Roadloans Stinks!!!

Ok, so about a month ago, we applied for a blank check through Roadloans and were approved.

Fast forward, we now have a buyer for our Escalade and a minivan all picked out. We went this morning and faxed in the required paperwork for Roadloans and they DENIED us.

On our application, we stated that my husband's salary was $55K. His base is $50K and his commissions are $5K.

Roadloans refused to look at his commissions...only at his base. I stated that he had been getting his commissions every month for the last 7.5 years. They could even "average" them for this year and they average out to $500/mo.

The "woman" I spoke with said if they took the average for the bonuses, then they'd have to take the average for his base. Well, he got a promotion on Aug 1, so his YTD for his base is lower b/c his promotion hasn't been in effect that long.

So, after we went through all of this to find a buyer for the Escalade, found a van we liked, Roadloans denied us because they refused to look at my husband's commissions.

Well, with the current credit "crisis", don't be surprised. Afterall it was the creditors who got themselves into this credit crisis mess, by having halfassed loan approvals, just to make a quick buck. It bit them where the sun don't shine.
Commissions are really crapshoots.

So, after we went through all of this to find a buyer for the Escalade, found a van we liked, Roadloans denied us because they refused to look at my husband's commissions.So sorry to hear that they pulled this DTI thing on your at the end. It's just not fair!

Actually I was pre-approved with the only condition being on appraisal, for a second mortgage (refi). The day before I closed, they call and tell me that they don't like my debt to income ratio. What a waste of my time. I had to pay $400 for an appraisal on top of that. I wasn't happy. I was able to close a month later though, but this time, I included my rental income.

I never do understand how they will or will not allow income averaging. I know that they wouldn't take my bonuses either.... which had averaged about $15K for 7 years. It came down to them asking me if my company would guarantee the bonus. I had to laugh... because I had to tell the bank that my company doesn't even guarantee me a job. :)

What really ticked me off was that my husband called the same lady that I had spoken to at Roadloans and she pretty much accused us of LYING on our application. :aggress:

If they would look at the ENTIRE INCOME, we didn't "lie" on our application. JERKS!

Since Roadloans is about the only BK friendly company out there, who's willing to lend 20% over value, I'm pretty much screwed.

What really ticked me off was that my husband called the same lady that I had spoken to at Roadloans and she pretty much accused us of LYING on our application. :aggress:

If they would look at the ENTIRE INCOME, we didn't "lie" on our application. JERKS!

Since Roadloans is about the only BK friendly company out there, who's willing to lend 20% over value, I'm pretty much screwed.
Have you tried Cap One?? they financed me right out of the bk 7

Yep....Capital One denied us...TWICE. Yet, we each have a credit card through them.

Sorry to hear this. :( We were afraid something like this might happen to us, so we went ahead and took USBank up on their 722 replacement loan in July...we were worried that we would be discharged and end up with NO vehicles. While the loan carried a high interest rate, at least we have a vehicle. I shudder to think what might have happened if we had waited until discharge to find a vehicle. :blink: Good luck!:)

b girl--

We never knew what a 722 loan was until AFTER our discharge. At the time we filed, we informed our attorney that we wanted to keep our Escalade. We also had equity in it that we had to exempt.


UPDATE: We are going to go purchase our new minivan this afternoon! Last week, we had financing all worked out, but the new loan required a down payment of $1800. At the time, we didn't have it...but, now we do. So, we're going this afternoon to buy my minivan that I have wanted for for so long!! :yes2: The loan comes at a 14% rate...not the greatest, but we want to refinance after 6 months. It's only a 4 year loan and our payment is going down $140/mo!! Plus, insurance is cheaper than the Escalade, PLUS GAS, so it will be a real savings. WOO HOO!!!

Thanks everyone!

Congrats, where did you finally get financing











Filed 8/29
341 9/26- Still no update on Pacer

Dad--

We find out tonight! We couldn't get down to the dealership (we live in Wisconsin, they are in Illinois), so we had to wait until today. As soon as my husband gets home, we're going to make the trip and go get my minivan!

I have no clue who they financed us through and it doesn't matter. As long as our payment goes down, I don't care. :yahoo:

Congrats

Can't wait to hear what comes back. Hopefully a new minivan is in your possession.

Justbroke--

Would you believe that we didn't get the minivan? We got to the dealership and found out we were approved through AmeriCredit.

The minivan that I fell in love with is at another dealership.

