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Old 06-03-2015, 09:46 AM   #15
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736 is not that great a score BTW.
And yes the dealer did exactly what most dealers do. If you got your deposit back then you really have no damages.
Going to the BBB, the attorney general, or whoever won't do you any good either. Take your returned deposit and go somewhere else.
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Old 06-03-2015, 10:04 AM   #16
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If the deal was rejected or if the lender conditioned the deal for more down payment, etc., you'll be getting a letter promptly. You have a right to ask the potential lender in writing the reason, and whatever their source of credit information was.

Most lenders decisions go by FICO scores, but they also look at other issues--like how much debt you already have, time on job and incomes that are not part of the FICO score.

Like was mentioned above, find your own source of financing and visit another dealer better prepared for a purchase.
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Old 06-03-2015, 10:33 AM   #17
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736 is not that great a score BTW.
If you don't mind me asking, what is a "great" score? I think a 736 out of 800 is pretty good. I know a ton of people that don't have anything close to 7XXX, and buy stuff all day long on credit.

I'm really curious now.....
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Old 06-03-2015, 10:37 AM   #18
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If they returned your down payment when your credit was declined, I don't see any damage. I don't know anything about credit scores.
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Old 06-03-2015, 10:41 AM   #19
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I believe it is 850 for perfect score and no one has a 850. Sad part about it if you pay off your home and cars your score drops. But I will settle for a lower score then having any bills. I think last time I checked mine was 839.


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Old 06-03-2015, 10:49 AM   #20
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Do you really want to FORCE a company to do business with you?
"I'm sorry Mr X, your warranty work is going to take several weeks, but we will likely get finished by the end of the summer".
Chances are if you were to pursue legal action, this company will never be your friends.
Best thing to do is (IF you have your deposit!) is search for your own financing/find another dealer.
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Old 06-03-2015, 11:04 AM   #21
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Just let them know you want the deal continued "CONTINGENT" upon you getting financing.. I would suggest putting a time limit on it... lets say 7 days... IF they tell you no, chances are, they may have gotten a better deal..

Truth be told.. you may have better luck trying to get financing thru your Bank or Credit Union..

Good Luck !!!
Chances are "contingent on financing" is already in the paperwork you signed so you have no reasonable recourse. And that contingency is a double edged sword. Sure, the Dealer would like to arrange the financing but there is nothing that says you can't bring your own. If you want the deal and you think you can secure your own financing, don't accept your deposit back and inform them you'll be bringing your own. On the other hand, in reality, if you were truly passed on by 15 lenders, unless you have an ace in the hole with your own bank, your chances of success in financing the deal as written are slim.
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Old 06-03-2015, 11:05 AM   #22
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Keep in mind, your FICO score is only one part of the equation. albeit a large one. As already mentioned, you can have a FICO score that exceeds 800, but if you have zero debt you are often a "risk" in the lender's eyes. Details of the deal also play a part, cash you are bringing to the table. etc.

When I have traded in the past, I have always shopped for financing prior to going to the dealership. It's prudent to know where you stand before you begin negotiating. You may get better financing through one of the dealers sources but it's important to know what "better" is before you pull the trigger.
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Old 06-03-2015, 01:26 PM   #23
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736 is not that great a score BTW.
Maybe not "great", but quite good if that's a FICO score. Not so good if a non-FICO score, e.g. Vantage or Plus. Nobody credible uses Vantage of similar scores. Most lenders, however, will finance about anything for a borrower with a FICO score of 740 or better.

I have to agree with several others: it's not the dealers fault that nobody would give you financing. A score of 736 would normally suggest that financing would be fairly easy to get, but apparently there is something in the background that squelched the credit app.

You could always make your own application to some of the numerous RV credit agencies around. Just Google 'RV financing' and start sending in apps. You should get your own answers pretty quickly.
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Old 06-03-2015, 02:49 PM   #24
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I'm with Jim28730 I always hit my credit union first and get preapproved for more than I'm looking to spend, that way I know I can get the cash and what interest rate I can get.
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Old 06-03-2015, 03:08 PM   #25
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Originally Posted by doc View Post
Do you really want to FORCE a company to do business with you?
"I'm sorry Mr X, your warranty work is going to take several weeks, but we will likely get finished by the end of the summer".
Chances are if you were to pursue legal action, this company will never be your friends.
Best thing to do is (IF you have your deposit!) is search for your own financing/find another dealer.
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Old 06-03-2015, 11:28 PM   #26
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Credit union is the way to go. Get your own financing before shopping. Makes a world of difference. However if your debt to income is high even a credit union may not be able to help.
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Old 06-03-2015, 11:47 PM   #27
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If you don't mind me asking, what is a "great" score? I think a 736 out of 800 is pretty good. I know a ton of people that don't have anything close to 7XXX, and buy stuff all day long on credit.

I'm really curious now.....
DW's FICO is 820 and mine was 776 when we bought the Magna a couple months ago. Mine was lower since almost all our loans are in my name and she earned far more than I did at the time.

And, in our case our age worked against us. It's not supposed to but even the credit guy agreed.
BOA even went so far as to downgrade us because we had no "recent car loan history". Never mind that both cars were paid off in cash, years ahead of the contract. MH was paid ahead as was the house and any other loans.
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Old 06-04-2015, 07:30 AM   #28
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DW's FICO is 820 and mine was 776 when we bought the Magna a couple months ago. Mine was lower since almost all our loans are in my name and she earned far more than I did at the time.

And, in our case our age worked against us. It's not supposed to but even the credit guy agreed.
BOA even went so far as to downgrade us because we had no "recent car loan history". Never mind that both cars were paid off in cash, years ahead of the contract. MH was paid ahead as was the house and any other loans.
My apologies, I forgot FICO went to 850. Don't know what I was thing. Still.....it's still not a bad score. Years ago, in the military, we tried to pay cash for everything, and our score dropped as low as it's ever been. Then we started financing everything we could. I have no idea what our score is now.
Now, as far as getting financing, if you are eligible, I highly recommend USAA. I got every loan I've had from them in 10 minutes. (I must still have a pretty decent score) We are having an American Tradition delivered today (hopefully, supposed to have been yesterday, but driver's plane was delayed). But, USAA is very good, and we're members of the same credit union for over 37 years, and don't use them.
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