topic Re: Auto Loan Approval with old Repo in Auto Loans

Auto Loan Approval with old Repo

Anonymous — Mon, 10 Jun 2019 19:17:03 GMT

Hey I am new to the site, but have to tell you all that all the info thaI have read on here has been very helpful to say the least. I am currently in the market for a new vehicle. The one I want to purchase is about 47k. I currently have eq702 TU725 exp748. I had a repo that is showing on my equifax that was almost 7 years ago other than that no baddies excellent payment history. According to equifax it is set to fall off 08/2019. My question is should I go ahead and apply for the new vehicle or wait to see if it falls off my experian, and what are my chances of actually being approved?

Re: Auto Loan Approval with old Repo

thornback — Mon, 10 Jun 2019 19:26:44 GMT

You should wait til it's removed - tho you may be approved now, you'll likely see a more favorable interest rate / loan terms without it.

You're within the time frame to request Early Exclusions from the bureaus. EX will remove derogatory accounts up to 3 months early, TU 6 months early, and EQ 1 month early, upon request. Call each bureau, if the rep seems to not know what you are talking about, then ask to speak with a supervisor to make your request.

Good luck!

Re: Auto Loan Approval with old Repo

mmajer4211 — Mon, 10 Jun 2019 19:29:42 GMT

@Anonymous wrote:
Hey I am new to the site, but have to tell you all that all the info thaI have read on here has been very helpful to say the least. I am currently in the market for a new vehicle. The one I want to purchase is about 47k. I currently have eq702 TU725 exp748. I had a repo that is showing on my equifax that was almost 7 years ago other than that no baddies excellent payment history. According to equifax it is set to fall off 08/2019. My question is should I go ahead and apply for the new vehicle or wait to see if it falls off my experian, and what are my chances of actually being approved?

I'm not sure about whether you should wait or not but I can tell you I recently had a very similar situation. I too have a repo that is set to fall of 08/2019. I recently refinanced my Jeep into my name through DCU with their lowest APR (4.24%). My scores are very similar to yours as well. Based on my experience with this situation I don't think the repo played a huge factor. Keep in mind I paid the fees/payments and got my car back the same day.

Re: Auto Loan Approval with old Repo

Anonymous — Mon, 10 Jun 2019 20:52:11 GMT

Thanks for the advice I am definitely going to call equifax and request the Early Exclusion. The repo has been off the other 2 reports since 1/2019. Thanks again

Re: Auto Loan Approval with old Repo

Anonymous — Mon, 10 Jun 2019 20:54:00 GMT

Congrats, thats great to here. You got a very good rate as well.