Finance after repo

[william23]

I know my scores are not that good know since I just started rebuilding. My question is is it possible to finance after a repo ? It was repo'd last year unfortunately I was going through a lot and I had to let go. I have been working for the same company for about 2 and half years making 40k a year. Would take that into consideration? Auto was sold remaining balance like 9k I think never got sued cuz I moved to a different state. Any suggestions here?? Once I get my credit up to like 640 I would like to apply in the next 2 years.

[Creditaddict]

I got approved for Santander at Carmax with auto enhanced scores around the 580.

Funny thing is I had picked out a car at another dealership and I told them carmax had me approved through Santander, the finance manager from other dealer sent almost the exact car and price over to Santander and they declined it.

I believe you can also apply through Cap1 for blank check and if you don't qualify with them, they have a 2nd finance company that is pretty easy i think

[JM-AM]

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@Creditaddict wrote:

I got approved for Santander at Carmax with auto enhanced scores around the 580.

Funny thing is I had picked out a car at another dealership and I told them carmax had me approved through Santander, the finance manager from other dealer sent almost the exact car and price over to Santander and they declined it.

I believe you can also apply through Cap1 for blank check and if you don't qualify with them, they have a 2nd finance company that is pretty easy i think

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The reason this comes into play is every dealer has account contacts with different lenders. They all have deals to push a limited amount of risky consumers through. Hence the reason why being approved in one place does not warrant approval in another. 

[william23]

I am so confused

[JM-AM]

I would assume the worse and say that your auto enhanced scores will reflect the repo and the balance if not being paid. Possibly finding out if anything is owed on the repo and making good on payment for the balance may help in UW decision.

I honestly could not say if there decision will lean one way or the other.

[striders]

This is correct. I had a repo back in 2007 and I had to get a loan from a dealer that have a contact with non-subp  prime lender, like Santanders, in 2008. I was able to purchase a new car with 9.9% even with the repo record.

If you apply on your own (I.e. CapOne, etc.), chances are you will NOT qualify since these lender will just automatically disqualify you due tot he repo account. Having a dealer that specializes with your situation AND have direct contact to specific lenders such as Santanders, Ally bank, etc., you have better chance. Interestingly, you CANNOT apply directly to these lenders, only through dealers.

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@JM-AM wrote:

 The reason this comes into play is every dealer has account contacts with different lenders. They all have deals to push a limited amount of risky consumers through. Hence the reason why being approved in one place does not warrant approval in another. 

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