So, back in Dec 2007 my Envoy was repossessed (GMAC basically admitted they sent incorrect information to me concerning the amount due, which gave me the belief that I owed two payment and we had already set the due date for the payment). Because of the holiday it took two weeks for me to be able to get possession of my SUV. Well, on my credit report it states on the comment section that it was a redeemed repossession. How does that affect my ability to get another automobile financed? To give additional info, I have a Smartbuy and the 48 months end 10/09. I can either return the SUV or do a balloon payment (basically get another loan for the remaining balance). Due to bad credit situations and I am sure the repo has tanked my FICO score to under 500. I am in the process of trying to rebuild my credit but i really need info so that I can prepare myself for next year.
Any help or suggestions would be appreciated.
Any help or suggestions would be appreciated.
Starting Score: EX:603
@Anonymous wrote:Ask GM to fix the mistake if it was not your fault. This will kill you on getting a loan next year as it will still be "new" as in less than 24 months. Also, with SUV prices tanking, getting financing on used SUV's is hard enough. If they will not fix it, attempt to get it fixed through a GW. If it is not fixed, you will be paying higher interest rates for quite awhile.
Hello and thanks for responding.....GMAC has basically told me to jump off a short plank. It is my responsibility to know what I owe them and that thought the letter was incorrect when I received it again , its my responsibility. Hell, I cannot even get information about my account now unless I speak with a CSR. So basically I am SOL on getting a decent rate, if at all? I am not interested in a co-signer....don't want to ask anyone for that big of a commitment.
I just realized that in 10/09 it will be 22 months....dangit!!!!
