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Denied by Alliant

Discussion in 'Model S: Ordering, Production, Delivery' started by BrandonR22, Jul 9, 2016.

  1. BrandonR22

    BrandonR22 Member

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    I got an email around 4:00 today with 'thanks for applying with Alliant, you've been denied. You'll get a letter within 7-10 days." NO questions asked, or anything.. So- of course by the time I try to call him, he's already gone. I know exactly why they denied it. It's not due to debt to credit ration (4%), it's not due to Income (over 4K month without any expenses), not due to no previous car buying lease experience (BMW lease prior) and not due to credit score (752), the BMW is still showing up under my name because the process is not done yet. If it was due to credit score, they would of come back with a higher rate- not just flat denied. I don't know what to do. I told my guy at Tesla and he said to call on Monday and see if they will reevaluate it, he said it's happened before. The guy at alliant is Scott Meyer. Did a quick google search and his name has appeared on TMC before. Anyone ever been denied, then approved?
     
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  2. javawolfpack

    javawolfpack Member

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    Ouch, no experience... as I'm leasing I was worried if I would be approved while I still owned my VW (waiting for the settlement to finish so I can sell it back to them)... So applied early as a check, thankfully was.

    Anyway good luck and hope it works out.
     
  3. calisnow

    calisnow Active Member

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    Well can you tell us why they denied it? Might be easier to give you advice if you tell us why they denied you. Are you saying it's because the BMW is still in your name and is affecting your debt to income ratio? It wasn't clear if you cited the BMW in your name as a factor you believe to be helping or hurting your credit application - or if you believe you were denied for some reason you know about but haven't told us in the post.
     
  4. AMPd

    AMPd Active Member

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    When I applied for a lease through tesla, I was approved under the condition I payoff my current loan for the old model s.
    Perhaps they'll want you to take care of the bmw obligation first
     
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  5. BrandonR22

    BrandonR22 Member

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    All I know is what I started. They didn't tell me at all why I was denied. I'll post the denial. I THINK it's because the BMW still in my name but I'm not sure.
     
  6. BrandonR22

    BrandonR22 Member

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    When I said I know exactly what it is... I'm assuming it's the BMW. I mean, it's not anything that I've listed above or like missed payments or anything. Have only missed one payment in the last 7 years. Nothing I can think of :/
     

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  7. CapeOne

    CapeOne Member

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    If a debt is soon to be paid off/eliminated, which I assume is the case with your BMW lease, lenders will often ignore it when determining DTI ratio for new loan/lease approval. What is the monthly payment you are trying to get approved on with the Tesla? What is your outgoing BMW payment?
     
  8. Skione65

    Skione65 Member

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    @BrandonR22,

    Well....I just don't get why they handle it the way they do. For Gods sake....why don't they just tell you in the Initial Denial they sent why you were denied? Why the "game" and 'trail of letters' each one getting 'closer' to explaining why? I mean come on. It's an act in frustration and perseverance for you. Wishing in the best.

    Ski
     
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  9. frostberg

    frostberg New Member

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    I also had a poor experience and would not recommend them. I was pre-approved and sent in my w2 and paystubs and never heard back. I sent a few emails with no response and assume they denied me. I went with Bank of America at 2.09% 72mos and they did not ask for me to send in anything. Alliant offered 2.99% but for 84mos.
     
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  10. BrandonR22

    BrandonR22 Member

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    Guess who was approved!!!!

    Can you believe this!?! I actually had to REAPPPLY for Alliant! And got approved. I had lost confidence in my first guy after speaking with him. They 'reran' it and said 'my DTI is 54%' what in the HELL! No way dude. Not even CLOSE. I reapplied (ugh.. I know ...) and got approved for 1.74 for 78. .... what does that tell you.
     
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  11. Skione65

    Skione65 Member

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    @BrandonR22,

    Congrats!!! That's a decent rate.
    Did they ask you to reapply or you just did it on your own?

    Ski
     
  12. Canuck

    Canuck Active Member

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    #12 Canuck, Jul 11, 2016
    Last edited: Jul 11, 2016
    How can you not pay for rent/mortgage, food, cell phone, transportation, etc. etc. ?

    I'm typing this from my hotel room in Copenhagen after travelling from London, Paris, Brussels, Amsterdam, Heidelberg, Munich, Salzberg, Venice, Nice, Pisa, Florence, Rome and tomorrow Iceland before heading home after a nearly one month vacation -- with my wife and 3 kids. That's because I never lived off credit (except for mortgages) and always bought cheap vehicles and made investments, and I bought my Tesla when my investments started paying off and I had the cash to pay for it in full. And I started out with nothing - every dime I have I earned. Now my renters and investments are adding substantially to my nest egg -- and thankfully I never even thought to buy some expensive vehicle that would depreciate astronomically after I drove it off the lot until the loss of that money didn't matter to my lifestyle. As someone wise told me before I bought my first investment property: "The good thing about rent is after they pay you it's not too long and they have to pay you again."

