Help after REPO

[Anonymous]

I had purchased a brand new Toyota Tundra in 2012...

Went through a financially devastating divorce this summer... fell behind on payments that were $580 per month and my beloved truck was repossesed about 3 weeks ago.

Since then I have been driving a 1993 Subaru with almost 300K and have a feeling that I will need a more relaible vehicle in the next 6 months.

Right now my FICO is 480 due to the repo and falling behind on several credit cards. I have payment plans set up to catch up on those.

Who would you recomend as a subprime lender as I get my credit back on track? Is there any lender that will work with me soon after a repo? I will be saving for a downpayment until the subie goes kaput.

Santander/Roadloans does not operate in the state of Nevada. The credit cards I have payment plans set up with are all Capital One so thet are out.

Thanks for your input and advice!

[Anonymous]

With a 480 score and a recent repo no bank will finance u a new vehicle loan... Unless maybe if u have 65% as a down. It's just repo too recent let's say u have a 480 and repo like 4 years old u would still be able to find a bank that will finance u depending on income

[fury1995]

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@Anonymous wrote:

I had purchased a brand new Toyota Tundra in 2012...

Went through a financially devastating divorce this summer... fell behind on payments that were $580 per month and my beloved truck was repossesed about 3 weeks ago.

Since then I have been driving a 1993 Subaru with almost 300K and have a feeling that I will need a more relaible vehicle in the next 6 months.

Right now my FICO is 480 due to the repo and falling behind on several credit cards. I have payment plans set up to catch up on those.

Who would you recomend as a subprime lender as I get my credit back on track? Is there any lender that will work with me soon after a repo? I will be saving for a downpayment until the subie goes kaput.

Santander/Roadloans does not operate in the state of Nevada. The credit cards I have payment plans set up with are all Capital One so thet are out.

Thanks for your input and advice!

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Are you financially stable now?

Did you attempt to get the Toyota back by making any arrangements from the lender?

Have they sold the Toyota yet?

The repo will not be the end if the vehicle is sold. You will become responible for the deficiancy of the loan so I would try to make some arrangements with thelender if you have any means.

[Anonymous]

I am.. And completely understand the deficiency balance issue.. I WAS not intending to walk away after the repo.. But with fees and late fees and back payments.. I was looking at over 3k to get the truck back and did not have that kind of money... As a father of 3 who still has his kids 4 days a week after the divorce.. I had to decide who to pay.. My ex wife her child support or Toyota.. I thought I could catch back up but could not.

The extra 580 a month plus 120 for insurance I plan on tucking a portion away after I find what the balance is and setting up a payment plan.

12 years ago I had a financially devastating divorce as well.. And took my score up about 150+ points in about 6 months.. I'm hoping I will be able to do the same.

[incognitony]

I would see if any dealers have a tote the note lot. It's like a bit here pay here but has nicer cars and usually reports on your credit. They wouldn't care about the repos. Their deal is they jack up the price and put it on shorter terms like 42 months or so. You end up paying more but it might help you get better financing next time.

[joedtx]

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@incognitony wrote:
I would see if any dealers have a tote the note lot. It's like a bit here pay here but has nicer cars and usually reports on your credit. They wouldn't care about the repos. Their deal is they jack up the price and put it on shorter terms like 42 months or so. You end up paying more but it might help you get better financing next time.

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Americredit / GM financial might be an option but I would try and save up some $$ for the next 4 months and they are a notch better than anything Roadloans/Santander. Good luck.

[Creditaddict]

Hopefully you have time for the truck to be sold and settle the difference with them because then while you did have a repo, you will have a paid repo and probably won't be very hard to get financing again.

If you have carmax near you, they would probably be easy and as someone else said, GMC... they handing those cars out right now... just leased a terrain for my business actually.