I can help, I manage a car dealership.

[icarenow]

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@UpNComing wrote:

Welcome to the forums icarenow   It appears that your question or comment didn't post correctly.  Try posting again.

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hmm big fingers small phone!

Great info contained here, i cant imagine the time you have spent helping others.. i have learned alot  THANKS!

So to the point , if I may. My first car loan went in default and the vehicle was repo'd , in approximately 2004, no longer shows in any report.  how will this affect my future ability to obtain a car loan? 

 Is there a question in a normal car loan application referencing previous repo, how do i answer a question like this? 

can i claim first time buyer or can they see a previous car loan, even though i cant see it on my reports

(((((still have a student loan now paid off! but showing as previously 120days late)))))))))))

I care now about my credit , though i was stupid and young once.  i hope to get into a car loan in the next couple of months if possible(probably used jetta).   

                 all in preperation to get a 2012 Passat in a year or two off-lease or similar, to get great car but after intial depreciation!!!

[Anonymous]

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@icarenow wrote:

---

@UpNComing wrote:

Welcome to the forums icarenow   It appears that your question or comment didn't post correctly.  Try posting again.

---

hmm big fingers small phone!

Great info contained here, i cant imagine the time you have spent helping others.. i have learned alot  THANKS!

So to the point , if I may. My first car loan went in default and the vehicle was repo'd , in approximately 2004, no longer shows in any report.  how will this affect my future ability to obtain a car loan? 

 Is there a question in a normal car loan application referencing previous repo, how do i answer a question like this? 

can i claim first time buyer or can they see a previous car loan, even though i cant see it on my reports

(((((still have a student loan now paid off! but showing as previously 120days late)))))))))))

I care now about my credit , though i was stupid and young once.  i hope to get into a car loan in the next couple of months if possible(probably used jetta).   

                 all in preperation to get a 2012 Passat in a year or two off-lease or similar, to get great car but after intial depreciation!!!

---

Repos are about the worst thing to have when seeking a new car loan.  However, the FCRA requires that derogatory information only be reported for 7 years.  As such, your repo will no longer appear on your credit report after 7 years, as you have noted.  I haven't usually been asked if I had a repo before, they just checked my credit report, but if they did, I would just say no.  As far as they are concerned, you don't, because it can no longer be legally reported.

As for the student loan, the 120 day late will definitely hurt.  How long ago was that?  Keep in mind, that will also disappear 7 years after the late ocurred.  It will also hurt a little less as it ages, but generally 120 day lates hurt a lot all the way until the bitter end.  Have you checked for your FICO score recently?  What about credit cards, do you have any and what are the payment histories and utilization like?

[icarenow]

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@Anonymous wrote:

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@icarenow wrote:

---

@UpNComing wrote:

Welcome to the forums icarenow   It appears that your question or comment didn't post correctly.  Try posting again.

---

hmm big fingers small phone!

Great info contained here, i cant imagine the time you have spent helping others.. i have learned alot  THANKS!

So to the point , if I may. My first car loan went in default and the vehicle was repo'd , in approximately 2004, no longer shows in any report.  how will this affect my future ability to obtain a car loan? 

 Is there a question in a normal car loan application referencing previous repo, how do i answer a question like this? 

can i claim first time buyer or can they see a previous car loan, even though i cant see it on my reports

(((((still have a student loan now paid off! but showing as previously 120days late)))))))))))

I care now about my credit , though i was stupid and young once.  i hope to get into a car loan in the next couple of months if possible(probably used jetta).   

                 all in preperation to get a 2012 Passat in a year or two off-lease or similar, to get great car but after intial depreciation!!!

---

Repos are about the worst thing to have when seeking a new car loan.  However, the FCRA requires that derogatory information only be reported for 7 years.  As such, your repo will no longer appear on your credit report after 7 years, as you have noted.  I haven't usually been asked if I had a repo before, they just checked my credit report, but if they did, I would just say no.  As far as they are concerned, you don't, because it can no longer be legally reported.

