carfinance.com legit?

Anonymous · ‎03-09-2015

Haven't found a ton of info on these guys yet. They approved me for 25.5k at 7.75 and I'm recently post ch7. I asked if they could increase the amount to 30.5k and they came back in 2min and said yes. just wondering what experience or info anyone has on them?

Ragelog · ‎03-09-2015

Looking at the BBB site they seem legit. Typical people complaining about how they didn't do them right when they couldn't pay but some positive reviews as well. I have no experience with them. Just my results of a quick search.

If it is a true approval and not just a pre-approval mailer you are probably good.

EQ04 675, EQ08 676, EX08 719, TU08 703 $12704.75/$123050 Revolving Credit (All 0% or 1.99%) - In Garden Since 5/25/2016

Last negative item should fall off in July 2017.

Rick636 · ‎03-11-2015

Yes, they are legit. I use them last year to refi my auto loan. Very easy and fast service. I kept them for 7 months before I refi again. I have refi my auto 4 times and each time I have saved more and more $$$ as my scores get better. Heading that way again this week with ezautoloan.com...

Anonymous · ‎03-11-2015

Well, sad news guys

They totally screwed me over.

I wanted to make sure that before i went thru submitting all their docs I was ok being a partial owner of the business and yet i take a normal paycheck salary from this relatively new business(6mo old)

I called in advanced, recorded the conversation and supposedly the CSR spoke to underwriting and said we were good to go as long as I tookd a normal paycheck salary.

I submitted all the docs, get a call from UR calling to ask more about the business. I explained the situation and when i said im not 1099, im a w2 exec/partial owner she said oh ok perfect everything should be fine!

10 mins later i get a call and after she spoke with her supervisor they will not approve me now because i am "self employed" and do not have 2yrs of p&l from this particular business.

Anonymous · ‎03-12-2015

An addendum to this last post.

Update, but a huge problem

Carfinance.com approved me for 31k, but then pulled the plug at the last minute because they consider my w2 paycheck from a business i am majority owner of, self employed. I actually recorded one of their underwriters or CSR people the day before saying that was not an issue.

The dealership approved me via santander for 29k, however the interest was much higher at 10.7%, no Proof of Income required though.

I have a few questions...

Do I have any recourse to go back to carfinance and try to fight with them to honor what they said the first time? I have verifiable income as salary from this business since I took controlling interest 4mo ago.

How much can I "Poke the fire" to try and get the dealer to ask for a little less down on the santander Loan?

2nd part of this question is: I assume that when they approved me for 29k on the Santander loan there is actually another 2-5% wiggle room on top of that for the dealer to bend me over for GAP/Warranties etc. Can they squeeze that less of a Down payment in there if I lean on them hard enough?

Situation has changed a little bit in the last few days as I found out my trade In was not worth quite as much as i expected. I'm going to have to sell it to carmax and loose about $1300

guerro · ‎03-13-2015

I have had two car loans through them because my credit was not that great around 500's, they gave me an opportunity but at high interest rates and poor customer service. I would not get another car loan through them but they did help my credit score pushing it up to the high 600's.

Anonymous · ‎03-14-2015

@Anonymous wrote:
An addendum to this last post.

Update, but a huge problem

Carfinance.com approved me for 31k, but then pulled the plug at the last minute because they consider my w2 paycheck from a business i am majority owner of, self employed. I actually recorded one of their underwriters or CSR people the day before saying that was not an issue.

The dealership approved me via santander for 29k, however the interest was much higher at 10.7%, no Proof of Income required though.

I have a few questions...

Do I have any recourse to go back to carfinance and try to fight with them to honor what they said the first time? I have verifiable income as salary from this business since I took controlling interest 4mo ago.

How much can I "Poke the fire" to try and get the dealer to ask for a little less down on the santander Loan?
2nd part of this question is: I assume that when they approved me for 29k on the Santander loan there is actually another 2-5% wiggle room on top of that for the dealer to bend me over for GAP/Warranties etc. Can they squeeze that less of a Down payment in there if I lean on them hard enough?

Situation has changed a little bit in the last few days as I found out my trade In was not worth quite as much as i expected. I'm going to have to sell it to carmax and loose about $1300

From my experience in auto sales, the $29K approved by the bank is $29K...and $29K is all you get. Now, you could ask the dealership to see if they can squeeze an extra couple of grand out of the bank rep, but the finance mgr usually doesn't like stepping on relationships with the bank.

Anonymous · ‎03-15-2015

@Anonymous wrote:
Haven't found a ton of info on these guys yet. They approved me for 25.5k at 7.75 and I'm recently post ch7. I asked if they could increase the amount to 30.5k and they came back in 2min and said yes. just wondering what experience or info anyone has on them?

it seems they are legit. Never used them..

Rick636 · ‎03-17-2015

I would use Santander and then in 6 months begin the search to refi. I am on my 4 refi and each time I drop 2 %. I am in the process right now with ezautoloan dot com (First Investors Financial Services, Inc.) with a 7%. I have been working on getting my scores up in the past 2 years. I still have away to go but for now I will sit back and plan my next move in a year to trade it off and have a much better score. Good luck to you.