I have been on the market for a new truck for over a year. I exhausted a lot of used options and finally found a new vehicle that met all my needs. I spent over 6 hours haggling to get thousands off and lots of additional service from the dealership, and ultimately it made more sense to go with the brand new option over a new vehicle. The downside of the rebates I got was that I had to finance through the dealership. I figured this wouldn't be a big deal since I have good credit and can easily refinance the loan once I've made a few payments on it.
I was approved for the dealer financing, made a nearly 20% down payment, and have been enjoying my new ride for the past two weeks. They did all the registration paperwork, and my permanent tags are on the way so I figured everything was good to go as long as I made the payments and established the line of credit so I could get it refinanced shortly down the road.
Well, this weekend I received a letter from the dealership's financial institution that said they were declining the loan that I had already been approved for and signed. The reason they gave is that my payment to income ratio exceeds their allowable maximum. It hit me really hard and I'm in a panic for a resolution. I can afford the loan terms,
I only have a dental loan, student loan, my Amazon store card, and my credit card. All my accounts are paid on time. My Amazon and credit cards are always paid in full each month. Currently, nearly 40% of my paycheck is going to savings, so I have no worries about being able to afford even a higher payment on the vehicle if I had to, but I don't have enough cash to buy it outright.
I don't want to lose my vehicle, and I certainly don't want to hurt my credit or be on the hook for the entire financed amount on the vehicle.
What are my options?
Submitted July 14, 2019 at 06:53PM by advicethrowaway2019z https://ift.tt/2YSZZBj