As for the student loan, the 120 day late will definitely hurt.  How long ago was that?  Keep in mind, that will also disappear 7 years after the late ocurred.  It will also hurt a little less as it ages, but generally 120 day lates hurt a lot all the way until the bitter end.  Have you checked for your FICO score recently?  What about credit cards, do you have any and what are the payment histories and utilization like?

So, the student loan is an issue i am still trying to figure out...

Status as of Date opened [?] Account number [?] Largest past balance [?] Terms [?] Account Type [?] Account holder [?] Industry

Sep, 2008

Mar, 2007

XXXXXXXXXXXXX????

$4,340

(36 Months)

Installment

Individual

Federal

Descriptions [?]

• Paid collection
• Student loan

No contact information provided by Equifax

Balance [?] Current Status [?]

$0	120+ days past due

Seven year payment history [?] 30 days late 60 days late 90+ days late

0 times

0 times

0 times

So the big issue with that is I finished school in 1995, starting missing payments sometime after 2000 then it went to collection.    I paid in full september 2008!!!! but when i pull up the account it says the account was opened in mar 2007, not possible, i lived in europe at the time and finished school twelve years prior?  i dont understand....   i think it was the collection agency, for a 36 month term,  should i dispute DOFD?

So student loan aside,,,,,,--...  i have 3 Cap One cc's total limit of only $2500,         ((with only one 30 day late between all three cc's in DECEMBER 2006!)due to double payment to one account and forgetting one, my mistake.. i hope cap1 will GW for me???, )     utilization is about 66%...(due to just getting married.). myfico.com reports EQ 671 at current utilization. 

  but last month when my utilization was lower! I opened a bank account at a credit union, they did a hard pull and my EXPERIAN FICO was 711

Sorry if this is jumbled and confusing , that is the way I am right now, just trying to get a grasp of it all,,thanks for response!!

[Anonymous]

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@icarenow wrote:

---

@Anonymous wrote:

---

@icarenow wrote:

---

@UpNComing wrote:

Welcome to the forums icarenow   It appears that your question or comment didn't post correctly.  Try posting again.

---

hmm big fingers small phone!

Great info contained here, i cant imagine the time you have spent helping others.. i have learned alot  THANKS!

So to the point , if I may. My first car loan went in default and the vehicle was repo'd , in approximately 2004, no longer shows in any report.  how will this affect my future ability to obtain a car loan? 

 Is there a question in a normal car loan application referencing previous repo, how do i answer a question like this? 

can i claim first time buyer or can they see a previous car loan, even though i cant see it on my reports

(((((still have a student loan now paid off! but showing as previously 120days late)))))))))))

I care now about my credit , though i was stupid and young once.  i hope to get into a car loan in the next couple of months if possible(probably used jetta).   

                 all in preperation to get a 2012 Passat in a year or two off-lease or similar, to get great car but after intial depreciation!!!

---

Repos are about the worst thing to have when seeking a new car loan.  However, the FCRA requires that derogatory information only be reported for 7 years.  As such, your repo will no longer appear on your credit report after 7 years, as you have noted.  I haven't usually been asked if I had a repo before, they just checked my credit report, but if they did, I would just say no.  As far as they are concerned, you don't, because it can no longer be legally reported.

As for the student loan, the 120 day late will definitely hurt.  How long ago was that?  Keep in mind, that will also disappear 7 years after the late ocurred.  It will also hurt a little less as it ages, but generally 120 day lates hurt a lot all the way until the bitter end.  Have you checked for your FICO score recently?  What about credit cards, do you have any and what are the payment histories and utilization like?

So, the student loan is an issue i am still trying to figure out...

Status as of Date opened [?] Account number [?] Largest past balance [?] Terms [?] Account Type [?] Account holder [?] Industry

Sep, 2008

Mar, 2007

XXXXXXXXXXXXX????

