Reply
New Contributor
Posts: 59
Registered: ‎05-09-2010
0

Financial death sentence?... 6 late payments on auto loan

I have completely paid off 3 year lease with a tough bank BMW Financial Services,-  I made all payments on time, but 6 payments were- "30 days late" , out of total of 36 payments. It shows on all credit reports as paid in full, closed and 30 days late 6 times. Just because I made late payments over a year and a half ago, I would never be able to finance with that bank again? Or any other auto loan for that matter? Ready for a new car loan, but not sure if will get approved... what are my chances to secure $50k car loan? Score right now is Ex-606, Equ-636, Tu-708... have one paid charge off from 2 years ago.

05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: Financial death sentence?... 6 late payments on auto loan


m3v8 wrote:

I have completely paid off 3 year lease with a tough bank BMW Financial Services,-  I made all payments on time, but 6 payments were- "30 days late" , out of total of 36 payments. It shows on all credit reports as paid in full, closed and 30 days late 6 times. Just because I made late payments over a year and a half ago, I would never be able to finance with that bank again? Or any other auto loan for that matter? Ready for a new car loan, but not sure if will get approved... what are my chances to secure $50k car loan? Score right now is Ex-606, Equ-636, Tu-708... have one paid charge off from 2 years ago.


Confused here...so...you were late? Or...you were on time?

 

If you were late, that could be an issue. Do you have downpayment on top of the $50k loan? Can your income handle it?

 

Have you tried to goodwill that charge-off off of your reports?

 

New Contributor
Posts: 59
Registered: ‎05-09-2010
0

Re: Financial death sentence?... 6 late payments on auto loan

[ Edited ]

I was late on car loan 6 times. So, I guess it's a dead end for car loan history? 

I would  follow the advice on "good will record removal", but how do I do it? Call the bank and speak to them, or write a letter? These  were only late payments, but got better after that, and paid everything on that loan on time, and closed as in good standing, as the end of lease.


LynetteM wrote:


Confused here...so...you were late? Or...you were on time?

 

If you were late, that could be an issue. Do you have downpayment on top of the $50k loan? Can your income handle it?

 

Have you tried to goodwill that charge-off off of your reports?

 


 

05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
0

Re: Financial death sentence?... 6 late payments on auto loan

i see why you're frustrated, & i don't think it's a dead end for your car-buying days.  but i also see it from their point of view:  you were late with your payments almost 17% of the time.

 

did you just recently finish paying it off?  i would definitely try the goodwill request lynette suggested.  you can write an email or a letter, either works (or doesn't work, sometimes).  you can read more about it here on the forums; that's a very common piece of advice.  :smileyhappy:

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Contributor
Posts: 59
Registered: ‎05-09-2010
0

Re: Financial death sentence?... 6 late payments on auto loan

Thank you all so much for advice and for taking your time to respond.

I will definitely follow advice for Good Will removal of late payments with BMWFS. I will try calling them first and take it from there.

05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
New Contributor
Posts: 59
Registered: ‎05-09-2010
0

Re: Financial death sentence?... 6 late payments on auto loan

This BMWFS account was finished and paid off in good standing. Still, does it do more bad, than good?

05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
New Member
Posts: 4
Registered: ‎10-13-2013
0

Re: Financial death sentence?... 6 late payments on auto loan

Did you happen to have any luck with the BMW GW removal? I am looking to try to acheive the same thing. I had a loan and lease with them that was late a few times. The 650 lease was paid and closed in full last month and they financed another one for me after some calls to the higher ups but I havent tried working on the removals yet....

Moderator Emeritus
Posts: 10,932
Registered: ‎12-30-2011
0

Re: Financial death sentence?... 6 late payments on auto loan


creditcrasher13 wrote:

Did you happen to have any luck with the BMW GW removal? I am looking to try to acheive the same thing. I had a loan and lease with them that was late a few times. The 650 lease was paid and closed in full last month and they financed another one for me after some calls to the higher ups but I havent tried working on the removals yet....


Welcome to the forums!

 

This is a 3.5 year old thread; I would suggest posting your question in the Rebuilding Your Credit forum where the GW experts typically are found.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Established Contributor
Posts: 794
Registered: ‎07-01-2013
0

Re: Financial death sentence?... 6 late payments on auto loan


Jazzzy wrote:

m3v8 wrote:

I have completely paid off 3 year lease with a tough bank BMW Financial Services,-  I made all payments on time, but 6 payments were- "30 days late" , out of total of 36 payments. It shows on all credit reports as paid in full, closed and 30 days late 6 times. Just because I made late payments over a year and a half ago, I would never be able to finance with that bank again? Or any other auto loan for that matter? Ready for a new car loan, but not sure if will get approved... what are my chances to secure $50k car loan? Score right now is Ex-606, Equ-636, Tu-708... have one paid charge off from 2 years ago.


Confused here...so...you were late? Or...you were on time?

 

If you were late, that could be an issue. Do you have downpayment on top of the $50k loan? Can your income handle it?

 

Have you tried to goodwill that charge-off off of your reports?

 


This might be an old thread, But I lol'd.

 

I read the first post before checking the date and was confused by this statement. :smileylol:

ManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.com****$20,000**********$5,000***********$4,100***********$3,500**********$2,500***********$1,000****
EQ - 688 (10/9/13) | TU - 705 (02/18/14) | EX - 701 (10/9/13) | CS Fako - 717 (10/4/13) | CK Fako - 697 (11/05/13)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.