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New Contributor
Posts: 81
Registered: ‎01-29-2013
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GM SUBPRIME AUTO FINANCING?...

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!


Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


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Regular Contributor
Posts: 204
Registered: ‎09-17-2007
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Re: GM SUBPRIME AUTO FINANCING?...

I just recently got denied with a 659 fico and 50k salary. But that doesnt mean you cant get approved.


Starting Score: 433
Current Score: 700
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Contributor
Posts: 124
Registered: ‎08-13-2012
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Re: GM SUBPRIME AUTO FINANCING?...

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.

4/2012 **Paid off 60 month car loan in 60 months**
6/11/2012 500 Auto EQ (CarMax)
7/2012 **Paid off 60 month VW car loan in 32 months**
8/13/2012 584 TU myFICO
8/16/2012 577 EQ myFICO
8/18/2012 **New $500 CC from WalMart** (1st CC since 2008)
8/19/2012 **New $200 CC from Capital One** (2nd CC since 2008)
Regular Contributor
Posts: 226
Registered: ‎05-24-2012
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Re: GM SUBPRIME AUTO FINANCING?...

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.

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Frequent Contributor
Posts: 305
Registered: ‎07-05-2011
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Re: GM SUBPRIME AUTO FINANCING?...

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.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
New Contributor
Posts: 81
Registered: ‎01-29-2013
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Re: GM SUBPRIME AUTO FINANCING?...

If you dont mind, what were the terms?


Starting Score: 548
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New Contributor
Posts: 81
Registered: ‎01-29-2013
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Re: GM SUBPRIME AUTO FINANCING?...

Thanks!


Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


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Frequent Contributor
Posts: 305
Registered: ‎07-05-2011
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Re: GM SUBPRIME AUTO FINANCING?...

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.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
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