$4,340

(36 Months)

Installment

Individual

Federal

Descriptions [?]

• Paid collection
• Student loan

No contact information provided by Equifax

Balance [?] Current Status [?]

$0	120+ days past due

Seven year payment history [?]30 days late 60 days late 90+ days late

0 times

0 times

0 times

So the big issue with that is I finished school in 1995, starting missing payments sometime after 2000 then it went to collection.    I paid in full september 2008!!!! but when i pull up the account it says the account was opened in mar 2007, not possible, i lived in europe at the time and finished school twelve years prior?  i dont understand....   i think it was the collection agency, for a 36 month term,  should i dispute DOFD?

So student loan aside,,,,,,--...  i have 3 Cap One cc's total limit of only $2500,         ((with only one 30 day late between all three cc's in DECEMBER 2006!)due to double payment to one account and forgetting one, my mistake.. i hope cap1 will GW for me???, )     utilization is about 66%...(due to just getting married.). myfico.com reports EQ 671 at current utilization. 

  but last month when my utilization was lower! I opened a bank account at a credit union, they did a hard pull and my EXPERIAN FICO was 711

Sorry if this is jumbled and confusing , that is the way I am right now, just trying to get a grasp of it all,,thanks for response!!

---

Well, your FICO is pretty good actually, considering how high that utilization is.  If you can get that down below 20% (or even better <10%) your FICO should go up by a lot.

Late payments don't go by the DOFD.  A late payment is on record for 7 years after that particular payment was missed.  This sounds like a different situation though.  It is best probably handled in another thread in the rebuilding section though.  Post some more details there such as who the listing is from on your report (CA or OC), what it says as the DOFD or the date it is supposed to be removed, and everything else you see about it.  As for an auto loan, you should be okay to get one, but a lot of factors contribute like LTV and DTI.  If you can wait to get your utilization down, it will probably also help a lot.

[icarenow]

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@Anonymous wrote:

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@icarenow wrote:

---

@Anonymous wrote:

---

@icarenow wrote:

---

@UpNComing wrote:

Welcome to the forums icarenow   It appears that your question or comment didn't post correctly.  Try posting again.

---

hmm big fingers small phone!

Great info contained here, i cant imagine the time you have spent helping others.. i have learned alot  THANKS!

So to the point , if I may. My first car loan went in default and the vehicle was repo'd , in approximately 2004, no longer shows in any report.  how will this affect my future ability to obtain a car loan? 

 Is there a question in a normal car loan application referencing previous repo, how do i answer a question like this? 

can i claim first time buyer or can they see a previous car loan, even though i cant see it on my reports

(((((still have a student loan now paid off! but showing as previously 120days late)))))))))))

I care now about my credit , though i was stupid and young once.  i hope to get into a car loan in the next couple of months if possible(probably used jetta).   

                 all in preperation to get a 2012 Passat in a year or two off-lease or similar, to get great car but after intial depreciation!!!

---

Repos are about the worst thing to have when seeking a new car loan.  However, the FCRA requires that derogatory information only be reported for 7 years.  As such, your repo will no longer appear on your credit report after 7 years, as you have noted.  I haven't usually been asked if I had a repo before, they just checked my credit report, but if they did, I would just say no.  As far as they are concerned, you don't, because it can no longer be legally reported.

As for the student loan, the 120 day late will definitely hurt.  How long ago was that?  Keep in mind, that will also disappear 7 years after the late ocurred.  It will also hurt a little less as it ages, but generally 120 day lates hurt a lot all the way until the bitter end.  Have you checked for your FICO score recently?  What about credit cards, do you have any and what are the payment histories and utilization like?

So, the student loan is an issue i am still trying to figure out...

Status as of Date opened [?] Account number [?] Largest past balance [?] Terms [?] Account Type [?] Account holder [?] Industry

Sep, 2008

Mar, 2007

XXXXXXXXXXXXX????

