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24.9% APR on auto

Valued Member

Re: 24.9% APR on auto

Are you by any chance financed with Reliant Financial Corp aka Reliant Auto Finance?

I had exactly the same rate 24.9% on my 04 mercedes I've bought in Sep 2003 for 36k with 18,500 downpayment. They've financed me for 36 months @593.75/month with 24.9% apr.

I couldn't get any loans because I had repo in Jan 2001 for my 12k loan car.

So here is my timeline:

7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3
2003 2004 2005

I've paid it off rather quickly ~1.5 years, after that, I went to BMW
dealership and BMW financed me at 3.9% with BMW Financial, yes 3.9%
with my 497 FICO. Can you believe it? I still can't. I guess they
saw my credit as a shot but saw that I paid off Mercedes with crazy APR
quickly w/o any bad marks and financed me with BMW finance.

Just heads up as far as what can it mean to you in a long term if you pay it
off w/o being late, etc.

Message Edited by score_is_497_hehe on 07-07-2007 05:40 PM
Message 21 of 27
Regular Contributor

Re: 24.9% APR on auto

Hey stop the presses, everybody. A couple of things need pointing out here...

Amador, if your husband has been paying 24% on a car loan for 21 months and his payment record is good, you need to go to more sources than just for a loan. I would venture to guess that your husband's "auto enhanced" score is going to be good enough for a bank or credit union to refinance that car at a very attractive rate.

And here comes some tough love...

To "Score-is-497-hehehe"... sit down, we need to talk. You had $18,500 in cash to spend on a vehicle and you decided to go into debt on a used Mercedes with a 24.9 interest rate? ARE YOU CRAZY? Do you have any idea what kind of excellent vehicle you could have PAID CASH FOR with that kind of dough? Was the Mercedes some kind of "status" thingy for you? Seriously... with sincere respect, I hope others are learning from situations just like yours. Kudos to you for saving up $18,500 but shame on you for using it to go into debt with a "car loan shark" like you did.
Message 22 of 27
Valued Member

Re: 24.9% APR on auto

Not the status, or anything, back then I actually wanted to have some kind of a loan even though I could've paid with cash.

I simply wanted to reestablish my credit for the future. I kept car on the loan so I can just pay it and have it on my credit file as paid/ok.

It's like few days ago I've applied (and surprisingly approved) for $300 unsecured Orchard card. I don't need it at all, in fact I've lived for 7 years now w/o any type of credit card, loan, only cash/debit, but I still need it to reestablish my credit. So that when I need to buy house with loan or anything like that I'd have somewhat average fico score.

The 300 credit card came at price of $98 total. So thats about 30% right there + ~19% APR thereafter.

If you screwed your credit so bad like I did, you don't think its going to be cheap and easy to reestablish it.

Thats the only reason...
Message 23 of 27
Established Member

Re: 24.9% APR on auto

thanks for the advice credithawk.

my husband still currently has fico in the mid 500's (due to a '99 BK and other nonsense related to his previous marriage) so i was just hoping to get some kind of reduction and didn't realize that the 21 months perfect payments could help as leverage.

so right now we are going to see what comes up with; i applied as a co-borrower (fico mid 600s).

if they don't offer us 6 or 7% (what i am hoping for--even though i have no idea what they tend to offer) then maybe we'll try at a regular bank where we could try to convince them face to face.
Message 24 of 27
Regular Contributor

Re: 24.9% APR on auto

Amador... his FICO scores might be in the mid-500 range, but if a banker or online company (like Roadloans) uses and "auto enhanced" score, I think you'll find he'll be possibly above 600, especially considering he's re-establish a car loan history for nearly two years. I doubt the '99 BK will have any effect on a lender's decision. All they want to know is how he's doing with auto-related credit and perhaps his recent mortgage history if you have one.

And if you can get a good single digit rate from Roadloans, then I would definately accept it and get a 30-window in which to use the money. During that 30 days, shop for a loan with a bank or credit union and show them your pre-approval with Roadloans and request that they beat that rate. Start getting the banks and Roadloans to compete against each other and your husband will come out the winner.

I'll bet things will go just fine.
Message 25 of 27
Frequent Contributor

Re: 24.9% APR on auto

For some reason RoadLoans denied me.  I will try several other refinancing alternatives.
Message 26 of 27
Moderator Emeritus

Re: 24.9% APR on auto

monro411 wrote:
For some reason RoadLoans denied me.  I will try several other refinancing alternatives.

Wow, really? Remember to try reconn.
Message 27 of 27