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Wells Fargo Dealer Services (CH7)

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Frequent Contributor

Wells Fargo Dealer Services (CH7)

Good Day! Your thoughts on this?? I had my BK7 discharged on Dec 28th. I did not sign a reaffirmation with my vehicle (financed with WFDS), instead WFDS has allowed me to keep the vehicle, as long as I make payments on time (they call it Pay and Stay). So, since this is not being reported to the credit reporting agencies. Would you stay in the vehicle until paid off (its a 2014 Accord purchased new)? or to help build my credit further, purchase another vehicle and give back the accord to WFDS.

I currently have four major credit cards, and a small personal loan from NFCU. My scores as of today range from 620 to 628 with the three credit reporting agencies.

Any thoughts on this would be appreciated.


BK CH7 (09/15) - TU 439 : EQ 459 : EX 440
Discharged (12/15)
Message 1 of 18
17 REPLIES 17
Frequent Contributor

Re: Wells Fargo Dealer Services (CH7)

If I were you, I'd wait until my scores are where they need to be in order to get a low interest rate, then and only then, I will consider getting into another car.

Things to consider... Are you upside down? Can you still afford the car? Do you like this car? And maybe many more variants.
BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 2 of 18
Frequent Contributor

Re: Wells Fargo Dealer Services (CH7)

I appreciate your feedback. I'm upside down about 2k, and yes the payments are very affordable, I'm okay with the car (2014 Accord EX-L), interest rate @ 8%. Again, have about four years left on loan. I would rather have an SUV.
BK CH7 (09/15) - TU 439 : EQ 459 : EX 440
Discharged (12/15)
Message 3 of 18
Frequent Contributor

Re: Wells Fargo Dealer Services (CH7)

Your very welcome, in that case I will just wait a little longer until your scores are closer to 650. Have you tried Cap 1 Auto Navigator? It is only a soft pull.
BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 4 of 18
Frequent Contributor

Re: Wells Fargo Dealer Services (CH7)

Yes, and I was denied. :-(
BK CH7 (09/15) - TU 439 : EQ 459 : EX 440
Discharged (12/15)
Message 5 of 18
Valued Contributor

Re: Wells Fargo Dealer Services (CH7)

If I were you, I'd go for a refinance with a local credit union.  Six months post discharge, we were able to go from 12.99% to 2.69% just by refinancing.  Let me tell you - we paid more in interest in those six months with GM Financial than we would with the entire loan with the credit union.

 

You say you are upside down about 2K - what is that based on?  Many credit unions will base the amount they will refinance off of the NADA Clean Retail price, which, is what it would be if you were to buy it from a dealer - so, you may not be upside down to refinance at a lower rate and pay more towards principal.  And even at that, many CUs (at least around here), will finance up to 115% of the NADA clean retail - so it may be something to look in to - especially if you like the car (I have the same one - '14 Accord EX-L / White Orchid Pearl) and LOVE IT!

BK Discharge 2/11/14

Currently in the garden.
Message 6 of 18
Senior Contributor

Re: Wells Fargo Dealer Services (CH7)

I'd stay in your current ride.

 

You aren't going to get a better deal right now.

Gardening since: 3-25-15
Message 7 of 18
Frequent Contributor

Re: Wells Fargo Dealer Services (CH7)

Thanks for your input everyone. If others want to chime in, please do so. Would enjoy hearing your thoughts on this.
BK CH7 (09/15) - TU 439 : EQ 459 : EX 440
Discharged (12/15)
Message 8 of 18
Super Contributor

Re: Wells Fargo Dealer Services (CH7)

I would stay in your current car until you are at least 1 year post d/c. Or until NFCU will give you a great rate. EXL is a nice bodystyle for the Accord, gets good gas mileage and they are reliable. Just sit tight Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
$24k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 9 of 18
Regular Contributor

Re: Wells Fargo Dealer Services (CH7)

I too am in a similar situation.... I currently have a 2014 Hyundai financed at 7%..... However, my husband has a 2004 Toyota SUV at 12.5% that he his thinking of turning in. We were discharged 12/15 chap 7. Being a one car family is not an option for us, and we do not have enough in savings to pay cash for a suitable vehicle for him. We have begun rebuilding and have some decent lines of credit established. NFCU 5k, and cap one totaling 5200 and a couple of store cc's.
Message 10 of 18
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