Chacon Autos

[Anonymous]

Has anyone heard of chacon autos? I am stuck with a car loan which does not get reported on my credit report. I need suggestions on how I can trade my current vehicle. I purchased this last year and I need information on how I can go about trading this one through a dealer who actually does report to credit bureau.

I made a huge mistake of buying it through chacon autos. Please need some advice on this issue. 

Thanks

[ds3]

I looked at their website, and it's a buy here, pay here dealership, which rarely, if ever, gets reported. You have 2 choices...refinance it with a real bank, or trade it in and make sure you get a loan through a bank, and not a dealership like Chacon.

Good luck!

[StartingOver10]

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@ds3 wrote:

I looked at their website, and it's a buy here, pay here dealership, which rarely, if ever, gets reported. You have 2 choices...refinance it with a real bank, or trade it in and make sure you get a loan through a bank, and not a dealership like Chacon.

Good luck!

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^^^Yes, this is right. OP why don't you just refi the loan with a CU or bank rather than trading?

[Anonymous]

Thanks for your suggestions. Here is what i've found after my caculations

- Total initial balance 22k with finance charge (16.89% apr). Due to poor credit i had no choice but to take it from behind.
- Down 2400
- As of today remaining balance is about 13k with payment of 436/month

I checked kbb and trade-in value is approx. 10-11k. So as you can see im about 3k upside down. What is my best option?
My current score is around 638 all across. I would like your advice on what i should do. Please guide me on how to tackle this issue.

Trade or refi? I have heard if i were to select any bank they require previous lender to be fdic insured. Not sure if this is accurate.

Thanks in advance.

[StartingOver10]

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@Anonymous wrote:
Thanks for your suggestions. Here is what i've found after my caculations

- Total initial balance 22k with finance charge (16.89% apr). Due to poor credit i had no choice but to take it from behind.
- Down 2400
- As of today remaining balance is about 13k with payment of 436/month

I checked kbb and trade-in value is approx. 10-11k. So as you can see im about 3k upside down. What is my best option?
My current score is around 638 all across. I would like your advice on what i should do. Please guide me on how to tackle this issue.

Trade or refi? I have heard if i were to select any bank they require previous lender to be fdic insured. Not sure if this is accurate.

Thanks in advance.

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Who requires this?  Sounds like a BS statement to me. Besides if you go to a CU or Bank why would the current lienholder care? Doesn't make any sense. I think they are saying they want you to come to them to trade so they can get you another bad deal. That is how most subprime dealerships work - they want you to keep trading so you get deeper and deeper into debt.

Do you have $$ to fund the portion of the loan that is upside down? What is the year, make, age and milage of your vehicle?

[Anonymous]

I'm able pay remaining loan amount.
2014 mit lancer 28k miles
I want to get 370z

[StartingOver10]

Looks like you really want out of this vehicle. Best thing to do is to sell it private party to limit the amount you owe on the negative equity or sell to Carmax. Then go for the new(er) vehicle. That way you aren't carrying over the neg equity to the new purchase. Stay away from the subprime small lots. If its a BHPH lot - it has subprime financing and bad deals overall.  

Do your research here on how to buy a new/used/CPO vehicle and get your money's worth.

[StartingOver10]

First, head over to the Rebuilding Your Credit forum to see what you can do to boost your score before you finance something else.

[Anonymous]

Need suggestions on who to go through to get my car refinanced. 

Please provide good lenders

Anyone heard of blue harbor? How are they for car loan refi?

[Anonymous]

also, what is the required cred score to get approved with DCU? I have read it has to be 675 or more to get approved and DD setup.. is this accurate?