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New Member
Posts: 4
Registered: ‎03-09-2013
0

Trade in a car not on credit report

I made a huge mistake and purchased a car from a buy here pay her lot. The car will be paid off in 9/13 but I really need a new car now. The payments have been on time since purchase but its not on my credit report. I purchased a home 7/13 which lowered my score so now I am at a 597 how can I show good payment history on my car to a lender to buy a car with a low score. I owe 1, 500 on this car and have my payment history I want to trade it for a newer car with about 2000 cash down payment. Any lender you know could help. I am also paying down 2 credit cards which showed help boost my score to over 600

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Trade in a car not on credit report

[ Edited ]

You could go to the same buy here pay here lot. They might be able to give you a lower rate now that you have proven yourself to them.

 

Go there with a particular mindset. Don't look at them as scum. Look at them as people trying to make a living like anybody else these days. Just speak to them as a returning customer. Tell them you came back looking to get a good deal. Say you have other options, but that you would like to go to them for a good rate because you are a good customer. Don't pay more than blue book and don't except a high interest rate. Negotiate, don't be a customer they take advantage of. They like moving cars, they don't need to make a killing off every one of them and they would love to keep a customer coming back.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Frequent Contributor
Posts: 331
Registered: ‎08-27-2012
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Re: Trade in a car not on credit report

I've been in your situation a few times. After my bk, I only bought cars from buy here pay here lots because I knew my credit sucked. I didn't have any issues until the last place I went. I put down $4200 and the car was about $10k after taxes etc. Interest rate...30%!! I didn't know how bad that was until I realized after a year my balance wasn't going down. They wouldn't refinance either, for another year!! So I found a local cu, joined, and they refinanced it at 12%, and I traded it in a few months later. Try that, but I.wouldnt recommend going back to that same dealer. They will think you have no other.option and you NEED them to help you.
New Member
Posts: 4
Registered: ‎03-09-2013
0

Re: Trade in a car not on credit report

I agree I will not be going back there or to any other lot that does not report to the CRY, I have paid for this car more than 2x I am sure. I had my mortgage lender pull my credit report just to see where I am. myfico says I am at 587 with no updates and I have since paid down a lot of debt. My friend at the mortgage co says I am at a 626 on the same day myfico reported 587 so I am sure when my CRY updates next month it should be higher. My question is if I take my history of payments to the dealer for the car I have from the pay here buy here lot, which shows no late payments and only 2, 100 balance left will they factor that in to my payment history. I am also trading in this car and the kbb has it at 3700 but I know they will say its less but at least I am not upside down and I have a down payment of 10% for the car I want. What will be my chances of getting approved for a good used car less than 20,000

New Member
Posts: 4
Registered: ‎03-09-2013
0

Re: Trade in a car not on credit report

sorry I didn't pay attention to the spell check corrections I didn't mean CRY, I meant CR (credit report)

Frequent Contributor
Posts: 319
Registered: ‎03-25-2013
0

Re: Trade in a car not on credit report

myworld1208 says:

"but I really need a new car now"

 

Why?

 

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