Roadloans Questions

DenverVandal · ‎07-10-2012

Hello everyone,

My credit is terrible and I was thinking of going the BK route soon as I have a pretty big hole to climb out of from getting laid-off 3 years ago.

I now have a great job/income and just to see what they would say I applied at Roadloans. They approved me for $22.2K with 0 down at 18.9% for 72 months which I could not believe. According to them my Experian score is 584 which I also could not believe as I am signed up for freescore.com and they show right at 500.

I have went to a few dealerships and seems like they can't help me as is with 0 down, so roadloans is it for me. I have read a lot about them charging high fees to the dealers and that usually get passed on to the customer though I heard that might not be the case with CarMax. I have also read that they offer special (lower) rates for new Chrysler/Dodge/Jeep vehicles, is this still true?

If anyone has any recent experience with Roadloans as knows anything about the CarMax / new Mopar items I mentioned I would greatly appreciate it.

Thanks!

Creditaddict · ‎07-10-2012

I had Roadloans back 6 or so years ago and it got sold to Roadloans at some point. I returned that car in a bk 13 and financed another car through Roadloans at Car Max for 18% also. I had no issues with them, stay current and don't miss payments and you won't have any fees!

I paid through my banks bill pay and a couple times used a 3rd party company they use to pay with a credit card for a fee, but that's not a Roadloans thing.

They are not bad but unless you have to keep that loan for the 72 months and drive that car for that long... 18% over 72 months (tons of interest) and possible huge car bills down road with age.

DenverVandal · ‎07-11-2012

Thank you for the response.

My concern about fees is that from what I have been reading, Roadloans charges their dealers a chunk of change ($1000-$1500) to accept the check. If that's the case the dealer has to factor in that cost when selling a car and that is going to make it difficult to get a good price. Now I have heard that CarMax may not have that fee and you can buy a car from them for their standard listed price.

Creditaddict · ‎07-11-2012

@nigbot4000 wrote:
Thank you for the response.

My concern about fees is that from what I have been reading, Roadloans charges their dealers a chunk of change ($1000-$1500) to accept the check. If that's the case the dealer has to factor in that cost when selling a car and that is going to make it difficult to get a good price. Now I have heard that CarMax may not have that fee and you can buy a car from them for their standard listed price.

I have never heard of this.

Really I wouldn't care even if it was true... You have the financing, you can give them the oppurtunity to beat it or you will use this check and this is the price you will pay. Kelly Blue Book has a new feature to see what you "should" expect to pay for a vehichle (used too) I have used this feature 3 times now and all three deals came within $200-$500 below (Meaning paid that much more than what KBB said you could expect and I thought that was quite good (Im not a big back and forth person though and I usually do a lot of the "BS" stuff while still at home... Don't let them take over the deal with hours and hours of back and forth or we can beat it, take the car home, etc. etc.

I would let them try to beat it before going in and I would work on the price you are paying BEFORE going in also... Some will give the usual like "well when you coming in, no sense in working on price right now if you have not drove it and know you want it, I promise we can get a good price if that's the car you want." That would be a no and if this is going to be an issue to do over phone and by E-Mail then I will find another dealership because I don't have time for the games.

So in the end, DO NOT take the new(used) car off the lot unless you have signed the finance paperwork with all confirmed and approved. The check may require 1-3 days to clear, I would talk to Roadloans about that before going in, if it is a 1-3 days, once again I would NOT take the car until that is done and cleared with no issues.

Overall, Just don't let them push you around so they take control of the process, it's like dealing with a collection agency (STAY in control of the conversation!) lots of talk about responsibiltiy,, why this happened, etc. do not factor into either telling them off or working out payoff or payment plans if you are not ready to do it on the spot.

Anonymous · ‎10-19-2012

The problem with Kelly Blue Book it is consumer driven. Therefore it is usually completely wrong with trade values as well as "what you should pay". Dealers go off of what the market at the time says and no dealers use kbb to appraise or price there cars. NADA.com is a much better reference as to trade values and "what you should pay" prices.

Yes banks like Santander and roadloans charge huge fees to dealers. $1000-$2000 typically. The dealer will sometimes make up that by taking some profit off of the vehicle but the problem you run into is if the dealer does not have $2000 of profit left in the deal to pay the bank in which case they will want the customer to come up with that $. That is how those banks give high risk loans because they get as much $ upfront as possible so in the event of a repo the bank wont lose as much $.