Hi all,
My car is COMPLETELY Gone. Id rather not get into details but i owe about 37,000 on it. The insurance is going to pay the ACV and my GAP is going to cover the rest even with a Loan Rollover. Now my question to you guys is,
I was reading up on a "Total Lost Letter"
When i first bought my car last year, i had a 750 score, with a cosigner that had good income but a bad score (my income is low) and i was approved at my credit union with a 4% interest rate and 90% LTV and ended up putting somewhere around $4000 with it and gave the dealership a check from them. I also had cosigned another car with that same person because of my great credit (his credit is bad)
My score now is 600 and two loans are showing on my report and i need a car. If i take the total loss letter to a dealership will i be able to get the same rates as i had with the 750 score with my now 600 score and just get another car possibly cheaper one as well and not have to pay out of pocket? Or do i have to wait for the car loan to get removed and get my score back up? Thanks all.
