OT-Credit Worthy

So I had a lease with Chrysler and it is ending soon so I was going to buy the vechical.  So I had them run a credit app today and they said I am not credit worthy.  WTH!  Nothing has changed about my situation since I got my lease except I have actually paid my debt down.  They said I was declined by three banks.  I am shocked this is the first time I have been denied credit in years.  So I see the credit crunch is still going on.  My credit score is not superior but in a good range.  My lease is not up until July so hopeful something pans out by then my husband had a better score than me but does not believe in have a car not.  He felt so bad for me today he told me I could use his credit but I refused it because I am so MAD!  I do not have any late marks or anything on my credit report. 

YOUR FAITH ALONE WILL GET YOU WHAT YOU NEED!!! MUCH LOVE SIS...

Hi HF,

Sorry to hear about the car situation. Did you actually see your credit report today.  Definitely look at it yourself if not. Double check your overall credit to debt ratio...and ensure that someone elses info has not leaked onto your report. Of course, they will have to give you a reason for the denial.  Whatever you do, make sure that you keep in mind that its best to get all of your credit pulls done in a short period of time.  Don't wait to long to look for credit elsewhere since multiple pulls might drag your credit score lower. I can only suggest that you try CapitalOne Auto Financing, you can go online yourself and apply for credit and then take your letter to your lender.  I know this has worked out for a few people I know...and the interest rates are not totally out of pocket. Take care. Lisa 

In a nutshell, never buy the vehicle at the end of a lease term.  You will never get a good deal.  Banks normally don't like to finance these because the car is not worth even close to what you are financing because of the depriciation that happens when you drive off the lot during a regular purchase let alone the miles/wear & tear that you have put on the car during the lease term.   The price of the car is usually figured at the beginning of the lease term and is always grossly overestimated in their favor, not yours.

So it's probably not your credit but simply that the bank already didn't like to finance these and then with the current credit crisis really don't. 

If you have a bank or a credit union (even better) that you have done business with for awhile, go in and apply for credit for the purchase of a brand-new car.  Then take their financing offer and walk into the dealership of choice and buy you a brand-new, no miles car with all the great incentives they are offering right now.   Here's a link to see the current rebates:  http://www.automotive.com/new-cars/rebates/index.html

After working for Ford for a number of years, I can't say that I would ever lease a vehicle.  Buying even if you trade-in every 2-3 years is almost always a better option unless you claim the lease as a tax credit due to business use.

Thanks I was going to be hard headed and buy my lease against my better judgement because I actully like the vechical but I guess it is not meant to be.  I have to July so I have faith my options will get better instead of worse.

Banks are hurting right now and just don't have the ability the loans available for folks other than those with A-1 credit and sometimes not even for them because they simply have no room for additional debt on their balance sheets. This trend is improving but...slowly.

I am sorry to hear that...There is a lot of factors both legit and non legit that the people are using now a days to determine credit worthiness. My advice is.. pull your credit scores. (you get them free once a year) and look for yourself..also.. i recently joined  www.myfico.com. this sites help people get there credit scores up. i am working on my credit after some undergrad mistakes i made and that website has been a Godsend. ....and since it is done by FICO who determines the scores you know you are getting good advice... i hope things work out in the end for you... if you go to the forums they have all kinds of topics and stuff that will help you out

I pulled my own credit report and there was one potential negative thing from a while ago.  Other than that everything was paid never late.  My score was in the high six hundreds which is was listed as good not superior.  It just weird for me because for the first time as an adult I am dealing with credit issues and never been denied for a car or large purchase.  Oh will now I am part of the club.  I believe because I closed alot of cards last year even know they had balances and I have just been paying on them is what got my score out of the seven hundreds. 

After years of having one of my cards I got a letter in the mail stating they was lower my credit line.  Little did they know I have been working on getting rid of them just something to push me on my way. I going to have to check credit scores because I too have been paying off cards. But I don't close the accounts they are still open. Lane Byrant. :)

I also found out the vechical is not worth what they were trying to sell it to me for.  I think I moving on to a New or Used Honda I am done with Chrysler, GM, and Ford for a while.  No offense to anyone but I never could work for any of the major three if I want to as an adult because there were never really any jobs available for my generation.  So I feel no loyalty.