CarolinaBlueEyes Posted January 12, 2007 Report Share Posted January 12, 2007 just a quick question.. something that I read on this board got me thinking..I have recently applied for applications for a new car (mine is over 12 years old and dying).. I was approved by a a company who I used to have a CC with but I admit defaulted on and its in the hands of JDB.. why would they approve me for this is the auto part another division? This is still on my credit report so they must have seen it Also I notice that on my score I was sent to over 12 lenders. I know that now its changed and that you have 14 days for housing and cars and the inquiries only count as one.. thank goodnes.. but I notice the car lenders I was sent too are also companies that in the past I have had issues with... some were paid off and others were not ,, all are out of SOL though.. does this wake up sleeping giants??? Should I expect more collection calls.. I have not purchased anything that required credit in years so the only inquiries I have had are a few from JDB's.. anyway I know this is long but I am wondering if the car divisions are different from the CC sections.. thanks! Link to comment Share on other sites More sharing options...
pandmel Posted January 12, 2007 Report Share Posted January 12, 2007 why would they approve me for this is the auto part another division? It is called profit. They probably don't care. Sounds like CRAP1. Why should they be concerned about an old small charge off when they can tack you with a double digit auto loan. That will far earn more profit than a piddly CC charge off. If it were several thousands of dollars charged off in the past they probably would not have approved you.Yes about being separate division, they are potentially separate companies with a common affiliation. Make sure you opt out on information sharing, having an almost senior moment can't remember the term. Just got to see the my 1st grandchild wave at me via a sonagram she will be here in March , so I am entitled to a senior moment now.Pandmel Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted January 12, 2007 Author Report Share Posted January 12, 2007 It is called profit. They probably don't care. Sounds like CRAP1. Why should they be concerned about an old small charge off when they can tack you with a double digit auto loan. That will far earn more profit than a piddly CC charge off. If it were several thousands of dollars charged off in the past they probably would not have approved you.Yes about being separate division, they are potentially separate companies with a common affiliation. Make sure you opt out on information sharing, having an almost senior moment can't remember the term. Just got to see the my 1st grandchild wave at me via a sonagram she will be here in March , so I am entitled to a senior moment now.PandmelCONGRATS on the grandson girl!!!! thats wonderful!!!! I had not thought of it like that.. crap one did come back with the best rate and why would the info sharing matter.. no one even asked about that.. but I have not recieved my paperwork yet.... how do I opt out ??Also what about the other creditors.. there are some that are still on my report,. and since I applied for a car loan I wonder if they think my situation has changed and will step up collections or as you stated they are a horse o of a different color so to speak.. again thanks (one of these was HSBC) I didnt know who the dealership sent it to,. I was told its automatic.. and goes to a slew of lenders.. including citibank who.. well hates me.. lol.. thanks Link to comment Share on other sites More sharing options...
pandmel Posted January 12, 2007 Report Share Posted January 12, 2007 CONGRATS on the grandson girl!!!! thats wonderful!!!! but I have not recieved my paperwork yet.... how do I opt out ??Also what about the other creditors.. there are some that are still on my report,. and since I applied for a car loan I wonder if they think my situation has changed and will step up collections or as you stated they are a horse o of a different color so to speak.. again thanks (one of these was HSBC) I didnt know who the dealership sent it to,. I was told its automatic.. and goes to a slew of lenders.. including citibank who.. well hates me.. lol.. thanksLOL ok I am a guy having a granddaughter You will get their privacy statement in your first statement possibly. Unfortunately you are opted in unless you opt out watch your mail close. Chances are you are not going to wake a sleeping dragon. I know from selling mortgage paper to Wells Fargo that they look at the current asset and could care less about the old non performing assent as long as you meet their guidelines for the current product offering. However the credit card company is different from the consumer finance which is different from mortgage etc... Sometimes even state by state.Pandmel Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted January 12, 2007 Author Report Share Posted January 12, 2007 LOL ok I am a guy having a granddaughter You will get their privacy statement in your first statement possibly. Unfortunately you are opted in unless you opt out watch your mail close. Chances are you are not going to wake a sleeping dragon. I know from selling mortgage paper to Wells Fargo that they look at the current asset and could care less about the old non performing assent as long as you meet their guidelines for the current product offering. However the credit card company is different from the consumer finance which is different from mortgage etc... Sometimes even state by state.PandmelOkay now I feel like a blonde.. (I am blonde I can say that.. lol)CONGRATULATIONS darlin! on that wonderful granddaughter.... that is terrific!!! thanks for the help in this matter.. I feel alot better.. I just wondered and I wasn't sure how it worked... do you mind one more question.. since you sell paper.. I am self employed.. they asked for a C and the first page of the 1040... the C, my accountant does based on business to keep my self employement taxes down.. now line 12 does match line 31 on the C and the 1040. my question is if they start adding all the C stuff its not going to make sense unless they have all pages (they asked for first page only).. then they had me sign a "lender return thing'.. IF MY financing was not approved... I thought it was approved or my guess is they wouldnt let me roll the car off the lot... so now THAT has me wondering... again congrats on the little girl.. when is she due?? Is this your first grandchild.. I love new baby happiness!!!! Link to comment Share on other sites More sharing options...
