My fiancee has bad credit from left from his previous divorce. He doen't have any debt, just bad credit. He is trying to finance a car to rebuild his credit, they approved him for $9K and on top of it the dealer is charging him a "FEE" of $995 for having BAD CREDIT... Has anyone ever heard of such thing?
Thanks 
Is he financing this in house through the dealer itself? How bad is his bad credit? Do you know his FICOs? What are the terms of his loan...
Starting Score: 627 EQ, 621 TU - 11/15/08
@Anonymous wrote:My fiancee has bad credit from left from his previous divorce. He doen't have any debt, just bad credit. He is trying to finance a car to rebuild his credit, they approved him for $9K and on top of it the dealer is charging him a "FEE" of $995 for having BAD CREDIT... Has anyone ever heard of such thing?
Thanks
Is the sole reason of financing the car; to build credit? If so, I think adding $5 to that (total $1k); and dumping it into a secured credit card, would go a lot farther to rebuilding his credit (and he'd get the money back when it became unsecured, or he no longer needed the card).
Now; if he *needs* the car for some other reason(s); that's something else to consider.