Dealer Funding and Crescent Bank & Trust auto loan

[GregB]

I'm assuming that the lates are all 30-day lates.

I think the lates are trivial compared to the collections, which are major derogatories. Once you get rid of ALL the collections, then the lates will be important. If they are two years old at that time then they will not have a big effect on your score.

I would work on GWing the collections since the lates may not matter much by the time you get rid of the collections.

[princechristian]

Thanks for the info!

Actually the recent lates are Feb - 30 day, July - 30 day, Aug - 60 day

And I started on the collections 2 months ago, PFDs and DVs as I have not paid any of them yet, one removed without payment.

So you are saying that collections from 3-5 yrs ago, with last reporting 2 years ago have a bigger impact on my credit scores than 3 late payments on auto loan in the past 6 mths, including a 30 day and a 60 day in the past two months?

I'm actually seeking to get an auto loan asap, so I figured the biggest increase in score could come from these lates being removed rather than the slow process of PFDing, etc of collections. Am I wrong?

[Shogun]

Recent lates will have a big impact on your credit now but will greatly depreciate over time.  Charge offs and collections are major derogs and will affect your score over the lifetime of their listing.

[GregB]

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@princechristian wrote:

Thanks for the info!

Actually the recent lates are Feb - 30 day, July - 30 day, Aug - 60 day

And I started on the collections 2 months ago, PFDs and DVs as I have not paid any of them yet, one removed without payment.

So you are saying that collections from 3-5 yrs ago, with last reporting 2 years ago have a bigger impact on my credit scores than 3 late payments on auto loan in the past 6 mths, including a 30 day and a 60 day in the past two months?

I'm actually seeking to get an auto loan asap, so I figured the biggest increase in score could come from these lates being removed rather than the slow process of PFDing, etc of collections. Am I wrong?

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There are many different variables since there are many paths through the various scoring buckets. Even a single major derogatory seems to keep you out of the better scoring buckets and those hurt until they fall off your reports.

I don't know how to guess about the 60-day late from last month. That seems like it could be a much bigger problem than a 30-day.

HOWEVER, you are looking for a new car loan and it is likely that the lender will be qualifying you with an Auto Industry FICO, which will have much more emphasis on your auto loan history. With the recent car loan lates, that score is likely to be really ugly. You might want to finance with a lender that uses a Classic FICO for an auto loan, like a CU. I am guessing you won't get an auto loan from anyone with a 60-day late on an auto loan last month.

This is a bit out of my area of expertise but I would work hardest on the 60-day late and the youngest collections. With success, that should really help with a car loan in a year or two.

[princechristian]

Thanks GregB!

Thats why i'm being so persistent on getting these lates removed. Auto enhanced score likely sucks! I should also mention yet again that the 60 day late payment last month was the final payment and the loan is currently paid off. All recent lates were direct result of divorce..

@Shogun, Thanks! I suspected as much. 

[Shogun]

If the loan is now paid.  Send them a GW to see if they will remove the lates.

[princechristian]

Thats what I've been doing buddy! My original question and reason for this post was to see if there's any more that I could be doing, since they are not responding to mail, emails, and saying no via telephone. Or do I simply continue to bombard them with the mail, emails, and phone calls??? I guess I'm asking if persistence works with a company like Dealer Funding? Was also seeing if anyone had any success with GWing Dealer Funding...

Thanks again! Your help is very much appreciated!

[Shogun]

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@princechristian wrote:

Thats what I've been doing buddy! My original question and reason for this post was to see if there's any more that I could be doing, since they are not responding to mail, emails, and saying no via telephone. Or do I simply continue to bombard them with the mail, emails, and phone calls??? I guess I'm asking if persistence works with a company like Dealer Funding? Was also seeing if anyone had any success with GWing Dealer Funding...

Thanks again! Your help is very much appreciated!

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No dealing with Dealer Funding but I do know that persistence is the key.  Have been told NO plenty of times only to get a yes later.   Have you searched for someone higher up the ladder?  A Vice president?  CFO? CEO?   Sometimes that can work.

[princechristian]

I haven't gone higher up, but now I will! Thanks!