I currently have an auto loan through Ally Financial (it was originally GMAC, but Ally purchased it). I've had the loan (with a cosigner) since July 2008. In 2010 I was going through a rough patch post-divorce and had 2 - 30 day lates. One in February 2010 and one in August 2010. I've had perfect payment history since then and am actually 2 payments ahead on my loan.
I'm now looking into purchasing a newer vehicle with less miles, and when the dealership tried to get me financing - Ally Financial denied me an auto loan. My credit is still wrecked from that rough patch after the divorce, so my credit score is only 545 right now. I'm currently doing what I can to rebuild (get the baddies off my report from a few years ago, GW deletions, etc).. My question is - what are the chances that I could get Ally Financial to take a second look by an actual person (not a computer generated approval/denial) and get approved for the loan?
I don't have great credit. It is 600 witn EQ and below that with transunion, and Capital One Auto Finance approved me. You should try them online. You will get an email within minutes saying if you are approved or not. It will not be the best rate. I just got between 8 and 9% depending on the year I pick. Good luck.
You don't mention any of the financials of the car purchase...are you up-side down in your trade?, do you have a down payment? what are your other loan obligations? how much is the car you trying to buy this time and how much was the car you're trying trade in? give us the numbers on the car deal...
I had a car loan through gmac never missed a payment someone co signed but I made every payment on time. Went to purchase another vehicle the place told me ally wouldn't accept me so I went with pfs and got the loan by myself never a late payment I should have a high auto enhanced fico score this is what I will use to get lower interest rates next time I buy a car