02 Silver Z
Club Member
Having this argument with a friend:
So let’s say you are in a position where you have two car leases due up at the same time (one in the wife’s name and one in yours) and you are looking to get into two new vehicles. Problem is this time the wife no longer has a job so the chances are slim that any one financial institution will give you (2) car loans given the times. Credit rating is still platinum. You’ve NEVER missed or even been late on a (any) payment. But down one income, the debt-to-income ratio is pretty high. You don’t have a ton of cash to put down but you do have some. Let’s also say you know you can afford the payments of the vehicles you have pre-selected (though the banks may not see it that way). Let’s also say that you want to do a low mile lease on one vehicle because the wife doesn’t drive much except taking the kids to school and you want to purchase/buy the other vehicle.
Now obviously there are a lot of things to consider and the dealership/salesperson has no say-so as to whether you get approved for a loan or not, but to simplify it, let’s make this the question(s):
Would there be a better chance of you getting approved for two vehicles at the same time if you were to go into a dealership, explain the situation straight up and tell the salesperson “Hey, I wanna drive home with two cars today. Help me make it happen!”?
(In other words, would a salesperson work harder to try to find different ways to obtain financing knowing he/she was going to get commission on two sales)
- OR -
Would you have a better chance going to one dealership in the morning and getting a vehicle then on the SAME DAY go to another dealership (different manufacturer / different financing institution) and try to get financing on a second vehicle?
(In other words hope that the fact that you just got a loan earlier that day and it wouldn’t be entered into “The System” and count against you on the second loan you were trying to obtain through a different lending company. Basically to work/cheat the system!)
What would you guys say?
So let’s say you are in a position where you have two car leases due up at the same time (one in the wife’s name and one in yours) and you are looking to get into two new vehicles. Problem is this time the wife no longer has a job so the chances are slim that any one financial institution will give you (2) car loans given the times. Credit rating is still platinum. You’ve NEVER missed or even been late on a (any) payment. But down one income, the debt-to-income ratio is pretty high. You don’t have a ton of cash to put down but you do have some. Let’s also say you know you can afford the payments of the vehicles you have pre-selected (though the banks may not see it that way). Let’s also say that you want to do a low mile lease on one vehicle because the wife doesn’t drive much except taking the kids to school and you want to purchase/buy the other vehicle.
Now obviously there are a lot of things to consider and the dealership/salesperson has no say-so as to whether you get approved for a loan or not, but to simplify it, let’s make this the question(s):
Would there be a better chance of you getting approved for two vehicles at the same time if you were to go into a dealership, explain the situation straight up and tell the salesperson “Hey, I wanna drive home with two cars today. Help me make it happen!”?
(In other words, would a salesperson work harder to try to find different ways to obtain financing knowing he/she was going to get commission on two sales)
- OR -
Would you have a better chance going to one dealership in the morning and getting a vehicle then on the SAME DAY go to another dealership (different manufacturer / different financing institution) and try to get financing on a second vehicle?
(In other words hope that the fact that you just got a loan earlier that day and it wouldn’t be entered into “The System” and count against you on the second loan you were trying to obtain through a different lending company. Basically to work/cheat the system!)
What would you guys say?
