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m3v8
Posts: 59
Registered: ‎05-09-2010
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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
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
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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
m3v8
Posts: 59
Registered: ‎05-09-2010
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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
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Senior Contributor
laz98
Posts: 4,336
Registered: ‎09-06-2008
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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:

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New Contributor
m3v8
Posts: 59
Registered: ‎05-09-2010
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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
m3v8
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
creditcrasher13
Posts: 4
Registered: ‎10-13-2013
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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....

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Revelate
Posts: 9,735
Registered: ‎12-30-2011
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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 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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RushXTC
Posts: 792
Registered: ‎07-01-2013
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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:

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