    I'm ready for the dislikes but if just one person hears me and takes my advice to heart it's worth it.

    Here's one of the best posts I've read on this site and calisnow says it much better than me. Of course, it may not apply to the OP, and it was directed to the medical profession, but it's along the same lines, and it may help others:

    Guidance aimed at those in the medical field, when financing while in Res/Fellowship.
     
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  13. BrandonR22

    BrandonR22 Member

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    Well, yeah I mean I am paying for those items but when I do factor it in (apartment that's shared with someone else), phone bill $40(att-use to work there), my current car (would be getting out of it- which, these new guys didn't factor out), and well- food, half shared with. This along with over 45K of credit card limits, with only 1300 charged up, not factoring car.. didn't make sense. Plus, I told them about a promotion which I don't think the first guy factored in.
     
  14. Canuck

    Canuck Active Member

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    #14 Canuck, Jul 11, 2016
    Last edited: Jul 11, 2016
    Just from a quick Google search of your area I found the link below... you need to do your own research and find a property and area that won't be vacant. I started off with cheap homes/duplexes and low end properties, in high demand areas -- close to schools, and my wife and I did the painting and most of the reno work unless it required a trade.

    Home Buying: I am looking for investment property in Plano which I plan to rent out. Is Russell creek area (near school) good for rentals? What will be apprx rent? - Trulia Voices

    I guess growing up without much food in the cupboards made this way but I just couldn't imagine plunking down what you are on that vehicle without even owning your own home.

    When that vehicle has lost all its value, an investment property will be paid off and paying you cash in your pocket every month for as long as you're on this planet. Just food for thought.

    I do wish you well.
     
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  15. zedkyuu

    zedkyuu Member

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    Calisnow's post sounds harsh, but I think it's fantastic advice. However, I don't think it's the only approach to life. Stacking everything so that you are financially independent later on in life is great, but it's not invalid to want to commit more of your prime years to things that don't contribute to your retirement. These are judgement calls everyone needs to make for themselves.
     
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  16. Austin Powers

    Austin Powers Member

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    Canuck makes great points. Brandon, at $1000/month of car payment + $100-$200 insurance + maintenance costs, you're cutting it too close with an income of 4k. Car payment should never be more than 10 percent of your income. Probably not the advice you'd want to hear on this forum but this car will require you to make big lifestyle changes if you're not careful. Just my humble 2c.
     
  17. Canuck

    Canuck Active Member

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    #17 Canuck, Jul 11, 2016
    Last edited: Jul 11, 2016
    I agree with you --- to each his/her own. I was just offering a different perspective to think about.

    Also, who says I'm retired? I'm only 50. I could retire if I wanted to, but I enjoy my work -- although having taken this last month off to travel has me thinking... I also bought my Tesla in my 40's (47 to be exact) and to me that's the prime years of one's life. You have much more perspective on things than you do in your 20's or even your 30's and can enjoy life more. Fortunately, my health is really good and I eat well and exercise. Please don't send me to the retirement home yet... ha!

    In fact, this is the best time of my life -- people underestimate the value and effect on their health of not having to worry about money. It also really helps with your marriage.

    Again, just food for thought -- to each their own. Remember though you can't go back and do it over.

    The Wealthy Barber - Wikipedia, the free encyclopedia
     
  18. Austral

    Austral Member

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    Brandon,

    [Insert male monkey-like chest beating about how great I am here.]

    Glad it worked out for you, mate. Appreciate the posting about Alliant and the problem guy that works for Alliant. Take care.
     
  19. Max*

    Max* Autopilot != Autonomous

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    Being a landlord isn't for everyone.

    On one hand, I know that I should keep my rental and continue being a landlord. Or maybe even pull some equity out and use it as a downpayment on a 2nd rental property. On the other hand, I'm fed up with lots of things having to do with the property.
    Tenants can be horrible, so many stories I can share of them causing [usually unnecessary] headaches.
    Also my condo just had a special assessment because the idiots on the board didn't fund the reserves well enough, and the board of directors just wants to blindly keep increasing condo fees, YoY, etc. etc. etc.

    The ROI is OK, but I could probably do just as well by smartly investing it longterm into the stock market.

    Sorry for the rant.
     
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  20. azdryheat

    azdryheat Member

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    I have to agree with others here, you should not be in a Tesla. Buying a house, having your retirement funded, etc. is more important. Tesla's are great, but not as good as financial security.
     
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