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Old 06-14-2011, 10:13 AM
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Unhappy TRYING To Buy A New Daycare Van

So I've been saving up for the downpayment for a van and I finally have it and we found one at a good price in a city a few hours away so we're doing the loan application process online and I'm having issues getting approved because of my work status (self employed). Has anyone had this issue when buying a car from a dealership? Ugh, I'm so frustrated when I should be out driving around in my new van .
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Old 06-14-2011, 10:16 AM
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Originally Posted by MarinaVanessa View Post
So I've been saving up for the downpayment for a van and I finally have it and we found one at a good price in a city a few hours away so we're doing the loan application process online and I'm having issues getting approved because of my work status (self employed). Has anyone had this issue when buying a car from a dealership? Ugh, I'm so frustrated when I should be out driving around in my new van .
My brother owns a dealership in a town two hours away. We just have him help me. But, I have awesome credit, and had a great trade in, so with all of those things, I think it was easier for me. Even then, I felt kinda violated with all the credit checks. It was like the bank was trying really, really hard to find a way to say "no". I even had to put my husband's name on my loan. (kill me now.. I'll never live that down)

Hopefully, it will just take a few days and you'll be approved. What do they say they want? It's a van... not a mortgage!
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Old 06-14-2011, 10:17 AM
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Yes, with the lending climate the way it is right now it's becoming more and more difficult to get loans approved that would have never been a problem just a couple of years ago.

You will want to talk with the finance person at the dealership and have him or her go to bat for you, and talk to the bank underwriters to get the loan approved.
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Old 06-14-2011, 11:38 AM
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We never finance through the dealerships. Go to your local bank or credit union that you already have your checking/savings accounts. They are much more likely to work with you because you already have an established relationship with them. The salesperson won't like it, because he won't get the extra $ he would if you financed through him but you need to do what you need to do for you
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Old 06-14-2011, 12:57 PM
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Ugh, it's just such a pain my behind. I make ok money here off of four clients, my DH makes 3 times more than I do, we both have credit scores in the high 700's AND I have a $6,500 down payment on a $23,000 loan BLECK!

I guess I was just dumbfounded that we would have an issue based only on the fact that I am self-employed. My DH can qualify on his own but I don't ... what bull-honckey.

The dealership guy is talking to the financing people because he , of course, wants the sale. I just want to get approved for the loan so we can get the dang van already. The dealership is offering 3.4% financing but if it doesn't go through we'll try through state farm. They have a 3.99%. The lowest rate our bank has is a 4.2% so we want to get the lowest rate possible.

In the words of 3yo DCG "I want it, I want it, I want it" lol
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Old 06-14-2011, 01:30 PM
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My husband and I both have good credit and couldn't get approved through a dealership. It was horse pucky because we had gone through the online application a week earlier and got approved for $18000. We had $4000 down and a trade in worth about $4000. Of course when we got there and because of my self-employment, they wanted us to jump through all sorts of hoops...show them proof of 5 years self-employment (I've only been self employed for 3 years), 2 years of taxes with 2011 being the most recent year (I hadn't even had them prepared yet) and they wanted $500 cash down payment to hold the vehicle for 15 days. We decided to wait 2 weeks and came into the deal of our dreams! We got the SUV we really wanted (our first choice) for the price we wanted with all the amenities we could dream of and best of all...we got approved through a different dealership with no problem!
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Old 06-14-2011, 01:51 PM
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Lucky you!! I'm jealous. I've had my eye on a Toyota Sienna for a while and had a budget of $24,000 max for a used van from a dealership. I've been looking at 2008's for around $22,000 with 30-50,000 miles when this deal for a 2011 with less than 15,000 miles for $23,000 came up . I thought "That's too good to be true", it is. We can't get financing. Just talked to DH and it turns out that the application we filled out WAS for the credit union. I was confused ... okay so I didn't really pay attention, he just said "fill this out" and sent me a link lol. He's still waiting for a call back from the bank.

I'm worried someone will swoop on it. It has all the bells and whistles for just around the same price of an older, simpler model. This one has heated window wash sprayers and a reverse camera for crying out loud lol. If I can get my hands on this loan I'm willing to buy the van sight unseen (it has a clean vin number, no accidents). So it makes sense why the guy at the dealership is trying to get us approved at the dealership. Easy sale for him .
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Last edited by MarinaVanessa; 06-14-2011 at 01:55 PM. Reason: Got the mileage wrong
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Old 06-14-2011, 02:26 PM
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Just heard back from the credit union and they approved us!! Maybe I annoyed them to the point that they just wanted to get me out of their hair . Seriously.

