12 replies to this topic

[bkprince83]

Happy New Year All...
I am in the market of financing a new/used car.
My credit is deemed VERY POOR. My score is 517, which doesn't allow
me to work with the premiere finance lending companies.
Nonetheless I got approved with RoadLoans...
Voucher Indicated I was approved for $18,500 with 1200 down.
I goto to the approved dealership with my documents and loan packet only to get
The run around. The car I had done shopping on had suddenly increased
In price by 3400.00 bc I was working with Roadlaons.
Another dealership told me I would be responsible to market fees bc
They would not pay it and lose money for me to drive a car.
I feel as if my options are limited so have decided to let the loan with RoadLoans
Expire but will re apply when I reach my down payment goal. I am saving for a much larger down payment.
Why was this happening and if I goto the dealer with $8K as my new down payment will I have these
Problems.

[MarvBear]

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CB Admin: LKH, Pam, radi8, breeze
CB Mods: CargoJon, Chris in OK, cotterpin, CramItCCCAs, Fallon, MarvBear, mpc578, pryan67, psp, Stryker, TrevorHere
Forum Leads: brazen, Brian B The Loan Professor, cedski, DallasLoanGuy, hoapres, ICANHASMUNY?, Lighthouse84, Linx04, Neen, TeeSharice

[jgill84]

Carmax accepts roadloans., and doesnt mark up the price of the cars because of the fees.

[bkprince83]

Didn't know that... However CarMax doesn't show to be an approved dealer of Roadloans.

[jgill84]

Indeed they are. Also on Carmax cars they base the LTV on the carmax price, instead of book value... (This is what I was told by a roadloans rep).

[MarvBear]

Roadloans = Santander

The Roadloans check is not worth it's face value. Dealer's F&I department should be able to get you a better approval.

[54regcab]

$8,000 buys a pretty nice car if you go private party. Go look what you can get for $8k on Craigslist before you go shopping at dealerships. If you go PP, then no dealership markup/fees/subprime finance charges. let your credit improve over time than trade in for what you really want w/o having to resort to subprime financing.

Edited by 54regcab, 05 January 2012 - 12:49 PM.

[boomhower1820]

$8,000 buys a pretty nice car if you go private party. Go look what you can get for $8k on Craigslist before you go shopping at dealerships. If you go PP, then no dealership markup/fees/subprime finance charges. let your credit improve over time than trade in for what you really want w/o having to resort to subprime financing.

agreed. Just buy an $8k car and repair your credit, then get a loan with a reputable company.


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[AKAGeorgiaGirl]

IT costs the dealership $ to use the Roadloans deal. I am a Roadloans/Santander customer - no one else would touch me and I HAD to finance a car. Is there a CarMax near you? As far as I now, they're the only ones that will take Roadloans and will NOT mark up the car cost.

For what its worth, I have had no problems so far except that I would still like to refinance for a better rate. As it is, I'm sending extra $ as often as possible.

[MarvBear]

Carmax don't need to mark up the price to cover a bank fee. They charge too much for their used vehicles anyways and have a special arrangement with these subprime companies.

[54regcab]

In our area Carmax isn't asking any more for thier cars than other local dealers. They all ask retail book value or more. Agreed, too expensive either way.

[MarvBear]

Yes, But CarMax has a no-negotiation policy, which is part of their reputation that they advertise.

Traditional dealer may ask the same price or similar to CarMax, but they will probably negotiate, whereas CarMax is a no-go.

[54regcab]

Yes, But CarMax has a no-negotiation policy, which is part of their reputation that they advertise.

Traditional dealer may ask the same price or similar to CarMax, but they will probably negotiate, whereas CarMax is a no-go.

Agreed.