Try your credit union! I sent a fax off on Monday afternoon requesting a 13K loan and was approved!!!! LB Who's going car shopping soon!
COngratulations lbowman on your approval! If you don't mind me asking, what rate were you approved for and what were your scores? Later, Matt.
Hi Matt, Not sure of the loan terms......The loan officer left me a message notifying me of my approval and I haven't received a response to my return voicemail yet. My FICO score is currently 558 (I have 3 accounts in dispute; my regular score is 510). Hope this helps and good luck with your future loan. LB ps. Once I received word of the terms, I'll post and let you know.
MY advice (what worked for me) would be to go to the largest dealer in your area. Find a new or used car that you like, and let them work for you. If they want the sale, they'll find a lender for you...they can often stack your application with others to get approval. Volume of sales/financing is the key. jmart
matt_r, Before I had any clue, In the midst of my despiration, Triad Financial came through for me. Phone # 800-879-9756. I bought a used Dodge Gran Caravan with low miles. the rate is 16% but I wasn't expecting any better with 10 derogs and no open good accounts also 15 inquiries at the time. they have been fair to me so far and even let me change my payment date so it is ofset from my rent due day. good luck in what ever you decide
Hey Mindcrime2, I think it was $1000 I can't remember exactly. I know it wasn't more than $1300 I never have cash on hand with three kids!! I arranged with the dealer for them to cash two checks . one at the time of sale and the other 20 days later.
My CU sucks!!!!!! The loan officer left a very misleading message saying "This is Samantha from the credit union. Your loan was approved. Give me a call for the details". I finally caught up with her yesterday and it turns out I'm approved IF I HAVE A CO-SIGNER. I mean, I could use my husband but his credit is in the toilet. I asked her why she left a message saying I was approved when in fact I wasn't. She insisted that I still fax over the bill of sale from Carmax and the "board" would review it. They are so full of crap. Just to see what happens, I faxed over the bill of sale and my hubby's info. I guess I'll know today of my denial. I'll keep you posted. LB who's pissed and depressed and thinking of switching CU's.
Pick out the Veh. you want. check the banks. Get the loan terms. but don't apply. Take the down payment deposit it in an account for you. Deposit the monthly payment they gave you in the account each month. At the end of the term withdraw the money and pay cash for the car.
lbowman, Who knows, maybe they will come through for ya. I'm going down tomorrow to open a checking (or sharedraft is what they call it I think) with a CU. I'm putting $2k in to start, and I'll increase that over the next month or so. Then I'll do the loan after the dust settles with my reports and I know what I've got on the table to work with. HOpefully this last round of disputes will have good results. *Crossing my fingers*.....
Well, on Friday I went to a local CU and opened a checking/savings accounts. I spent quite some time talking to the banker about my auto loan dilemmas and he seemed to be quite receptive. He offered to do a conference call with an underwriter right there, but I declined because I didn't have a copy of my TU (that's what they pull) on hand with me. He called me later that afternoon and we have a meeting set up with an underwriter (conf call) on Wednesday at 4pm. He asked that I fax a copy of my TU report to the underwriter on Tuesday so she has time to look it over before we talk on Wednesday. When we talked on Fri., he said that their "A-B Credit" is a 655 score, and "C Credit" is a 600. I'm really crossing my fingers on this one. Right now my TU score is 550 but I have *TWO* UDF's that a supervisor at TU said she will process on Monday. That will leave only 2 derogs on my report, so I'm hoping my score will jump to at least 600....<?>. Plus, my A$$ET account dispute ends on Friday and as of 5/10 they hadn't responded to the dispute, so maybe even that will be deleted. If so, I will only have *****1***** derog left on my TU!!! Now let's hope my score will reflect this. I'm thinking about delaying the meeting until Fri, in hopes the asset derog will drop. What do you think? I'm a bit nervous. This is pretty much the end of the road for me, in terms of getting a car loan. I don't see many other options out there, so I'm going to do some serious brown-nosing.
I know I'm pretty much talking to myself in this thread, but I just wanted to post an update on my progress..... I'm happy and dissatisfied at the moment...I pulled my TU this morning and they deleted the two trades I mentioned in my last post...that brings my derogs section of my report down to *****2***** items. THis is music to my ears, espcially considering I started in February with 13 derogs on this report, score 492. Now, as for my updated score, it only jumped a couple points, to 577. ((( All I can hope for is that this Asset item is deleted at the end of the week.....that will leave me with only 1 derog and from what I have heard when you get down to the nitty gritty, the score skyrockets. I hate this score crap. Without the score, my TU doesn't look all that bad. But, with the score, I look like a real loser. I won't let it get to me though....at least now when I go to the CU on Wednesday I will have something better to work with than I had last week. What do you guys think about getting an auto loan with a 577 TU? No previous auto loan.