pandmel Posted January 12, 2007 Report Share Posted January 12, 2007 Generally they want the c so they can add back depreciation to the first page.However though it just needs to be in the file if your taxable income matches your app you are ok.Yes it is my first grandchild!! I still have a child in diapers!!!! Two marriages first when very young and second did not start having kids until I was old enough to know better. A heads up I sell mortgage paper. I am a mortgage broker.Pandmel Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted January 12, 2007 Author Report Share Posted January 12, 2007 Generally they want the c so they can add back depreciation to the first page.However though it just needs to be in the file if your taxable income matches your app you are ok.Yes it is my first grandchild!! I still have a child in diapers!!!! Two marriages first when very young and second did not start having kids until I was old enough to know better. A heads up I sell mortgage paper. I am a mortgage broker.Pandmelsorry again.. back depreciation to first page.. how does that work? they only asked for page one on the C and that is income and expenses.. the thing doesnt add right unless you have the entire thing.. the lending guy told me as long as my line 12 matches my line 31 (I think thats it ) on the C it will be fine.. but the C concerns me.. since the figures are all based on total sales and if they are adding its going to confuse the heck out of them.. but maybe they only look at those lines..again thanks I dont mean to pick your brain... but you have been a massive help.. and you never told me when is your granddaughter due??? Link to comment Share on other sites More sharing options...
pandmel Posted January 12, 2007 Report Share Posted January 12, 2007 She is due in March somday, I am sure I was told but it does not register. As I usually have to get full returns for proof of income. It may not be on the C.Depreciation is an expense that does not really affect you until you sell the depreciated asset. So in essence it is not a real expense. It is always added back in income calculations. So usually I add depreciation back to the taxable income to determine income for DTI the depreciation is considered income.A good example is I buy a laptop almost every year because I write off the full expense as depreciation. However in reality I have not lost a thing until I sell it.They just need the "paper work" in the file to meet the conditions. Underwriters usually look for ways to fund loans not turn them down or not approve conditions unless their portfolios are performing poorly. But even then the easiest way to decrease delinquency ratios is to make more loans. Also the best time to get questionable conditions signed off on are toward the last couple days of the month. Everything is a deadline then including the underwriter bonus check or lack thereof. Hope that clarifies it some.Pandmel Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted January 12, 2007 Author Report Share Posted January 12, 2007 sorry.. I do know what depreciation is.. but since they didnt ask for the full return.. just page one of the C and the 1040... I am guessing they are just looking for matching numbers? Just want to get a feel since I figured I was fine.. approved and off the lot...and then this contract in case it falls through and I KNOW how my accountant does the C... its very hard to figure.. he does people with unusual incomes (Nascar drivers.. laywers.. etc) but the average person never understands this C.. and I find myself having to explain it over and over....I am hoping they just want to make sure the C matches the 1040 or just file it.. the income does match the app..in fact it exceeds it.. I just am hoping it wont be an issue..OH and the guy who approved it.. he called me to ask me a few questions.. he said he also underwrites.. would he be the same guy who finishes the paperwork or just whose desk it lands on (since you mentioned bonus checks)..he was great.. liked him alot.. Do they have names for the sweet girl.. its a good thing the mom to Be doesnt have to go through long hot summer.. March is so close.., how funny that you have one in diapers that has to make it fun with a little one on the way....and thanks for being so nice and responding so fast.. I promise not to pick your brain too much.. lol Link to comment Share on other sites More sharing options...
