Nuvell Financial Services

Discussion in 'Credit Talk' started by Craig, Feb 25, 2001.

  1. Craig

    Craig Guest

    Just a warning!!! I recently had a BKR back in 2000 and after it was discharged My wife and I were going to try and buy a car.... Well we received 3 offers to finance much to our surprise non of them were below 25 percent intrest. Nuvell was the highest @ 26.69, Amercredit was at an even 22.0 and C.A.C was @23.19. So if you are needing a reliable vehichle like I was I think yts best just to save your money and pay cash. Just because you have a BK doesn't mean you have to let loan sharks take your hard earned money for the next 3 to 5 years. Any coments are greatly welcome.
     
  2. Sue

    Sue Guest

    You pay the price when you don't pay your bills.
     
  3. Ignore the

    Ignore the Guest

    Ford Credit

    Ignore the above response from a guy named "Bobby" who also goes by "Sue". Takes all types.

    Ford Credit has had some mixed reviews, but for rates nobody beats them when you've recently filed bk. Go talk w/the finance manager before even looking at a car and they'll help you.
     
  4. Jim

    Jim Well-Known Member

    I agree and ...

    Don't apply for credit on-line. Present your case to the credit manager like I did. If you can use auto club pricing - do it.
     
  5. mvfl

    mvfl Guest

    RE: I agree and ...

    Also, keep in mind that you could take a high interest loan and then refinance after 8 months or so of on time payments. I never BK'd, but I do have a lot of negatives on my credit and am trying hard to rebuild. I financed my car through Americredit and they've been pretty good. I will probably try to refinance soon through another bank to get a lower interest rate.
     
  6. Doris K.

    Doris K. Well-Known Member

    Before you have a massive coronary over those robbery rates, do a little homework. First off, keep in mind that some states limit the interest rates on auto loans, so yours might not be quite that expensive.

    Also, Nuvell is wholly owned by GMAC. It's their subprime lending operation. It's always possible that you could refinance through GMAC within a few months of making your payments on time. You might also check to see if GMACs Smart Buy program applies though Nuvell. It allows you to pay on the vehicle from 1 to 3 years, and it includes a baloon payment at the end of the term. Then, you can either finance the balloon payment, trade in the car for a new one, or return the vehicle and walk away. Mileage limits and charges do apply.

    Check with various dealers. They should be able to help you find some options that won't take away every nickel you make. Good luck :)
     
  7. lbrown59

    lbrown59 Well-Known Member

    Also, keep in mind that you could take a high interest loan and then refinance after 8 months or so of on time payments. I never BK'd, but I do have a lot of negatives on my credit and am trying hard to rebuild. I financed my car through Americredit and they've been pretty good. I will probably try to refinance soon through another bank to get a lower interest rate.
    ==========================================================
    If it doesn't work your stuck with the high interest rate!
     

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