Who's Been Approved w/Repo???

With a 5 year-old repo, I was recently approved for a used '02 Ford Explorer (@4.75% w/ 15% down) through APL Federal Credit Union. A couple of weeks after that, before the APL loan began reporting, I refinanced my '00 Sentra @6.5% (it was at 16.5% or 16.9%, somewhere in the heart attack range) through Provident Bank.

Oddly enough, both institutions checked Experian, my worst report. My CE score was around 590-ish, which for me, at least, translated to an Exp FICO score of the low 600's, certainly no higher than 630.

wajaba

 

Back in 1997 my fiance had a repo. In 1999, my fiance and his father went to purchase a car from Dodge. Dodge wouldn't even consider putting my fiance on the loan as a cosigner or whatever because he had the repo.

 

Actually, I had just signed up with that credit union with the minimum $50 savings deposit only a month before applying for the loan. So it's not like I had a 10-year relationship with them, or anything. As for the dealer offering me financing: I'm sure they would have, but I specifically told them that my financing was already taken care of, and to my surprise, they didn't really press the issue. No unexpected inquiries on any reports, either.

wajaba

 

How can you even think that you will be approved with a repo at anything less than a 19% interest rate?


Doesn't matter if it was 5 1/2 years ago, or 5 1/2 weeks ago. If the derogatory is on your credit report, then it counts, plain and simple.

Someone with a 620 - 640 FICO score with no BK, repo, foreclosure, multiple late payments can usually get in the neighborhood of 14 - 16% (at best) & that is with auto loans paid on time and in some cases early.

 

Re: Re: Who's Been Approved w/Repo???

Of course, they wouldn't press the issue, but I am sure that you paid at or over full sticker price.

 

Re: Re: Who's Been Approved w/Repo???

NickL, May I give you a piece of advice? Please, keep your mouth shut and allow us to believe your an idiot. Because when you open your mouth and make such stupid statements that you are known for, you remove all doubt of your idiot status.

 

Re: Re: Re: Who's Been Approved w/Repo???

Thank you! Couldn't have said it better.

 

Re: Re: Re: Who's Been Approved w/Repo???

Believe what you wish, but everything I said is 100% true. I speak from experience.

I don't sugarcoat things or go thru life believing wishful thinking.

You people can't hear the truth, so you respond by throwing stupid insults.

 

Re: Re: Re: Who's Been Approved w/Repo???

NickL, I just happen to be a partner in a Honda Auto dealership in California and your advice is way off base. I have had many customers come in with a 5 year old repo and no other negative credit and we've been able to finance them at prime rates. Just last weekend I had a 24 year old women come in with 5K to put down and a FICO of 628 and we were able to put her into a 2003 Honda Civic LX @3.9% and sold it to her for $600 under MSRP. You really need to know more before you spout off.

 

Re: Re: Re: Who's Been Approved w/Repo???

I was approved with 2, count em, 2 repos on my credit, i was approved for 19% through household bank. I had to put down 1000.00.

I have since found this board and i have managed to get both, count em, both repos off of my credit.

Good Luck!

Robyn

 

Re: Re: Re: Who's Been Approved w/Repo???

RobynH,
How long after the REPO charge offs did you start working on the deletions? Inquiring minds wannna know...

 

Re: Re: Re: Who's Been Approved w/Repo???

Wrong again.

Try, try to stop making yourself look like an ass, NickL.

wajaba

 

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Thats really amazing... I was rejected with household auto finance, and the worst on my credit record is a paid chargeoff from 2000. My Fico is in the mid 630's overall.

These 'stories' and 'testimonials don't add up in the real world, where normally one repo let alone a chargeoff is enough to force an outright rejection of any auto loan .

 

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I don't know if this will help the original poster, but it will sure piss NickL off.

I had 3 repossessions on all 3 reports. 2 of them were due to fall off next year. I disputed them with CRA's and they were deleted. The other one was included in a CH13 that we paid on for a year and then had it dismissed. They repo'd the car in 2001. I disputed it and it was deleted as well.

THE VERY DAY (early April) I got my updated report from EQ showing no repo's, I went to my local Ford dealer and was approved for $14,000. Got a 2000 Expedition with all the bells and whistles (cept for leather) for $16,665 with $2665 down. Granted, I am paying 14.25% but I can handle that compared to what we used to pay which was 19-24%. (The reason I waited for EQ is because where I live you never know who Ford will pull, TU, EQ, or EX and I was waiting for my dispute results on the last repo from EQ).

My interest is high because on EQ I have 3 charge-offs, 5 collections, a CH13 dismissed BK from 2000, an $800 judgement, and a $14,000 federal tax lien that we make payments on. So actually, it's not as outrageous as it could have been, but with a repo, we would have most likely been stuck with up to 24%. I had 2 paid auto loans with a few lates and Ford actually approved us within an hour. That was a most memorable day in my life because it seemed all of my work correcting my reports finally paid off. I intend to continue my credit repair journey and my goal is to refinance through a Credit Union asap.

I am not sure if I have any helpful advice, I just wanted to share my story with you and tell you it is not hopeless. I absolutely didn't think we'd get the repo's off, but we did with little effort.
In fact, they were easier to delete than some of our other accts. with smaller balances.

I heard that FMAC won't approve someone with a repo, but if you can try like hell to get it off your reports you porbably won't pay nearly as much interest. Good luck to you and I hope in some small way I've given you a little hope.

Oh yeah, and my fico was 578.

 

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I hate household auto!!!!


Then again, they're a subprime lender, so you can't expect more than loan sharking from them