To make a long story short, the dealership promised to buy the van from the other dealership and, in the end, backed out and changed their minds.

So, here we sit without my beloved minivan, approved for it, but the dealership won't buy it from the other dealership.

Back to square one. :aggress:

I am so sorry to hear that.

Back to square one. :aggress:That is heartbreaking. Just don't do what I did.

I always wanted a really nice SUV and bought a $44,000 one. Lincoln/Mercury told me that I would get 3.9%, but when I got through the paperwork, it jumped to 11.45% (and I was trading in a current year (model) Mercury Cougar in perfect condition with no real miles on it).

I was so devastated at the $989/month payment... like an idiot, I said... I'll take it anyhow.

Be patient, hopefully it will all work out for you. Were you able to contact the original dealer yourself?

That is heartbreaking. Just don't do what I did.

I always wanted a really nice SUV and bought a $44,000 one. Lincoln/Mercury told me that I would get 3.9%, but when I got through the paperwork, it jumped to 11.45% (and I was trading in a current year (model) Mercury Cougar in perfect condition with no real miles on it).

I was so devastated at the $989/month payment... like an idiot, I said... I'll take it anyhow.

Be patient, hopefully it will all work out for you. Were you able to contact the original dealer yourself?

We already did that with the Escalade....we originally wanted a payment in the 200's and when they came back with $460, like a moron, I signed. I've been kicking myself ever since.

The dealership that has my minivan wants nothing to do with the Escalade. They are in a small, po-dunk town and they sell farm trucks. They have no market for an Escalade.

I've filed a complaint with the BBB against the dealership, but I doubt that will go anywhere.

Again, back to square one...and in this market, it's tough!

I've had the same situations. It seems that even the dealerships that hammer people with their various "fresh start" options are just as much shooting their guns and hoping they hit someone. I'm still stuck with a car thats getting worse every day, and there doesn't seem to be anything I can do about it. All I want is a cheap, used car. I know my rate is gonna be high, so I want the minimal amount financed.

UPDATE:

We went to the dealership where we bought the Escalade from and they seem to be willing to work with us.

Only problem is, we'll have to have a large downpayment, around $4K, but they're willing to hold part of it until we get our tax return next year.

So, we'll see what happens. I'm trying not to get excited this time around.

I spoke to a finance person at our local mazda dealer, and they stated that 20% down is typical, and that 18% was the typical interest rate.

Good luck with your new car!

15% down is typical for what the bank likes... and the typical rate is between 10% and 14% right now.

The rates for just discharged, bad credit, and the like the typical rate is 14%-20 something % depending on where you live.

I'm in the business for a non-traditional dealership, but the knowledge is the important part.

At a traditional dealership, they don't even have you approved when you leave. They base their decision on your credit score and income.. NOT a banks approval. They then shop you around as much as they can to get you the rate they promised you. IF they can find a better rate, YOU will never know and they will take those extra percentage points as PURE PROFIT on the backside of the deal. If they can't get that rate, they call you back and need more $$ down or just tell you they couldn't get you approved and you have to bring back the car.

Get your financing before you go to the dealership if your going to shop at a traditional dealership!!

Pay attention when Roadloans or Cap 1 recommend dealerships. The dealerships that they highly recommend won't play the same games as the typical used car lot.

SubPrimeME, in the future please do not post to old threads like this one that have been inactive for more than 1-2 months. It's against our forum rules because some of the information in old threads could be outdated due to recent changes in bk case law, and also because often our Ch 7 members are no longer coming to the forum after their discharges to see questions and advice that's posted on their old thread.

In the future, if you have something to contribute, please start a new thread of your own - thanks!

Sorry to hear this. :( We were afraid something like this might happen to us, so we went ahead and took USBank up on their 722 replacement loan in July...we were worried that we would be discharged and end up with NO vehicles. While the loan carried a high interest rate, at least we have a vehicle. I shudder to think what might have happened if we had waited until discharge to find a vehicle. :blink: Good luck!:)

I know this doesn't help for those that are already POST BK, but we just got a great 2006 EX Accord Sedan for 16k @ 4.9% for 60 months through a local Honda dealer. The interest rate alone was a great selling point, i had applied through a local CU, and they were offering 9.2%! So for those that haven't filed yet- look at dealers for good certified used cars. Our Ficos were 665 and 688 - so not that great to begin with - and got 4.9% through Honda. We jumped at it since we owe on 2 cars now- about 10k each over the value and both around 7% interest.