cancel
Showing results for 
Search instead for 
Did you mean: 

2 Car Repos in 09, Odds of getting approved for vehicle?

tag
jrwh1177
New Member

2 Car Repos in 09, Odds of getting approved for vehicle?

Hey All,

 

First time here in this site.  When the economy when down the tubes the construction company i worked for closed down, lost my job and had one vehicle repossed and another I turned in voluntarily.  Well as you can imagine my credit tanked and I have been for the past four years trying to rebuild my credit.  It was 515 at one point and now I am at 661 Experian, 660 TU, and 674 EQ.  I am at 7% credit utilization, with one cc at $300, $500, $1000 from Target, $1200 Webbank and make 52k a year.  I am in the market of buying a new car soon but I am scared that those two repo's from 09 will keep me from getting approved.  Has anyone had anything similar and what transpired?  With this type of scenario do you know which finance company I might have the best chance of going for?  I know that car dealerships usually use a different scoring model which is different from the regular FICO.   I am unsure if 4 years is enough time for this to not affect my credit as much, again I am new at all this.  Any and all input is appreciated

Message 1 of 8
7 REPLIES 7
lovelylisa84
Valued Member

Re: 2 Car Repos in 09, Odds of getting approved for vehicle?

Well the scores you have are not "auto enhanced" which you cannot buy. With the two repos...most likely your auto score is a lot lower than your current FICO scores. I think you could get financing but you will probably pay a very high rate. I had a repo after 60 days of being late in 2007. I bought a used car a year later with over 18% They claimed that my auto score was 490. My FICO was higher but I cant remember what it was. The repo I am sure drug my score down even worse. You can always try with Capital One. Good luck!

TU FAKO 5/2013 605 6/2013 617
EQ FICO 5/2013 535 6/2013 623
BK7 Filed 3/29/13
Score Goal:715
Message 2 of 8
StartingOver10
Moderator Emerita

Re: 2 Car Repos in 09, Odds of getting approved for vehicle?

I would go to a credit union or your bank for financing. Don't even try the dealership.  A CU is really your best shot for a decent interest rate. A dealership will take advantage of the fact that you don't know your auto enhanced FICO (and can't find out what it is!).

 

A CU gives people second chances. Have your explanation ready. You have already paid your dues for 4 years now, you should be able to get a relatively good rate since you have re-estabished yourself after the repo's. Hopefully you don't have any judgment from the repo's. Do you?

Message 3 of 8
scoobieky
Valued Member

Re: 2 Car Repos in 09, Odds of getting approved for vehicle?

My experience, I had a repo in 2011 I have been paying on it ever since I was able to get a loan through americredit (gm financial) at 14.9% summer 2012 refinanced this year with NFCU at 4.49% so there is hope

Starting Score: EQmyFico 669
Current Score: EQ674 WallyTU 680 NFCU TU 670 came with the card I was approved for
Goal Score: 700


In garden until April 2014

Message 4 of 8
jrwh1177
New Member

Re: 2 Car Repos in 09, Odds of getting approved for vehicle?

Well, my car kept on giving me issues so I went ahead and took the plunge and applied for Capital One Auto.  I submitted the application and the next 60 seconds proved to be the most never wrecking seconds of my life.  At the end of the the sixty seconds it said.  CONGRATULATIONS YOU HAVE BEEN APPROVED!  I now will get a blank check for 22k, planning on spending only 15k of it, at 7.7% APR.  I am glad for forums like these and the advice everyone provides.  Now off to car shop.

Message 5 of 8
HoldingOntoHope
Valued Contributor

Re: 2 Car Repos in 09, Odds of getting approved for vehicle?

I think that is an amazing approval with the repo history. Just remember that if you maintain a good history on the car payments on this loan and the loan to value is in line you should be able to refinance to an even better rate in the future. But I have seen people on these forums have to accept a rate of 2X that or more to get back in the game. Congratulations on your solid credit rebuild between loans.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 6 of 8
Creditaddict
Legendary Contributor

Re: 2 Car Repos in 09, Odds of getting approved for vehicle?


@jrwh1177 wrote:

Well, my car kept on giving me issues so I went ahead and took the plunge and applied for Capital One Auto.  I submitted the application and the next 60 seconds proved to be the most never wrecking seconds of my life.  At the end of the the sixty seconds it said.  CONGRATULATIONS YOU HAVE BEEN APPROVED!  I now will get a blank check for 22k, planning on spending only 15k of it, at 7.7% APR.  I am glad for forums like these and the advice everyone provides.  Now off to car shop.


With check and rate in hand, you might find a dealership that can beat it! shorten up the term to 48 or 60 though if capital one is still on the 72 month deal... you don't want that!

Message 7 of 8
jrwh1177
New Member

Re: 2 Car Repos in 09, Odds of getting approved for vehicle?

I am actually with that interest rate for a 60 month deal.  I will still negotiate.

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.