So I have been researching and salivating over the X for a few months now. I have been working seven days a week to get in a decent financial situation before I made the purchase.

Today I went to a dealer about an hour away to trade in my 99' eclipse spyder gs-t for an X. They had a "demo" model that had roughly 500 miles on it. It was driven by the owner of the dealership so I figured it would be safe to assume it wasnt abused to much during the break in period. Graphite grey, SSS, Aero, and sport package for 32k. They gave me a good value for the trade in so I figured the deal was set. After the test drive the salesman said my credit application was denied due to lack of credit history...My beacon score is 740! I am only 22 years old but have had at least 6 credit cards(never late) and I also have a 14K auto loan paid off in 6 months on my credit report.

Im really bummed because the 0% financing ends Monday. I guess my chances of owning a new X have all but vanished. I will probably wait for preorder of the 2010's...

 

First off that Demo ride (every dealer claims their demo was driven by owner/manager all BS if u ask me) for 32K is nothing special i bought the same car for 31500 brand new Go to another dealer and they will make the deal for you ... Dealers are hurting right now trust me when i say this with a 700 plus credit score you should have no problem of getting an EVO with zero Percent financing

 

And another thing my YOUNGER 24 year old brother with 4 credit cards under his belt and 750 score just financed a 70 grand M3 with nooooo problems 0.9 financing

 

I financed my evo VIII for 5%. It's no big deal. Remember your payments will be significantly less as well. So if you pay down the principal fast enough the interest won't hurt you.

I don't agree with Kuba on getting approved. uses the same credit agency for their loans (on the 0%). If you didn't get approved by this one, you won't get approved by another dealership.

I do agree that you may have dodged a bullet getting a used evo x though.

 

It's not just about your credit score / cards. It's amount of time you've been paying on your credit (for instance paying off a 5 year loan in 6 months doesn't really help). It also depends how much you make a year and how much your down payment is. It also depends on the vehicle you're getting approved on.

 

I dont understand how a 740 score got denied... when i bought my evo the process took less then an hour no questions asked SIGN here bye bye... they didnt even ask me what i did for a living

 

Banks these days are scared, and nervous to lend out money..
Underwriting departments these days. Puts you, and everyone else under "microscopes". Unfortently, its gonna be like this for a long while to..

WM

 

It's ok. Don't give up. Keep trying to get the car you really want.....If it doesn't work out, then just keep working hard like you have been. Your time and effort may or may not get you the car, but your dedication is an investment for your future....And it will all pay off sooner or later.....Trust me.

 

I can see why if he didnt have enough credit his score wont matter. Like if he never had financed a car before or his debt to income ratio is to high. There are a ton of reasons he could have been declined. Did they tell you exactly why? I am sure if you get a cosigner you could get approved? Most likely I bet it is due to him never financing that amount before

 

Did you get denied for the 0% or denied for the being able to be financed for the difference of the trade in and the amount of the car? I could see that happening if you haven't been at the same job for a long time, etc.

 

You gave them your Social Security Number which tells them how much you claimed on your last tax return. Your income. Which also allows them to see how much debt you have. Ratio the two to see if they will consider it. Then look at the credit scores and history. Right now is such a horrible time to try and get a loan for anyone on the fence.

 

If they want to push the deal through they will. The 0% APR comes directly from their own financing department. I got 0.9% APR from BMW with horrible credit due to my debt/income ratio. Don't give up and don't settle for less then the expectations you went in there with. Find another dealer. They probably knew how bad you wanted the car and tried the good old bait and switch hoping you could put more money down or get it for a ridiculous APR. Thats how dealers make money.

 

I know this is off-topic, but I just gotta' ask.........you have both the new Nissan GT-R and the new Lexus IS-F (says on your signature)................DAMN you're lucky!!!

 

which dealership was it?

 

I have been at the same job for nearly 6 years. I told the salesman within the first five minutes that if I didnt get the 0% financing, or they didnt give me a decent value for the trade in that I would walk away. I believe that it really came down to Mitsubishi themselves and not the dealer.

edit: R.C. Hill in Deland. Here is a link for the car...

http://www.autotrader.com/fyc/vdp.js...ce=&cardist=25

Getting a co-signer is not really an option. I could do it but Im trying to be financially independent. As far as the reason for denial: Not enough credit history and I have a 50% balance on a $7500 limit credit card. This will be paid off this month but its to late since 0% is over.