Car Loan with Damaged Credit..

Discussion in 'Credit Talk' started by Killer, Oct 6, 2000.

  1. Killer

    Killer Guest

    Several people have inquired about a car loan after bankruptcy or repossession. Wells Fargo now provides such loans. A car dealer recommended them to me and they approved with 16% interest. I know that's high but that's how it goes. At least I have Wells Fargo on my CR not ABC-Unheardof Fin Com. Here's their website:
  2. Killer

    Killer Guest

    RE: Car Loan with Damaged Cred

    Oh Yea I Forgot!

    When I was approved for the car loan they "invited" me to apply for a secured VISA that a limit equal to 200% of the deposit. I did apply but was declined! Now that was funny. They already had my credit report! Why did they "invite" me!!!! The rep said I needed to make 6 on-time payments and try again.
  3. it's me

    it's me Guest

    RE: Car Loan with Damaged Cred

    Can you tell me if this was 100% of the loan? or did you need a precentage down? If so how much? Thanks.
  4. Killer

    Killer Guest

    RE: Car Loan with Damaged Cred

    I paid a little more than 10% down. The rep from Wells Fargo called before he approved. He interviewed me for about 20 minutes. I had to explained my past bad credit and explain how I was certain I was on the right road now.
  5. Spice

    Spice Guest


    I had a car loan with Norwest Financial (1997-1998) before Wells Fargo Financial bought them out. I have been very pleased with them. I refinanced my 1996 Mazda right before the merger took place and was offered the secured card, but because I refinanced Wells Fargo gave me the money to get the card. No money out of my pocket and I have had nothing but good experiences with this card. It started at a $250.00 limit in March 1999. In October I purchased a brand new (2000) Honda Accord and because I was pre-approved by Wells Fargo for my purchase all I had to do was go to the dealer and pick out my car and fill out the paperwork. Interest rate was 10.99% which, considering my credit history, I thought was great.

    Back to the card... I called customer service in November 1999, because the limit was too low for me and after spending 15 min with a credit rep explaining some of the things on my credit report he approved me for a $750.00 increase that brought my limit to $1000.00. I had the card 9 months at that time. I send in another $250.00 on my own for an increase that would have brought my limit to $1250.00, And this is the best part: A representative called me and we went over my information regarding the increase and advised me he would apply the $250.00 as a payment and increase my limit by $500.00 bringing the limit to $1500.00.

    I reccommend that you refinance in a year and you will get the card after you have had six months of payments established with Wells Fargo. Plus when you receive your monthly statement there will be little messages to call in for more money. I did that one month on a lark to see what they would say and walked out with a seperate loan for a laptop computer. I am very happy with them.
  6. Killer

    Killer Guest

    RE: Killer....(long...sorry)

    Spice you have brought me good tidings!

    I plan to refinance with them in early 2001. At that time I will reapply again for the VISA card. I see they are good with limit increases. And just as you said, if you don't have the deposit Wells Fargo places it for you! I wonder if the offer is exclusively for those who have a car loan? Did you refinance your Mazda? If so, what was the APR before/after?

    Like you I have bad credit but this company has been helpful. They also helped me find affordable car insurance through their affiliate. It was the cheapest quote I got when I purchased the car!

    I have been thinking about fattening them up for the kill....the kill being a mortagage loan with their parent company Wells Fargo Bank a few years in the future. Maybe I could open checking/savings with bank. With a spotless paid off car loan,spotless credit card account, and a spotless checking and savings they might consider the mortgage loan.

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