$4,340

(36 Months)

Installment

Individual

Federal

Descriptions [?]

• Paid collection
• Student loan

No contact information provided by Equifax

Balance [?] Current Status [?]

$0	120+ days past due

Seven year payment history [?]30 days late 60 days late 90+ days late

0 times

0 times

0 times

So the big issue with that is I finished school in 1995, starting missing payments sometime after 2000 then it went to collection.    I paid in full september 2008!!!! but when i pull up the account it says the account was opened in mar 2007, not possible, i lived in europe at the time and finished school twelve years prior?  i dont understand....   i think it was the collection agency, for a 36 month term,  should i dispute DOFD?

So student loan aside,,,,,,--...  i have 3 Cap One cc's total limit of only $2500,         ((with only one 30 day late between all three cc's in DECEMBER 2006!)due to double payment to one account and forgetting one, my mistake.. i hope cap1 will GW for me???, )     utilization is about 66%...(due to just getting married.). myfico.com reports EQ 671 at current utilization. 

  but last month when my utilization was lower! I opened a bank account at a credit union, they did a hard pull and my EXPERIAN FICO was 711

Sorry if this is jumbled and confusing , that is the way I am right now, just trying to get a grasp of it all,,thanks for response!!

---

Well, your FICO is pretty good actually, considering how high that utilization is.  If you can get that down below 20% (or even better <10%) your FICO should go up by a lot.

Late payments don't go by the DOFD.  A late payment is on record for 7 years after that particular payment was missed.  This sounds like a different situation though.  It is best probably handled in another thread in the rebuilding section though.  Post some more details there such as who the listing is from on your report (CA or OC), what it says as the DOFD or the date it is supposed to be removed, and everything else you see about it.  As for an auto loan, you should be okay to get one, but a lot of factors contribute like LTV and DTI.  If you can wait to get your utilization down, it will probably also help a lot.

Thanks Jimbo!! i'll get my utilization down and work on the I of the DTI!!!!!    and i will try to assemble my thoughts and info on my student loan and try to get some help in the rebuilding section!!

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[UpNComing]

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@jrands wrote:

Hi UpNComing

So I ended up joining a CU and got pre-approved for a loan up to $25K last week. The general terms are an APR of 4.75% for a 49 to 72 month term loan or 4.25% for a term <48 months. The final APR will be dependent on the ultimate LTV ratio.

So now knowing this, when I go to the dealership, would I be in a better position to just say that I have a pre-approval already in place WITHOUT letting them know the specifics, or should I give them the aforementioned specifics? Which is the better approach? Am I correct in thinking that not telling the dealer the specifics of my pre-approved loan would give me better leverage and place me in a better negotiating position?

Thanks.

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Not telling them won't give you any real advantage at this point.  You've gotten a decent rate to go to bat with.  Tell them you are have a loan secured already at a very competative rate.  Then play it by ear whether you want to give them the info up front or not.  Good news is its a win for you either way.

[UpNComing]

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@Anonymous wrote:
I figured the Cap1 pre-approval was BS since I'd received it when I wasn't working.. and hadn't been for about 8 months prior, hah. I have compared the Fako against true Fico and for myself have found them close enough. Real Fico was up to 730 at one point but this was before the 2 new CO that should be hitting my CR anytime.

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Your situation is a tough one to gauge.  Your score is good enough to get an approval, but other factors are creating speed bumps.  Your biggest issue is your lack of "like" credit.  In other words you have no previous auto history.  Cap One online app isn't a bad idea.  Their rates are sick low right now for prime, and with your score you may find something better than you think.  It's worth a shot.

[UpNComing]

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@icarenow wrote:

---

@UpNComing wrote:

Welcome to the forums icarenow   It appears that your question or comment didn't post correctly.  Try posting again.

---

hmm big fingers small phone!

