Immigration Voice - Forums
Register Get Involved Contact Lawmakers Advocacy Discussion Image Image Image Image

Go Back   Immigration Voice > General Information > Interesting Topics
Click to log in with Facebook
Interesting Topics This forum is to discuss any topic of interest to members and to gossip about anything that members prefer. All the terms of the forum and terms of use of the website do apply to this forum.

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 01-27-2011, 04:32 PM
Senior Member
Priority Date
:
Apr-07
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140+I-485
I485 Mailed Date
:
Compare
Join Date: Sep 2009
Posts: 140
vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute
Default BofA rejected auto loan

Applied for an auto loan on the Bank Of America website today.

One of the questions was Citizenship: 1) US Citizen 2)Permanent Resident Alien 3) Other

I select "Other" and continued the application. My loan was approved and they asked me to call in. When I called in, she said I need to have a GC to get an auto loan. I asked for a supervisor, and the supervisor told me the same - they don't accept work visas, only GC or citizenship. I asked why they wouldn't say that upfront and not screw up my credit history by making an unnecessary inquiry? She told me it's a glitch in the system.

Just thought I'd give you guys a heads up so you don't waste your time with BofA and screw up yr credit history.

CapitalOne approved me with a much better rate.
Bookmark and Share Compare Reply With Quote


1 out of 1 members found this post helpful.
  #2 (permalink)  
Old 01-27-2011, 04:37 PM
Senior Member
Priority Date
:
Dec-07
Category
:
EB2
I140 Mailed Date
:
05/02/2008
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Sep 2009
Posts: 217
GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute GC_1000Watt has a reputation beyond repute
Default Thanks for sharing!

Quote:
Originally Posted by vinzak View Post
Applied for an auto loan on the Bank Of America website today.

One of the questions was Citizenship: 1) US Citizen 2)Permanent Resident Alien 3) Other

I select "Other" and continued the application. My loan was approved and they asked me to call in. When I called in, she said I need to have a GC to get an auto loan. I asked for a supervisor, and the supervisor told me the same - they don't accept work visas, only GC or citizenship. I asked why they wouldn't say that upfront and not screw up my credit history by making an unnecessary inquiry? She told me it's a glitch in the system.

Just thought I'd give you guys a heads up so you don't waste your time with BofA and screw up yr credit history.

CapitalOne approved me with a much better rate.
Thanks for sharing buddy! BTW if you don't mind what's the rate CapitalOne has offered you?
Bookmark and Share Compare Reply With Quote


  #3 (permalink)  
Old 01-27-2011, 04:55 PM
Senior Member
Priority Date
:
Mar-10
Category
:
EB2
I140 Mailed Date
:
09/01/2010
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
02/29/2012
Compare
Join Date: Feb 2009
Posts: 936
smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute smuggymba has a reputation beyond repute
Default

I recently bought a car which was financed through BMW NA financial services. One dealership approved the loan while other said they can only give me upto the number of years my visa is left, which means paying the car off very quickly, which is not possible.

Depends from bank to bank and dealer to dealer.
Bookmark and Share Compare Reply With Quote


  #4 (permalink)  
Old 01-27-2011, 05:19 PM
Junior Member
Priority Date
:
May-09
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
Compare
Join Date: Oct 2010
Posts: 4
sunshi is on a distinguished road
Smile

I got my BMW lease for 3 years without any issue with the BMW financial services and they didn't even ask for any visa background. This is in Dallas, TX.

One of the Mercedes dealer however would not offer us the lease because of our visa processing. He asked us for the GC too.
Bookmark and Share Compare Reply With Quote


  #5 (permalink)  
Old 01-27-2011, 05:32 PM
Senior Member
Priority Date
:
Apr-07
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140+I-485
I485 Mailed Date
:
Compare
Join Date: Sep 2009
Posts: 140
vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute
Default

For 36 months the Capital One rates are:

Model Year Annual Percentage Rate (APR)
2010 or newer 2.88%
2009 3.08%
2008 - 2007 3.27%
2006 - 2004 4.52%
Bookmark and Share Compare Reply With Quote


  #6 (permalink)  
Old 01-28-2011, 03:29 AM
Senior Member
Priority Date
:
Mar-05
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
N/A
I485 Mailed Date
:
Compare
Join Date: Mar 2006
Posts: 250
njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute njboy has a reputation beyond repute
Default

A lot of people left their shiny new Hondas/Toyotas at the SFO/LAX parking lots before returning home during the dot com bust. Maybe BofA wised up..? hehe
On another note, Capital One rates are based on your credit score, so not everyone can expect the same rates as above.
Bookmark and Share Compare Reply With Quote


0 out of 1 members found this post helpful.
  #7 (permalink)  
Old 01-28-2011, 08:00 AM
Member
Priority Date
:
Mar-06
Category
:
EB3
I140 Mailed Date
:
03/03/2006
Chargeability
:
India
Processing Stage
:
I-140+I-485
I485 Mailed Date
:
07/03/2007
Compare
Join Date: Apr 2008
Posts: 79
mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute mayhemt has a reputation beyond repute
Default Similar Experience

I've had a similar experience recently.

