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sutliffhl21

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  1. Do you think that they WILL go right to canceling it? And if they do..what happens to the loan..the vehicle and the down payment? I was never explained any of this at the dealer when I bought it or I would have just paid it the same day
  2. I hope Marv chimes in. This has me a nervous wreck. Ive put down 5k as a down payment to get this car. How could they take the money back from the dealership? Granted I was 16 days late and I read up that westlake has a first payment default clause on some of their loans but this was not a buy here loan..it was a normal loan. And furthermore if it were the case I would think that the dealership would have majorly emphasised this when closing the loan. Im in Pennsylvania and not sure how it works but the dealership said they rarely use these guys but nonetheless I would think that they would have mentioned this. Threatening to repo? I can see that..but to threaten they are going to cancel the contract and give it back to the dealer? Thats a new one. Hopefully someone knows more about this.
  3. I was approved through Westlake Financial in December. My first payment was due on Jan 18'th. My mother is in the hospital with a life threatening condition and I honestly put my life on hold. I know banks have a grace period. I made the payment today through money gram which would make it 16 days late. It was the first payment. Not smart I know. I called west lake to give them the info and they said my account was "under review". I said its no biggie I paid in full and even offered to pay next months payment. The lady said that my loan was under review to see if they were still going to honor my contract, or cancel it and send it back to the dealership. Ive never heard of this before. I bought a new 2015 hyundai elantra and the contract was for $17k. On the finance contract it says "no recourse" so how could they send it back and make it the dealers problem. Ive trying to clean up my credit and was able to get this loan until I can refi at a later time. Can westlake do this after they already funded the loan and send it back to the dealer? And what happens if they do? What does the dealer do? I have a signed finance contract and as of today everything is paid up to date.
  4. The vehicle is an 08 Mazda 3 which stickers for $19k. Its a 3 yr lease. Thats all the info I have right now....the dealership is closed now. Do people ever get denied for prepaid leases or doesnt credit matter?
  5. I have really bad...I mean bad credit. 2 repo's, a BK from 2005 and a whole lot of chargeoff's. My FICO is in the mid 400's. I was laid off from my job a while back..and this was the reult. I am now working again, and ave about $12k for a downpayment on a car. The F&I guy told me that he isnt sure if he could get it bought as a purchase, even with that downpayment, but he told me about a"pre-paid" lease. Its where I basically pay upfront all the payments and at the end, I can either buy it out or turn it back in. He said that theres no risk in the lenders eyes. My question is, has anyone ever heard of this kind of lease, and secondly, if it does exist, does your credit even matter if youre doing a pre-paid lease? Would I be able to do it? FYI, I was looking at an 08 Mazda 3, which stickers for $19k
  6. I lost my job and lost the vehicles. I was earning good money and could afford them, and then I was laid off. I was stupid to get myself into that situation in the first place, and now am trying to clean up the damage. Is there attorney's or agencies that will represent you and contact these companies directly for you to negotiate settlements?
  7. My state is Pa. I have an auto loan through Capital One from almost 2 years ago and a loan through a local credit union that have been repo's now for almost 2 years. I am looking to buy a home, and I was told that all of my chargeoff's, repo's, etc must be paid before anyone will even look at me. My question is, does anyone know if Cap 1 will settle an auto loan for less than whats actually owed? The amount left on the loan, even after the vehicle sale is $40,000.00. They can't honestly expect someone to even all of that for a car that they dont even have anymore. I would be willing to settle for maybe a 1/3 of it..MAYBE even half of it. And if they dont settle with the consumer, are there companies that will contact them and settle the debt for you? And my other question is, do local credit unions usually settle? I mean, I dont see why they wouldnt because if they don't, the odds of them getting a penny are slim to none, and they should know that.
  8. sutliffhl Any negatives that occur after a bk are magnified. To be honest, unless you are willing to put at least 35% down you have virtually no chance to be approved. At this time, and for the forseeable future you most likely will only qualify for a hard money/equity lender. You are going to need at least a year or two of perfect credit before you will have a chance at any other type of mortgage. Will a hard money lender do a first purchase? fla-tan
  9. I live in Pennsylvania. Let me just give a quick history. I filed BK in 2005 and it was discharged. After BK, and even during it, I had a good job, made over $70k per year, and I am young. After BK, I got 3 new cars, and was managing. I also had several credit cards, which I paid. In October of 2006, I got laid off. Now to this day, I have 2 reposessions for 2 automobiles, and a charge off for the 3'rd one, that just never reported as a repo, but it honestly is a repo. All of my credit cards are in chargeoff status and I have 1 active credit card tradeline that is paid up to date. I can pay off ALL of my credit card debt, as it doesnt amount to over $2k. However, my vehicle repo's and chargeoff's are really high. Since I obviously dont have the vehicles anymore. I realize that I would be paying a high interest rate if approved. Since I got laid off, I have been working and am making good money again. I guess I screwed up in the past, but by paying off my credit cards, I am trying to get back on track. My question, is, can I get approved for a mortgage in a case like this? My credit scores are in the 500's. I also realize money down would be needed and I am prepared to do that. Any input or help would be appreciated, or to point me in the right direction.
  10. Thanks for your input Marv. $16000 down on $26000 vehicle. OMG why that high? I was looking at a new 08 Pontiac G5 the other day. After taxes, fees, etc, the price was $17412.00. The guy at another car dealership told me the other day that Credit Acceptance usually wants 15% down on the vehicle. Do their stips usually require 15%, or are there more fees that will apply to the downpayment? As far as income and everything goes, I should be fine, I'm just curious as to what my down payment should be on a new $17000.00 vehicle. Thanks for your help.
  11. I'm sorry Marv, when you said yes, did you mean they will, or they wont finance a brand new car? And what type of downpayment do they usually want?
  12. Will they finance a brand new car, or only a used car? I didnt know what the limits were. I'm finding out for a friend who was approved with them.
  13. Did anyone ever hear of Credit Acceptance Corp? Alot of dealers in my area using them and I was talking to the F&I person at one of the dealerships and he said that Credit Acceptance will approve anybody. Does anyone know anything about them, and will they finance a new car?
  14. Marv, this may be a stupid question, but my buisness is new and I'm not sure what you meant. Do you mean established credit history, or do I have to shw my books to show my income? Does it just go by credit history?

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