topic Helping Friend (Roadloans Approved) CarMax and Santander still an option? in Auto Loans

Helping Friend (Roadloans Approved) CarMax and Santander still an option?

Creditaddict — Fri, 28 Sep 2012 06:55:59 GMT

I friend was asking me earlier about trading in his current car and getting something small and great on gas, it was later on (few) hours that the approval he had spoke of was today not months or years ago as I thought! LOL

okay so aproved Roadloans... I thought Capital One owned Roadloans and it was subprime but I thought either Santander was bought by Capital One... In the end I thought Roadloans was gone!! I had Roadloans loan in 2007 that sold to Santander a couple years later....

So he has this Roadloans, Does that mean he can also go to Carmax and possibly see a Santander offer?

I have not seen his credit report but based on my Santander history and his offer I assume mid 500's at best.

Offer is $12,000

72 months (YUCK!)

$600 Down

18% (Yuck)

Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

coreyb80 — Fri, 28 Sep 2012 15:26:41 GMT

That sounds exactly like the deal Roadloans offered me. Finding a vehicle in that price range at CarMax is like trying to find a needle in the haystack. A buddy of mine purcahsed a 2011 Hyundai Sonata recently from CarMax and he was financed via Santander at a high rate. Pick your poison with either company. If a vehicle is a must then do the deal and refinance it in 6 to 12 months for a much better rate. That's my plan.

Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

Creditaddict — Fri, 28 Sep 2012 15:43:28 GMT

coreyb80 wrote:
That sounds exactly like the deal Roadloans offered me. Finding a vehicle in that price range at CarMax is like trying to find a needle in the haystack. A buddy of mine purcahsed a 2011 Hyundai Sonata recently from CarMax and he was financed via Santander at a high rate. Pick your poison with either company. If a vehicle is a must then do the deal and refinance it in 6 to 12 months for a much better rate. That's my plan.

Yes, I think we will do that later today or tomorrow... I just wonder if Santander will approve and if so go higher!

Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

Shogun — Fri, 28 Sep 2012 16:30:14 GMT

Roadloans is Santander. I had them awhile back, On one of my CR it said Santander, the other said Roadlans, I called them, they said it didn't matter.

Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

LS2982 — Sat, 29 Sep 2012 23:04:14 GMT

Creditaddict wrote:
I friend was asking me earlier about trading in his current car and getting something small and great on gas, it was later on (few) hours that the approval he had spoke of was today not months or years ago as I thought! LOL
okay so aproved Roadloans... I thought Capital One owned Roadloans and it was subprime but I thought either Santander was bought by Capital One... In the end I thought Roadloans was gone!! I had Roadloans loan in 2007 that sold to Santander a couple years later....
So he has this Roadloans, Does that mean he can also go to Carmax and possibly see a Santander offer?
I have not seen his credit report but based on my Santander history and his offer I assume mid 500's at best.
Offer is $12,000
72 months (YUCK!)
$600 Down
18% (Yuck)

Tell your friend STAY FAR AWAY from Santander!!! they are crooks!!!

Anything else he can get is light years better than Santander!

UPDATE!!! Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

Creditaddict — Sun, 30 Sep 2012 04:15:59 GMT

LS2982 wrote:
Tell your friend STAY FAR AWAY from Santander!!! they are crooks!!!

Anything else he can get is light years better than Santander!

Oh come on... They have had some bad rap and most of that was the transition from Roadloans, accounts got aged incorrect, got reported deliquent, closed, open, repo... I had one too... but you can make payment by credit cards if your desperate or forget... I never really had a problem, I know it doesn't seem it but I really try NOT to call companies if I don't have to especially with things that are fixed for however many years.

Anway, The good news.

Went in today, picked out a car little more money but less miles and such and applied and was instant approved for "CarMax" 12% up to $20k!!!! No Money down!

I still however don't know score and report they pulled.

Re: UPDATE!!! Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

LS2982 — Sun, 30 Sep 2012 12:06:52 GMT

Creditaddict wrote:
LS2982 wrote:
Tell your friend STAY FAR AWAY from Santander!!! they are crooks!!!

Anything else he can get is light years better than Santander!

Oh come on... They have had some bad rap and most of that was the transition from Roadloans, accounts got aged incorrect, got reported deliquent, closed, open, repo... I had one too... but you can make payment by credit cards if your desperate or forget... I never really had a problem, I know it doesn't seem it but I really try NOT to call companies if I don't have to especially with things that are fixed for however many years.

Anway, The good news.
Went in today, picked out a car little more money but less miles and such and applied and was instant approved for "CarMax" 12% up to $20k!!!! No Money down!
I still however don't know score and report they pulled

No money down is AWESOME!!

Is he going to try to refi in a year?? That 12% isnt horrendous but is not good.

What kinda car by the way?

Re: UPDATE!!! Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

Shogun — Sun, 30 Sep 2012 14:42:21 GMT

12% is actually pretty good for Santander. Good luck to your friend!

Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

LS2982 — Sun, 30 Sep 2012 14:51:59 GMT

Not sure if it was santander that approved him. If it was then yea that's not too bad but they're known for killing people with APR.

Re: UPDATE!!! Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

coreyb80 — Mon, 01 Oct 2012 13:01:49 GMT

Not a bad deal. Most times I think of Santander I think of interest rate in the 20% or higher interest rate. Sounds like your friend got a good one especially with no money down. I may have to try CarMax myself next month. Gotta get my drivers license back first.

Re: Helping Friend (Roadloans Approved) CarMax- UPDATE

Creditaddict — Mon, 01 Oct 2012 18:25:25 GMT

LS2982 wrote:
Not sure if it was santander that approved him. If it was then yea that's not too bad but they're known for killing people with APR.

Sorry for confusion with 2 posts with questions...

He was approved at the 12% for the $20k with "CarMax Financial"

Santander/Roadloanes was 18% for $12k

Both are over 72 months but CarMax requires no money down.

After sleeping on it and after pulling credit and letting me look he has decided to give it a month since he will be traveling out of state anyway... and 1 month time and the dispute letters and removal from bad AU accounts, and a new Navy Federal Membership he might find himself in MUCH better score place in November!

oh and approved Capital One Cash (the green one for personal, not sure name.. but it's some sort of Cash) he got approved for $500 instantly after I told him to do pre-approval and he was given 2 chocies, no AF and no rewards or $39AF and rewards... then boom approval... He had NOTHING current,open, in good standing so this will probably deeply help also!

Little mad that he got more from Capital One then I did! LOL