Matt- What is left on your report, just positive things? CU's aren't as score driven as other finance companies (like Ford), but tell them you are willing to have the payments automatically debited from your checking, plus this may save you a 1/4%. GROVEL!!!! IF they say no, GROVEL more!!
matt_r, I'm almost willing to bet that your actual TU Empirica score is higher than 577. Regarding TU's consumer score, you have to consider the source: this is a company whose systems simply don't allow for fcra compliance, so you can be sure that their scoring model is of similar quality. For example, my TU consumer score was 565 when I applied for a mortgage. This was with five negatives. Real TU score: around 630-ish. Just a thought... wajaba
Don't feel like you are talking to yourself. This has been one of the most informative post out there. There's plenty of creditner's and lurkers benefiting from hearing about your experience. I know I am.
Well, that's pretty much my game plan from here on out... When I spoke with the banker on Friday, he seemed pretty receptive to my situation and seemed quite impressed that I knew as much as I do about credit, scores, etc. Most of this knowledge, of course, I gained from others on this board. I'm remaining optimistic about my situation, but I'm thinking my TU score is probably about right, otherwise I would think HOUSEHOLD, of all companies would have approved me for a auto loan. But they didn't. I'm really, really, really crossing my fingers about the Asset dispute that ends on Friday. Either way, I called the CU today and rescheduled our meeting to Friday, just in case it's deleted. If not, the additional two days won't kill me. ALTHOUGH, I have to admit...the stress over this whole situation has kept me up at night....Tylenol PM and coffee have been dictating my sleep schedule lately. I know it's not healthy, but once this is all blown over, I"m sure my stress level will return to normal. I've all but given up with my EX and EQ reports. EQ keeps changing my address to an address I lived at 7 years ago...I've gone back and forth with them 3 times on this issue so far. I'm going to call them ONE LAST TIME this afternoon and tell them to fix it or I'll do something (although I'm not sure what yet). Based on my experience, theats seem to work quite well with them. EX is equally annoying.
Matt- RELAX...lol, easier said than done huh? Household turned me down too, I do believe they solely pull EQU though. Last week I went and opened a checking at mylocal CU, before I did I asked which bureau they pull from for auto loans, they said 2 different ones, GREAT, play guessing games. Needless to say they pulled my WORST report and I got approved (had to add hubby, my debt to income was too much), but the woman said I was approved based on credit, just not on income. We put hubby on and my interest rate has gone from 11.99 to 6.25. Now this a-b and c credit USUALLY just means, if you are a-b tier, you will get INSTANT approval, not underwwriter needed. If it is C, an underwriter needs to look at it. Also, this MAY help, when I bought my Honda 2 years ago, an underwriter needed to carefully review my credit (several chargoffs 1 UNPAID), the unpaid one was $125 2 years old at the time. The finance manager asked me what the deal with it was, I said "I don't know I just never paid it" the manager said, I'll tell the underwriter it's not yours and you are disputing it., meant the difference in getting a loan and not getting one at all. So if Asset is still on there, beg for pity, "it's not mine, they can't prove it, I've asked for proof" WHATEVER. Also if you have done validation it MAY help to bring in all your paperwork, to back you up, try it, you never know. Good luck!
Sorry KHM in all that rambling I forgot to answer your question!!! Regarding a rate reduction, he said that if I had something direct deposited into my dda there, they would give me a reduction in my rate. However, I can't do this because the bank I work for will only deposit my check in my dda here. Oh, well. As far as positives/negatives....I have 2 derogs left on my TU. If asset drops at the end of the week, I'll have 1 derog left. I have three cc accounts, but only two are reporting. I'm not sure why, but I'm not going to deal with that issue until all my derogs are gone. I know my credit is very limited, but that's only because I have been very restricted in getting credit becasue of my score. It's kindof a catch-22, as most of you already know. I refuse to get a card from First Premier or something similar, because I find the fees to be outrageous and I don't want to be taken advantage of, just because of my icky score. Once my derogs are off, I'll work on getting a more credit but for the time being, I'll stick with what I've got (2 cap1's and an orchard mastercard).