Chase Bank denied my loan (used car). But a local Fifth Third bank approved it with a good rate (4.34% for 3 yrs).
So the key is to go to local banks or credit unions.
__________________
Proud Participant of April 2011 Advocacy event.

Life may not be a party But while we're here we might as well dance
Bookmark and Share Compare Reply With Quote


  #8 (permalink)  
Old 01-28-2011, 08:48 AM
Donor
Priority Date
:
Jun-06
Category
:
EB2
I140 Mailed Date
:
08/10/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
08/20/2007
Compare
Join Date: Dec 2007
Posts: 195
Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute Winner has a reputation beyond repute
Default

Quote:
Originally Posted by mayhemt View Post
I've had a similar experience recently.

Chase Bank denied my loan (used car). But a local Fifth Third bank approved it with a good rate (4.34% for 3 yrs).
So the key is to go to local banks or credit unions.
Agreed! Credit unions are the way to go...not only for loans, but even for regular banking.
__________________

$ Contributor
Texas IV Group member.

About Immigration Voice.http://immigrationvoice.org/index.ph...id=5&Itemid=47
IV in the news.http://immigrationvoice.org/index.ph...d=19&Itemid=27


Contribution till date $600 + Monthly contributions

GC Approved on 5/5/2011
Bookmark and Share Compare Reply With Quote


2 out of 2 members found this post helpful.
  #9 (permalink)  
Old 01-28-2011, 10:58 AM
Member
Priority Date
:
N/A
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
Labor Certification
I485 Mailed Date
:
Compare
Join Date: May 2009
Posts: 98
lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute lifestrikes has a reputation beyond repute
Default Credit unions are not that different

Quote:
Originally Posted by mayhemt View Post
I've had a similar experience recently.

Chase Bank denied my loan (used car). But a local Fifth Third bank approved it with a good rate (4.34% for 3 yrs).
So the key is to go to local banks or credit unions.
I went through the same experience with credit union when I tried to get car loan.

Loan was approved and after couple of days, they called in to say loan can be issued only for period remaining in visa.

Funny part - I have a 30 year mortgage not with the same credit union though.

Now they lost a customer. [Coastal Credit Union in North Carolina]
__________________
www.gortp.com
Attended Advocacy Days (April 4 and 5, 2011)
  • PERM - 08/05/2011
  • PERM Approved - Oct/20/2011
  • I-140 - To be Filed Nov 1st week [Premium]
  • Category - EB3
  • 6th Year H1 Ends - Feb 2012
Bookmark and Share Compare Reply With Quote


  #10 (permalink)  
Old 01-28-2011, 11:13 AM
Member
Priority Date
:
Sep-07
Category
:
EB2
I140 Mailed Date
:
03/13/2009
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
Compare
Join Date: Oct 2007
Posts: 97
Blog Entries: 1
bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute bikram_das_in has a reputation beyond repute
Default How to get a car loan

1. Choose your car.
2. Check the dealer for financing options. It's always easier to get the financing thru the dealer and they easily beat the larger bank rates if you have a good credit score.

I have always owned new cars and never had issues in financing thru dealer. Never apply for loan before choosing your car.

Thanks.


Quote:
Originally Posted by vinzak View Post
Applied for an auto loan on the Bank Of America website today.

