I was just going over my TU report to see what GMAC is seeing, which is probably not what I see. Anyway my SLs report as charged-off as of 2001, when the DOLA is 1997. It does not take them 4 years to send to collections. Also the date the loans were opened is wrong, they are using the DOLA as the date opened. and the closed dates are all wrong. So it gives the impression that I defaulted on loans as recent as 1 1/2 years ago which is not true. I defaulted on my loans in 1997, that is 5 years ago. TU has to report this stuff right, and since I have been denied credit because of it, they are about to feel it. Can anyone tell me exactly what I need to do? I will also create a new thread to address this specific issue, for those who are not interested in my car finance woes. (lol)
Have you went to www.gmbuypower.com? There you can apply with GMAC and it gave this info If you have any questions or comments about this, or any of the GMAC financial tools on this website, we encourage you to contact us via email at service@gmacfs.com. Should you have any questions related to the various financing or leasing options offered by GMAC, you may contact us at 1-800-32-SMART. Have you thought about trying Eloan?? I have scores simular to yours and could never get a good interest rate. They just wouldn't do it or even talk with me! I just bought my hubby a 2003 Silverado with a loan through Eloan.com and got a 9.95% rate. High I know but considering my scores and I do have lates as early as 6 months ago and LOTS of derogs from past and several paid collections. I got a $35,000 loan and just took it to the dealer of my choice. Easy enough. I also applied through Lending tree and got several offers the same. I got this loan on my own and self employed. Hope you get the SUV you want for the baby
Score thanks, I am going to try my credit union. They said they would pull any report I like. they offer a 84 month 7% loan. This would be great if I qualify. I am going to get a loan. And it will be a good rate. Thanks to all on this board, let the advice, BECAUSE IT IS WANTED keep coming in. HOLLA
Yikes! A 7 year car loan. You might want to rethink the Suburban if you'll need to finance it 7 years. That's a LONGGGGG time for an auto. There are quite a few less expensive large SUV's out there. Best wishes!
Suzza, I really want the loan for two years. I can pay it off by the the third. It keeps the ratios down for when we apply for a mortgage. Besides, If they gave it to me at 7% it is a whole lot better than 5 years at 15%. I do not intend to take the loan to full term. I intend to pay it off way before that. I am treating a car loan like a credit card. Do whatever it takes to not carry a balance, like making double payments and so forth. Also if it takes me two years to pay it off, my credit payment history will be greatly improved. BTW the reason "the boss, i.e. Mrs. Kbanger" chose the Suburban is I am 6'4" she is 6'1", and with the baby and all the stuff we normally cart around, you get the idea. Thanks for your post, I have to also tell you that after reading MarkLA's post about owing 20K in cards, I am trying to pay everything off. No debt is a good thing, no debt and great credit is the best thing. Holla, no baby yet. Getting ready to "excercise" again, thanks Sassy! Suzza one more thing, the car priced out at 53k, I got it down to 44K including taxes, extended warranty and all the bells and whistles.
Paying it off early would really be a plus. Have you looked at Ford Trucks though? We have some friends that have an F250 Crew Cab. It has tons of room, 4 doors, 4x4, plus the benefits of a truck bed. Fully loaded, it was less than $35K. The actual drivers and passenger area is bigger than a Surburban's.
kbanger!!!!!!!!!! You are wearing Mrs. Kbanger out with all this exercising, she'll be too pooped to deliver baby chloe. ;-) Sassy
I have read this thread several times.... and this is what I gather... -You are currently fixing your credit for the sole purpose of buying a house down the road -Since you are about to have a baby you need topurchase a new car ASAP -your scores are still low but again you need the car/truck asap -Getting a relative to cosign is out of the question -waiting a few more months for the car/truck is out of the question -so far you applied with GM for a loan and got denied -have you considered an alternative truck/car? -did you try e-loan or any similar lending places? **I see that you are going to try the credit union route which might not be a bad idea.
Cibomatto, This is why I gave you a shout out on another thread. Thanks for taking the time to see the whole situation. We are not trying to buy this car for a lifestyle change, but for our lives. Actually I will drive my old car still the wheels fall off and the Mrs. and the baby will use the new one. When I buy a car, I buy it till the wheels fall off, included in the price of the car is a 7 year 100K waranty, this is our first child but not our last, so in two years, God willing we will have another one, but two years from now I have no plans of buying another car. I have plans of having this one paid off. Also by stretching the deal out over 7 yrs it will reduce debt to income come time for a mortgage. From what I understand, it does not matter how much you owe, but what your monthly obligations are in getting a mortgage. I am really trying to plan everything. I only have plans for trying to get an Amex Green and a GM card, I do not need any other cards. I have a visa and a macy's now, so until after a mortgage is obtained, I am trying to stay excess credit free (Sorry MarkLA, but 20K in card debt is not my tea.) Again thanks to everyone for everything. I really love this board. Still no baby
