Financing Fell Through?

CaliKAP

Jan 19, 2022

Found this article...it's a few days old. But I have so many questions.

First, I can't imagine what a PITA getting a vehicle shipped to Alaska is -

Second, speaking from experience, I stuffed away a lot of money in preparation of bringing my Little Dude home...shopped financing options, etc. I had a Plan B and Plan C. I know people have walked away from their rigs - for lots of reasons. But this story just seemed odd. The convenient response from the dealer that the original intended buyer's financing fell through feels like it's not the whole story. The other main point that the author highlights is that she didn't pay over MSRP....shenanigans?

Anyway...would love to get the thoughts of all you good people out there.

Last edited by a moderator: Jan 19, 2022

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Jan 21, 2022

#20

Sdakotabronco
It could be something happened and their credit could've taken a hit. It happened to me this fall. My credit took a hit when I had to take out a personal loan. It wasn't bad until I paid it off early, and my credit dropped 37 points!!!!

Yes, a lot of people don't realize that paying off a loan early (seemingly a good thing right?) actually can ding your credit temporarily for a few months. Had a co-worker that paid off her house early a few years ago, she had an 800+ credit score and only owed $10-15k on her mortgage. Her credit dropped 25-30 points for 90 days or so.

FrankenRodz

Jan 22, 2022

#21

jossman
Credit is a strange game.Paid off my mortgage + Credit Score dropped 27 points.Still above 800 + paying cash if my Bronco ever arrivesView attachment 26634

Thats a temporary drop, happens when an account is closed but it goes back up in a short time.

Jan 22, 2022

#22

IMO, a credit check or at least income verification should be done when ordering a Bronco, that way the people that will not make the financing can make other plans and the dealership isn’t wasting their time. If its actually true that a dealership is penalized if a certain percentage of customer orders are not purchased by the person who ordered it, this could also save a dealership a headache if say 50% of the customers aren’t able to take delivery.

As for the idea that dealerships should be doing everything they can to make sure someone gets financed, take caution because there were dealerships who got into big trouble with the FTC for falsifying income and other documentation to get customers approved for cars they can’t really afford. https://www.ftc.gov/news-events/blo...-dealers-falsified-consumers-income-financing

Jan 22, 2022

#23

LilMike73
Yes, a lot of people don't realize that paying off a loan early (seemingly a good thing right?) actually can ding your credit temporarily for a few months. Had a co-worker that paid off her house early a few years ago, she had an 800+ credit score and only owed $10-15k on her mortgage. Her credit dropped 25-30 points for 90 days or so.

The same thing happened when I refinanced. 20-30 point drop dor a few months, then right back up again.

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Sat at 9:31 am

#24

It’s surprising how many factors can unexpectedly derail financing, especially for big purchases like vehicles. Even with pre-approvals and backup plans, small errors on credit reports or overlooked collections can cause lenders to withdraw. Staying on top of all liabilities and documentation is key.

Managing finances in complex situations benefits from structured clarity. The website in Ireland demonstrates how transparent financial planning can prevent misunderstandings, even in very different contexts. They provide detailed insights into income, liabilities, and planning, which is crucial when multiple parties or variables are involved, something that applies to loans, credit approvals, and major purchases.

Double-checking credit reports, confirming lender requirements, and keeping documentation updated can save a lot of stress and unexpected surprises.

Today at 4:34 pm

#25

I recently received a modest inheritance upon the passing of my grandmother. Since we are planning on moving this year, I thought it would be fiscally responsible to get my $900+/month Bronco payment off my back. BIG mistake! I dropped from 800+ across all credit reporting agencies, to around 730-740. And I would not classify it as a quick recovery either. It's been about 6 months camped out in the low to mid 700's. What has finally started to turn it around is putting nearly ALL of my Christmas shopping from this year on my lowest interest card and paying it off in smaller chunks. It's just wild that having an additional $30K+ in debt makes me look more responsible than using available money to pay off debt.

Jakob1972, Unicorn

Today at 7:26 pm

#26

@nrlucas; that's odd that paying off a loan would lower you credit, and as substantial as it did. I've heard not to close accounts, as that for reasons I don't know, lowers your credit. I live @ Mt. Lassen where many folks are on a tight budget (social security) and they had difficulty getting loans. I've suggested that they try Golden 1 Credit Union, and many were able to get loans at Golden 1, previously denied elsewhere

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