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In 12/2011, I received an auto loan from Santander. Long story short, the dealership falsified documents to get me the loan. After speaking with a friend, I decided to get another car and got approved for another auto loan with Honda Financial with a lower payment, which I have made all my payments on time. I later received claim documents from my insurance company at the time about an accident on 5/22/2013, that I know never took place. I called my insurance company and they told me Santander filed the claim. I called Santander, and found out Santander for some reason, called my insurance company and filed a "loan servicer claim" on 5/22/2013 for damages on the car. The catch is... the car was still in my possession until 6/2/2013, which was a week after I called to surrender the car. I was so confused and they couldn't give me an answer as to why they did it, and I kept getting the run around from Santander and my insurance company. Just a big hot diddly mess. I want to dispute it because it is the biggest factor affecting my reports. They are showing in the report as a default on auto loan and not a voluntary surrender or repossession. The account was charged-off 6/2013. The TL is still fresh, but I'm think with all the inconsistencies and things that have happened while I had this car, that I might somehow have a case. I live in Florida, and if I can recall the SOL is 5 years for written contracts. Should I start a dispute, do a PFD or just hire a lawyer to help solve this? I'm not looking for any settlement from this issue. I just want it off my credit reports.

I assumed that I would have to go through a subprime lender but I applied through Chase anyway. I was approved for a loan of up to $17,000 for 60 months at 8.29%. I'm shocked by the interest rate. A dealer that I went through told me that the best he could offer me was a loan at 25%.

I pulled a 3-in-1 credit report provided by Experian. I can't believe it! Citi Auto keeps moving back the dates on my loan so it will never fall off my credit! The truck I bought was charged off and repossessed. My best guess is that I stopped paying around 2005, it was charged off in 2006, and was repossessed in 2009. I *think* that the history is based on the last payment I made in 2005 or the charge-off in 2006. I don't have any of the paperwork on the truck or a payment register. As far as I can tell, Citi Auto and CitiFinancial Auto are the same company. Whatever the name, they went out of business in 2010. The phone number and address on my credit report are no longer valid/working. Is the date I should be concerned with the last payment, the charge-off, or the repossession? Is there a legal record or something else I can pull to dispute the dates that the creditor is providing to Experian/Equifax/TransUnion? Any advice you can provide will be appreciated. Thanks.

I applied for financing through a dealer. The rate offered through their main bank was worse than my current loan. I declined the offer and arranged financing through my CU at a much lower interest rate. A few weeks later I received a letter in the mail from the bank through the dealer telling me "we are unable to approve your request", and goes on to list the reasons why. So, my question is, are banks required to send this notice by law regardless of why the loan was not carried forward? Just seemed to me that the letter is indicating that I wasn't credit worthy, when I really am, and truth is it was me who declined them, not this way around.

I would like to know if anyone knows if DCU will pull TU for an auto loan if the EQ report is frozen or will they request to have the EQ unfrozen?

The used car market is very agressive here and cars are moving very fast. I have a few cars I like at a dealership but I have to go through all the approval process etc. If in deed I get approved and they don't have any cars I want to buy will another hard pull or inquiry at another dealer hurt my credit? It's very Likely I may have to go to a different dealer as this one dealer only has a few cars in my price range. However there is another dealer with many more cars in my price range. My scores aren't that great and I don't want to sink my score and ruin my chances of getting approved somewhere. I also have about 4k I can put down on a car if I absolutely have to. I'm not sure if having 20 percent down matters.

In need of purchasing a new car, quick question about revolving balances before I submit one of the ubiquitous "App for Marv". I have 3 revolving major credit cards ($2000, $1000 secured, $600 limits) and 2 revolving store cards (charge accounts, $5500 and $800 limits). I vary between 10-30% credit usage on my revolving lines. No other loans, a number of baddies. My question: if I pay off all my consumer credit / revolving credit balances off immediately, will the 0% credit usage have a positive effect on my auto loan application in ~1-2 months? Or do lenders care more about average credit usage over a long period, and so should I keep the cash for a bigger down payment? Thanks!

