topic Re: Auto loan with 6yr old settled repossession in Auto Loans

Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 13:51:18 GMT

Can anyone give advice on what chances are of getting appoval? I was pre qualified by Capital One Auto. Currently rebuilding credit and paying off credit card balances. Will have a trade( no balance, appx value 1500) and down payment of 1500. Current fico score 650, expected to go up at next update.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 13:59:43 GMT

CapOne Auto Nav is pretty solid. I used them for 2 loans sans spouse. Did AutoNav give you an approval amount to work with? If so, you'll be okay.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 14:11:07 GMT

No approval amount, I contacted them about this. They were not able to give me any info. Its through the Navigator, only have a reference number, when I use Navigator, my interest rate varies from 7.3 to 10+. I have been at my employer for 20 yrs and 64000 salary. I wasnt familiar with them and have read reviews which some are pretty bad.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 14:16:15 GMT

The process itself is very easy. I think most of the reviews are based on auto finance after purchase. When you input your reference number you don't get a loan amount? I don't know if they have changed since I last used them (Sept) but you should get a loan amount at least. the APR will be based on the vehicle you find and the terms you select.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 14:28:40 GMT

No I can only view refernce number, I didnt see anywhere to enter it.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 14:43:45 GMT

Looks like they have changed things up again. Have you logged in and selected a car and put in your terms and it given you a specific APR and payment? If it does that, then you should be okay. Odd that when you call no one could tell you what your approval amount was though.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 14:49:37 GMT

Yes, very odd. Yes, when I select cars it gives me financing options. Just trying to avoid "surprises' at the dealship. Thank you!

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 15:06:39 GMT

Good approval odds through Cap One.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 15:02:34 GMT

Successfully used Auto Navigator end of April this year. No issues.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 15:05:01 GMT

We didn't get an amount or set apr. If you play around with the numbers (i.e. Offer amount, down payment or not, etc,.) then you'll get information that you can use when you go to the dealership.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 15:08:11 GMT

@Anonymous wrote:
Yes, very odd. Yes, when I select cars it gives me financing options. Just trying to avoid "surprises' at the dealship. Thank you!

No surprises. You will be fine.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 15:30:17 GMT

Thank you! Were you required a down payment? 20%?

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 15:52:31 GMT

@Anonymous wrote:
Thank you! Were you required a down payment? 20%?

The first time I did no down payment and the second time I decided on the fly what to do- but I also called CapOne WHILE at the dealership to make sure they only ran credit approval through them. Be firm about that as well at the dealership. You don't need to fill out any other paperwork other than financing for CapOne. As soon as I saw my credit alerts go off, I knew they pulled credit.

Let us know how it works out. I enjoyed working with AutoNavigator. They even intervened with a dealership when they were refusing to fix something that was written into our contract.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 19:44:09 GMT

As a general rule someone with mid 600's should be able to do much better getting approved with a good credit union. When I was rebuilding and in the low to mid 600's Cap One gave me 8.5% and Navy approved me for 4.29% so while I did the Cap One first less than a week later I refinanced with Navy. I would take the inquiry and try a credit union before you lock into Cap One.

I am sure you will get financed, car loans are pretty easy to get because they are secured by the collateral but the terms are where it can get tricky. Don't assume just because you have a ding or two and sub 700 scores you need to pay thousands more in interest over the life of the loan.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sat, 01 Jun 2019 23:16:01 GMT

Thank you for all the info!

Re: Auto loan with 6yr old settled repossession

Anonymous — Sun, 02 Jun 2019 01:59:04 GMT

@Anonymous wrote:
@Anonymous wrote:
Thank you! Were you required a down payment? 20%?
The first time I did no down payment and the second time I decided on the fly what to do- but I also called CapOne WHILE at the dealership to make sure they only ran credit approval through them. Be firm about that as well at the dealership. You don't need to fill out any other paperwork other than financing for CapOne. As soon as I saw my credit alerts go off, I knew they pulled credit.

Let us know how it works out. I enjoyed working with AutoNavigator. They even intervened with a dealership when they were refusing to fix something that was written into our contract.

^^^^THIS!

Re: Auto loan with 6yr old settled repossession

Anonymous — Sun, 02 Jun 2019 02:01:05 GMT

@Anonymous wrote:
Thank you! Were you required a down payment? 20%?

No. We tweaked the numbers, made an offer accordingly and had put no down payment to see what apr we would get. It's not in my name though, it is only in husband's. But I was there because I was the one who knew what to do/say.

Re: Auto loan with 6yr old settled repossession

Anonymous — Sun, 02 Jun 2019 03:26:36 GMT

I have a 6 year old auto repo on my report that was charged off as bad debt and when I purchased my brand new car last Dec. I used Capital One auto nav too. I had to send them proof of income and wait for them to verifiy the information but once that was done they gave me a reference number to take to the dealer. I drove home without any money down but I did refinance with my local credit union before my 1st payment was ever due. Cap One gave me an APR of 12.43% and my local CU gave me an APR of 4.75% which is saving me a few thousand dollars, so if you have a local CU, I would talk to them. Just go in and ask for the finance manager.