sounds like your dealer messed something up when they submitted your credit. volvo is a notoriously anal bank when it comes to approvals. you should contact your broker / dealer first thing and get them to call this in (which should have been done before)…
i am just hoping they fat fingered something.
Going to call first thing in the morning
Yikes. But 30k/yr on $8k+ mortgage isn’t actually that bad assuming you have good schools.
Could very well be the Jeep. They may just need to explain they paid that off for you and that will take care of it. Don’t worry about it until there is something to worry about.
The FICO algorithm doesn’t consider income, only the data in your credit file.
This is a compliance form letter. It’s still possible you got bought on a resubmit or reconsideration.
This letter doesn’t mean anything without hearing from the store.
I bet your income was input incorrectly. They must have missed a 0 or something. Call Volvo Finance and ask what income are they have on your application.
They close at 8 p.m. unfortunately. That was my second call after the dealer lol
dealer closed as well
Definitely, though it has a decline reason, so it’s not the standard 10-day letter.
I totally agree. This makes no sense. It’s a Volvo not a Lambo for god’s sake.
Cali is correct. Based off the information you provided it shouldn’t be a problem to get you qualified for a lease.
Either your income was submitted incorrectly or the lease payment was overstated. In either event the dealership would have asked for the vehicle to be returned if you were not qualified. Best course of action is to contact your finance manager and verify your transaction has completed.
They just need to resubmit it. Problem solved!
UPDATE:
I think I am good. I was able to get my account number through automated system and registered / login to the volvo financial. I see the payoff / payment amount listed so everything seems fine. Going to call dealer tomorrow just in case
Did you get the Tier 1 money factor, as well as all of the most generous financing terms available?
I got an adverse action letter from BMWFS after being approved on a purchase for 0.9% for 36 months, the best APR they offered.
They were also offering certain customers a deferral of the first payment, but that wasn’t offered to me. So I got a letter.
This made no sense, as the auto-enhanced FICO score that was used to decision the loan was somewhere between 850 and 880 (on a scale of 900).
My DTI ratio is LOL, since my only debt is the lease on my other car… plus the “minimum payments” that are reporting for the 12-15 credit cards I use every month (those factor into the ratio even though the cards are paid in full every month).
volvo only has 2 tiers: approved or denied.
Do they ever offer to waive the first payment? Defer it for 1-n months?
Do some people qualify for no down payment, but others have to kick money in for an approval?
Just like a decline, an approval that doesn’t contain the most favorable terms that would be offered to any consumer who’s applying for the same credit product at the same time is adverse action under the FCRA (assuming the decision involved credit bureau data), and that’s what triggers the letter.