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beanie7132
Posts: 266
Registered: ‎02-20-2013
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For those with "not so great" credit....

I wanted to put this out there for those with credit like mine. The auto loan thread has been great, but I do not see many for people in my range unless its NFCU or USAA and I dont qualify for either one.

On equifax, I have two charge offs (6.5 years old) and unpaid. I have 3 medical collections - one is paid but not showing paid yet. I have 6 new accounts (all within the past 5 months showing). I have 15 or so inquires, 7 from car loan shopping) all within the past 5 months.

I have a paid off, on time, 5 year loan, that was a joint account. I have a more recent paid off car loan with 10 thirty day lates that all occured 17 months ago or later. My equifax score is 636.

I applied for the Capital One Blank check and was approved for 26K @ 15.81 % - this set my hopes pretty dang low.

I applied for several others - Chrysler, Ally - approved but wouldnt give me a rate.

BOA - denied

Local CU - still waiting

Wells Fargo - still waiting

 

I applied for DCU - and....... got a rate of 8.99 - which they will lower if I do net direct deposit within the next 3 months to 8.49%. Who would have thought? I do think calling and doing the app over the phone helped a little. I was able to explain several things on my report and received free "stop apping" advice from the rep :smileywink:

 

Im done loan shopping - I will let the dealer try to beat since I already slammed my reports with inquiries this past week.

 

There is hope out there.....

 

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HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
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Re: For those with "not so great" credit....

Auto loans especially are not driven entirely by score. A lot of it has to do with the specific vehicle, how badly does the dealer want /need to make the deal and down payments. You need to remember that inventory on the dealers lot is not "Free". They are paying a price in one way or another to keep the car there and their motivation to sell is based on that. A good F&I guy can get a rate for a customer that would not be available (Or get a shaky approval done) if the dealership is motivated to sell that particular unit.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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lajntx
Posts: 267
Registered: ‎06-26-2009
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Re: For those with "not so great" credit....

[ Edited ]

HoldingOntoHope wrote:

Auto loans especially are not driven entirely by score. A lot of it has to do with the specific vehicle, how badly does the dealer want /need to make the deal and down payments. You need to remember that inventory on the dealers lot is not "Free". They are paying a price in one way or another to keep the car there and their motivation to sell is based on that. A good F&I guy can get a rate for a customer that would not be available (Or get a shaky approval done) if the dealership is motivated to sell that particular unit.


That post should be a sticky because it has helped me quite well by looking for cars that have been sitting there awhile that I knew would make the dealership motivated to move it due to my credit scores ( see siggy ). I was able to do this because in Texas, a dealership is required to do a state inspection  within a reasonable time of the vehicle being transported there. New cars here get a 2 year sticker  Thus, I merely looked at inspection stickers and could tell about how long it was there.

 

 

2013 Focus, purchased in April-- Sticker expires in Jan `15. Car had been sitting there at least 3 months. Offered 0 down & 5.9% talked them down to 1.9% by giving up the holdback.

 

2014 Mustang, purchased this month. --- Sticker expires in March `15. Car had been sitting there at least 5 months. 1k down & 4.9% - Wouldnt give up the holdback - Guess they wont fall for the same trick twice! :smileyvery-happy:

 

I`m willing to bet if the OP went with Ford that even still with all those inquiries that FMC will beat every other APR offer he`s gotten -- or will get. :smileyhappy:

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Established Member
DreaIYIs
Posts: 43
Registered: ‎06-29-2013
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Re: For those with "not so great" credit....


beanie7132 wrote:

I wanted to put this out there for those with credit like mine. The auto loan thread has been great, but I do not see many for people in my range unless its NFCU or USAA and I dont qualify for either one.

On equifax, I have two charge offs (6.5 years old) and unpaid. I have 3 medical collections - one is paid but not showing paid yet. I have 6 new accounts (all within the past 5 months showing). I have 15 or so inquires, 7 from car loan shopping) all within the past 5 months.

I have a paid off, on time, 5 year loan, that was a joint account. I have a more recent paid off car loan with 10 thirty day lates that all occured 17 months ago or later. My equifax score is 636.

