Can Dealer Ask For Car Back...

[Anonymous]

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@blk8 wrote:

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@Anonymous wrote:

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@Andy77 wrote:

No I had paid a 3 yr lease with BMW between 2003-2006 on time

Part of me thnks that a dealership can really do what ever they want at the end of the day...give you a high APR or low, as they did me...I think I got such a low one becaues this is my second car with BMW

BUT...that makes no "credit" logical sense that I would get a lower rate with a BK vs without

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The difference is that you have proven yourself to pay off your car loans. Your score will be higher after AutoEnhanced which helps A LOT, and you are funding from the same company that you have previously used. Overall be thankful you got the rate you did, I'm a little surprised as a 615 usually floats in the double digit rates.

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That depends if the 615 is his FICO or AUTO ENCHANCED FICO .... the AUTO could very well be off the charts compared to his standard.

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It very well could make a notable difference of 10-25 points in your score maybe a bit higher even, but it will not turn a 615 into a 680+.

[Anonymous]

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@Anonymous wrote:

And one more note it isnt just about your scores, look at the interest rates offered at these different time periods. 03-06 is post Internet bubble and had moderately high interest rates. Rates are being held at all time lows right now by the Federal Reserve in order to push consumer lending. Its a great time to buy, and horrible time to save

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+1

That was my thinking as well. 3.99% is not a good rate. That is double the going rate.

So, to me it looks like the proper rate for the buyer.

[DaBears]

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@Andy77 wrote:

I think BMW Financial uses Chase Bank

Anyway I just think credit scoring makes NO LOGICAL SENSE AND HERE IS WHY...

Back in 2006 I got a 35k loan on a Mercedes and had no lates or BK's on my credit report.  My interest ratre was 8.5

Fast forward 6 yrs and now I have a BK and maxed out cards and I get a 3.9 APR

Makes no sense

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+1, Installment loans have very little affect on fico scoring.