tsltm

My opinion is that he is screwing with you, AFS is very competitive and it is obvious he did not even try to get you financed with AFS. Contact them directly imo!

exts4

I assume your base is 50k and rest of your income is commission. You would probably have to verify your income with either prior tax returns or pay stubs. Anyways a 602 is going to get you a double digit rate. 675 or higher is what you need.

ATX VW GTI

I know if you are 'self-employed' then you have to prove what income you declare (usually through income tax filings). It might be the same in a family owned business.

Don't ever trust a salesman. Their job is to maximize the amount you spend. Don't listen to him when he says he can 'guarantee' you will get a loan, or that other banks will screw you. What other banks will do is screw him out extra profit.

I am thinking that he sees a relatively young guy and pulling out some old tricks to get more $$$$. Double check everything he says. Consider going to a competitor.

Scott Evil

monthly obligations. You said you have two other loans. Will those payments go away and was that factored in? Do you have a rent/mortgage payment? Any student loans? Is your salary verifiable or is it commission based? They may assume you bring home $2500 per month after tax ($50k/year). The Audi payment is probably $600-$700 on a three year lease. Deduct all of your other monthly payments and find out how much is left. If you are below $1200, they will not likely grant you credit.

Tier E is very high risk. If you or a spouse has declared bankruptcy then this makes sense. Otherwise something smells fishy. Try another lender. 5/3 or Bank One are both in your area.

Peter Lemon Jello

You know...when I applied for the credit I put down my annual income at 50K...I didn't think anyone would believe that I jumped from making 25K to 100K in less than 2 years. So tomorrow when they call me I'm going to tell them the new number to ponder over and of course I'll provide all the information and proof they need. It just really rubs me the wrong way when someone tells me one thing...not only tells me but does so very adamantly and then comes back to me and says..."Oh, I was playing with pea nuckle mouses on my computer and didn't really think about that, so no...you are not approved." You think that guy should of known better, I mean...it is his job to know! Anyways, thank you for your post, I really appreciate it

Andrew C.

with the $50k income you've got a bit of debt. add another $40k car loan and i don't think things are that good with the $22k already out there.

if you are indeed making $100k now, you should state that and be able to back it up. it will change the evaluation of your loan considerably.

dekkard

No offense but 602 is a low credit score and does warrant a higher finance rate; however, I'm not quite sure it s/b as high as 18%. And as far as him quoting the 850 score, I believe that's a rare occurrence--highest I've seen is around 820, and that's in the private banking business.

Many factors are considered in 'calculating' a credit score, i.e., credit history/performance, # of open ended credit lines, # of credit line requests, etc... Given that you are young and do not have mortgage history, I can understand a low score--but I'd guess it w/b a bit higher. How long have had credit history? Have you had 30+ day delinquencies? Collection items that you're unaware of due to medical/health insurance screw-ups (those will kill you if you don't straighten out).

Anyway, best thing to do is call a credit reporting agency, i.e., Trans Union, and request a copy of your report (cost ~$8 or so) and have someone walk you through it. There are free internet deals, as well (but I'm not familiar with them). I wish you the best...

Peter Lemon Jello

My income is all commission based too, and I paid off my two small credit cards the either day just to improve my credit a bit, but it hasn't posted yet I pay 400 in rent...thats about it.

Peter Lemon Jello

and let the dogs go at it...hehe. Thank you

Andrew C.

the theoretical max for FICO scores is in the 900's. as you said, even in the 800s is not to common.