Why do auto loans need references? - Democratic Underground

Fox Mulder

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-29-07 06:27 PM
Original message

Why do auto loans need references?

What is the point of a reference?

I've applied for my first auto loan and the car dealership needs four references from friends and/or family. What do they need the references for?

Thanks in advance.

Printer Friendly | Permalink | | Top

hippywife

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-29-07 06:49 PM
Response to Original message

1. Find another dealership.

Edited on Thu Nov-29-07 06:50 PM by hippywife

I've never heard of such a thing. Probably trolling for more prospects. If your credit is good, that should be all they need.

Printer Friendly | Permalink | | Top

MrCoffee

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-29-07 06:50 PM
Response to Reply #1

2. great, great answer!

they don't need references, they need leads.

Printer Friendly | Permalink | | Top

grasswire

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-29-07 06:57 PM
Response to Original message

3. skip tracing?

In case you disappear with the car and stop making payments??

I have no idea.

Printer Friendly | Permalink | | Top

Fox Mulder

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-29-07 08:04 PM
Response to Reply #3

7. That's what I was thinking.

Thanks to all who answered. :)

Printer Friendly | Permalink | | Top

redqueen

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-29-07 07:01 PM
Response to Original message

4. I thought that stuff was standard on loans.

:shrug:

Printer Friendly | Permalink | | Top

hippywife

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-29-07 07:07 PM
Response to Reply #4

5. I've never, ever

been asked for references. Co-signers when I was younger and had no credit? Sure. But personal references? Never.

Printer Friendly | Permalink | | Top

SPKrazy

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-29-07 07:16 PM
Response to Original message

6. never had that

credit references, basically a credit check is all I've ever had

I suppose that while an auto loan is a "secured" loan, the vehicle loses a great deal of value once driven off the lot. The markup is amazing.

So the loaner wants to have some guarantee I imagine on a first loan, but I bet you could find a dealer that didn't want that.

Or a loan from a bank? :shrug:

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Thu May 02nd 2024, 08:46 AM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.