Just got pre-approved for an Acura TL type S

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pre-approved does not mean approved. simple english debunks that right up front.

"pre-approved" means "get in here so we can talk you into ridiculous payments for a mediocre car"

as said before: if you have such huge credit problems, why are you looking at 25k cars?
 
GSRCRXsi said:
awptickes, what dealerships did you go to? and which one did you settle on and buy from? since you are in the same area as me (im in Chase, right down rt 40)
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Heritage Honda in baltimore (exit 29a on i-695) was good, but they couldn't get the car. They were a good dealership, and they were gonna give me the price I wanted, but unfortunately they couldn't get the car within the 3 day window I gave them.

Schäffer and strominger honda in bel air (right on rt-1) was who I went with. I could walk you in if you'd like. Although, it'd have to be after January 4th, since I'm in germany right now.
 
invisibledemon said:
are you actually in a position to purchase a car and not have issues making the payment?

chances are you just got a mass mailout from a dealership saying you are pre-approved.
its just a bullshit scam to get bodies in the dealership, and hopefully move some units.
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nah I filled out this form on the dealer's website and they called me the next day and told me i was pre-approved
 
Battle Pope said:
pre-approved does not mean approved. simple english debunks that right up front.

"pre-approved" means "get in here so we can talk you into ridiculous payments for a mediocre car"

as said before: if you have such huge credit problems, why are you looking at 25k cars?
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I was shopping around for a cheap ass car then saw this car on another car search and decided to go check out if I could do anythihng with it so I filled out the form not really thinking anything would go through but then got a call the next day saying I was pre-approved so i thought that meant I was good to go....but I guess not I'll prollly have to end up getting a cheap ass car in the end then if what you guys are predicting is true.....dam it
 
if you buy that car, things will end badly.

you will immediately be underwater. meaning you will owe more than the car is worth. you wont be able to negotiate the interest rate. your payment will be more than you can afford. and odds are, they approved you just to get the car off the lot.
 
so meaning you will take the car off thel ot make some payments..car gets repoed,bank has made money from you,sell it to someone else,thus making more money,you still have to pay the differance thus making more money from you,the dealership moved a unit and you dont have a car and are out x amount of dollars..stick to used until you know you can afford it
 
Type R Haitian said:
nah I filled out this form on the dealer's website and they called me the next day and told me i was pre-approved
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sounds like you werent actually approved.
most of the time they dont run any information that you submit online.
they just say pre-approved to get you in the door.

i doubt you will get anything you want/can afford.
 
if you have bad credit, they will only finance you for a car they want you to buy. they will use your bad credit and pigeon hole you into a couple cars they want to get off the lot. it's an old, slimey tactic, but legal.
 
95b16coupe said:
if you have bad credit, they will only finance you for a car they want you to buy. they will use your bad credit and pigeon hole you into a couple cars they want to get off the lot. it's an old, slimey tactic, but legal.
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What are you talking about? they have no idea what car he will buy, they will base what to lend him on his income/debt ratio, the only other factor is if the car is new enough (under 7 years and 70K miles) to risk loaning, anything over 7 year/70K miles is called a cash car, they wont loan on it since there's not a lot of money left in the car + it can break, giving the buyer more reason to just not care and stop paying on it.

The car doesn't matter as long as it meets their standards so they know they are not taking a risky loan out.
 
it depends on the dealer. I went in and got "pre-approved" before from a dealer. then they said we can only finance cars x,y,z.

i did some research and found, at the time, it was a common sham. then they called back and told me that they needed more money down or i would need to return the car. i brought the car back and got financed at a credit union.

a dealer will finance anybody if they can move the car. watch the movie "the goods, live hard sell hard".
 
Why are the interest rates for a private seller typically higher than buying from a car lot? I don't get that, lol.
 
Matts96HB said:
Why are the interest rates for a private seller typically higher than buying from a car lot? I don't get that, lol.
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i think the lender anticipates a higher quality of car when going through a dealer. in other words, you are less likely to buy a lemon that you will stop paying on if anything goes wrong.
 
95b16coupe said:
i think the lender anticipates a higher quality of car when going through a dealer. in other words, you are less likely to buy a lemon that you will stop paying on if anything goes wrong.
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Gotcha. So you kind of get screwed if you buy from a private seller then, unless you're getting a fairly good price on the car?

But it also seems like you would be getting screwed at the dealer, because you're paying a higher price for the car (typically) but you get a lower interest rate.
 
Matts96HB,

They assume a new car dealership (not just a car lot) has a garage and takes the steps to bring a car to very good condition in order to sell it. You get screwed by a private sale because the bank has little/no trust in the cars condition.
 
95b16coupe said:
it depends on the dealer. I went in and got "pre-approved" before from a dealer. then they said we can only finance cars x,y,z.
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My guess would be.

A. they could only give you a loan high enough to buy cars x y z

or

B. the car company was offering special financing on cars x y z. and you only qualified for that offer.

Anytime you have to put money down in order to make a loan work means you didn't qualify for a high enough loan amount to cover the car. The only reason money down is used so often in offers is it makes the monthly payment seem that much more attractive to the avg buyer who doesnt know any better. Same goes for pushing a 60 month loan to 72 months. All a #s game.

Normal car loan, you give them your job info, your debt info and they pull your credit rating, at that point they will give you up to X many dollars based on what you qualify for. When we were in the market for linhs car we planned to fiance around 15K but figured we might end up finding something nicer so we asked for 30K just in case. Took the letter saying that our bank gave the ok for 30K and from that point we could show that to any dealer showing we had up to that much to spend.

Car means nothing on the bank side of things as long as its not too old and the price of the loan is not more then the value of the car.
 
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