Hello guys I have a question....my brother bought a car at one of those buy here pay here places about a year ago and they have been calling him because he has never been late on his loan and they want to get him something a little newer. but he said that he is thinking about trading his car in at a dealership like carmax and get a 2 yr old car instead of a 7 or 8 yr old car. So i told him that he wouldn't be able to do that because those places dont report an auto loan on your credit report....he said they do........so who is correct me or him because I thought that was the purpose to get people without credit or with crappy credit in a car because they dont necessarily look at your credit report?? Thank you
Starting Score: EQ 462 9/30/11
ok so what does that mean exactly??lol ask him to pull his credit report?
okay great I will ask him. thanks
@Repo-ed wrote:A friend of mine owns a buy here/pay here, and he reports to all 3 CBs. He charges 29% (Florida), but hey, if you really need a car, but have crappy credit, then you have to do what you have to do.
So settle your dispute, have him pull all 3 of his CRs and see if they have been reporting.
@pizzadude wrote:
Definately pull his reports ~ then you'll know for certain.
Do you know what terms of his recent loan were ? I wouldn't think they were great, so going back there may not be in his best interest....
im not sre about his terms I know they werent good because he pay 10k for a 2003 Buick regal last year....so he overpaid by thousands of dollars...lol...thats why he was trying to get one from a true dealer
@Anonymous wrote:
@MsTucker09 wrote:
@pizzadude wrote:
Definately pull his reports ~ then you'll know for certain.
Do you know what terms of his recent loan were ? I wouldn't think they were great, so going back there may not be in his best interest....
im not sre about his terms I know they werent good because he pay 10k for a 2003 Buick regal last year....so he overpaid by thousands of dollars...lol...thats why he was trying to get one from a true dealerWow, that is brutal. My only experience with one of these places was when my wife and I went with her brother when he wanted a car. This place was awful and everyone was extremely rude. They also refused to say what interest rate they were charging and how much they were charging for the car. They only wanted to say what the twice monthly payment would be. Suffice to say it was a ripoff and we dragged him out of there.
Anyway, my contribution to this discussion is that they did insist they would report to all 3 bureaus. They kept using that to justify their high price by saying that part of what you are paying for is for them to report to the bureaus. I just had to laugh at that since most places report to the bureaus with any credit you use. Anyway, I'm sure many of these places do report. They sell "rebuilding your credit" as one of their selling points.
If I were you friend, though, I would not trade in his car for a nicer one from them. They just want to lock him in to paying way too much for yet another car for more months tacked on. If (s)he can't get financed at another dealer, just pay this one off and drive it until it dies.
im not surprised because I told him he overpaid for that car