I applied for the Capital One Blank check and was approved for 26K @ 15.81 % - this set my hopes pretty dang low.

I applied for several others - Chrysler, Ally - approved but wouldnt give me a rate.

BOA - denied

Local CU - still waiting

Wells Fargo - still waiting

 

I applied for DCU - and....... got a rate of 8.99 - which they will lower if I do net direct deposit within the next 3 months to 8.49%. Who would have thought? I do think calling and doing the app over the phone helped a little. I was able to explain several things on my report and received free "stop apping" advice from the rep :smileywink:

 

Im done loan shopping - I will let the dealer try to beat since I already slammed my reports with inquiries this past week.

 

There is hope out there.....

 


How was  your revolving  any lates der? tryna match my rebuilding profile to someone to stay motivated on this long journey 


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beanie7132
Posts: 266
Registered: ‎02-20-2013
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Re: UPDATED For those with "not so great" credit....


DreaIYIs wrote:

beanie7132 wrote:

I wanted to put this out there for those with credit like mine. The auto loan thread has been great, but I do not see many for people in my range unless its NFCU or USAA and I dont qualify for either one.

On equifax, I have two charge offs (6.5 years old) and unpaid. I have 3 medical collections - one is paid but not showing paid yet. I have 6 new accounts (all within the past 5 months showing). I have 15 or so inquires, 7 from car loan shopping) all within the past 5 months.

I have a paid off, on time, 5 year loan, that was a joint account. I have a more recent paid off car loan with 10 thirty day lates that all occured 17 months ago or later. My equifax score is 636.

I applied for the Capital One Blank check and was approved for 26K @ 15.81 % - this set my hopes pretty dang low.

I applied for several others - Chrysler, Ally - approved but wouldnt give me a rate.

BOA - denied

Local CU - still waiting

Wells Fargo - still waiting

 

I applied for DCU - and....... got a rate of 8.99 - which they will lower if I do net direct deposit within the next 3 months to 8.49%. Who would have thought? I do think calling and doing the app over the phone helped a little. I was able to explain several things on my report and received free "stop apping" advice from the rep :smileywink:

 

Im done loan shopping - I will let the dealer try to beat since I already slammed my reports with inquiries this past week.

 

There is hope out there.....

 


How was  your revolving  any lates der? tryna match my rebuilding profile to someone to stay motivated on this long journey 


Revolving is fine - DTI is somewhere between 3 and 10%. No negatives other than what I mentioned.

I can add:

Chysler gave me 8.79%

Ally gave me 10.19%

Wells Fargo gave me 9.24%

State Farm Bank (its who I have my car insurance through) will give me a rate tomorrow when I provide them a VIN.

Local Credit Union denied me - such a shame as I have been with them for over 17 years. Moving everything to DCU soon and closing that account.

 

Got dealer trying to beat DCU's 8.49%, Wells Fargo loan rep was such a sweetie and said he would go to bat for me like crazy for  one point to match DCU.

 

Weary about the car deal/price though.

 

Its a new 2013 Chrysler 200, 4cyl, cloth interior, with UConnect, touchscreen mp3/dvd/cd and S Appearance Package. MSRP 24850, invoice 23886. Quote given me was 19,100 plus 800ish in tax/fees. Dealer said he cant/wont go any lower....... I want to be closer to 18,500, am I low balling it on this one?

Frequent Contributor
beanie7132
Posts: 266
Registered: ‎02-20-2013
0

Re: For those with "not so great" credit....


lajntx wrote:

HoldingOntoHope wrote:

Auto loans especially are not driven entirely by score. A lot of it has to do with the specific vehicle, how badly does the dealer want /need to make the deal and down payments. You need to remember that inventory on the dealers lot is not "Free". They are paying a price in one way or another to keep the car there and their motivation to sell is based on that. A good F&I guy can get a rate for a customer that would not be available (Or get a shaky approval done) if the dealership is motivated to sell that particular unit.


