GM SUBPRIME AUTO FINANCING?...

[knightlynews]

Does anyone have any tips for gaining approvals through GM's Subprime lending? ( I think its called Americredit!) I have a FICO of 565, salary of 80K per yr. and only a secured Capitol One card with a $200 limit. (1 month old), 6 collection accounts (med.bills, 3 paid off by 3/1/13). Just wondering which is better Americredit, Roadloans or Santander for my situation. Seeking a 20K used car loan, with 3K down payment. Thanks in advance for any/all responses!

[scorpiostinger07]

I just recently got denied with a 659 fico and 50k salary. But that doesnt mean you cant get approved.

[Dapper_Dan]

I had GM Financial/Americredit and let me tell you.... STAY AWAY.

I bought a new car.  I was lucky to get the financing.  But when that first month's payment came due... oh boy!  Firstly, if you want to pay online - that will be $5... because you can only pay them online THROUGH Western Union.  That's something that wasn't in the contract.

I only had the car for a month, it was a lemon.  So when the manufacturer bought the car back, it took GM over 4 weeks to process the title, issue a refund, and clean out the file.  They took this long because the loan is actually a synthesized loan through which you are a pawn.  Don't do it.

You can educate yourself on their process by going to their website - they have s stupid video explaining how they sell your loan out to the market - similar to how the housing crisis started in the first place.

I know you may need a car (used or new) and a loan is necessary and is also a good way to establish credit.  But GM Financial/Americredit are not there to help.

[indecison]

I guess everyone has different experiences. I had a loan with Americredit that was obtained about 1 year post BK. I had no issues with Americredit.

[germaine47]

The collections that I have paid in full was readily  removed upon request the negative remarks from my credit file.  I still have some negative student loans (late payments)  on my report in which they will not age off until 2015.  Try the dealership first.

[knightlynews]

If you dont mind, what were the terms?

[knightlynews]

Thanks!

[germaine47]

I went to the Toyota Dealership and I think at the time my Equafax was around 640ish, with that being said I asked them to pull my Transunion at 687.  The transunion fico allowed me to go to the tier 1 credit approval and I was financed at 1.9% and $0 down-payment.  I have no bankruptcy or recent repossession in which that may have helped.