pandmel Posted January 12, 2007 Report Share Posted January 12, 2007 OH and the guy who approved it.. he called me to ask me a few questions.. he said he also underwrites.. would he be the same guy who finishes the paperwork or just whose desk it lands on (since you mentioned bonus checks)..he was great.. liked him alot.. Do they have names for the sweet girl.. its a good thing the mom to Be doesnt have to go through long hot summer.. March is so close.., how funny that you have one in diapers that has to make it fun with a little one on the way....and thanks for being so nice and responding so fast.. I promise not to pick your brain too much.. lolHe prolly is the one to approve it. Car loans = lots of transactions, prolly cursory glanced at and put it in a file. I would not sweat it. If there is a problem they may just ask your for the full return.We have had a hot December Well I probably was the youngest father at my daughters graduation and they will be asking the baby if I am his grandfather I am sure... Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted January 12, 2007 Author Report Share Posted January 12, 2007 He prolly is the one to approve it. Car loans = lots of transactions, prolly cursory glanced at and put it in a file. I would not sweat it. If there is a problem they may just ask your for the full return.We have had a hot December Well I probably was the youngest father at my daughters graduation and they will be asking the baby if I am his grandfather I am sure...Warm winter here as well.. AC has been on for some of it.., lol...I am so excited for you.. I remember when my sister had my niece and we saw that ultrasound it was a thrill... and the fun of the girl.. the expense.. lol I dont have kids but I LOVE spoiling my nieces... the "cool aunt"... I wish they lived closer.. I miss them and I dont have to tell you how fast they grow up!!!!Thanks for all your help... I am sure I am over thinking it.. the guy who approved it was terrific.. we went to the same college and hit it off very quickly.. he was the one who said just make sure you line 12 matches the 31 on the 1040... Keep me posted, even in PM when your little one is born.. I just love news like this.. there is nothing like a new baby in the family .. ** congrats again! Link to comment Share on other sites More sharing options...
pandmel Posted January 12, 2007 Report Share Posted January 12, 2007 Warm winter here as well.. AC has been on for some of it.., lol...I am so excited for you.. I remember when my sister had my niece and we saw that ultrasound it was a thrill... and the fun of the girl.. the expense.. lol I dont have kids but I LOVE spoiling my nieces... the "cool aunt"... I wish they lived closer.. I miss them and I dont have to tell you how fast they grow up!!!!Thanks for all your help... I am sure I am over thinking it.. the guy who approved it was terrific.. we went to the same college and hit it off very quickly.. he was the one who said just make sure you line 12 matches the 31 on the 1040... Keep me posted, even in PM when your little one is born.. I just love news like this.. there is nothing like a new baby in the family .. ** congrats again!Cool deal I am here to help if I can. You probably have no worries. If you do you will know within 24 hours usually. Thanks for the long distance celebration.Pandmel Link to comment Share on other sites More sharing options...
SPRING'M Posted January 13, 2007 Report Share Posted January 13, 2007 CarolinaBlueEyes,Have you already taken possession of the car? If not, just send the complete return to the car dealer/finance company and let them go over it before you pick-out your vehicle.In the future, if your credit score is not 650 or higher with almost no derogs I would not claim that I am self-employed. I would tell them I was manager or salaried sales rep or anything other than self-employed. It has been my experience that once they see the self-employed on the credit app they start asking for the last 2 years of tax returns. If your tax returns are all in line with what you caim, it shouldn't be a problem. Notice I said shouldn't. These folks at these finance companies are not CPA's and do not always understand a tax return. They can delay finance if it is not a simple tax return or even deny financing.It just saves a potential headache if you claim an employee's position instead of owner. When I have a customer who is self employed I almost always claim they are supervisor, manager etc.. just to keep the deal quick and simple. I use their cell phone as a work number if they base their business out of their home without a seperate work phone.Do not try to apply with a different car dealership to try and get around this because you are now in the finance company's system and they will match the applications for a certain amount of time (probably up to 90 days). As far as the dealership farming your application out to a bunch of lenders - it is not automatic! As a finance rep for a car dealership you must know what banks buy what paper. You obviously got an amateur and he is lying to cover his tracks. He or she should be well trained in this position not only to help protect your credit but as well as to help protect the banks interest. Banks do not like giving out approvals and not getting the contracts! If your credit is unfavorable and he cannot get you bought somewhere it makes it difficult to limit what lenders he sends your application to but it should never reach more than 5 or 6. It should almost always be more than one to make sure he is getting you the best possible interest. Good LuckSpring'm Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted January 14, 2007 Author Report Share Posted January 14, 2007 appreciate the info but I a not turning over 80 pages in tax returns... everytime I do that the person in the cubicle becomes more confused.. I have to claim self employed otherwise they want to ask for w-2 that doesnt exist in my world... nor does a 1099I did get the car and they asked for the first page of my C and 1040 for the past two years...and then I had to sign this thing asking for the car to be returned if funding didnt go through.. frankly that didnt sit well with me.. so now I AM wondering.the tax returns would make NO sense unless you are a cpa... my accountant who does alot of self employeds.. docs, nascar drivers.. etc does something different witht the C... its legal but its confusing.the underwriter I spoke to on the phone.. (he called to ask something) said as long as the 12 and 31 lines match I should be okay.. but without the return if they start going through it they are NOT going to understand it... and frankly.. I have P&L statements.. my entire return is NOT necessary .. anyway I am just waiting for them to come back for more and at that point I will turn the car in.. its not worth the hassle of all this.I told the truth on the income but tax returns for self employed are NOT always easy to understandLet me ask you.. have you ever had financing denied after the car left the lot?? I have never heard of this until the other day Link to comment Share on other sites More sharing options...
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