One of the questions was Citizenship: 1) US Citizen 2)Permanent Resident Alien 3) Other

..............
__________________
EB2: Sep 2007
I140 Mailed: March 13 2009
Bookmark and Share Compare Reply With Quote


  #11 (permalink)  
Old 01-28-2011, 11:14 AM
Senior Member
Priority Date
:
May-07
Category
:
EB2
I140 Mailed Date
:
02/06/2008
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
10/01/2011
Compare
Join Date: Jul 2007
Posts: 164
mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute mk26 has a reputation beyond repute
Default

Digital Federal Credit Union is the best for H1bs, credit card as well as auto loan
Bookmark and Share Compare Reply With Quote


  #12 (permalink)  
Old 01-28-2011, 12:23 PM
Senior Member
Priority Date
:
Feb-06
Category
:
EB2
I140 Mailed Date
:
10/11/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
08/10/2007
Compare
Join Date: Apr 2007
Posts: 519
rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future rockstart has a brilliant future
Default

My friend faced the same issue when he was leasing a 2010 Nissan. He was given loan / lease only till validity of his H1B. Seems like its new thing do some financial institutes have taken this mandate seriously the other will follow eventually. Looks like H1B and home loans will soon be history.
__________________
Greened on Aug 4th 2010
Member of IV Wiki team
Participated in Letter Campaign
Called CHC and other law makers
Contacted Local Congressman for support to Immigration bills.
Bookmark and Share Compare Reply With Quote


  #13 (permalink)  
Old 01-28-2011, 12:38 PM
Senior Member
Priority Date
:
Apr-07
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140+I-485
I485 Mailed Date
:
Compare
Join Date: Sep 2009
Posts: 140
vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute vinzak has a reputation beyond repute
Default

Quote:
Originally Posted by rockstart View Post
My friend faced the same issue when he was leasing a 2010 Nissan. He was given loan / lease only till validity of his H1B. Seems like its new thing do some financial institutes have taken this mandate seriously the other will follow eventually. Looks like H1B and home loans will soon be history.
You see that as a problem, I see that as an opportunity.

As soon as we get our GCs, we should probably start an ImmigrationVoice Credit Union.

I think overall, Bank of America is just stupid. When I first came to the US for my Masters I went to BofA to open a checking account but they needed a min of $500 balance for a free student checking acct. Which student has $500 in the bank? I opened an account elsewhere and BofA never got to see the money I made later. I don't care if they don't want to do business with me. My only gripe is that they should tell you upfront all the conditions so I don't have my credit history ruined by needless inquiries. I'm sure there's someone else who'll take my money.

Last edited by vinzak; 01-28-2011 at 12:47 PM.
Bookmark and Share Compare Reply With Quote


1 out of 1 members found this post helpful.
  #14 (permalink)  
Old 01-28-2011, 01:03 PM
Member
Priority Date
:
Jan-06
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
Compare
Join Date: Jun 2007
Posts: 44
psam is a jewel in the rough psam is a jewel in the rough psam is a jewel in the rough psam is a jewel in the rough
Default Sounds reasonable for bank to consider H1B as risk

I know this would be unpopular on this forum. But if you think about it, temporary visa holders can just disappear relatively easily by packing their bags if they wish to do so. I know someone who has done this with their underwater house, though with his salary he could afford paying the mortgage.
There is morality issue and very very few of us would consider doing something like that. But some of us have done this, and seems like a reasonable thing for banks to consider. In the end better lending standards keeps the banking system and the economy in better shape.
Bookmark and Share Compare Reply With Quote


1 out of 1 members found this post helpful.
  #15 (permalink)  
Old 01-28-2011, 01:34 PM
Senior Member
Priority Date
:
Jun-03
Category
:
EB3
I140 Mailed Date
:
10/22/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
07/12/2007
Compare
Join Date: Apr 2006
Posts: 1,624
amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute amitjoey has a reputation beyond repute
Default

Quote:
Originally Posted by psam View Post
I know this would be unpopular on this forum. But if you think about it, temporary visa holders can just disappear relatively easily by packing their bags if they wish to do so. I know someone who has done this with their underwater house, though with his salary he could afford paying the mortgage.
There is morality issue and very very few of us would consider doing something like that. But some of us have done this, and seems like a reasonable thing for banks to consider. In the end better lending standards keeps the banking system and the economy in better shape.
Permanent residents -greencard holders are not citizens and can also disappear relatively easily. Yes it is a moral issue.
Bookmark and Share Compare Reply With Quote


Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
House Loan on EAD? sankap Work/Travel options after 485 : H1 Versus EAD/AP 1 08-01-2010 03:56 AM
taking loan in USA to repay student loan in India belmontboy Education in USA 12 04-20-2009 11:59 AM
BofA goes back on job offers to foreign MBAs Humhongekamyab News articles and reports 39 03-11-2009 09:49 PM
student loan for 3 yr MBA with EAD/AP or 797 bbhargava Work/Travel options after 485 : H1 Versus EAD/AP 5 10-17-2008 03:58 PM



All times are GMT -4. The time now is 08:11 AM.


Powered by vBulletin® Version 3.7.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
(c)ImmigrationVoice.org