This board has been a true live and or lifestyle saver for me. I was so distraught and then found this board. I was so desperate I have lost a ton of sleep this week, have read almost 3000 posts, ask ten questions and have spent almost 3000 minutes on here since Monday afternoon this week. Bottom line is I desperately need a new van it's a specific van as I am handicapped and a wheelchari lift and other medical equipment needs to be installed. I will post all the details over in the Auto Loan forum however I was just approved for a brand new van through Ford... the finance guy did not have to take me to any other lenders, only did one hardpull. Not only was I approved but I had my choice of:
60 months @ 5.94%
66 months @ 6.7%
72 months @ 7.45%
Amount financed $16,984.62
Myfico scores pulled on 2/26/2015
EX: 528
EQ: 540
TU: 558
Ford Pulled TU: and said it was 630 TU did delte two charge off accounts for me this week.
Only used my Social Security income which is a net of $2,150.00 per month
Thats not the whole story.... I want to be thorough and give someone else hope.... This is what is on my reports:
17 Charge Off Accounts all from 2008 all to fall off April- Oct of this year.
2 Open and unpaid Judgments that can be renewed indefinitely from the state of Ohio until paid.
Only one open tradeline which is a small crdit card opened 8 months ago with a CL of $400/zero balance and 8 months reporting paid as agreed with highest balance reported $81.00
Age of credit is file open since 17.6 years which is the only positive that myfico lists for me.
One very old Citgo card that I have not used for over 15 years and have no clue where it even is reports as open and paying as agreed opened in 1981.
It's not all rosy... I put down $16k. I had asked the finance guy to take me through his worst lenders, but he said based on what you are telling me about the age of your file, the age of these charge offs and judgements and that you have had three previous loans through Ford Credit in the past whether they are reporting or not (last one was paid off in 2004 so it just dropped last year) I want to take you through Frod Credit... I was super hesitant becasue I thought we would get into the 20+ hard inquiries) He asked me to trust him he has been the finance director of this dealership for 28 years. He called me back in less than a half hour and told me the awesome news.... I paid a $500 deposit (which takes down the $16k to $15,500 due on delivery) needed because the van needs to be special ordered with a reinforced floor which typically takes at least 12 weeks but he gave me further great news...estimated delivery date is 4 weeks. Which is so awesome because my current van is on a day by day death cycle.
Truly I would love to hug every person that wrote a post that helped me, you are truly my hero's... I really thought I would be in a nursing home as my van, is the only way I can maintain independent living in my home.
Another incredible site I would like to pass along that gave me the final bit of courage I need to apply is American Banker. It's a site that tracks and reports on everything banking, from mortgages, to every type of consumer loan, auto, payday loans etc...
There is a large subscription fee however, you can sign up for a free trial and research trends, loan specs, regulations etc... from the Executives that run the companies lending money or anything banking... I read four great articles and statements from the CEOs of all the subprime auto lenders including all of the lenders mentioned on this board like Santander etc... www.AmericanBanker.com
Truly Thank you, Thank you! I have written a ton of way too long posts so thanks for reading as well! I am on my way to recovry as I now have this loan, opened a secured card with Opensky (chose them becasue thy do not check credit and I am not concerned with the fees or rate at this point) and joined SDFCU this week and am calling to open a secured card with them... All the derogatories except the Judgments will drop by October. Only people on this board can know how much different I feel right now compared to Monday!
