Thursday I purchased a 2007 Saturn Aura after test driving one for 3 days and test driving a few other cars. I ended up getting a good deal due to some incentives and my general motors family first discount. They are having a 0% financing deal right now. Which all that worked in my favor because I was upside down on my current car and really needed a new car because of some issues I was having with my current vehicle. So with all that and my downpayment it worked out.

So they ran my credit, and unfortunatly they pulled equifax which is my lowest score. For example my experian is about 50 pts higher than equifax. But anyway my equifax score that they pulled was a 616. My scores are low primarily due to high utilization on the cards I do have which will all get paid in full next month. Plus I recently paid off some other items but my credit reports just haven't updated yet. I've never had a BK, repo, etc. I haven't been late on a bill in about 5 years. I was laid off about 4-5 years ago in which I had quite a few 30 days lates with GMAC. But again since then I haven't been late on anything. I own my own home, have been at my job for a year and 7 months, and my income comes out to a little over $5500 per month before taxes. So I completed all of the paperwork, signed everything, and Friday evening I came back to pick up the car, and to get a few things out of my trade in. That was that.

So I guess my concern is similiar. How likely are they to NOT approve me? Especially since they go through GMAC first which is who I had the late pays with 4 years ago. I guess in my eyes the 616 is low, and I always thought only the A+ credit gets the 0% type financing deals. I really don't want to have to take my car back. But the new car manager and the financing manager both assured me that they had good relationships with GMAC and other banks and they could get it done no problem. They said they've gotten deals done with scores less than mine. The manager said even though it goes through the bank, he's says he is really "the bank" and based on his review I'm approved. Since all they did was pull my equifax, and didn't ask for proof of income, or any other verification, I guess I'm worried that I'll have to either take the car back, or they are going to call me and tell me they couldn't get me financed at 0%, and I'm in fact financed at "x%" and my car payment is doing to be dramatically different. I don't want to have to deal with either case. They gave me my first payment due date and amount but right now I don't know which bank I'm even mailing the payment to. I noticed GMAC and Chase both pulled my equifax yesterday in addition to the Saturn dealership.

If the finance manager and the new car manager says I'm approved at 0% based on my credit app, is it pretty much a done deal?

youre pretty much done. a 616 score isnt the worst in the world and the FI guys look at the whole app. the good ones know which ones they can get bought at the lender.

Thanks. That makes me feel better. That's what they told me. I would hate to have to return my nice new car, especially since my birthday is Friday.

IMO, I would say that they haven't gotten a bank to approve the loan, yet. My experience was with a lease where the dealer told me that the finance was approved but then they called me back and asked me to come back to the dealer to have another lease signed with a $20 increase. Mind you I already had the car for 2 weeks. Dealers will aggressive sell the car and aggressively chase any finance institution to get the loan through.

I believe my average decision time via GMAC is less than 10 minutes. Your actual auto enhanced FICO score has nothing to do with GMAC internal scorecard and their decision.

She was contracted at 0% APR theres only one place to go with that. They may be trying to get it bought elsewhere at a higher rate but as far as the 0% GMAC is the only game in town.

So in other words I should have known by now if GMAC approved it or not. I'll just keep my fingers crossed that they dont come back with any "issues" 2 or 3 weeks later.

You could call them monday morning to satisfy your curiosity, when they open for business.

They pulled this kind of stuff with me 2 years ago. They called me and told me that there was a slight adjustment and that my APR and payment were going to be slightly higher. I threw a fit and told them I would return on Mon with the car and 2 attorney's as this was not what I signed on the contract. They panicked and ended up knocking a bunch off of the total price of the car... like 3-4000

This is interesting to know. A coworker of mine told me a car dealership pulled the same thing with her, except they told her they couldn't get her financed after two weeks and had her return the car, but at the last minute when they got there, they found someone to finance her.

But I'm sort of getting pissed off because 1st of all according to my credit alerts the dealership has pulled my credit twice, GMAC has pulled it twice, Chase has pulled it twice, and some company called Nuvell has pulled it. This is all on my equifax. So far my alerts are not showing a pull from the other two which I hate because as I've said my other two credit bureaus are much higher. 2nd of all I called today to follow up on the financing. I called the manager, and he was at lunch so I left a message. My sales guy called me back, and I'm thinking "I didn't call you I called the manager". Anyway he said they are still wrapping up the financing and as soon as they get it squared away he'll give me a call. But I want what I signed on the contract, otherwise why the heck did you let me drive the car off the lot. I would have rather waited until you had everything squared away and knew my true payment and interest rate. I don't even want to get excited and share my new car with friends and family just in case I have to take it back. And if I do is my trade in gone by now?

Nuvell is GMAC's passthru partner.

they pulled my credit 19 times in one day!!! I went ballistic.
I told them they may pull it once and only once and then they went and did that. Uhhh well you didnt stipulate that... no but my wif e was sitting right here and heard me tell it to you face to face. I sent a letter to all of the pulls they did telling them I didnt auth the pull. I got like 11-12 off just doing that. The rest I bumped off in about 2 months with B

I see I'm going to have to write that "credit pulls" letter. I'm up to 15 pulls!!

Looks to me as though they're still trying to place your loan.

F&I manager outta camp out on GMAC.

good luck.