Retraction (he's still an asshat though)
When I got to the dealership last night to pick my hunk-a-junk back up and turn in my beautiful new car, the sales manager greeted me. I have to say, for a car salesman, he was very nice. He kept saying how sorry he was, that typically they don't give someone a car unless they are very very sure they can get them approved. So I asked him what the big issue was. It wasn't my credit afterall, it was the fact that I haven't been at my job for 18 months or longer. Even with 40% down between my car and downpayment, they couldn't get a bank to finance the other 60% of the Accord because my "job" as a Mom doesn't count.
Sigh.
So even though I have 10+ years stable job history in my industry, the fact I took nearly 2 years off to stay at home with my children is being held against me. That's bullshit.
I've been at my current job for 8 months and was at a contract job for 6 months before that. Since my ex-husband flew the coop to go smoke pot and fuck other women in 2006, I've been supporting myself and two children. I didn't even start getting child support until 3 months ago.
Are you fricken kidding me?
He said I might have more luck at another dealership. Not Honda though. So since Nissan pissed me off, that leaves Toyota. I guess I'll go test drive a Camry on Saturday.
I am so beyond frustrated.
(As for the ex, he probably did still screw up my credit and I need to look into it, but I guess I can't blame him for ruining my chance at a new car. And I feel slightly bad for assuming it was his fault. But then again, in a round about way it is. If he'd kept his dick in his pants and laid off the pot we'd still be together and I wouldn't be dealing with all of this.)
Oh and he offered to take the kids to dinner on Thursday night. They don't want to go though. Sigh.
Comments
Also, have you tried going to your bank/credit union and applying for a loan yourself? If nothing else, being a long-time customer might give you some leeway with them that you wouldn't get from some dealership filing for an approval for someone that bank doesn't know at all. If you think you can get $6k for your tradein, you can just try to get an auto loan for the difference between that and the new car price, and then take the check they'll give you straight to the dealer. Not sure if it's an option for you, but might be an alternative if you haven't yet looked into it.
I thought about that... but I just switched from Chase to a Credit Union last November, so I am not sure I've been with them long enough yet. I do love my Credit Union though (Chase is EVIL).
As for co-signer... not really. I'd ask the person I am dating, but he's in the middle of a divorce and I hate to entangle any of our finances while he's doing that. And my parents are in the middle of trying to buy a house, so I know they won't do it either. No one else I am really that close to. Sigh.
good luck love! man that really does suck that companies don't look into a personal life first before they make a decision on how someone can't not afford this... oh but you can get a credit card every day...
candy
hugs.
You can get a free copy of your credit report since you've been turned down for credit (the loan) and you should do that - always good to check on that from time to time here in the states where Lord Equifax et al rule with an iron fist.
If you're a first time buyer there are some larger lenders who will work around your recent employment history. GMAC is one that frequently courts first time buyers. Their interest rates are not always the greatest but they don't royally suck either.
You'll need a dealership that does tier three lending. Toyota Financing is far more strict than Honda, so unless the dealership does T3, you'll be out of luck with a Toyota store as well. You should inquire about it right off the bat. Tell the sales monkey what the situation is and ask to speak to the GSM, who will either know the answer immediately or he'll get the answer from the F&I guy.
If you fill out an ap and go through the process, only to be turned down again, it will amount to wasted time and a second inquiry on your report, which will ding your score a few points due to the frequency.
Try those routes first before going to an American dealership. They'll finance anything with a pulse, but you'll have an inferior car with a brutal residual value.
Good luck.
Thanks Tony (who knew you were so smart? ha just kidding my friend)... I totally agree about American dealerships. No offense to those Ford, GM, Chevy, et al owners out there, but frankly if I am going to spend a lot of money on something that isn't going to rise in value, then I am going with a company proven to produce high-quality products with good resell value. That limits me to Nissan, Toyota and Honda. I am not opposed to going to a pre-owned (1 year or less old), but the mileage has to be low and still under warranty. That's my next option I suppose. It's just so much harder to find what you want that way though.
I am not giving in yet, but good advice everyone. Thank you.