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Want a car dec. 2022

dunn2500
Frequent Contributor

Re: Want a car dec. 2022


@mmajer4211 wrote:

My advice would be to take care of the previous repo first. You want to start off on the right foot when getting into a new vehicle. Having a new vehicle is nice and fun but I can tell you first hand that having a clear report is WAY better. I had a repo on my report for a long time, along with other negative information, and there's nothing worse than being rejected of purchases your would like to make or paying an arm and a leg because of high financing rates. 

 

I am free and clear of all negative information on my report now and when I went and purchased my new vehicle it felt great. I had the upper hand in the negotiations the entire time because I already had the check in my hand from my credit union.


exactly......i always struggled with credit but cpl years ago decided to clean it up and actually get some credit......my last 2 trucks i had check in hand and financing aspect of the deal never came into play at dealership ( thats the part i was always worried about).....2 weeks ago i was in and out of dealership in 45 minutes......does feel good man!

 

and its amazing how fast and easy getting financing is thru CU, but when at a dealer that part takes friggen forever.....its the longest part of the deal.......so much easier getting it on your own, i just never knew

Message 11 of 15
simplegirl
Valued Contributor

Re: Want a car dec. 2022

Well I still have 4 years before completely clean reports but I rather have my car paid off by that time or at least mostly paid off.








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Message 12 of 15
simplegirl
Valued Contributor

Re: Want a car dec. 2022

So i talked to navy federal to starting paying on the repo & it turns out they have been inaccurately reporting the balance on the loan. They sent me 2 letters in 2019 showing me the balance owed which is $2 thousand and something less than what they are reporting and claiming i owe. They have no idea how it happened or why it happened but told me they would get back to me after seeing what is going on. I reapplied for capital one pre-qual and got pre-approval for $40k.








Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


Take the myFICO Fitness Challenge





Goals:

Get First Home in Summer 2025
Message 13 of 15
shadanat
Regular Contributor

Re: Want a car dec. 2022

I recently purchased a 2021 Hyundai Santa Fe with a discharged 2017 BK...I know not the same as repo but it's a blemish. I did the Cap One Navigator Pre-Qual and they approved me for 55K....the interest rate was in the 12% range with at least 2K down depending on the trim. I ended up financing through Hyundai because the interest rate is 7.9% and no money down. Hyundai was offering $3000 in rebates at the time. One of the rebates for $1,000 was only available if you financed through Hyundai. So financing through Hyundai should be possible for you. make sure you check Hyundai's website at the time you are ready to purchase to see what rebates are available.

 

NFCU would only give me a loan for $27K but I needed a bit more. I'll try to refinance with either NFCU or SDFCU next year.

 


@simplegirl wrote:

So i talked to navy federal to starting paying on the repo & it turns out they have been inaccurately reporting the balance on the loan. They sent me 2 letters in 2019 showing me the balance owed which is $2 thousand and something less than what they are reporting and claiming i owe. They have no idea how it happened or why it happened but told me they would get back to me after seeing what is going on. I reapplied for capital one pre-qual and got pre-approval for $40k.


 

Message 14 of 15
daveg38
Established Contributor

Re: Want a car dec. 2022

I see you got the pre-approval through Cappy 1. Awesome!

 

I would NOT have been approved through Hyundai Motor Finance if my voluntary repo (not shown as a repo, but a chargeoff) showed up on my TU report. Somehow (and I cannot explain why), the tradeline was removed from TU several days before applying with my truck hobbling. Must have been divine intervention telling me to get a Tucson.  Smiley Happy

Ch7 Discharge: 5/14/2016 | Amex HH $1000 (AU), Mission Lane $750, Williams-Sonoma $500, Credit One $400, Express $250
Message 15 of 15
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