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Contributor
msensa
Posts: 93
Registered: ‎08-12-2007

Nobody will finance a car!

I am completely baffled.  We've been car shopping...we had a bk discharged in 3/03, and have not been granted any credit since.  Hubby's TU score is 570, but not scoring on Exp or Eq.  We went out this weekend, sure we'd find and finance a car.  NOT!!  We stopped in 2 lots, haggled deals over 2 different cars, only to be turned down by every lender each lot tried.  WTF??  They're telling us they have been financing people with scores in the 300's, but they're turning us down?  In our area, most CRAs report to TU....but most loan companies pull the other reports?
 
We've been talking to a mortgage broker, who is now going to try to help give him some scores by adding our good rental history and cell phone payments to his credit report.  Does this work?  How long should it take to have an impact?
 
Hubby is joining his work CU today, as I have been reading all the advice here and see that CUs are suggested.  How long do you need to be a member before they become willing to work with you and your blemished credit past?
 
Might just have to go to a good "buy here pay here lot" that reports to the bureaus if we can't get something in the next few weeks!  Our car situation is quite desperate----any advice is more than welcome!!  I called Roadloans, but they pull from either Exp or Eq, so that would be of no use!
I'm a tree hugging, peace loving, non-patchouli wearing new kind of hippie chick trying to find a comfortable balance in this consumer-driven world. I just wish I didn't have to care about credit.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Nobody will finance a car!

www.roadloans.com
Contributor
msensa
Posts: 93
Registered: ‎08-12-2007

Re: Nobody will finance a car!

Hey Tuscani!
 
I called Roadloans, and they are super nice.  However, when discussing the problems we've been experiencing, the rep said they pull from either Experian or Equifax, and that if he isn't scoring, that would be an issue.  Help!!
I'm a tree hugging, peace loving, non-patchouli wearing new kind of hippie chick trying to find a comfortable balance in this consumer-driven world. I just wish I didn't have to care about credit.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Nobody will finance a car!

Why do you say "not scoring"? All one needs is a single TL that is 6 months old to get a score.
Contributor
msensa
Posts: 93
Registered: ‎08-12-2007

Re: Nobody will finance a car!

Tuscani~
 
First, thanks for replying.  You seem very knowledgeable about this stuff.
 
His credit report generated by a mortgage co is where we found out about the lack of scores.  On the page titled "risk scoring results" here's what it says:
 
Name of Score:  Equifax Beacon 5.0
Credit Score:
Key Factors affecting the score:
   Exc-0 Risk score not available-no recently reported account information
 
Name of Score:  Experian Fair Isaac Version 2
Credit Score:
Key factors affecting the score:
  Exc-9002 Risk Score not available-model exclusion criteria
 
Now, what exactly does all that mean?  No one has approved us for anything since our BK.  I'm not sure how to proceed.
 
I'm a tree hugging, peace loving, non-patchouli wearing new kind of hippie chick trying to find a comfortable balance in this consumer-driven world. I just wish I didn't have to care about credit.
Contributor
msensa
Posts: 93
Registered: ‎08-12-2007

Re: Nobody will finance a car!

Hey, Tuscani!  Just bumping this to get your input...
I'm a tree hugging, peace loving, non-patchouli wearing new kind of hippie chick trying to find a comfortable balance in this consumer-driven world. I just wish I didn't have to care about credit.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Nobody will finance a car!

Which TLs does he have on TU?
Frequent Contributor
cfstr1
Posts: 436
Registered: ‎06-15-2007

Re: Nobody will finance a car!

Try Drive Time or BarNone. I hear they are good to work with. I don't have an EX score avail yet as well. Since I got married, EX split my file and were supposed to FIX it but haven't yet. My new tradelines say they report. When I go to creditexpert.com, EX shows the total number of accounts on the profile box, but when I pull a report it is all my maiden name. I am just going to wait it out I have 3 baddies on my maiden name EX and 1 goodie. One of the baddies is being deleted now, with the other two to come off in a year or two. If they fix this, I believe my EX score is in the early 600s. But, I don't mind waiting a year or two as EX is inept. I am working on getting my TU and EQ score way above 600 in the coming weeks.

What scores do you have? Have you thought about co-signing for your hubby?

Don't give up. You guys will make it happen!!!
Regular Contributor
CreditHawk
Posts: 197
Registered: ‎06-08-2007

Re: Nobody will finance a car!

STOP!!! Read and be warned, seriously...

Do not, unless it is your last "life or death" option, buy and/or finance ANYTHING with DriveTime. I've never been their customer but I have read countless comments from people who have dealt with DriveTime and believe me, they are the worst of the worst.

You'll be treated as if you are buying a car from a back-alley loan shark and you'll deal with associates who remind you of the same. To make matters worse, their vehicles are EXTREMELY overpriced and so are their interest rates. And Heaven forbid you should ever miss a payment: they go from loan shark to "Guido" style collectors in a snap. To top it off, I've been reading where a lot of the vehicles they sell often break down not long after the poor buyer gets theirs home.

DriveTime and places like DriveTime are for people who just can't turn anywhere else, and looking at your situation, you still have options.

I'd suggest sitting down with a bank or credit union loan officer and explaining your situation. Be honest, be up front and ask them how they can help you get into a reasonable vehicle with a loan that you can afford. Offer to set up automatic withdrawals for payments, etc. and they'll likely be willing to listen and perhaps even work with you.

Also, try Roadloans or CapitalOne Auto or HSBC next. Your FICO scores might show one thing, but many auto loan companies used a "auto enhanced" score based on past auto loan experiences you might have.

Bottom line: NO DriveTime, whatever it takes.
Established Member
TLG
Posts: 18
Registered: ‎05-01-2007

Re: Nobody will finance a car!

No kidding, CreditHawk...I had some neighbors (since sold and moved) but their kid financed a car from Drive Time and when he missed a payment, guess who they called?  Me!  (I had never even met the kid.)  As for financing the car, try Capital One.  They gave me immediate approval and I am a student with no job.  I just financed a car but went through the dealership with a lower interest rate. YEA!

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