ball, move on and when the dust has settled move your money to another bank. They don't give two shits about you and there is no reason you shouldn't reciprocate.

 

[brianmanahan]

work another month or two and pay it in full

gotta work on that hibition sometime or you'll be working until you're 92

 

[sdifox]

Impress them with photos of your Lego collection along with the house you bought next door to store said Lego collection.

It's a done deal after that.

Don't do it op, Adam is after your lego figure head box!

 

[zinfamous]

Don't do it op, Adam is after your lego figure head box!

what if he's buying the car just to fill it with lego heads? That would be awesome.

 

[snoopy7548]

Sounds about right. You're looking to spend >$200k on a depreciating asset, about as much as a house in many areas of the country.

 

[dud]

I'm applying for a car loan. Even though I'm putting 40% down and have a 826/850 credit score, the bank wants my tax returns and several months of bank statements (to prove income and source of down payment). I don't remember it being this complicated. Is it normal to ask for this much information?

Not when you pay cash ...

I have a high credit score but could care less than zero. Why? I pay cash. My cost of money is $0 per year ... since 2005!!!

 

[FelixDeCat]

Ill sell you my raggedy 10 year old Hyundai for $3000. It has 99K miles.

No credit report, tax returns or questions asked.

 

[snoopy7548]

Ill sell you my raggedy 10 year old Hyundai for $3000. It has 99K miles.

No credit report, tax returns or questions asked.

I can beat that! I'll sell you my 10 year old Nissan for $2000. It only has 94k miles and no problems. I'll even wash and wax it as a bonus.

 

[Chaotic42]

Not when you pay cash ...

I have a high credit score but could care less than zero. Why? I pay cash. My cost of money is $0 per year ... since 2005!!!

I'm certainly not saying it's wrong to pay cash, but auto loan rates were silly low there for a while. You could take that cash and invest it to get more than the 0.99% that the auto loan is costing you. No idea what they're at today.

 

[zinfamous]

I'm certainly not saying it's wrong to pay cash, but auto loan rates were silly low there for a while. You could take that cash and invest it to get more than the 0.99% that the auto loan is costing you. No idea what they're at today.

mine was 0% for 60 months. paid it off in about 3.5 years, though.

 

[ponyo]

Find new bank. My business partner bought the same McLaren you're buying and they didn't ask for his tax return. And he put down smaller down payment. The only time they asked for his tax return was when he bought $380k boat. But banks treat boats differently than cars.

 

[who?]

Paying off early means that they don't make as much interest. The bank is a business, not a pal.

 

[madoka]

Since you have a relationship with them, why not call the branch manager and ask what the problem is? Just say you aren't interested in providing tax returns and given your credit score and history with them, you feel this is turning into more of a burden than it's worth (if you're prepared to shop elsewhere for your loan.) I know I would shop around before I'd provide tax returns for a car loan.

Escalated to the guy in charge of deciding my loan. According to him, I need to provide the docs due to high loan amount and the fact that the car is located out of state. Screw it, I'll switch over to BoA even though the interest rate is higher (3.39% vs. 1.49%) I hate them, but they did approve me without all the paperwork hassles.

 

[madoka]

Ill sell you my raggedy 10 year old Hyundai for $3000. It has 99K miles.

No credit report, tax returns or questions asked.

I can beat that! I'll sell you my 10 year old Nissan for $2000. It only has 94k miles and no problems. I'll even wash and wax it as a bonus.

I still drive around in my 26 year old Nissan with 400K miles, so I got both you guys beat.

 

[Chaotic42]

Definitely let them know what you're doing and why they lost out on making some money.

 

[GagHalfrunt]

How many more guns and Legos will you need when this doesn't solve the psychological problems that you're so clearly trying to buy yourself out of? You really should start looking at loans for professional help. That's not a dig, that's the truth. You're obviously depressed and stuck on a treadmill where you believe the key to happiness is the next toy or the next toy or the next toy after that. If none of the last 1000 toys have worked there's a pretty good chance that the next 1000 won't either.

 

[zinfamous]

Where dem pics?

 

[BurnItDwn]

Where dem pics?

His 26 year old Nissan? Is it an R32, if so I want to see also!

 

[madoka]

Where dem pics?

What do you want to me to show? Pics of the pen I got?

I thought it was a cute touch, until I realized how many documents they wanted me to sign.

As I mentioned previously, I bought from out of state. I scheduled delivery around my vacation, so I'll get it sometime next month. I'll make sure to load it with Lego when I take pics.

 

[zinfamous]

That's one expensive pen!