Household Auto Loan

Discussion in 'Credit Talk' started by Flagirl, Jan 3, 2001.

  1. Flagirl

    Flagirl Well-Known Member

    I just applied for an auto loan with Household Bank, and here is the message that I received:

    "Thank you for applying with Household. We have reviewed your application and are pleased to inform you that your credit request has received preliminary approval, contingent upon final verification of any required downpayment, confirmation of dealer eligibility, compliance with our advance guidelines, final verification of the information provided by you on the credit application as being true and accurate, and receipt of all required documents."

    Has anyone else gotten this message and do you know if they will contact me by email or phone and what documents I'll need?
  2. sam

    sam Well-Known Member

    RE: They'll email and call.

    They'll initially email and then call you to let you know..

    They told me car at qualifying dealer with less than 25K Miles, $18K approval with no down payment, 20% (!!hehe) interest rate. Household will finance anyone for a dear price. My bro paid $20K for a $10K car after financing through them.

    think long and hard if they interest seems high, many lower end new car dealers can get a better deal if you have no repo. (like ford or chevy on their basic models).

    12% is high finance rate for vehicles, don't get stuck in a 5 year trap for something that probably won't make you happy for five years :) good luck
  3. Mike

    Mike Well-Known Member

    call them tomarrow. if everything you filled out on your app. is true you are approved.
  4. roni

    roni Well-Known Member

    That means you have been approved. Someone will call you within 48 hours to tell you exactly the amount you have been approved for,interest rate etc and if you accept the offer. If you do, they will send you a check in 24 hours via airborne express for you to return the lending contracts. You then send all the info they ask from you. Once they receive your information they will fund your check with the preprinted amount on the check so you can go car shopping. Congratulations.

  5. roni

    roni Well-Known Member

    RE: They'll email and call.

    I paid 13.9 % interest. What do you expect to pay when you have bad credit. Get real Sam. A high rate with bad credit would be 18% which I have heard horror stories about. Doesnot it sound like I am defending Householdauto alot. I guess I am. They helped me get a new car when no one else would. That is what subprime lenders are all about.

  6. Jim

    Jim Well-Known Member

    I've said it before and I will

    Buy a Ford car, truck or SUV. Use Ford credit. I got superb Auto club pricing and a 2.9% 4 year loan one month after my B.K. was discharged.

    Good luck.
  7. jamie

    jamie Well-Known Member

    RE: I've said it before and I

    Don't use Ford Credit. I've been trying to have info corrected on my CR's for 2.5 years now and haven't been able to get anywhere with them. A few others on this board feel the same way.
  8. Cadillac408

    Cadillac408 Well-Known Member

    Ford Credit = Crap!

    Like I've said before. I'm trying to dispute a paid car loan that has (22) 30 day lates and (1) 60 day late! Give me a break! Totally false....but they won't do anything. If you want to jeopardize your credit rating, then fine. I'm sure there are lots of others that haven't had a problem with them but I personally don't think it's worth risking. Sorry...I have a lot of animosity towards them.
  9. jamie

    jamie Well-Known Member

    RE: Ford Credit = Crap!

    Hey MP, How 'bout that class action? I just got my letter back that I sent them Dec 19. - address unknown. It was the one Experian provided as the address they supposedly used to verify my incorrect information. I do believe these reporting agencies are out to get us!!!!! Next stop for me FTC...
  10. Cadillac408

    Cadillac408 Well-Known Member

    RE: Ford Credit = Crap!

    Hey....I'm down for that class action!

    You need to contact Experian and send them a copy of the envelop stating address unknown. How could they of possibly verified that? CAUSE THEY DIDN'T! Lazy ass bastards!
  11. jamie

    jamie Well-Known Member

    RE: Ford Credit = Crap!

    My sentiments exactly, but I didn't want to offend anyone...hehehe!
  12. Cadillac408

    Cadillac408 Well-Known Member

    RE: Ford Credit = Crap!

    Well I owe it to myseft to bash Ford Credit ANYTIME they are mentioned!
  13. sam

    sam Well-Known Member

    RE: Ford Credit = Crap!

    eh :) ford cars suck too :)

    i just gave my brother my mustang :)
  14. Larry

    Larry Guest

    RE: Sam

    I don't think 12% interest is high for a person with bad credit and short history. I think:

    less than 10% is good
    between 10%-14% is average
    more than 14% is bad (and the financial institution is probably related to CCB) :)

    Note: These are just what I think... after I was turned down by Household Auto, I went directly to the dealer and got myself a car finance through CharterOne for 12%.

    Good Luck to all car shoppers !!
  15. kenny

    kenny Well-Known Member

    I have a 21,5k loan from household bank. I have a awful20.9% interest rate. Everyone I tell this too is like "Oh my god". But again what do you except with bad credit. I have 12 bad things on my credit and a judgement so I should be happy I got anything. Anyhow the 21,5k got me a 1997 Inifinti QX4....sweet
  16. kyla

    kyla Active Member

    I used my Household loan of 15.5% to gain leverage with a dealer for a better rate. The car dealers always want to get money off of financing your car from one of their subprimes as well. I ended up getting a 12.9% loan with a Toyota dealer.
  17. sam

    sam Well-Known Member

    RE: Sam

    for instance, the static FIRST-time car-buyer finance program through VCI (Volkswagen) on new cars, 10% cash down on total financed amount ($3K), with 0 or new (<24) trade references, no derog at all. is 11.25% .


    The only way they will go lower for first time car buyer is if you make 25% of total finance price down payment. ($7500 cash), which they will lower you to about 9%.

    Of course, jetta's are in high demand, so the factory has less incentive to move them.
  18. mt

    mt Guest

    Kyla, please expand on your previous post. I'm curious how you did it, how long you had the household account, etc.


    kyla wrote:
    I used my Household loan of 15.5% to gain leverage with a dealer for a better rate. The car dealers always want to get money off of financing your car from one of their subprimes as well. I ended up getting a 12.9% loan with a Toyota dealer.
  19. kyla

    kyla Active Member

    Actually I had a 12.9% loan with the Toyota dealer. The finance manager called me back today and said that Primus the company that was going to back the loan also wants 15.5% for the loan. I had lied and told Toyota that my finance rate with Household was 13.9 and they offered me 12.9. As you can see, it didn't work because now I have to go in sign the check to get the Household loan.

    Much luck to others,


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