So, I was brave and asked DCU for a CLI on my credit card, Knowing it would be a hard on EQ... Well, to my surprise, they hit TU as well, and TRIED to hit EX. When I was talking to the LO, It didn't dawn on me at the time that she mentioned my freeze on EX, and she also mentioned that I judgements in one place and not the other... IN any case. moral of the story, DCU might pull all three.

I'm looking to make a purchase down the road a bit (maybe mid summer/early fall?) but likely something inexpensive that I can pay off rather quickly to build some more credit. The plan is to then buy something newer, maybe even an off lease certified vehicle after that, hopefully at a better rate. I have the BK, 4 satisfied tax liens, 3 of which fall off by fall I think. The biggest headache is the child support lien, which has been getting paid for years. Balance is about 6K. The payments end 8/2015. I also have 2 small student loans in forebearance til 2/2015, total of 5500.00 Gross yearly was 61K last year, no rent, no mtg, mostly cell phone bill and living expenses. Whats the best way to approach this? I keep getting offers on a regular basis, to which I just recently opted out. Im not ready for or looking to spend 30-40K on a car.. j.

Hey every body i need help! When i was 19 years old, I decided to take a car loan out for my father who didn't have any credit. He told me the car was for him and that he was going to make every payment on time and that i have nothing to worry.So I went to the dealer and signed the papers for him. 3 years later, he has not made one single payment on it, every time i ask him where the car is, he would not give me the slightest clue to where it is. I've threatened him in every way to retrieve the car, and nothing seems to be working, and I have been called by every detective that have been searching for the car and every time i tell them my situation, they just tell me that i better find it. I am speaking to a credit restoration company, but they have not made any improvements on my credit for the past 2 months that I have been paying them. My credit went from 740, down to 580. I can't apply for a mortgage now, which is what i have been trying to do since the beginning of this year. Is there anything i can do to dispute it? also do these restoration companies do anything to help your credit? please help, I have no one to turn to!

I'm not even sure of where to start with this. It's very shameful, and I never thought I'd get to this point. The fact of the matter is, is that I'm beyond lost on what to do here. I moved to Arkansas a couple years ago, and when I did, my credit score was around 650- not great, but not really bad, either. I was proud that I didn't have bad credit. Now, it's below 500. I'm 18k in debt- from verizon wireless, at&t u-verse, student loans, a local property management group (still owe money on a lease), paypal credit line, capital one credit card, and a Dell credit line, and my auto loan (I've actually done pretty good on that one), and completely in over my head. I have no idea on what I should do. Should I contact a debt consolidation company? Or claim bankruptcy? How do I know what is the best choice? Is there any kind of easy fix? I guess the worse part about all of this is, I don't have the money to pay them all what they want me to pay every month- we live in low-income housing, and i'm barely keeping up with my car payment. I'm so overwhelmed and lost. My fiance' and I dream of owning our own house one day, and getting our financial affairs in order, but I don't even know how to go about it. Someone, please help!

Hi, I just got an auto loan and CC with DCU. The auto loan rate is 2.99 percent, but DCU says the rate could be 1.99 percent if I direct deposit my entire paycheck with them. I initially said no but am now reconsidering, since the lower rate would represent a savings of about $700 over the life of the loan (although I hope to pay it off early). So I wanted to know if anyone uses DCU as primary bank and if so, how are they? How reliable is their bill pay? Auto pay? App? Website? Customer service? I'm a little leery because they were very disorganized when I was getting the loan closed -- documents disappeared; multiple requests for docs I'd already sent resulting in a need to reapp for membership, causing me a third HP with them. It didn't really inspired confidence. Anybody have any feedback about them? I currently bank with Chase (there are branches all over my neighborhood, which is great) and my work CU (although they denied me an auto loan refi a year ago so I don't have any loyalty to them anymore.) I'm okay closing my work CU account and giving that to DCU, but the main account? Not sure sure. Any advice is appreciated. Thanks!

