cancel
Showing results for 
Search instead for 
Did you mean: 

Totaled Car, need new one

tag
Anonymous
Not applicable

Re: Totaled Car, need new one

Ok, a little late posting but I pretty much have all the info.

 

My gross monthly income is $2703.48

 

Geico offered my $13,235.90 for my car, which after doing research is a well above the value of my car. After the $1000 deductable, the settlement came out to $12,253.90. The payoff amount on my loan is $14,825.

 

My Equifax auto enhanced score is 610. Bank card score is a 597.

 

Geico still hasnt paid the financed company and I'm in need of a car. I went to Hyundai to look at a 13k car and was going to try and apply through their finance department. Although I would like to apply, I'm afraid of getting denied because of the current auto loan that is still listed on my report. The salesman says it doesnt matter as long as you have documents/ proof that car was settled. I don't know whether I should believe him or not... Has anyone here been approved through Hyundai with a 610?

Message 21 of 30
fury1995
Valued Contributor

Re: Totaled Car, need new one


@Anonymous wrote:

Ok, a little late posting but I pretty much have all the info.

 

My gross monthly income is $2703.48

 

Geico offered my $13,235.90 for my car, which after doing research is a well above the value of my car. After the $1000 deductable, the settlement came out to $12,253.90. The payoff amount on my loan is $14,825.

 

My Equifax auto enhanced score is 610. Bank card score is a 597.

 

Geico still hasnt paid the financed company and I'm in need of a car. I went to Hyundai to look at a 13k car and was going to try and apply through their finance department. Although I would like to apply, I'm afraid of getting denied because of the current auto loan that is still listed on my report.

 

The salesman says it doesnt matter as long as you have documents/ proof that car was settled.

 

I don't know whether I should believe him or not...

 

Has anyone here been approved through Hyundai with a 610?


Both statements are true.

 

The salesman is correct. The approval would be contingient on proof the existing car loan would be paid and closed. You would be able to drive off the lot in your new car if you have your Insurance documents stating the amount Geico is paying. The Hyundai dealer would have their own proof that they are paying the balance.

 

Hyundai Finance is well known for approving 610 scores. Especially for new cars.

 

You have negotiating power now. 

 

FYI, you will be responsible for making payments on your existing loan when they are due. Don't forget.

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

citi-costco-ImgurCiti-Double-Cash
Message 22 of 30
Anonymous
Not applicable

Re: Totaled Car, need new one

Thats good to know! I was also able to get my TU and EX scores, not the auto enhanced but just the regular ones, and my TU score was 620 and EX was 618. I was wondering if I should go try with a credit union for a loan first but do you think theyd approve me with those scores? And P.S. This time last year I was trying to get my first car loan with a 475 credit score so its a lot less stressful this time!!!Smiley Happy

Message 23 of 30
fury1995
Valued Contributor

Re: Totaled Car, need new one


@Anonymous wrote:

Thats good to know! I was also able to get my TU and EX scores, not the auto enhanced but just the regular ones, and my TU score was 620 and EX was 618. I was wondering if I should go try with a credit union for a loan first but do you think theyd approve me with those scores? And P.S. This time last year I was trying to get my first car loan with a 475 credit score so its a lot less stressful this time!!!Smiley Happy


You should at least try. Do you have a relationship with any credit union locally or through your employer? Do you have access to one?

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

citi-costco-ImgurCiti-Double-Cash
Message 24 of 30
Anonymous
Not applicable

Re: Totaled Car, need new one

Yes they're are several here in Atlanta that I could join but I've been having trouble joining them as a result of my name showing up in ChexSystems. The report thats on it is about to turn 5 years old in about a week so it should be removed and my named cleared. Should I wait a week for it to frop off and then apply?

Message 25 of 30
Anonymous
Not applicable

Re: Totaled Car, need new one

And I'm really scared to start applying for financing because of the hard inquirings lowering my score

Message 26 of 30
Anonymous
Not applicable

Re: Totaled Car, need new one


@Anonymous wrote:

And I'm really scared to start applying for financing because of the hard inquirings lowering my score


Don't be too worry about the hard pull. Most buying a car will have multiple hard pull to get best financing.. U should go online to Capitol one and see if u can get a pre approval thru them and see for how much with that in hand and u go buy a car most likely the dealership will try to beat their interest rate.. Good thing on ur end is u have been making 11 on time payment for car loan

Message 27 of 30
Anonymous
Not applicable

Re: Totaled Car, need new one

Well I would try and get preapproved through Cap One but I have a charged off credit card through them which i slike 3 years old. Does that matter?

Message 28 of 30
Anonymous
Not applicable

Re: Totaled Car, need new one

Hey...I'm in a very similar situation. I hope its OK to piggy back off this post to get some advice. 

 

My car was totaled on 10/26 and it took my Geico adjuster 10 days to upload my POA form so that Geico could release payment to my lein holder. As of last 11/12 Geico says they've sent the check but Santandar (my bank) hasn't received it yet. When I went to get the POA form notarized at my credit union the notary put in a loan request for $20k (her number, not mine) and I was denied. The paper work said I have an auto credit score of 669 and my experian credit monitor says my score is 609. 

 

I will be upside down on the loan with Santandar....my payoff amount is $9241 and Geico paid them $6213. My interest rate with them was 22%, when I got the loan in September 2013 my credit score was 497. I've never had a late payment with them. I have had an amazon credit card since the summer and pay more than the minimum each month. I do carry a high balance----the limit is $800, right now the balance is $650. There are two collection accounts on my credit report. One from an old Capital One Credit card that was sold to Portfolio Recovery Associates. It is in its 6th year on my credit report and will fall off in the summer of 2016. 

 

I've seen some crappy things about Santandar online. I'm worried about my loan being reamoritized. There are a few posts where people said they went to make their last payment with Santader and they were told they owed thousands more. How can I confirm with Santandar that this wont happen to me? Are there specific questions I should ask about paying the balance after the total loss? I'll get a bonus from work in December and plan to use at least $1k to pay on my current car loan. 

 

I have a gross income of $3232.42. I would love to buy a Honda Crosstour...the lowest I've seen in my area are around $15k. I'm reading through the car buying guide posted here to get the best price but I'm worried about financing. Should I pay the balance on my credit card down and wait until Santandar has the Geico payment befor applying for financing online? I'm worried that dealer financing wont approve me. Should I try to get the best deal and try to get financing at the dealer or find my own online?

 

Thanks for the help! 

Message 29 of 30
dabrian
Frequent Contributor

Re: Totaled Car, need new one

Definitely wait until the card is paid down. If that is your only open credit card your utilization is very high and you should get a score bump once the new balance posts. If you haven't had any more negatives report since you bought the other vehicle you should have higher scores than you previously had.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 30 of 30
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.