Now DH is going to call the dealership. Yay!
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Old 06-14-2011, 02:55 PM
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Awesome! We ended up buying our SUV out of state sight unseen! And they delivered it to us!

A new vehicle is so rewarding! Congrats!
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Old 06-14-2011, 05:23 PM
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Quote:
Originally Posted by MarinaVanessa View Post
So I've been saving up for the downpayment for a van and I finally have it and we found one at a good price in a city a few hours away so we're doing the loan application process online and I'm having issues getting approved because of my work status (self employed). Has anyone had this issue when buying a car from a dealership? Ugh, I'm so frustrated when I should be out driving around in my new van .
Ugh that's frustrating! Yeah, when we were buying our car last summer I couldn't be on the loan at all because of my self-employment. They didn't seem to believe us, etc, etc...made me really annoyed.
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Old 06-14-2011, 05:49 PM
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What's worse, is having the money to pay cash, but the salesman won't talk to you because your female.
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Old 06-14-2011, 07:25 PM
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Originally Posted by sharlan View Post
What's worse, is having the money to pay cash, but the salesman won't talk to you because your female.
I've never had that issue.

The funniest thing I've ever dealt with was an arrogant car salesman thinking I don't know anything about cars when my ex husband was a mechanic and I spent quite a bit of time under the hood with him.

They wind up sticking their foot in their mouth once they realize that I'm not as dumb as I might look!
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Old 06-14-2011, 07:32 PM
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What's worse, is having the money to pay cash, but the salesman won't talk to you because your female.
Ugh that happened to you? That really stinks. I would grab another salesperson, go through the motions and then request that the first salesperson come ove an watch as I handed the cash to the second associate. That's so lame.

Well so far so good (sort of). Turns out we have to drive down to the dealership to fill out the paperwork (DMV) because the credit union won't cut them the check until this is done. This means that I get to ride two hours to get down there, sign the papers before the dealership closes, turn around and come back, take the paperwork to the credit union tomorrow to sign more papers and finalize them, wait a few days and then drive back down to the dealership to pick up my van lol. We are definety asking if they'll deliver.
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Old 06-14-2011, 07:34 PM
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What's worse, is having the money to pay cash, but the salesman won't talk to you because your female.
I have had this happen too. I am small in stature and look younger than I am.
I would never go back to a particular Toyota dealership in town. They wouldn't give me the time of day until my hubby showed up. Too bad for them. I knew exactly what I wanted, went to their competitor and bought a car that day.
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Old 06-15-2011, 04:34 AM
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Love my chevy dealership here. They never have treated me that way.
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Old 06-15-2011, 06:14 AM
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Maybe you had a hard time getting approved b/c of the high amount? Not sure. . . we have typically not bought NEW. . . just used or slightly used & we also have high credit scores but then in most cases we have paid in cash but the one time we needed to be approved it was only for an 11K loan so not quite the same amount, lol! Glad you got approved & hope the van is a good buy for you & the daycare!
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Old 06-15-2011, 07:19 AM
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Maybe it was because of the amount but I don't think $18,000 is that much (after my down payment). And yes it's a 2011 but it's not exactly brand new. It's a lease return but in excellent condition. I wanted something under warranty just in case (my DH is a stickler for these things).

I'm so tired this morning. We left yesterday at 5:45pm (as soon as my last DC kid got picked up) and we got there at 8:00pm. I test drove the van and it ran like a champ. Let me tell you, it has some pep. Why you would need a mini-van to have that much horsepower and torque I will never know lol. We signed everything left there at 9:00pm and got home last night at 11:00pm. PHEW. At 5:30am when our alarm went off my DH grumbled something and I said "Me too" and we both dragged ourselves out of bed. Today is going to be a long one ... thank goodness it's Wednesday.
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Old 06-15-2011, 07:24 AM
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Quote:
Originally Posted by MarinaVanessa View Post
Ugh that happened to you? That really stinks. I would grab another salesperson, go through the motions and then request that the first salesperson come ove an watch as I handed the cash to the second associate. That's so lame.

Well so far so good (sort of). Turns out we have to drive down to the dealership to fill out the paperwork (DMV) because the credit union won't cut them the check until this is done. This means that I get to ride two hours to get down there, sign the papers before the dealership closes, turn around and come back, take the paperwork to the credit union tomorrow to sign more papers and finalize them, wait a few days and then drive back down to the dealership to pick up my van lol. We are definety asking if they'll deliver.
I left the dealership and went to another one and bought the van of my dreams.
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