I found that my auto loan trade lines for me and my DW were showing a high balance below the current balance and I believe this was negatively impacting our FICO scores due to high utilization on an installment loan. As a rule of thumb, you want your installment loans to be below 90% utilization for better FICO scores where utilization is the current balance divided by the original loan amount. With PenFed, we added on extended warrantee protection and the loans were reporting a high balance of the original car's principal balance, but the current balance was higher than this due to the addition to the loan principal of the cost of the extended warrantee. This was giving us a term loan utilization higher than 100% which is detrimental to your FICO score. Therefore, I contacted PenFed by phone to correct the issue by phone and got no where, so I sent a dispute in writing documenting that the loan document I signed showed an amount borrowed that did not match what they were reporting as the high balance. They responded in writing that they were reporting correctly. I called up and said I wanted to escalate and was told they would have to refer the matter to their legal department for further review. Now a few months later they have changed their position and agreed there is an error writing to me: I also spoke with them by phone and they indicated that the issue affect all auto loans at PenFed, so I'm writing here to alert every one in case they added any products like GAP protection or extended warrantee that increased their loan amount beyond the car purchase price so that they can make sure the correction applies to them as well.

Hi everyone! Hope you all can help me out with this. To make a long story shorter I went through a very bad divorce. About 18 months ago I got approved for a car loan through Crescent Bank and Trust out of Louisiana. My interest is around 24% and I financed around $12k with $2k down. When I obtained the car loan my fico scores were in the upper 400's and thats where they still are currently as I am just starting to work on it. MY question is this: I know I am way upside in my car more than likely for only having it a short time but do you think I could trade it in and get more of a car and a lower interest rate? Like i said I have NEVER been late on any of the 19-19 payments so far! If I can get a better rate how much better do you think I can get based on my payment history? Thanks and please add any advice below as well. I also have a few thousand dollars I could use for my negative equity if it is absolutely REQUIRED!

Wow. DCU just made me do a happy dance! I am trying to rebuild my credit and with a thin file – a 3-year-old car loan and 2-month-old Cap 1 secured CC with $350 limit and I knew I had to get other positive TLs, but I have an IRS lien on my report that was paid in 2012 and I've been was denied for two CC apps last year (Discover and Barclays). I have been working to get rid of all baddies (medical), and now with an EQ Fico of 679, I decided to try DCU for a cc. I called up today and talked to a pleasant woman who asked me what limit I’d like. I decided to shoot for the moon and asked for $10K. I also mentioned I’d also want an auto loan soon. She put me on hold and was gone for a looong time and I started to worry. When she came back she said the application was approved but they couldn’t give me the limit I requested. My heart sank, and then she countered with $7,500!! I was in shock. I never expected such a high limit and I’m ecstatic. She also qualified me for a car loan on the spot with the same pull! I still can't believe it. I have so much love for DCU right now. My rebuilding is definitely in progress. Thanks to everyone here for all your wonderful advice.

Hi, guys, I’m currently in a 2006 Honda and I’m looking to upgrade. It’s worth about $9K KBB book value (if private sale) and I still owe $5K on it. My credit file is thin. My EX FAKO is 697, one 6 year old paid civil judgment, one secured credit card reporting for the last two months, one potential medical collection and my car loan of 2.5 years. I got it when I had no credit score whatsoever, so the rate is a deadly 17 percent. I have a CA lurking regarding a medical collection that was on my report (but luckily it was removed in dispute) that will be permanently barred from re-reporting in three months when the SOL is up. Several questions: Should I wait the full three months to start applying for loans, jic the CA sees the activity and decides to poison? Do you think I can get a decent rate on a like-new used car loan with this credit profile? (The Honda loan is with Chase and it’s been paid on time. I asked my bank whether they would consider refinancing but I guess I don't owe enough on it to make it worthwhile for them.) And how do people usually handle cars that they currently owe on when they want to buy new one? If I do a trade, does the dealer of the future car buy it from me so I could pay off the current loan? Sorry, I’m relatively inexperienced at this so all suggestions are greatly appreciated! Thanks.

