Does anyone have any tips for gaining approvals through GM's Subprime lending? ( I think its called Americredit!) I have a FICO of 565, salary of 80K per yr. and only a secured Capitol One card with a $200 limit. (1 month old), 6 collection accounts (med.bills, 3 paid off by 3/1/13). Just wondering which is better Americredit, Roadloans or Santander for my situation. Seeking a 20K used car loan, with 3K down payment. Thanks in advance for any/all responses!
I just recently got denied with a 659 fico and 50k salary. But that doesnt mean you cant get approved.
I had GM Financial/Americredit and let me tell you.... STAY AWAY.
I bought a new car. I was lucky to get the financing. But when that first month's payment came due... oh boy! Firstly, if you want to pay online - that will be $5... because you can only pay them online THROUGH Western Union. That's something that wasn't in the contract.
I only had the car for a month, it was a lemon. So when the manufacturer bought the car back, it took GM over 4 weeks to process the title, issue a refund, and clean out the file. They took this long because the loan is actually a synthesized loan through which you are a pawn. Don't do it.
You can educate yourself on their process by going to their website - they have s stupid video explaining how they sell your loan out to the market - similar to how the housing crisis started in the first place.
I know you may need a car (used or new) and a loan is necessary and is also a good way to establish credit. But GM Financial/Americredit are not there to help.
I guess everyone has different experiences. I had a loan with Americredit that was obtained about 1 year post BK. I had no issues with Americredit.
The collections that I have paid in full was readily removed upon request the negative remarks from my credit file. I still have some negative student loans (late payments) on my report in which they will not age off until 2015. Try the dealership first.
If you dont mind, what were the terms?
I went to the Toyota Dealership and I think at the time my Equafax was around 640ish, with that being said I asked them to pull my Transunion at 687. The transunion fico allowed me to go to the tier 1 credit approval and I was financed at 1.9% and $0 down-payment. I have no bankruptcy or recent repossession in which that may have helped.