Great info contained here, i cant imagine the time you have spent helping others.. i have learned alot  THANKS!

So to the point , if I may. My first car loan went in default and the vehicle was repo'd , in approximately 2004, no longer shows in any report.  how will this affect my future ability to obtain a car loan? 

 Is there a question in a normal car loan application referencing previous repo, how do i answer a question like this? 

can i claim first time buyer or can they see a previous car loan, even though i cant see it on my reports

(((((still have a student loan now paid off! but showing as previously 120days late)))))))))))

I care now about my credit , though i was stupid and young once.  i hope to get into a car loan in the next couple of months if possible(probably used jetta).   

                 all in preperation to get a 2012 Passat in a year or two off-lease or similar, to get great car but after intial depreciation!!!

---

Thanks for the kind words   It looks like jimbo831 had my back in my absence.  Great advice.

[jrands]

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@UpNComing wrote:

---

@jrands wrote:

Hi UpNComing

So I ended up joining a CU and got pre-approved for a loan up to $25K last week. The general terms are an APR of 4.75% for a 49 to 72 month term loan or 4.25% for a term <48 months. The final APR will be dependent on the ultimate LTV ratio.

So now knowing this, when I go to the dealership, would I be in a better position to just say that I have a pre-approval already in place WITHOUT letting them know the specifics, or should I give them the aforementioned specifics? Which is the better approach? Am I correct in thinking that not telling the dealer the specifics of my pre-approved loan would give me better leverage and place me in a better negotiating position?

Thanks.

---

Not telling them won't give you any real advantage at this point.  You've gotten a decent rate to go to bat with.  Tell them you are have a loan secured already at a very competative rate.  Then play it by ear whether you want to give them the info up front or not.  Good news is its a win for you either way.

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Thanks again. This is good to know. I'll just have to keep track of the advice you've given. To be honest, I've never really gone through the "typical" negotiation process for a car so I don't have much experience. My first car was a hand me down. My second car was bought used and with cash from a senior who was a teacher and moving out of state. The WRX lease was a grand opening lease special of which I just walked in, said I was interested, the dealer ran my credit score, I signed the lease papers and voila (in and out in 30 minutes!). Then my VW i eventually bought was pretty much negotiated online and via email with a local internet salesperson I met through VW Vortex and of whom was really easy to deal with.

[Learning_Tee0225]

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@UpNComing wrote:

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@Learning_Tee0225 wrote:

Hello there UpNComing I had a question for ya!

I plan to buy a car in the next two weeks already pre approved thru my CU..

Question 1. Should I offer this information to the dealer before i begin looking at cars? I guess whens the right time to let them know i already am financed?

Also im looking to buy a Used Honda Accord coupe EX- L certified 2009 maybe 2010

i have been told having a check already is like "cash" to a dealer and I can usually get a better deal on the car my question is whats a good deal on a car like this i see them listed at or around 21-23K depending on 09 -10  id like to get it around 19k  is that realsitic? I live in Southern California (La county) & have a pre approved loan for 25,599

Thanks in advance for any help!

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Having a CU check is treated like a cash purchase.  This will only benefit you if there are better cash incentives on the vehicle you're buying.  I would get a cash purchase quote and a finance quote from the dealer and compare the numbers.  If they are the same then give the dealer a chance to beat your finance rate.  As far as the used car, pick on out and get back here with the details and I'll help you out with the price. 

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Hey there!

Well i've found the car i want! its a 2011 honda accord EX-L has 13k miles Certified and sticker price is 25K ive left my info with the dealer as i couldnt stay for him to crunch the #s he called me back saying that they could get me a little lower then the 7.29% however did not say how much lower. suppose to return tomorrow or the next

thing is ive found the same car priced at 24K wit 10K miles just diff color when i go back to the dealer i want to get the car under 23k including taxes with possibly 1k down if i havvvveee to! is this realistic?