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Could this be the reason why we are unable to get car Finance :-(
JemmaW1982
Posts: 32 Forumite
in Loans
I have had a car through BMW for the past 3 years. We were due to either hand it back Jan 2012 or pay a balloon payment on it & the car be ours.
With being pregnant & also the boot being small, we handed the car back to BMW as we have paid over 50% & were able to voluntary terminate the agreement....
I spoke to BMW on Fri as was concerned that we had heard nothing & had our account been closed & was told a letter was being sent out on 26th Feb to say our account was closed & we owed nothing.
I have been car less for 3 weeks, we have been looking for something spercific & found it today. We went to view it, loved it put a deposit down & then left our details with the finance guy to see what rates/deals he could do us
They use 16 different companies to get the best deal.
As far as we are aware we have excellent credit history never get turnt down for anything always get good rates on things, never missed payments or anything. We were expecting a call back within hours to say that they had got us a deal & it was x amount a month
They phoned this afternoon to say that they are struggling asked if we had, had a car on HP & we told them the above & they think this is causing the problem....
I am going to phone BMW tomorrow see if we can get this letter out quicker 7 the finance guy is going to approach the lender with it to show that we no longer have the car, dont pay for it & we can afford the monthly amount as it would roughly be the same amount
He said he isnt 100% sure that this is the reason though. I cant think why else though??
He said about faxing over 4 months of bank statements (we could do it 1 of these 2 ways) but im not happy about that & people seeing what goes in your account each month & what bills come out
also handing them over to someone you don't know. He did say though that in the last 6 months he has seen a big drop in the amount of finance companies that are lending money..
It's going to be such a PITA if we cant get it, as we will be car-less we know we can afford it as well
we have been paying for a car the past 3 years...
Would we have more luck getting a loan through Tescos or something???
With being pregnant & also the boot being small, we handed the car back to BMW as we have paid over 50% & were able to voluntary terminate the agreement....
I spoke to BMW on Fri as was concerned that we had heard nothing & had our account been closed & was told a letter was being sent out on 26th Feb to say our account was closed & we owed nothing.
I have been car less for 3 weeks, we have been looking for something spercific & found it today. We went to view it, loved it put a deposit down & then left our details with the finance guy to see what rates/deals he could do us
They use 16 different companies to get the best deal.
As far as we are aware we have excellent credit history never get turnt down for anything always get good rates on things, never missed payments or anything. We were expecting a call back within hours to say that they had got us a deal & it was x amount a month
They phoned this afternoon to say that they are struggling asked if we had, had a car on HP & we told them the above & they think this is causing the problem....
I am going to phone BMW tomorrow see if we can get this letter out quicker 7 the finance guy is going to approach the lender with it to show that we no longer have the car, dont pay for it & we can afford the monthly amount as it would roughly be the same amount
He said he isnt 100% sure that this is the reason though. I cant think why else though??
He said about faxing over 4 months of bank statements (we could do it 1 of these 2 ways) but im not happy about that & people seeing what goes in your account each month & what bills come out
also handing them over to someone you don't know. He did say though that in the last 6 months he has seen a big drop in the amount of finance companies that are lending money..It's going to be such a PITA if we cant get it, as we will be car-less we know we can afford it as well
we have been paying for a car the past 3 years...Would we have more luck getting a loan through Tescos or something???
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Comments
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In one word - yes.0
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jonesMUFCforever wrote: »In one word - yes.
Yes what??? That you think this is what is causing the problem or it would be easier to get the money through a loan????0 -
JemmaW1982 wrote: »I have had a car through BMW for the past 3 years. We were due to either hand it back Jan 2012 or pay a balloon payment on it & the car be ours.
With being pregnant & also the boot being small, we handed the car back to BMW as we have paid over 50% & were able to voluntary terminate the agreement....
I spoke to BMW on Fri as was concerned that we had heard nothing & had our account been closed & was told a letter was being sent out on 26th Feb to say our account was closed & we owed nothing.
I have been car less for 3 weeks, we have been looking for something spercific & found it today. We went to view it, loved it put a deposit down & then left our details with the finance guy to see what rates/deals he could do us
They use 16 different companies to get the best deal.
As far as we are aware we have excellent credit history never get turnt down for anything always get good rates on things, never missed payments or anything. We were expecting a call back within hours to say that they had got us a deal & it was x amount a month
They phoned this afternoon to say that they are struggling asked if we had, had a car on HP & we told them the above & they think this is causing the problem....
I am going to phone BMW tomorrow see if we can get this letter out quicker 7 the finance guy is going to approach the lender with it to show that we no longer have the car, dont pay for it & we can afford the monthly amount as it would roughly be the same amount
He said he isnt 100% sure that this is the reason though. I cant think why else though??
He said about faxing over 4 months of bank statements (we could do it 1 of these 2 ways) but im not happy about that & people seeing what goes in your account each month & what bills come out also handing them over to someone you don't know. He did say though that in the last 6 months he has seen a big drop in the amount of finance companies that are lending money..
It's going to be such a PITA if we cant get it, as we will be car-less we know we can afford it as well we have been paying for a car the past 3 years...
Would we have more luck getting a loan through Tescos or something???
16 different companies for a car loan that is a pi*S take.0 -
JemmaW1982 wrote: »I have had a car through BMW for the past 3 years. We were due to either hand it back Jan 2012 or pay a balloon payment on it & the car be ours.
