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Have you tried Carvana? It's owned by DriveTime, the largest bad credit dealer in the country. When I was car shopping, they actually gave me a better rate than cap1. Also, have you tried going to a dealer? Dealers like Toyota, aHinda, and Mercedes have in-house lending and can approve anybody they want. You'll also have the finance manager to back you up with the whole payoff ordeal.
@Brian_Earl_Spilner wrote:Have you tried Carvana? It's owned by DriveTime, the largest bad credit dealer in the country. When I was car shopping, they actually gave me a better rate than cap1. Also, have you tried going to a dealer? Dealers like Toyota, aHinda, and Mercedes have in-house lending and can approve anybody they want. You'll also have the finance manager to back you up with the whole payoff ordeal.
To add insult to injury even Carvana doesn't want to touch me. Scores are 657, 670 and 668 and Carvana requires about 6k down on a 14k Ford Focus with a 23% interest rate LOL.
One late in the last 13 months, which was 6 months ago, no collections, no unpaid debts, nothing showing as settled for less either - did PFDs for everything except LVNV who wouldn't budge, so paid them off to show paid and closed. The high amount of existing auto loan and the 60 days late from 2 years ago, along with the 6 month old 30 day late, seem to be what is making me untouchable to literally everyone.
Its all very discouraging because I have worked very hard to repair this and have come from the mid 400s. Wish I could go back in time and realign my priorities several years back but the damage was done. Have spent countless time doing debt verifications, disputes, PFDs, goodwill letters, etc. While the numbers are up, it still feels the same as when I was in the 400s. Worse actually, I got my last auto loan for 18% at least with a low 500 score!
Went through a similar situation a few months ago. Hail storm totaled both of our vehicles along with thousands and thousands of otheres. So insurance companies couldnt process claims fast enough. We ended up going into the Nissan Dealership and the finance manager was able to work out us purchasing 2 brand new cars 3 days apart thru Nissan Acceptance. He just had to get proof that the vehicles were considered a total loss form the insurance. Would not have been able to do anything trying onnline apps like others have said because they dont tell the whole story. I would try going directly to the dealership because they have contacts at the finance companies and explain your situation fully.
Oh and Carvana is a joke. They wanted 50% down form us. lol. No thanks.
Wanted to give one final update on this in case anyone else finds themselves in similar situations. I got financing from carfinance.com for 29k at 9.9%. Transunion up to 698, EX 670 and EQ 656. Capital One Navigator still won't qualify me, and a few of the others Carmax was running were approving me with 12% and high down payments. Talked to a local credit union and they declined app. Oh, and Carvana would approve me for 12K or so at like 28%, LOL
Well, given that my scores are so much higher than they used to be and I have thought all these denials were crazy I persevered and found the perfect car. Went to the local Audi dealership and they ran some numbers, another local CU approved me for 48K, 6% interest and 0 down.
It seems going to a large dealer with a vast financing network in place really is key as they know who to submit to for what situations. All worked out in the end but still a frustrating experience that makes you feel like your years of rebuilding has left you no better off. Thankful to have this behind me and looking forward to marching into the 700s.
Capital One told me serious deliquencies also. I just kept paying down my utilization and doing everything it took to increase my score. I checked auto navigator every time myFico gave me updated scores...so sometimes 1 -2 times a week. I was finally approved after 1 1/2 month and with a lower rate in 2 months.