topic Re: Repossessed 2 times in Auto Loans

Repossessed 2 times

Anonymous — Sun, 12 Aug 2018 05:11:11 GMT

2 years ago. I had a trouble with law enforcement and came in jail 1 month. My vehicle got repo from my bank when police call them got my car. Now my car is broken down and got repossessed 1 more time. How I can get a new car under $10000 with $1-$2k down payment .

Re: Repossessed 2 times

Shadowfactor — Sun, 12 Aug 2018 05:35:56 GMT

Welcome to the forums.

With your past history it will be difficult to obtain an auto loan. It’s probably not impossible though. You might have to call several car dealers and see who specializes in auto loans with past repo’s

While I advise against signing for an auto loan with a predatory bank I understand people need a car to get to work and try to do the best they can at rebuilding their finances.

There’s not really a magical trick to getting an auto loan with poor credit. It really comes down to finding a bank that will agree to give you a loan.

I think you would be better off riding the bus for a couple months and saving for a extremely cheap car.

Re: Repossessed 2 times

Medic981 — Mon, 13 Aug 2018 14:18:58 GMT

@Shadowfactor wrote:
I think you would be better off riding the bus for a couple months and saving for a extremely cheap car.

The Bus is not always an option in most areas of the country. Mass transit is lacking hugely in the United States.

@Anonymous being said, @Shadowfactor is correct about finding a lender that will work with previous auto repossessions. It is all about risk. What makes you less of a risk now than when you were given a loan previously? Good luck!

Re: Repossessed 2 times

Anonymous — Wed, 15 Aug 2018 04:31:31 GMT

Really difficult now. New auto loan 2009 Honda Civic 126k miles and total price $8000 with $3000 down payment . I can't find any lender....

Re: Repossessed 2 times

Kree — Wed, 15 Aug 2018 16:56:45 GMT

One option would be to look for a cheaper car. You can get a used Nissan Versa or Chevy Spark with under 75,000 miles for 6000 in many markets.

With your 3000 down the loan would be quite small and might be easier to find a lender.

Re: Repossessed 2 times

Anonymous — Wed, 15 Aug 2018 17:32:56 GMT

In your credit situation you will need to look at something newer/lower mileage for a sub-prime lender to approve you. Subprime lender's don't want to lend on older/high mileage vehicles typically, because they pose more risk to the bank. Typically under 85k miles and no older than 4-5 year's old is what you need to be looking for.

Re: Repossessed 2 times

Anonymous — Wed, 15 Aug 2018 20:40:35 GMT

Higher payment when I get newer car, they will approval with 50-60% down payment. My vehicle interesting $6852 plus tax in California

Re: Repossessed 2 times

Anonymous — Wed, 15 Aug 2018 20:43:01 GMT

Higher payment when I get newer car, they will approval with 50-60% down payment. My vehicle interesting $6852 plus tax, reg....in California

Re: Repossessed 2 times

Anonymous — Wed, 15 Aug 2018 20:50:47 GMT

Total price around $7700 with $4000 down payment but idk no lender approved or dealership do not help because i not showing up at dealership. I need make sure before I come to there , so far from my area and need take uber

Re: Repossessed 2 times

Anonymous — Wed, 15 Aug 2018 23:01:39 GMT

They aren't approving that deal for two reason's, like I said.. the vehicle is too old/too many miles for subprime financing, Secondly, you are only requesting to finance 3700 which is probably below the minimum amount financed requirement by most subprime lender's.

A lender is reluctant to lend someone money who just had a reposession, on a vehicle that is older/higher mileage because there is a increased risk associated with the collateral.

Re: Repossessed 2 times

Anonymous — Wed, 15 Aug 2018 23:25:58 GMT

Can I bring my- cosigner but she had only 630 points and another auto loan with $388/m

Re: Repossessed 2 times

Anonymous — Fri, 17 Aug 2018 16:14:08 GMT

You can always bring a co-signer, wether it will help or not will be up to the banks. There are too many variables at play for someone to give a definate answer in wether or not the co-signer will help. What kind of repair's were needed on the vehicle that got reposessed recently?