This Is Why We’re In A Recession, Part 68

, , , | Right | November 8, 2017

(I work in a farm store that also sells lawn equipment. We offer financing, and I oversee that department. One day a young man and his wife come in and express interest in financing a new zero-turn mower. I ask for identification and a secondary form of ID and get started entering the application into my computer. When I finish, I hit print so the customer can sign the paper copy, and then hit submit. By the time I return from the printer, I see that the application has been denied. I convey this to the customer.)

Customer: “What? There’s no way! I have excellent credit!”

Me: “I’m sorry, sir; I’m not allowed to know why the application has been denied.” *I turn the computer screen to face the customer* “It only displays a denial, not the reason for the decline. The lender will send you something official in writing within a few days. This isn’t the end of the road, however; we can still accept cash or check, or you may wish to apply for a loan through your bank.”

Customer: “This is bulls***! My credit score is in the 800s and I’ve never made a late payment! All my stuff is paid off, even! Call your boss and push this through, now!”

Me: “I’m sorry, sir; even if I did call the manager over, he has no authority to override the decision of a bank that is not connected to our store. Although you’re filling out the application here, the ultimate decision goes through a separate lender.”

Customer: “Well, get on the phone and call the lender, then. Get this straightened out! I don’t have bad credit! I don’t have bad credit! There has to be some simple reason why I was declined. You probably didn’t enter my information correctly!”

Me: *double-checking his ID against what I entered* “I keyed everything in correctly.” *shows the customer a copy, which he barely scans through* “I’d be happy to call the lender for you, however.”

(I dial the lender, go through the prompts, and get a customer service representative on the phone. I explain the situation, and although the exact reasons for the decline are between the customer and the bank, the rep hints that it’s a debt to income issue. I hang up the phone.)

Customer: *incredulously* “Well, did that settle it? I can get the mower, right?”

Me: “Sir, by any chance have you financed anything else recently?”

Customer: “Well… yeah. Let me see… I got a new truck three weeks ago to pull our new boat, we just closed on our house Friday, my wife got a new washer and dryer, and she got a different car maybe a month ago? Why? What difference does that make?”

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