Seat finance declined :(

[ribsmoth871]

got a call today after waiting for the yellow cupra to be mine. apparantly seat have declined my finance for some reason. im guessing its something to do with the fact im not on an electoral register or possibly my credit rating is poor. strange as ive never had trouble with applying for loans etc and ive got a hsbc Advance account which i heard somewhere improves your rating.
****... looks like im not getting the cupra.
anyone else had this issue? any way around it other than to wait a few years lol

 

[seatcupramad23]

more than like credit rating or lack of it , no credit history is alot of cases is just as bad as having poor history, trying get small things to start with on credit, phone, catalog etc to boost your credit rating

 

[m0rk]

Get a copy of your credit report... But not being on the ER will pretty much stop you in your tracks.

That said, maybe you're just not credit worthy? But the report will indicate why

 

[Cupra~Matt]

i had the same problem, ide has a car before on finance, wrote that car off, that was then cleared by the insurance. so tecnically this improves your credit rating for paying off the loan early. i think seat are a little bit harsh as they have got a low intrest rate. i had to get the finance in my mums name and the car in myne. not striclty allowed by the finance company wich is VWFS. but the stealers did me a favour

 

[ribsmoth871]

if i apply to get on the electoral register will that help me pretty much straight away?

Its really frustrating as i have already whacked down a 2K deposit and can easily stretch to the monthly payments.
even add a bit more each month if i felt like it.

bloody credit ratings.

 

[Cupra~Matt]

i very much doubt it will mate. The fact you have been declined will now already be on your credit rating history. I was told that now ive been declined they wont accept any further offers. i even offerd to put 50% of the car down as a deposit and they still wouldnt play ball.
Have you asked about getting a guarentor for your finance? that might sway it in your favour.
or then next best thing you could do, is maby go to your bank and see if your bank will give you the loan?

 

[m0rk]

Yes, get on the ER - but this won't help probably until the Autumn.

Easily stretch to the monthly payments? That suggests you can't do it with ease - and probably hints to your problem.

 

[Byers080]

A guy from work bought a civic type r recently, was £10,000, and he had a 1k deposit, finance didnt accept him, but, motorpoint re ran the details, saying the car was actually £14, but he had put up a 4k deposit, and he was accepted, he still paid the same amount, but they thought he was less of a risk.

not suggesting it should be done, as its been pointed out, it is fraud.

 

[m0rk]

A guy from work bought a civic type r recently, was £10,000, and he had a 1k deposit, finance didnt accept him, but, motorpoint re ran the details, saying the car was actually £14, but he had put up a 4k deposit, and he was accepted, he still paid the same amount, but they thought he was less of a risk.

So he committed fraud?

Edit - actually it looks like Theft or obtaining money by deception

 

[Byers080]

So he committed fraud?

Yes, and apprarantly they do it quite alot!

 

[m0rk]

Your friend did it.... not Motorpoint.

 

[Byers080]

Your friend did it.... not Motorpoint.

Well, the Motorpoint bloke did it, then came back and told him what he'd done and said hes done it quite a few times to help people get finance accepted.

 

[m0rk]

Well, the Motorpoint bloke did it, then came back and told him what he'd done and said hes done it quite a few times to help people get finance accepted.

But yet, it's your friend who signed the declaration....

 

[ribsmoth871]

the bank are doing 7.5 apr. seat finance was 8%

looks like the bank would be the best bet

 

[digby130?]

But yet, it's your friend who signed the declaration....

hence why under the law of agency, he has ratified the actions taken by the bloke and therefore can be punished directly because he didnt sort it out straight away. muppet.
(search agency by ratification for a fuller explanation )
or look here:
http://www.businessdictionary.com/definition/agency-by-ratification.html

 

[Ginge]

A guy from work bought a civic type r recently, was £10,000, and he had a 1k deposit, finance didnt accept him, but, motorpoint re ran the details, saying the car was actually £14, but he had put up a 4k deposit, and he was accepted, he still paid the same amount, but they thought he was less of a risk.

not suggesting it should be done, as its been pointed out, it is fraud.

HM Customs and excise would be interested in this, because no doubt the invoice will not match the finance documents which is VAT fraud!!!

 

[UncleFester]

To gain credit ... you need a credit history, often a poor credit history is better than no history at all because right now they have no signs of you on the list of things they check.

Your bank may well be the best bet by the sounds of things.

If you want to speed up your credit rating, get 2 or 3 credit cards in your name. Withdraw a monthly amount of cash from each card, pay it into your normal bank account then transfer ( Pay) the cash back to each card within a week so that the cards are effectively always paid up. The banks systems will record the transactions, your cards have activity but are never out of credit which boosts your own credit rating.

If you want to take this one step further, get a second bank account and set up a circular transfer that shifts say 200 pounds from one to the other on a fortnightly basis.

It takes a bit of setting up and you have to be absolutely ANGELIC about only using the credit cards like this - the last thing you want is 3 credit cards full of debt AND a loan.

My view is that the banks and their credit systems are a bunch of sheisters out there to rip you off, any chance you get to legally play them at their own game should be jumped on.

Pretty much the same as 0% balance cards .... the deposit i'd have paid using one of these and then simply paid the 2k balance off interest free over 18 months.

 

[ackers1987]

I got declined by seat finance on a used one so they said if I went for new one I will be accepted and did they are crazy

 

[monkeynuts]

Tell them you are from Albania and on benefits ...........Simples

 

[Hnolan]

if you get declined finance 3 times it shows up on youre credit rating as a black mark