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Epic Contributor
Creditaddict
Posts: 21,735
Registered: ‎10-23-2007
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Helping Friend (Roadloans Approved) CarMax and Santander still an option?

I friend was asking me earlier about trading in his current car and getting something small and great on gas, it was later on (few) hours that the approval he had spoke of was today not months or years ago as I thought! LOL

okay so aproved Roadloans... I thought Capital One owned Roadloans and it was subprime but I thought either Santander was bought by Capital One... In the end I thought Roadloans was gone!! I had Roadloans loan in 2007 that sold to Santander a couple years later....

So he has this Roadloans, Does that mean he can also go to Carmax and possibly see a Santander offer?

I have not seen his credit report but based on my Santander history and his offer I assume mid 500's at best.

Offer is $12,000

72 months (YUCK!)

$600 Down

18% (Yuck)

 

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Regular Contributor
coreyb80
Posts: 107
Registered: ‎07-26-2012
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Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

That sounds exactly like the deal Roadloans offered me.  Finding a vehicle in that price range at CarMax is like trying to find a needle in the haystack.  A buddy of mine purcahsed a 2011 Hyundai Sonata recently from CarMax and he was financed via Santander at a high rate.  Pick your poison with either company.  If a vehicle is a must then do the deal and refinance it in 6 to 12 months for a much better rate.  That's my plan.

Epic Contributor
Creditaddict
Posts: 21,735
Registered: ‎10-23-2007
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Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?


coreyb80 wrote:

That sounds exactly like the deal Roadloans offered me.  Finding a vehicle in that price range at CarMax is like trying to find a needle in the haystack.  A buddy of mine purcahsed a 2011 Hyundai Sonata recently from CarMax and he was financed via Santander at a high rate.  Pick your poison with either company.  If a vehicle is a must then do the deal and refinance it in 6 to 12 months for a much better rate.  That's my plan.


Yes, I think we will do that later today or tomorrow... I just wonder if Santander will approve and if so go higher!

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

Roadloans is Santander.   I had them awhile back,  On one of my CR it said Santander, the other said Roadlans,  I called them, they said it didn't matter.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?


Creditaddict wrote:

I friend was asking me earlier about trading in his current car and getting something small and great on gas, it was later on (few) hours that the approval he had spoke of was today not months or years ago as I thought! LOL

okay so aproved Roadloans... I thought Capital One owned Roadloans and it was subprime but I thought either Santander was bought by Capital One... In the end I thought Roadloans was gone!! I had Roadloans loan in 2007 that sold to Santander a couple years later....

So he has this Roadloans, Does that mean he can also go to Carmax and possibly see a Santander offer?

I have not seen his credit report but based on my Santander history and his offer I assume mid 500's at best.

Offer is $12,000

72 months (YUCK!)

$600 Down

18% (Yuck)

 


Tell your friend STAY FAR AWAY from Santander!!! they are crooks!!!

 

Anything else he can get is light years better than Santander!

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Epic Contributor
Creditaddict
Posts: 21,735
Registered: ‎10-23-2007
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UPDATE!!! Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?


LS2982 wrote:
Tell your friend STAY FAR AWAY from Santander!!! they are crooks!!!

 

Anything else he can get is light years better than Santander!

 


Oh come on... They have had some bad rap and most of that was the transition from Roadloans, accounts got aged incorrect, got reported deliquent, closed, open, repo... I had one too... but you can make payment by credit cards if your desperate or forget... I never really had a problem, I know it doesn't seem it but I really try NOT to call companies if I don't have to especially with things that are fixed for however many years.

 

Anway, The good news.

Went in today, picked out a car little more money but less miles and such and applied and was instant approved for "CarMax" 12% up to $20k!!!! No Money down!

I still however don't know score and report they pulled.

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: UPDATE!!! Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?


Creditaddict wrote:

LS2982 wrote:
Tell your friend STAY FAR AWAY from Santander!!! they are crooks!!!

 

Anything else he can get is light years better than Santander!

 


Oh come on... They have had some bad rap and most of that was the transition from Roadloans, accounts got aged incorrect, got reported deliquent, closed, open, repo... I had one too... but you can make payment by credit cards if your desperate or forget... I never really had a problem, I know it doesn't seem it but I really try NOT to call companies if I don't have to especially with things that are fixed for however many years.

 

Anway, The good news.

Went in today, picked out a car little more money but less miles and such and applied and was instant approved for "CarMax" 12% up to $20k!!!! No Money down!

I still however don't know score and report they pulled


No money down is AWESOME!!

 

Is he going to try to refi in a year?? That 12% isnt horrendous but is not good.

 

What kinda car by the way?




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: UPDATE!!! Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

12% is actually pretty good for Santander.   Good luck to your friend!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

Not sure if it was santander that approved him. If it was then yea that's not too bad but they're known for killing people with APR.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
coreyb80
Posts: 107
Registered: ‎07-26-2012
0

Re: UPDATE!!! Re: Helping Friend (Roadloans Approved) CarMax and Santander still an option?

Not a bad deal.  Most times I think of Santander I think of interest rate in the 20% or higher interest rate.  Sounds like your friend got a good one especially with no money down.  I may have to try CarMax myself next month.  Gotta get my drivers license back first.


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