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NFCU Approved even with a repo

Credit_Phoenix
Valued Member

NFCU Approved even with a repo

For those of you who are rebuilding your credit and need a car loan, there's hope if you're with Navy Federal. I'll try not to make this too long. About 5 years ago I blew my credit up due to relocating and having a job offer fall through. Everything went into collections except for my car. And a little over two years ago I voluntarily surrendered it because it blew up and I couldnt afford to fix it. So in addition to my mounting collection accounts, I now also had a repossession on my report. Before it showed up on my reports though, I bought 2 cars from Carvana and they were financed at 24% OUCH! Saying things looked bad was an understatement.

 

 About 15 months ago I got sick and tired of being a credit criminal and started addressing the things on my credit report. I paid for deletions, settled accounts, and tried to remove what I could through the dispute process. I still have 4 bad things on my reports including the repo.  At the same time I opened a few secured cards, used the SCT to open a few store cards, and also picked up a few sub-prime cards. And while I was doing this I also joined NFCU about 6 months ago. 

 

Fast forward to the present. 

So about a week ago I decided to apply for a car loan with NFCU. I thought I had a good shot of getting a loan because I have direct deposit with them, I earn 140k a year, I have a very low DTI and my credit usage was under 4% on all of my revolving accounts. I also have a secured card with Navy for $300 that I took out when I joined, and then 3 months ago they approved me for another unsecured card with a $7,000 limit.  So I went online and filled out the app for  a new car loan for $55,000 and BOOM...they countered with a loan for $60,500. The interest is a bit high at 6.8% but it's because I chose the longest term they have. And this gave me the ability to roll one of the 24% loans into the deal as a trade in and I was only upside down by a few grand. So I basically got out of a car that had a retail value of 17k that I was paying 24% interest on and  upgraded to a new 2021 Audi that's $56,000 with an interest rate of 6.8%. Wow what a difference a few years can make.

 

If any of you are in similar shape and need DP's from me just let me know.

Message 1 of 6
5 REPLIES 5
aptiger
Valued Contributor

Re: NFCU Approved even with a repo


@Credit_Phoenix wrote:

For those of you who are rebuilding your credit and need a car loan, there's hope if you're with Navy Federal. I'll try not to make this too long. About 5 years ago I blew my credit up due to relocating and having a job offer fall through. Everything went into collections except for my car. And a little over two years ago I voluntarily surrendered it because it blew up and I couldnt afford to fix it. So in addition to my mounting collection accounts, I now also had a repossession on my report. Before it showed up on my reports though, I bought 2 cars from Carvana and they were financed at 24% OUCH! Saying things looked bad was an understatement.

 

 About 15 months ago I got sick and tired of being a credit criminal and started addressing the things on my credit report. I paid for deletions, settled accounts, and tried to remove what I could through the dispute process. I still have 4 bad things on my reports including the repo.  At the same time I opened a few secured cards, used the SCT to open a few store cards, and also picked up a few sub-prime cards. And while I was doing this I also joined NFCU about 6 months ago. 

 

Fast forward to the present. 

So about a week ago I decided to apply for a car loan with NFCU. I thought I had a good shot of getting a loan because I have direct deposit with them, I earn 140k a year, I have a very low DTI and my credit usage was under 4% on all of my revolving accounts. I also have a secured card with Navy for $300 that I took out when I joined, and then 3 months ago they approved me for another unsecured card with a $7,000 limit.  So I went online and filled out the app for  a new car loan for $55,000 and BOOM...they countered with a loan for $60,500. The interest is a bit high at 6.8% but it's because I chose the longest term they have. And this gave me the ability to roll one of the 24% loans into the deal as a trade in and I was only upside down by a few grand. So I basically got out of a car that had a retail value of 17k that I was paying 24% interest on and  upgraded to a new 2021 Audi that's $56,000 with an interest rate of 6.8%. Wow what a difference a few years can make.

 

If any of you are in similar shape and need DP's from me just let me know.


Nicely done, Congrats!


Filed chapter 7 in May 2017.

Message 2 of 6
kittycreditmeow
Frequent Contributor

Re: NFCU Approved even with a repo

Wow! Nice work! Congrats on the approval 

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Message 3 of 6
Whew
Valued Member

Re: NFCU Approved even with a repo

Congratulations on your purchase with NFCU.  I plan to apply for a loan with them at the end of this month.  If I may, what were your scores?  Thank you 😊 

Message 4 of 6
Credit_Phoenix
Valued Member

Re: NFCU Approved even with a repo

NFCU uses TransUnion for their auto loans. My TransUnion Fico Score 8 was 707 at the time of application. 


@Whew wrote:

Congratulations on your purchase with NFCU.  I plan to apply for a loan with them at the end of this month.  If I may, what were your scores?  Thank you 😊 


My Fico Score 8 was 707 at the time of application. They pull TransUnion for their auto loans.


@Whew wrote:

Congratulations on your purchase with NFCU.  I plan to apply for a loan with them at the end of this month.  If I may, what were your scores?  Thank you 😊 


 

Message 5 of 6
Whew
Valued Member

Re: NFCU Approved even with a repo

Perfect.  Thank you and congratulations again.

Message 6 of 6
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