So we can’t approve you for a lesser amount how about we approve you for 3x the amount
Let that sink in…
9 Likes
Credit score is only one part of the approval. Debt obligations reported on credit, recent activity and a lot could factor in. Sounds like CCAP is tightening on their approvals.
The OP could potentially bring in their partner as a cosigner to get the deal through.
As an additional data point, I got Tier 1 when my score was significantly lower but with a higher income. I didn’t expect to get Tier 1 at that time but CCAP did not bat an eye.
Credit approvals are not plain simple as just a score.
I have a lower income and the same score. Been approved for five through CCAP tier 1. How many of these do you hear from Gupton? From other dealers? Wake up on this one
17 Likes
The fact that Koons was more than happy to push me thru on a finance deal that would have had a significantly higher payment, tells me all I need to know. My DTI is well within the specs that I have been told are acceptable from my local banks. I know my debts and income, and there just isn’t any world where I can see that this deal was axed because of anything on my end.
12 Likes
DARCARS did the same thing right before pulling the plug. They were fed up with the flippers and they ended their relationship with LC. Same is happening with Koons basically.
I DESPISE Koons and haven’t even purchased/leased a car from them. Considered even putting a hellcat order with them but they just kept rubbing me the wrong way. Marked up acq fee always, ridiculous govt fees, “can’t promise” actual FCA bonus rebates , etc . Gtfoh.
“You’re approved for Tier 1 to finance but not to lease”? Also gtfoh…
I was born at night but not last night.
9 Likes
I disagree, 3 weeks ago I signed on a 4xe at Gupton and got tier 1 easily…
It was my mom as primary (0 income, housewife, 750 credit) and me cosigner (30k part time income, student, 730 credit)
If we can get approval with no hiccup I am willing to bet that ANYONE with 100k income 750+ score can.
11 Likes
When I signed for my Rubicon 4xE with DARCARS at the end of June, the finance manager said they had ended their partnership with LC, and admitted he hated to keep doing these deals. However he felt obligated to service the customers they took orders from and sent the deal thru without a hitch. From my perspective, DARCARS was great. No frills, no funny business.
5 Likes
Did they state they would try a finance deal with CCAP or their preferred lenders? You obviously believe that your credit profile should qualify you for Tier 1 but CCAP did not approve you for anything at all - not even a lower tier. That usually points to them getting spooked by something in there (or incorrect information sent on the credit app).
We usually don’t provide much info in these posts as to what one’s profile looks like except stating I have x score, I did not get approved for Tier 1 or at all and it was at Koons.
CCAP pulls Experian. Data such as:
- Experian Fico 8 Auto Score
- DTI ratio as reported in the credit report and app
- Self Employed vs Full Time Employee
- bad remarks on the report - late payments / bankruptcy / repo
- recent number of accounts opened
- auto line history
and probably a few more data points would help one understand what is causing these CCAP denials.
1 Like
I do want to point out that I hate the black hole these credit apps go into. You can usually try to recon a credit app directly with a lender but CCAP does not make it easy for the consumer to check in with them regarding what was sent and what the denial was for.
3 Likes
Is auto line history the number of auto loans you have had?
Fascinating - didn’t know all of that! Thanks for the info.
I think the ask was to try for finance instead, not that they were approved for Tier 1 finance rates.
Previous Auto Loans and Leases are usually considered when applying for another auto loan/lease. Usually if you have a thin file, it’s harder to get Tier 1 rates. Leasing could be easier or harder - but that depends on the lender as well.
I’ve been as transparent as I care to be on this thread, without sending screenshots of my actual credit report. I’ve been with my current employer for over 8 years, and nothing was dishonest on my credit app. I feel like I’ve been swindled. I’m never one to get on a thread or social media to express displeasure with anything, but this one just doesn’t feel right.
At full disclosure, although I will be losing half my broker fee and the $200 plane ticket, I am honestly a little relieved for this deal to fall thru. This was an order that I had no intention other than to flip, and with the market getting soft on the 22s, there would have been massive risk with me taking delivery.
I just feel obligated to provide all the details I can here in an attempt to warn others who have a pending order with Koons.
Will others be successful in taking delivery from Koons? Perhaps.
Will others be better equipped as their delivery date approaches by me sharing my experience?
Absolutely.
8 Likes
I appreciate you providing all the data points and it’s very sad & unfortunate what you had to go through.
Obviously dealer is a variable in this equation and collectively looking at data points from various denials will help make this more transparent to everyone. That was really the goal behind the replies.
1 Like
Ugh, starting to feel like every dealer is sucking, my wife has one on order through Koons. Let me edit: my wife doesn’t have an issue with Koons, just reading what others are going through gives slight anxiety. Might have been better off getting Crapman’d, at least no deposit or broker fee. I have one on order through Ourisman and I’ll probably get Ourisman’d. I might not even take it, but I “should” get my deposit back when they sell it.
1 Like
Never an issue with Gupton or Clutch. Just saying
7 Likes
I’m done with these anyway, thinking more and more everyday about not taking my last one.
I know the feeling I have a 10/1 delivery with Gupton. I think there is still some meat on the bone but that’s my last for sure.
Gupton is da best!