With being pregnant & also the boot being small, we handed the car back to BMW as we have paid over 50% & were able to voluntary terminate the agreement....
I spoke to BMW on Fri as was concerned that we had heard nothing & had our account been closed & was told a letter was being sent out on 26th Feb to say our account was closed & we owed nothing.
I have been car less for 3 weeks, we have been looking for something spercific & found it today. We went to view it, loved it put a deposit down & then left our details with the finance guy to see what rates/deals he could do us
They use 16 different companies to get the best deal.
As far as we are aware we have excellent credit history never get turnt down for anything always get good rates on things, never missed payments or anything. We were expecting a call back within hours to say that they had got us a deal & it was x amount a month
They phoned this afternoon to say that they are struggling asked if we had, had a car on HP & we told them the above & they think this is causing the problem....
I am going to phone BMW tomorrow see if we can get this letter out quicker 7 the finance guy is going to approach the lender with it to show that we no longer have the car, dont pay for it & we can afford the monthly amount as it would roughly be the same amount
He said he isnt 100% sure that this is the reason though. I cant think why else though??
He said about faxing over 4 months of bank statements (we could do it 1 of these 2 ways) but im not happy about that & people seeing what goes in your account each month & what bills come out also handing them over to someone you don't know. He did say though that in the last 6 months he has seen a big drop in the amount of finance companies that are lending money..
It's going to be such a PITA if we cant get it, as we will be car-less we know we can afford it as well we have been paying for a car the past 3 years...
Would we have more luck getting a loan through Tescos or something???
1. There aren't 16 motor finance lenders in the market? Make sure immediately that they don't send your proposal to any more of their panel of lenders.
2. Yes, your finance will be showing as still a live agreement so an underwriter will see this. this can be expained to an underwriter but please don't tell them that you are VT'ing as this will be detrimental to you.
3. Which finance comapny wants to see your bank statements? It may still be 2 of the top 3 lenders. ie. Santander or Barclays.
As regards faxing the bank statements the salesman can always take you to the fax machine in their showroom and type the number in for you.
You need to get as much info from the dealership and post on here and we'll all try and help. And who is the dealership please.
Good luck.0 -
Yes, the exisiting finance will show, and as above, the VT may go against you.
You may find it easier to get a loan, this may give you a better rate.
Have you spoken to your own bank about a loan for this? They will already have your bank statements, and have an account history on you, and may be able to offer a cheaper rate or a deal with less hassle.0 -
1. There aren't 16 motor finance lenders in the market? Make sure immediately that they don't send your proposal to any more of their panel of lenders.
2. Yes, your finance will be showing as still a live agreement so an underwriter will see this. this can be expained to an underwriter but please don't tell them that you are VT'ing as this will be detrimental to you.
3. Which finance comapny wants to see your bank statements? It may still be 2 of the top 3 lenders. ie. Santander or Barclays.
As regards faxing the bank statements the salesman can always take you to the fax machine in their showroom and type the number in for you.
You need to get as much info from the dealership and post on here and we'll all try and help. And who is the dealership please.
Good luck.
I think what he meant was 16 different banks, as he said Barcleys & Santander etc...
We business bank with santander...... We were worried we would get loads of credit checks done & he said there is 1 credit check done & then it goes through all the companies to see who will lend & then they see who gives you the best deal.
The company we are trying to get the car from is a company called
http://www.randwmotorcompany.co.uk/30089/randw.htm
Im not sure who the finiance guy is that they use, but it is someone they use all the time.
We had to travel 1.5hrs to see this car... I need to get my deposit back if we cant do it, but the finance guy isnt at this car garage he is elsewhere. I know they faxed over our details to him yesterday from the garage where the car was.
We told the finance guy we had VT the agreement. But i guess he wont say this to the company he is approaching & i guess the letter from BMW will just say our account has been settled & is closed???? I dont see what the big deal is with VT the agreement we had to as our car isnt suitable for us with another baby on the way, that was the only reason?0 -
Yes, the exisiting finance will show, and as above, the VT may go against you.
You may find it easier to get a loan, this may give you a better rate.
Have you spoken to your own bank about a loan for this? They will already have your bank statements, and have an account history on you, and may be able to offer a cheaper rate or a deal with less hassle.
No not yet - we were just going to see what happens next with what BMW say give us. If a no go then do a loan.
Or i could apply for the finance as i work etc & get it in my name. Although still maybe it would be better to do it via a loan than as finance.0 -
Have spoke to BMW they are faxing over a clearance letter to this finance guy to say that the agreement has ended & we have no intrest in the car anymore
I really hope this works :-( & solves the problem that seems to have come up. I cant see why else we would be declined for credit? I am going to get a credit report check done just to check0 -
Hi Guys
If your having trouble give Creditplus a go - they are a broker who only do one credit search and then put your details across to the lender most likely to accept. I had been declined elsewhere as just moved jobs and had a few searches on my file.
They got me 18K finance with Santander at 11%
It only took 3 days and they paid the garage direct.
worth a look if your stuck0 -
Best thing to do is get a copy of your credit file and see what is showing.
If your old account still shows as a live account this could be a reason.
If your account shows vt, then this could be a reason for hp declines0
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