Rejected car finance...

leedsem

arcon5 wrote: »

Getting on the electoral won't necessarily change things. They will also consider your age, your occupation, the level of current debt irrespective of whether you are paying on time or not each month, your income and much more.

All lenders have different criteria, usually reflected in the interest rate. So going to a different garage who use a difference finance company may help.

As for your current predicament, you could argue you bought the car in good faith that they would provide the finance, and since they cannot provide this, you should get your deposit back.

It may not but as it's the only negative on my file (age etc are not an issue here) it's probably a decent place to start.

Thanks

leedsem

dld2s wrote: »

Garages usually have more than 1 lender to use, you may find this garage has also and may get the credit with another finance firm, speak to the garage, myself, if I paid a deposit I would expect it back, to me part of the deal is that you are buying the car only if finance is approved, I would imagine with most reputable garages this would be the case, certainly I have not had many problems getting deposits back (albeit a little slow sometimes) from say Arnold Clark or BMW dealers

They provide finance themselves. The saleswoman made a big thing about this when I was signing on the dotted line. I would hope I'm not going to have a battle here. They're a big company, so hope they would follow suit of your experience.

leedsem

forgotmyname wrote: »

Its excellent yet you got refused credit? Thats exactly my point. Credit score = worthless.

Every lender will have their own system for scoring you. Seems they dont use the credit agencies scoring system.

I get it. You have issues with the system.

They told me the agency they used and I got their report for me. It's safe to assume it's been the basis of their decision.

Thanks once again for not answering my questions

YorkshireBoy

leedsem wrote: »

I get it. You have issues with the system.

They told me the agency they used and I got their report for me. It's safe to assume it's been the basis of their decision.

Thanks once again for not answering my questions

The answers to your questions are:

1. Yes

2. Possibly

Doesn't help you in the slightest though I'd imagine?

People here are trying (unsuccessfully) to tell you how useless the numbers and words provided by Experian et al are. If you visit the credit card forum you'll see that even (recently) discharged bankrupts have been known to receive 'excellent' ratings by Experian.

The 'number' or 'word' they give you (usually in exchange for your hard earned cash) is not the number or word they give their business customers. Some business customers do take a form of score from Experian (primarily predicting your likelihood of being a good customer), but most (particularly large lenders) simply take the raw data on your file and apply their own scoring. Within all lenders' scoring systems is an ID verification check, and the way they do this is to check you're on the electoral roll.

Appeal (rather than "fight") this rejection by all means, but don't waste another application elsewhere until your credit reports (all 3) show you as being on the electoral roll.

Chickabiddybex

Have you considered putting yourself on the electoral roll and trying again?
Sometimes finance companies insist for security reasons that the person is on the electoral roll even if they have great credit.

diesel_dog

Does anyone else find it strange that the garage took two weeks to inform the OP that they had been refused AND by letter? They obviously don't need the business. If that was me, I would of called the finance company and asked them what we could do to get the deal done while talking to the customer. Usually by taking copies of certain things like payslips, bank statements, utility bills, etc.

Experian and the like are just a waste of money IMO. The only useful thing about it is that it shows what is on your file and that is it. It doesn't show or guarantee you'll get credit for anything you apply for.

Experian_company_representative

The search footprint doesn't show whether credit was accepted or refused by the way, just that you applied. Lots of applications don't look clever though.

Press the finance company for a reason for saying 'no'. Only they know.

James Jones

bigjl

I wonder if the OP is as saintly as they make out.

Sounds like something such as a Cefas issue was going on here.

Certainly seems a strange way to deal with a potential sale.

They usually find finance somewhere, even the "we finance anybody" companies that can finance somebody with CCJ's and a discharged bankruptcy on their file.

I don't think we got the full story.

And you can't just put yourself on the Electoral Register just like that in my experience, they only allow you in where I have lived when they send the form out.
This could just be the way that they operate in the areas I have lived however.i haven't been on the Electoral Register for 20 years, the wife is, but not me.

And it never stopped me getting a mortgage or car finance back in '04 when I last bought a car on finance.

But in my experience they normally get the finance there and then unless there is a problem and it has to be send to the underwriters.