My credit has rebounded a lot since everything from 2005 has just about fallen off and I will want to finance a new car in March 2013. I think I want to get an Acura again but voluntarily surrendered one in 05 to the dealer. It was auctioned off with a remaining balance that I never paid but Honda finance charged off and is no longer reporting on my credit reports. Does anyone have any insight if Honda would consider the repo/unpaid balance from their past records or are they going to only look at the current credit reports and my ability to pay when determining approval and interest rates? My current scores are below but should be slightly better when I'm ready to buy.
Transunion: Fako 769
Equifax Fako: 689
Experian Fako: 775 FICO Lender Pull: 740 8/2012
If I had to guess, I'd say they will probably have an issue with your prior repo, especially since you didn't make good on the remaining balance. While it might not be showing on your CRs any longer, they still have their internal records. The good news is that there are many other lenders out there. If you belong to a CU, they might be your best bet for a new car loan. CUs offer some of the best rates around. Good luck!