I've bought twice from those places in the past. I was in a similar situation, I needed a car and didn't have any choice. My experience was similar, forced to overpay for the car at an insane interest rate. I think it's a good think if the place does report and reports correctly as a car loan. It will only help his chances of getting a real loan, even if it's from a subprime roadloans as the interest rate will at least be better than what he's getting now.
@UpNComing wrote:
@MsTucker09 wrote:Hello guys I have a question....my brother bought a car at one of those buy here pay here places about a year ago and they have been calling him because he has never been late on his loan and they want to get him something a little newer. but he said that he is thinking about trading his car in at a dealership like carmax and get a 2 yr old car instead of a 7 or 8 yr old car. So i told him that he wouldn't be able to do that because those places dont report an auto loan on your credit report....he said they do........so who is correct me or him because I thought that was the purpose to get people without credit or with crappy credit in a car because they dont necessarily look at your credit report?? Thank you
There have been situations where a subprime lender would honor a letter of credit from the buy here pay here lot. It's worth a shot.
okay great upncoming....who are the top subprime lenders (except for cap 1 and wells fargo)?
But just fyi Im not sure of how much he would be upside down on a car that he had a 10k note on a 9 yr old buick...he would probably have to roll 6 or 7k in negative equity..wow me and DH told him not to go there...he doesnt listen...he probably couldve gone to carmax or something
Starting Score: EQ 462 9/30/11
@UpNComing wrote:
@MsTucker09 wrote:okay great upncoming....who are the top subprime lenders (except for cap 1 and wells fargo)?But just fyi Im not sure of how much he would be upside down on a car that he had a 10k note on a 9 yr old buick...he would probably have to roll 6 or 7k in negative equity..wow me and DH told him not to go there...he doesnt listen...he probably couldve gone to carmax or something
WF is barely in the subprime category. And that's only if the dealer heavily offsets their portfolio with prime contracts. Here's a short list of the subprime lenders we use:
AmeriCredit
Chase Custom Subprime
CPS
Drive Financial Services
Exeter Finance Corp
Liberal FInance Services
Condor Capital
Cap One (who is going nuts on prime lately by the way)
Santander Auto Finance
what do you mean? they are only approving prime borrowers mostly?
@UpNComing wrote:
@MsTucker09 wrote:what do you mean? they are only approving prime borrowers mostly?Cap One was never a player for prime borrowers until recently. We are sending practically all our business to them due to their competitive rates. They are still very much in the subprime game as well.
oh ok great, I have 2 cc in excellent standing with them so when I am ready to finance I will go to them first, even though I hope I will not get a rate over 15% 
