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Financial death sentence?... 6 late payments on auto loan

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m3v8
New Contributor

Financial death sentence?... 6 late payments on auto loan

I have completely paid off 3 year lease with a tough bank BMW Financial Services,-  I made all payments on time, but 6 payments were- "30 days late" , out of total of 36 payments. It shows on all credit reports as paid in full, closed and 30 days late 6 times. Just because I made late payments over a year and a half ago, I would never be able to finance with that bank again? Or any other auto loan for that matter? Ready for a new car loan, but not sure if will get approved... what are my chances to secure $50k car loan? Score right now is Ex-606, Equ-636, Tu-708... have one paid charge off from 2 years ago.

05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
Message 1 of 11
10 REPLIES 10
Jazzzy
Valued Contributor

Re: Financial death sentence?... 6 late payments on auto loan


@m3v8 wrote:

I have completely paid off 3 year lease with a tough bank BMW Financial Services,-  I made all payments on time, but 6 payments were- "30 days late" , out of total of 36 payments. It shows on all credit reports as paid in full, closed and 30 days late 6 times. Just because I made late payments over a year and a half ago, I would never be able to finance with that bank again? Or any other auto loan for that matter? Ready for a new car loan, but not sure if will get approved... what are my chances to secure $50k car loan? Score right now is Ex-606, Equ-636, Tu-708... have one paid charge off from 2 years ago.


Confused here...so...you were late? Or...you were on time?

 

If you were late, that could be an issue. Do you have downpayment on top of the $50k loan? Can your income handle it?

 

Have you tried to goodwill that charge-off off of your reports?

 

Message 2 of 11
m3v8
New Contributor

Re: Financial death sentence?... 6 late payments on auto loan

I was late on car loan 6 times. So, I guess it's a dead end for car loan history? 

I would  follow the advice on "good will record removal", but how do I do it? Call the bank and speak to them, or write a letter? These  were only late payments, but got better after that, and paid everything on that loan on time, and closed as in good standing, as the end of lease.


@LynetteM wrote:


Confused here...so...you were late? Or...you were on time?

 

If you were late, that could be an issue. Do you have downpayment on top of the $50k loan? Can your income handle it?

 

Have you tried to goodwill that charge-off off of your reports?

 


 

05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
Message 3 of 11
laz98
Senior Contributor

Re: Financial death sentence?... 6 late payments on auto loan

i see why you're frustrated, & i don't think it's a dead end for your car-buying days.  but i also see it from their point of view:  you were late with your payments almost 17% of the time.

 

did you just recently finish paying it off?  i would definitely try the goodwill request lynette suggested.  you can write an email or a letter, either works (or doesn't work, sometimes).  you can read more about it here on the forums; that's a very common piece of advice.  Smiley Happy

Message 4 of 11
m3v8
New Contributor

Re: Financial death sentence?... 6 late payments on auto loan

Thank you all so much for advice and for taking your time to respond.

I will definitely follow advice for Good Will removal of late payments with BMWFS. I will try calling them first and take it from there.

05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
Message 5 of 11
m3v8
New Contributor

Re: Financial death sentence?... 6 late payments on auto loan

This BMWFS account was finished and paid off in good standing. Still, does it do more bad, than good?

05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
Message 6 of 11
creditcrasher13
New Member

Re: Financial death sentence?... 6 late payments on auto loan

Did you happen to have any luck with the BMW GW removal? I am looking to try to acheive the same thing. I had a loan and lease with them that was late a few times. The 650 lease was paid and closed in full last month and they financed another one for me after some calls to the higher ups but I havent tried working on the removals yet....

Message 7 of 11
Revelate
Moderator Emeritus

Re: Financial death sentence?... 6 late payments on auto loan


@creditcrasher13 wrote:

Did you happen to have any luck with the BMW GW removal? I am looking to try to acheive the same thing. I had a loan and lease with them that was late a few times. The 650 lease was paid and closed in full last month and they financed another one for me after some calls to the higher ups but I havent tried working on the removals yet....


Welcome to the forums!

 

This is a 3.5 year old thread; I would suggest posting your question in the Rebuilding Your Credit forum where the GW experts typically are found.




        
Message 8 of 11
RushXTC
Established Contributor

Re: Financial death sentence?... 6 late payments on auto loan


@Jazzzy wrote:

@m3v8 wrote:

I have completely paid off 3 year lease with a tough bank BMW Financial Services,-  I made all payments on time, but 6 payments were- "30 days late" , out of total of 36 payments. It shows on all credit reports as paid in full, closed and 30 days late 6 times. Just because I made late payments over a year and a half ago, I would never be able to finance with that bank again? Or any other auto loan for that matter? Ready for a new car loan, but not sure if will get approved... what are my chances to secure $50k car loan? Score right now is Ex-606, Equ-636, Tu-708... have one paid charge off from 2 years ago.


Confused here...so...you were late? Or...you were on time?

 

If you were late, that could be an issue. Do you have downpayment on top of the $50k loan? Can your income handle it?

 

Have you tried to goodwill that charge-off off of your reports?

 


This might be an old thread, But I lol'd.

 

I read the first post before checking the date and was confused by this statement. Smiley LOL

Message 9 of 11
m3v8
New Contributor

Re: Financial death sentence?... 6 late payments on auto loan

Resurrecting an old thread.

All went well, BMW FS gave it a go for another lease on a much more expensive BMW M3 with price tag at $68k monthly lease payment of $860/m (despite multiple late payments on previous lease.) Lease inception involved $2k Cap Cost Resuction to lower monthly payment.
05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
Message 10 of 11
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