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Discussion Starter · #1 ·
Wife gets a car allowance that for tax reasons must be paid to "auto loan #___", and not to her personally. My bank (citi) doesn't do car loans, so I filled an online application for Bank of America. Her credit score is over 850, and the loan amount was a very modest $30,000 (so the "LTV" should be excellent). So we were surprised to find out the loan was rejected "based on the collateral."

We called and it was explained to us that they couldn't find "fisker karma" on their system which is why they declined (kind of the same thing that happened with an insurance quote from esurance - see separate thread).

So if you have an auto loan, who is it with (that way I'll know I'm dealing with a lender that has the car on their system, and won't chip away at my wife's pristine credit number with lots of worthless inquiries).
 

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Discussion Starter · #3 ·
US Bank did many of them in SoCal...including mine.
Ok - I might try them next. I just got a conditional approval from Wells Fargo, but like Bank of America they did not have the car make/model pull up, and the VIN didn't help, so they have to send it to some special level of management or underwriting to "make an exception". Will post results.
 

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I used a credit union (Star One). No fee to join and I only have to keep a $50 balance in the auto loan account. The interest rate was 1.75% and the loan amount was in the high 5 figures. I also have GAP insurance with them.
 

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non sequitur.... i had the same problem buying my Fisker BOA turned me down my score was 844 ( i guess thats just not good enough for them) and i thought i put a lot of money down on my car as well.

I will never give them a dime of my business again as long as i live!
 

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I used a credit union (Star One). No fee to join and I only have to keep a $50 balance in the auto loan account. The interest rate was 1.75% and the loan amount was in the high 5 figures. I also have GAP insurance with them.
That's a good way to go. In my case, San Mateo Credit Union loaned me $100K @ 2.45% for 50 Months in January 2012. They were not very familiar with the car either, but they approved the loan. The Stanford Credit Union was willing to loan me the full purchase price of $117K but had a slightly higher interest rate and I had to switch my direct deposit to them to get that rate, so I went with the SMCU instead.

We had some discussion of this issue in this thread, although the information is properly pretty dated at this point and may or may not be still applicable.
 

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Discussion Starter · #7 ·
non sequitur.... i had the same problem buying my Fisker BOA turned me down my score was 844 ( i guess thats just not good enough for them) and i thought i put a lot of money down on my car as well.
My wife's score (on the rejection letter) was 872. I told Wells Fargo that and they said that's impossible it only goes up to 850, but I checked the letter again, they used Equifax, and the score was indeed 872. So don't feel bad NJFiskerguy: it's not you - obviously NO score would be high enough with this car.
 

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Discussion Starter · #8 ·
I used a credit union (Star One). No fee to join and I only have to keep a $50 balance in the auto loan account. The interest rate was 1.75% and the loan amount was in the high 5 figures. I also have GAP insurance with them.
I was looking into insurance issues in another thread, but Ira: do you think the GAP insurance makes sense in a case where "black book" likely exceeds my purchase price? I want to make sure that a fender-bender doesn't result in an insurance write-off, but I think that's what a regular policy will do for me - if I pay less than $60K and the black book says it's worth $80K, am I good as-is (gap unnecessary?)?
 

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I was looking into insurance issues in another thread, but Ira: do you think the GAP insurance makes sense in a case where "black book" likely exceeds my purchase price? I want to make sure that a fender-bender doesn't result in an insurance write-off, but I think that's what a regular policy will do for me - if I pay less than $60K and the black book says it's worth $80K, am I good as-is (gap unnecessary?)?
Great question. I'm not even close to being an expert on auto insurance so all I can do is tell you is what I've learned while researching the financing of my Karma. There are others here who better understand the nuances of policy language and exposure, so perhaps they can weigh in. But this is what I've learned . . . .

First, checkout this Website for great summary of the insurance issues we're likely to face. Although it talks about "classic" cars, the definition of "value" looks to be the same as in non-classic cars.

http://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm.


Whether you are underwater or not depends on how the insurance company values your car at the time of a total loss. They generally look at Black Book, Kelley and NADA to come up with a settlement value. Black Book changes weekly, so it's impossible to know what used Karmas will be worth down the line. You have a $20K buffer "in the bank," so you might be okay. But who knows.

Since GAP insurance with my credit union had a one-time fee of $240, it was a simple decision for me to purchase it. Besides covering total loss, this GAP insurance covers constructive total loss, which means if the car is physically damaged and can't be repaired for whatever reason, the insurance kicks in.

By comparison, GAP with my insurance company had annual fees, a 3-year limit, no constructive total loss provision - as well as other limitations - so I passed.

Anyway good luck. Let us know what you decide.
 

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Discussion Starter · #10 ·
Ok - I might try them next. I just got a conditional approval from Wells Fargo, but like Bank of America they did not have the car make/model pull up, and the VIN didn't help, so they have to send it to some special level of management or underwriting to "make an exception". Will post results.
I had a much better experience with Wells Fargo and today was advised of confirmation of the loan. Their online application concludes with a button you push to get an immediate call on the phone of your choice, making the application much more user-friendly than Bank of America's. So while I support local credit unions, if you need an "too-big-to-fail evil bank" option, WFC beats BAC in my opinion.
 

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Discussion Starter · #12 ·
Have you located a Fisker Karma that your interested in .
I am VERY close. I have the loan set up and the insurance ready to go. I did as much diligence as I could with the invaluable assistance of these boards, Lormax and 8AVGMPG who answered some technical questions, Mattjs33 who helped me discover the VIN was written down wrong, and the invaluable recent experience and leads from my fellow South-Floridian karmaman.

I'll update my earlier post "in search of ecosport" when it's a done deal, but until it's loaded on the enclosed car-carrier, I don't want to jinx anything (even though we countersigned documents yesterday saying the sale date was 5/25).
 

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I am VERY close. I have the loan set up and the insurance ready to go. I did as much diligence as I could with the invaluable assistance of these boards, Lormax and 8AVGMPG who answered some technical questions, Mattjs33 who helped me discover the VIN was written down wrong, and the invaluable recent experience and leads from my fellow South-Floridian karmaman.

I'll update my earlier post "in search of ecosport" when it's a done deal, but until it's loaded on the enclosed car-carrier, I don't want to jinx anything (even though we countersigned documents yesterday saying the sale date was 5/25).
very cool
 
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