That post should be a sticky because it has helped me quite well by looking for cars that have been sitting there awhile that I knew would make the dealership motivated to move it due to my credit scores ( see siggy ). I was able to do this because in Texas, a dealership is required to do a state inspection  within a reasonable time of the vehicle being transported there. New cars here get a 2 year sticker  Thus, I merely looked at inspection stickers and could tell about how long it was there.

 

 

2013 Focus, purchased in April-- Sticker expires in Jan `15. Car had been sitting there at least 3 months. Offered 0 down & 5.9% talked them down to 1.9% by giving up the holdback.

 

2014 Mustang, purchased this month. --- Sticker expires in March `15. Car had been sitting there at least 5 months. 1k down & 4.9% - Wouldnt give up the holdback - Guess they wont fall for the same trick twice! :smileyvery-happy:

 

I`m willing to bet if the OP went with Ford that even still with all those inquiries that FMC will beat every other APR offer he`s gotten -- or will get. :smileyhappy:


I wish I knew how long the car was on the lot for ours!!! I do know this particular dealer, is local and using it to thier advantage I think. We live in the sticks... so short of driving and hour or two for a new car our choices are slim to none. I do know this dealer just lost about half its inventory when it sold off half its lot so Advance Auto parts could move into that spot... not sure what they did with thier cars.

PS.... This OP is a female :smileywink:~ and will never again in her natural life own another Ford. no offense to Ford lovers..... I just had a bad bad experience with one I owned.

Established Contributor
sccredit
Posts: 836
Registered: ‎09-14-2012
0

Re: For those with "not so great" credit....


beanie7132 wrote:

lajntx wrote:

HoldingOntoHope wrote:

Auto loans especially are not driven entirely by score. A lot of it has to do with the specific vehicle, how badly does the dealer want /need to make the deal and down payments. You need to remember that inventory on the dealers lot is not "Free". They are paying a price in one way or another to keep the car there and their motivation to sell is based on that. A good F&I guy can get a rate for a customer that would not be available (Or get a shaky approval done) if the dealership is motivated to sell that particular unit.


That post should be a sticky because it has helped me quite well by looking for cars that have been sitting there awhile that I knew would make the dealership motivated to move it due to my credit scores ( see siggy ). I was able to do this because in Texas, a dealership is required to do a state inspection  within a reasonable time of the vehicle being transported there. New cars here get a 2 year sticker  Thus, I merely looked at inspection stickers and could tell about how long it was there.

 

 

2013 Focus, purchased in April-- Sticker expires in Jan `15. Car had been sitting there at least 3 months. Offered 0 down & 5.9% talked them down to 1.9% by giving up the holdback.

 

2014 Mustang, purchased this month. --- Sticker expires in March `15. Car had been sitting there at least 5 months. 1k down & 4.9% - Wouldnt give up the holdback - Guess they wont fall for the same trick twice! :smileyvery-happy:

 

I`m willing to bet if the OP went with Ford that even still with all those inquiries that FMC will beat every other APR offer he`s gotten -- or will get. :smileyhappy:


I wish I knew how long the car was on the lot for ours!!! I do know this particular dealer, is local and using it to thier advantage I think. We live in the sticks... so short of driving and hour or two for a new car our choices are slim to none. I do know this dealer just lost about half its inventory when it sold off half its lot so Advance Auto parts could move into that spot... not sure what they did with thier cars.

PS.... This OP is a female :smileywink:~ and will never again in her natural life own another Ford. no offense to Ford lovers..... I just had a bad bad experience with one I owned.


I have driven an hour or 2 for just about every car I've purchased.  I've driven 90 minutes for a $400 difference.  I've bought from the "local" dealer one time, just because they had the best price.  

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SSH0126
Posts: 332
Registered: ‎02-22-2009
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Re: For those with "not so great" credit....

I
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jchu2013
Posts: 44
Registered: ‎01-12-2013
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Re: For those with "not so great" credit....

Do you guys have to provide proof of income for those applications thru bank or capital one.
My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: For those with "not so great" credit....

I think with a good down payment and scores in the mid-600's. The dealer will be able to offer you a much better rate than 9% (yuck).

 

Do some good negotiating at the dealership. Good luck.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


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