Financing After REpo

[william23]

So I decided and today I will go to hyundai and see what can I get. My scores are high 500's but I am willing to trade in my current car which is paid off and has an 7k value right now. 2003 Honda with 77k miles on it. I really don't know if they will even work with me but I will give it a shot. Repo is not paid but its from 2008. Any advice??? I got a pre approval from capital one and it says I qualify up to 30k. Any advice do you think I have a shot ???

Thanks Guys.

[Anonymous]

With scores like that and a repo with no resolution on it from just 3 years ago, I'm quite surprised you go the preapproval from Cap1. You can certainly try. It won't hurt anything if it's been 30 days or less since the Cap1 preapproval. Don't be surprised if the dealer pulls your credit and isn't as friendly as you would like. Best of luck. At least you have the Cap1 preapproval to fall back on. What's the rate on that?

[Anonymous]

1- I do not see how an 8+ year old car with 77,000 miles on it has a trade in value of $7000.  I would see that as a retail value, possibly, but not a trade in. Just the drop off in the number of banks that would finance  a 77,000 mile vehicle makes the deal more challenging.

2- Capital One sends out many unsolicited pre approval offers, some are more or less fishing for interested people, some have actually had some type of formula go into who received them, others are direct marketing in association with a particular dealership. All have clauses on the back that state the final offer is pending actual running of your score and completing  a credit application- with amount approved and interest rate determined then.

I do not see how with your score you are going to get into any car loan, and if you do, how the rates are going to be favorable at all.

if you actually have a 2003 vehicle that is worth $7,000 you need to KEEP IT. and you need to start making payments to yourself of about $500 a month so that when you need a new car you can buy it outright.  You might also want to find out what your outstanding is on the repo and pay that.

[william23]

Update and by the way usmc check kbb on it . I got 7000 for my car and I was able to finance with capital one at 12% not too bad. So it is possible. Yay !!

[Anonymous]

---

@william23 wrote:
Update and by the way usmc check kbb on it . I got 7000 for my car and I was able to finance with capital one at 12% not too bad. So it is possible. Yay !!

---

i don't need to check KBB.

and since I have no idea what "kind" of Honda you have more importantly I cant.

Unless your Honda is something special or exotic or atypical I simply do not see you getting $7,000 for a 9 model year old car with 77,00 miles on it.

Anyone can come into the forums and say anything....on the internet no one knows you are a dog.