CarMax auto loan

[Anonymous]

Long story short I tried to get a loan from them the car is around $36k or so I would be putting $6k down which I think is good? And what do you know I get the letter from cap 1 turning me down due to (must be) a car I co-signed with my mom since she was retired and they were not going to really loan her the money.. I was part time at that time so Ended up having the car repossessed so it shows up on my credit report as a $12k balance or so.

I'm not even sure what amount of down payment would even make them even say yes to..

[Anonymous]

Depending on the rest of your credit profile you may have limited options for auto financing, even with a signficant down payment. Many lenders won't approve a new auto loan with a reposession, especially one with a balance owed, reporting. The lender that was burned on the loan that ended in the reposession might not approve any loans even if the account is closed and/or settled.

[incognitony]

Depending on your income you could try Carvana. They will do 15% of your monthly income as a payment. 

[MitchDeerfield]

I am sure Carmax will submit your loan to several banks. You are likely to be approved with your high down payment but with a higher interest rate, not a preferred customer rate.  

[Anonymous]

Well bad news so my wife was like try another dealership (Subaru) anyways I think they use cap1. But anyways the lady told me $5k was the planned but now dropped to $2k due to bills plus 2 kids under 3. Anyways she was like no way I could get you approved for the car amount $34k or very much even a $10k car.

I sure as heck don't want to get stuck with a car I'm going to hate for the whole term. I'm not sure what to do at the moment.

[Anonymous]

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@MitchDeerfield wrote:

I am sure Carmax will submit your loan to several banks. You are likely to be approved with your high down payment but with a higher interest rate, not a preferred customer rate.  

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Say I get a car from them could I later trade it in early for something else?

[dunn2500]

i would check your scores and carefully submit loan apps instead of just shotgunning them to whoever not knowing where they are pulling from......with a repo will be tough i imagine but research lenders more with your situation and find out your real scores and auto scores specifically....

[Anonymous]

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@Anonymous wrote:

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@MitchDeerfield wrote:

I am sure Carmax will submit your loan to several banks. You are likely to be approved with your high down payment but with a higher interest rate, not a preferred customer rate.  

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Say I get a car from them could I later trade it in early for something else?

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You could, but with a high interest rate you ar elikely to owe more on the car than what it is worth for a longer period of time. So depending on how early you would be looking to trade out of it, this would not be advisable. You should contact whatever company is handling the repo that is on your credit report and see if they will settle for less than the balance and potentially do a pay for delete. This could save you more money in the long run.