topic Wells Fargo Auto in Auto Loans

Wells Fargo Auto

Anonymous — Wed, 03 Sep 2008 17:59:31 GMT

So heres my situation please bear with me.

I currently have Wells Fargo as my bank and also got a secured Visa from them. My first CC payment is due on 9/12 which I will be paying in full tomorrow. In 2005 I got irresponsible and had $400 in overdraft fees and let it go. My checking account was closed and I just paid it off in July and they opened a new account for me. My fico scores are TU: 606 EFX: 573 XPN: 590. I am in the market to get a new car sometime in October. What are my odds of getting an auto loan through them. Should I go through my bank or just go to the dealership? Please help.

Re: Wells Fargo Auto

jdp1 — Wed, 03 Sep 2008 19:20:11 GMT

Well chances are the dealer uses Wells Fargo as a lender and tends to have a lil more pull with that bank depending on how often they do business with them. Wells in my district has a minumun score requirement of 560. They're probably not your best option as their rates tend to be fairly uncompetitive.

Re: Wells Fargo Auto

Anonymous — Wed, 03 Sep 2008 19:30:11 GMT

I dont think I was too clear. My apologies. I wanted to know if I should go through Wells Fargo or just a dealership. And if my chances of even getting a loan through Wells Fargo would be an option with my bad history with them, although I am slowly rebuilding.

Re: Wells Fargo Auto

jdp1 — Wed, 03 Sep 2008 19:47:53 GMT

Well like I said, the dealership most likely uses Wells as a lender. In other words after they get a credit application from you, they submit it to a few different banks depending on your situation. One could be Wells, Bank of America, Franklin capital, etc.. Those banks will then either say yes (approved and give terms ie. rate, max amt. financed), Declined, or they will counter the "deal" with the terms they want. With your history with wells and your score, you will most likely get approved by them. Like I said probably at a higher rate. I would reccomend going to the dealership. they have more lenders available and like I said, have the ability to negotiate with banks a lil better than consumers. Just be wary, and don't mention to the salesman your credit situation until you've come to an agreement on price. Then give him your credit information, then try and negotiate rate if they DO get you approved.

Re: Wells Fargo Auto

Anonymous — Wed, 03 Sep 2008 20:01:09 GMT

thank you!!