AmeriCredit Subprime Auto Finance

[Anonymous]

I currently have my personal vehicle financed with Wells Fargo  last year... my loan was for 40k with an Apr of 5%. my payment is 600/month.  I recently purchased another vehicle from a dealership with the promise of $0/down drive off the lot same day yadda yadda. They generally deal with people with little to no credit history or bad credit. i was approved by Americredit and the sale guy advised me they aren't used to getting customers with good credit scores .. mine at the time was a 745.  the car was $25500 (with tax) and and apr of 16.99%. i definitely an going to refinance with NFCU i need to know how soon can i apply. my first payment isn't due until april 23. at the end of this loan i would have paid $41k if i were to stay with ameriCrooks i mean credit 

[sccredit]

I would refi ASAP. Frankly, I don't know why anyone with your scores would sign the paperwork at 16.9%. Companies like Americredit serve a purpose and lend to people that wouldn't get financed with prime/standard lenders. Nothing crook about them. 

[Credit4Growth]

If you have all documentation of ownership in hand, you can apply today!

Go and 'get  'er down! 1👍

IMHO, no one should  willingly volunteer for a 12%+ auto loan and  make payments for even half of the loans life... really not even 6 months. You have good scores so 👌 GL2U!

You did not give a make and model nor and approximate DTI, etc. ..., not that you have too.  

Just keep those in mind and know that Navy will as well.

[incognitony]

I didn't know those guys were still in business. I had two loans through them about 20 years ago.They are for people in the 500s. I'd refinance yesterday.

[sccredit]

---

@incognitony wrote:

I didn't know those guys were still in business. I had two loans through them about 20 years ago.They are for people in the 500s. I'd refinance yesterday.

---

It's GM Financial if financed through a GM dealer, it's AmeriCredit if financed through any other dealer. 

[incognitony]

---

@sccredit wrote:

---

@incognitony wrote:

I didn't know those guys were still in business. I had two loans through them about 20 years ago.They are for people in the 500s. I'd refinance yesterday.

---

It's GM Financial if financed through a GM dealer, it's AmeriCredit if financed through any other dealer. 

---

Ok , kind of like Santander with Chrysler. 

[Bankrupt2019]

Why not just get loan from NFCU and skip the subprime loan? 16.99% is a credit card interest rate, not an auto loan rate. (Score dependent of course)

[sccredit]

Yep. Only difference is that AmeriCredit is wholly owned by GM where Santander is the lender behind what is basically a DBA.

[Loquat]

OP, I echo what has been mentioned here. Don't walk, RUN over to NFCU or anyone else and get out of that loan as soon as you can. Don't even let the ink on the paperwork dry.