02-10-2013 12:07 AM
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!
02-10-2013 09:09 AM
I just recently got denied with a 659 fico and 50k salary. But that doesnt mean you cant get approved.
02-21-2013 04:20 PM
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.
02-23-2013 10:22 AM
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.
02-28-2013 06:45 AM
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.
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