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vauxhall motor finance
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# 1
puddlepuss
Old 10-06-2012, 5:08 PM
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Default vauxhall motor finance

Hi, I recently visited my local Vauxhall dealers looking to get a good deal on a new Corsa. Their 0% finance deal over 5yrs looked inviting so after going through all the initial stages of choosing the car, extras, colour etc, the salesman put through my finance application there & then while I sat waiting (Nice cup of coffee & biscuit in hand!). Imagine my embarrassment at being refused credit! The salesman apologised but said he could not offer me any explanation other than refer me to their finance dept, Vauxhall Motor Finance. On returning home in my faithfull old Micra, I phoned VMF & asked why I had been refused credit. I was politely told that my credit score was not high enough to reach their required lending criteria. When I ased what that criteria was I was just told to contact a credit reference agency to see why my score was not 'high' enough? I then asked which CR agency VMF used but was given the vague answer that it could be all or any of the three main agencies? Not very helpfull at all. I have since done check on my 'file' using 'checkmyfile.com' & found, as I had expected, that my score was 'high' with an unblemished credit history. I still have no idea why I was refused credit but hey-ho! that's life! Has anyone else had a similar experience with buying a new car from Vauxhall?
Wetcat
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# 2
iolanthe07
Old 10-06-2012, 5:11 PM
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The 0% over five years is a headline grabber, and will be offered to a few people to make it legal. It is hugely expensive for them, though, and their criteria will be set very high - the sort of people who qualify could probably pay cash! It's nothing personal; you probably either don't earn enough or have too much available credit already.
"Debt is the slavery of the free" (Publilius Syrus, First Century BC)
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# 3
Rafter
Old 11-06-2012, 10:37 AM
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Computer based decisions can be a bit black and white and it may not just be the information on your credit file.

Are you on the electoral roll? Have you recently changed jobs? Are you in a profession that might be classed as high risk?

Also there is a big difference at iolanthe points out between a 'high' credit score and the cutoff that firms might use for lending decisions.

Have you considered a 'joint' application which might help if you have a partner?

Good luck

R.
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# 4
CLAPTON
Old 11-06-2012, 11:01 AM
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credit scores mean nothing

what matters is what your credit reports actually say
there are three agencies and the statutatory report cost 2 (there are free trials but you need to be careful to cancel)

also what you income is in relations to the loan
and your current debts
and your current credit a/cs
and being on the electoral roll
how long at current address/employment /bank
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# 5
BenL
Old 11-06-2012, 11:46 AM
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Bet the salesman wasn't too happy with Vauxhall Finance either, maybe he could do some ringing around to them and try to earn his commission.

Ben
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# 6
nelly12
Old 14-06-2012, 10:53 PM
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How old are you? Corsa's can be expensive now circa 13k. Were you putting any deposit into the deal. I would imagine most of these deals are over 60 months to take full advantage of the 0% and I bet most of them are accepted too.
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