Can't say for sure, but WF Dealer Services (which may be different than their straight consumer lending side, I honestly don't know) is historically known to deal with folks in your (or my) subprime FICO ranges, even recently... my current auto loan is through them. It's certainly possible though it will likely be double-digit in the 15-20% range for an APR.
I was denied with Wells Fargo recently for an autoloan. They told me I had too many inquries lately (4) and too recent of a derogatory remark (Repo that reports late monthly). Super stressful because I have 673 credit score through them.
Starting Score: myFico Scores Equifax 544 Transunion 585If you can afford to pay them then I'd do so. That will be looked at by the underwriters... it may not help your score any, but for certain a paid collection is better than an unpaid one from any lender's perspective.
WFDS can and will dip to the under 600 subprime from time to time
but to do so the structure of the loan must be favorbale to them and you
the zero down is ok if you are buying the car at 11k and will owe 12.5 K and the car is worth 14K
you need to better the look of the loan to get approved by them
question why WFDS ?
Hi-
I'm new to the boards and have been reading for a couple months but this is my first time posting! I wanted to share my story:
I have been car shopping for 2 months, I have a BK chap 7 (discharged 10/11) I've heard stories that after a BK auto loans and credit cards are basically beating down your door, well not mine 
I filled out a couple of apps for store cards right after my discharge and was turned down for each one, I went to Carmax and applied for a car and was denied (I think it was due to low scores and putting no money down in my app) I then applied for Roadloans and was approved but couldn't come up with the downpayment in time so the offer expired, when I reapplied for Roadloans, I was denied!!! I decided to order my credit reports in Jan thru Experian and these were the scores I was given: EX 541 / EQ 567 / TU 600, I signed up for Experian's credit monitoring service and didn't apply for anything for 3 months, I also disputed a lot of things that weren't reported correctly after the BK and updated my address & employer info. There were 2 addresses on my report that didn't belong to me ever so I added a consumer statement.
With Experian you are given a statement montly and a new report every 90 days so in March when I went to refresh my report, the site wouldn't let me, I spent hours on the phone with customer service and was told I didn't have a credit report...say word??? I was being told that when my ss number was ran, NOTHING came up. I explained that #1 I am 42years old and have used credit since I was 18 or so and that I ran my report in June 2011 before my BK and again in Jan 2012 with no issues.
When I got notices my disputes were done, I tried applying for credit again...nada, turned down for everything. Mid- April I decided to car hunt again, I went online and searched "bad credit auto loans" and ended up applying with Auto Credit Express, I dealt with Ford, I was looking for a used Jetta and they had a couple on their lot, long story short it was a horrific experience, they never kept their word and played lots of games, ultimately I was approved for 14k thru one of the subprime banks they deal with, they wanted 5k down and an APR of 25%, and my payments would have been $320 on a 2009 Ford Escape, I almost took the deal b/c I know my credit scores were low but because of some other incidents dealing with their sales people I walked away. Now to the good part-
I decided to just find VW dealer since I wanted a 2009 or above Jetta SE, I was scared to apply with VW because I thought I wouldn't meet their credit requirements, I went down, test drove and told the salesman all of my credit woes before applying, he submitted me for a 3 year lease thru VW but I was declined, they stated I had to either have a co-signer or a significant downpayment (I told them I could do 3k but they wanted at least 6) so the salesman said he would try some of their other lenders as a purchase loan not lease, Wells Fargo approved me for 14k with 3k down, my payments are $350.76 and my APR is 16.9 %, I was floored, approved for the same amount as the Ford folks but with a better APR and less $ down!!! VW gave me a copy of my credit results and they were: EQ 526 / TU 517 / Experian unknown.
I want to point out that I went to a couple different dealerships and was told without at least 5-6k down they couldn't help me, I also received denial letters from Wells Fargo (3, one from Ford, one from Hyundai and one myself applying as a consumer) this last time around I got a call from Wells to verify some info and I asked him about the 3 denials and he said he too was having issues running my credit that with Experian and TRW it came up blank, zero score, no tradelines, no nothing not even the BK...he thought maybe it was because of the disputes (I did online disputes with EQ & TU but EX would not let me, I had to request report by mail and am still waiting) He also said a lot of times the approval depends on the banks relationship with certain dealers. I'm not sure what's going on, maybe there was fraud, maybe my disputes but there is some issue with me and Experian and I can't wait to fig it out.
I know this was long, hopefully it made sense, lastly I want to say as a last ditch effort I applied for the Capital One secured card and kept getting a letter every 2 weeks or so saying I needed to send in documents verifying my identity, I did but the letters kept coming so finally I called, 3 weeks later I got a card in the mail for an unsecured card with a $300 limit and enrolled in the credit steps program. I am not applying for any more credit for the remainder of the year, gonna keep this auto loan paid on time and my capital one and hopefully Experian gets itself together in the interim.
I hope this helped someone! Lastly, I have been on my job 18mos and have a monthly income of about $4, 000.
Wells Fargo has been great to me for the past 2 auto loans, with rebuilding type credit on my end. My credit scores at the time were around 619-636 FICO. Wells Fargo pulled Experian which was 627 back in March. My latest auto loan is @ 9.7% through them. Only one other bank would approve me at the time, and they wanted 12.9%. I pay on time a week or more before the payment is due, and it reflects the way it should on their site and my bank. I must add, I also have 4 old derogatories from 5 years ago on my credit file, that are unpaid, bt my last 12 months of credit history are pristine due to acquiring 4 new CC accounts and paying on time.
BTW, the worst thing anyone can do when acquiring an auto loan, is putting little to no money down. Remember that.........
