Auto loan saga

Discussion in 'Credit Talk' started by Sorin, Dec 21, 2000.

  1. Sorin

    Sorin Well-Known Member

    Maybe some of you already know, but I've been looking for an auto loan these days.
    To make a long story short, I've got denials from all online places I know, including peoplefirst, eloan, lendingtree, even household. Oh, and my beloved bank too (First Union). Let me remind you that most of these places brag that they have a program for people with less than perfect credit, well I guess my credit is not good enough, even for a 15% APR... or those programs are just bogus...

    Well, went to the dealer and got approved for a 20k, 10.25% for 3 years, from Ford Credit. Now I'm confused... what do you make out of this?
     
  2. newcomer2

    newcomer2 Guest

    I found it much easier to qualify at the dealers than banks or online places . my wife got a loan from a dealer 1 day after her BK was discharged .. high rate but approved after the discharge ! I think it;s because the dealer has alot to do with the process. plus alot of dealers have their own finance company and many times they even make more money of the finance company than the profit from the car. that could explain it .
     
  3. jamie

    jamie Well-Known Member

    Be very careful with Ford Credit, I have been fighting with them and all three bureaus for over 2 years for erroneous reporting. My next step is the FTC for all four.
     
  4. Cadillac408

    Cadillac408 Well-Known Member

    Ford Credit? Eeewww......

    Like I've posted before.....Ford Credit is horrible! I would rather go to Sammy the Bull for the money! If you read Jamie's post, (s)he has had the same problem with them as I have. Ford Credit has on my CR that I was 22 times 30 days late and 1 time 60 days late! The loan was for only 48 months! I have tried to get them to report the correct history of the account and they won't! I know for a fact (from pulling up financial records) that the account was NOT paid late 22 times and never 60 days LATE! But NOPE.......they aint tryin to hear it! Now I'm hoping that Junum can just get it removed completely! I don't need the trade anyway. But never again will I finance anything from them! See.....now I'm HOT! Uuugghh!!!!
     
  5. dave

    dave Well-Known Member

    RE: Sorin, don't you have

    perfect credit? I thought I remember you saying that in one of your posts.

    I don't understand why you wouldn't get better offers if that is the case. Do you have really high balances to income? Lots of income going to other debt? Low down? Unestablished residency/job stability (less than 2 yrs.)
     
  6. Sorin

    Sorin Well-Known Member

    RE: Sorin, don't you have

    Yep, you're right. My payment history is perfect. There are some problems however:
    - it's too short ... just about 15 months of credit lines reporting.
    - job stability... just changed companies three months ago... well I couldn't resist a 32k salary increase :))
    - and I had about 5 K balances... from about 15k credit lines

    So I suppose this added up....
     
  7. dave

    dave Well-Known Member

    RE: Sorin, don't you have

    Yeah, credit cards and stability are a completely different story than an auto or personal loan.

    They care a lot more about how long you've been with your present employer, and how long you've lived in the same house than credit card companies. 5K on 15K is 33% of lines, about double the optimal percentage of 15 or less.

    I think the length of credit history was the least significant factor, actually.
     
  8. jamie

    jamie Well-Known Member

    RE: Ford Credit? Eeewww......

    MP$40> Maybe you and I should get together and file a class action lawsuit against them for defamation. Although I feel bad for you, I'm glad that I am not the only one that has been victimized by this company. I am just one baby step away from the FTC, but I heard they don't do much for you either.
     
  9. Cadillac408

    Cadillac408 Well-Known Member

    RE: Ford Credit? Eeewww......

    Yeah......I feel the same. I'm glad there's someone else out there that has been victimized by Ford Motor Credit. For a while I was beginning to think that it was just me!

    FTC probably won't do too much either. I'm under the impression that there has to be numerous complaints before they step in. I complained to them about a collection agency that was harrassing me and they basically blew me off a little. That's why I'm hoping that Junum can get if off my reports completely!
     
  10. Larry

    Larry Guest

    RE: Sorin, don't you have

    I am glad for you Sorin... I hope it works out with Ford.

    In my own situation... CharterOne is helping me finance the car I bought 12/21/00. The APR is only 8.44% for 4yrs. Like you I only have 17 months of credit history and was turned down by Household. I however, didn't apply for any other financial institution, and decided to plead my case directly with the dealer... I think it paid off.

    p.s. Oh one more thing, I was approved for the CitibankAA Gold card for $5K... (Roni rocks) anyway, enough for applying for credit for now... will concentrate in making my payments way ahead of time, and staying on top of things.

    Good luck to all, merry X-mas, and thanks a million for all the extremely useful advice !!
     
  11. kyla

    kyla Active Member

    RE: Sorin, don't you have

    My husband and I were just approved by Household yesterday. Our credit sucks, but my husband was approved for both citi cards. I wasn't approved for either. The interest rate for Household is rather high (15.5%), but we were turned down by EVERBODY ELSE IN THE BOOK!!.

    We really needed this approval. Our old clunker just died last week. Santa is definitely knows who's been naughty/nice :)


    kyla
     

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