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Discussion Starter · #1 ·
I'm in a complex that normally does 200-300 a month. We're at 80 for this month and it's not looking too good. I've been at this type of career for 20 years. Now, I need to either find new work, or get a p/t job just to help make my meager ends meet. What is this world coming to?
 

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Its tough I live in a small town. At my dealership we move 50 to 60 a month. So far new and used we have out 9. The local ford dealer has out 6 for the month. We cant seem to find good used vehicles and there is not to much shopping going on. We lost 4 of our 8 banks and the remaining 4 are not buying much.
 

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Oh, and btw, we had a 855 Credit Score turned down by 3 banks yesterday. She is 64 and retired GM, and they would not take her because she doesnt have a job.

Seriously 855 is the highest I have ever, ever seen.
 

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FICO scores can be somewhat manipulated, on purpose or by accident if you own a home or business... Simply take out a personal line of credit on the equity in your home/business... And then... NEVER USE THE line of credit. Within 12 months you add as much as 50 points to your FICO score... Of course this doesn't help if you don't own a home...

Or if the banks are refusing a loan to some one with an 800+ score...
OMG!

I thought 850 was perfect... 855?
 

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Discussion Starter · #8 ·
Oh, and btw, we had a 855 Credit Score turned down by 3 banks yesterday. She is 64 and retired GM, and they would not take her because she doesnt have a job.

Seriously 855 is the highest I have ever, ever seen.
Holy Schnikes!!! That is unbefreakinlievable!!! Our GSM keeps telling us "call your customers, we still have banks that want to give loans...." unless they're out of equity by 6k, which is usually the case.
I can't believe someone would turn down an 855 score. She has an income, do they NOT realize that?
 

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ya you guys in the US are starting to spoil over in Canada now..LOL...same scenario here prety much.
 

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FICO scores can be somewhat manipulated, on purpose or by accident if you own a home or business... Simply take out a personal line of credit on the equity in your home/business... And then... NEVER USE THE line of credit. Within 12 months you add as much as 50 points to your FICO score... Of course this doesn't help if you don't own a home...

Or if the banks are refusing a loan to some one with an 800+ score...
OMG!

I thought 850 was perfect... 855?
Yeah that doesn't sound right. I have an 817 and have never seen one higher than that. I was told I can buy "whatever you want, when you want it". I also thought 850 was as high as it goes. I think maybe her age is coming into play. If she is 64 maybe they think she is going to retire at the usual 65?
 

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Discussion Starter · #12 ·
Yeah that doesn't sound right. I have an 817 and have never seen one higher than that. I was told I can buy "whatever you want, when you want it". I also thought 850 was as high as it goes. I think maybe her age is coming into play. If she is 64 maybe they think she is going to retire at the usual 65?
even so, she still receives her pension and SS payments. hell, my mom's 82 and between her receiving her half of my dad's military pension plus SS, she clears over 2k a month. not bad for someone with no bills!!
i've got to get busy selling. I don't want to be that 44 year old guy that moves back in with his mother. oh god no.
 

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I have been looking as well. I've been behind the F&I desk for the past 12 years and 15 years total in the car biz. We are in a small town in Eastern Oklahoma, and we have 7 product lines. We are usually around 180 units per month in the fall, and 225-240 in summer months. The crisis didn't hit us unitl October. We did 133 in October and 93 in November.

Do any of you do business with Compass Bank?

I just got this email from them:
You should be getting an announcement from us later today. I wanted to let you know ahead of time about this. With the announcement of what GM is offering as a business plan to receive part of the bailout loans, our upper management has reached a decision based on these reports. GM has said they would eliminate the Saab, Saturn and Pontiac lines. Based on this announcement, effective immediately, we will no longer offer financing on new or used Saab, Saturn or Pontiac vehicles. I apologize for the inconvenience this causes, but as you know, the times are tough and ever changing right now. All of us have to do what we feel we need to do to stay a viable and profitable business. I know you are doing business differently now, as well as we on the lender side are having to. Our goal is to be able to be around throughout all this turmoil and offer you the best interest rates we can. Again, I apologize for the inconvenience this may cause, but hopefully we will all get through this together.

~Brian
 

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I just sold a 2008 Pontiac G6 Capitol City bank approved them at 5.5% Gmac gave a prelem tier of S but declined said the customers could not afford the payment. I called them they were paying $312 now at 8% the payment would have been less. I found out there best rate is 12.49% Oh well guess I am not doing any business with GMAC till that changes. At least some banks are still doing Pontiac loans.


I have been looking as well. I've been behind the F&I desk for the past 12 years and 15 years total in the car biz. We are in a small town in Eastern Oklahoma, and we have 7 product lines. We are usually around 180 units per month in the fall, and 225-240 in summer months. The crisis didn't hit us unitl October. We did 133 in October and 93 in November.

Do any of you do business with Compass Bank?

I just got this email from them:
You should be getting an announcement from us later today. I wanted to let you know ahead of time about this. With the announcement of what GM is offering as a business plan to receive part of the bailout loans, our upper management has reached a decision based on these reports. GM has said they would eliminate the Saab, Saturn and Pontiac lines. Based on this announcement, effective immediately, we will no longer offer financing on new or used Saab, Saturn or Pontiac vehicles. I apologize for the inconvenience this causes, but as you know, the times are tough and ever changing right now. All of us have to do what we feel we need to do to stay a viable and profitable business. I know you are doing business differently now, as well as we on the lender side are having to. Our goal is to be able to be around throughout all this turmoil and offer you the best interest rates we can. Again, I apologize for the inconvenience this may cause, but hopefully we will all get through this together.

~Brian
 
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