I've been lurking on the forums for a little while now and thanks to the wealth of knowledge available here, I've been able to re-establish positive credit. I think I've gotten a decent grasp on basic credit issues as it relates to credit cards and mortgages, but I cannot for the life of me understand automotive financing. It's the last frontier and I'm unable to conquer it. Here's the story... One year ago I filed Chapter 7. Since then I've been able to remove most baddies leaving only 2 paid state tax liens from 2007-08 and one IIB deposit account (currently showing $0 - discharge balance was $200). I have 5 store cards, 3 bank cards, au on 3 bank card accounts, and one closed/ paid/ never late auto loan reporting. My highest limit is $14k. Inquiries are TU 4, EX 2, and EQ 18 (left over from a little report poisoning from a previous creditor). My utilization is 35%. My debt-to-income ratio is 21%. My AAOA is 2.85 years. My FICOs average 655. My annual income is over 50k. I have opened credit union and bank accounts based on who they pull and what credit products they offer and applied accordingly. In other words, more sniping, less shotgunning. All are in good standing with no overdrafts, nsf's, etc. In all honesty, none of them have a lot of money in them either, but they all see regular activity. I have been declined on vehicle apps six times. The first three I chose specific vehicles. Thinking that the vehicle may have been the issue, on the last three I did not app with a specific vehicle - same result. None of the loan apps have been over 19,000 with a couple as low as 7500. Now, I'm sure, just from past buying experience, that I can walk into a dealership and get financing. But, the purpose of improving credit is to improve your bargaining position, at least in my mind. I haven't really been denied for the basics like too many inquiries, too much credit, too many new accounts, escalating debt, etc. They have mentioned insufficient credit history (I have positive tradelines dating back to 2004) and past delinquency. When searching the forums, I see the approvals/ denials are all over the place from 525 FICO approvals to 725 FICO denials. I know that each case is unique, but others must be just as confused as I am. Anyone have any insight as to where I may be going wrong? Also, I purposely posted this in the general credit forum as opposed to automotive financing thinking that at some point in our journey we all pass this way - reaching the point where we're ready to finance another vehicle.

DCU Rocks! I just joined this morning and applied for their Platinum VISA and got approved for $4,000! Exactly what I told them I was considering. I was also offered a refi on my curent vehicle @ 5.49% for 60+ months. I think I will take them up on the offer since Cap one Autoloan is much higher. These were very nice people to deal with and made the experince great. Anyone know about their CLI 's or if their automatic as well?

Hello, First off I'm glad I found this site. I've been at my job for about 2months now. And I'm earning a steady income. I've been thinking of purchasing a new car (2011) or (2012). Depends if I get a good APR% and my loans stay between 300-400. What would ve the first step. My credit score is about 540-560 on all three Credit Bureaus. I know what car I want, and I know how much it costs. (Advertised price only) Can ve lower through the power of negotiation. Hopefully someone can really help me out. Thanks in advance.

My Age: 28 Your Equifax Credit Score? 711 fico Your Experian Credit Score? 719 usaa Your TransUnion Credit Score? 691 fico How many years have you been on file with Equifax? 1.2 How many years have you been on file with Experian? 1.2 How many years have you been on file with TransUnion? 1.2 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? yes Will this open auto loan be a trade-in? doubt it How many late pays within the last 12 months on the currently open loan? 0 How many late pays within the last 13-24 months on the currently open loan? 0 Your current open auto loan is financed with? Dixon Motors (only report to Experian) Your current open auto loan payment is? $425 Estimated amount you may be upside down in this vehicle? Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10 YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 3 Total percentage utilized overall? about 0 How many of your revolving accounts are store cards? 0 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 3 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 2 YOUR PERSONAL INFORMATION How long at your current residence? 14+ years Do you Rent or have a Mortgage, or Live w/Relative or Other? own Your Monthly Rent or Mortgage payment? 0 How long have you held your current job? 4.7yrs Your total provable monthly gross income is? $8000-10000 Your provable monthly gross income is provable via what method? paycheck stub/direct deposit Is there additional monthly income? What amount monthly?No Describe the source. Is the additional monthly income provable? YOUR DOWNPAYMENT Please tell me your exact down payment in cash? $0-1000 Does any credit repository contain any Public Record? no If yes, please very briefly describe. Bankruptcy Discharged Feb 2010 Does any credit repository contain any Collection Account(s)? No If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) ? I'd say 10. I make good money just never needed credit. Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 10 New or Used vehicle you are considering: Please very briefly describe. new or used duramax diesel 4x4 betwen 20k-30k 4 door.

Hey all, I have been lurking for short while and have just recently jumped into the wonderful world of credit repair. While reviewing both DW and my own reports, I noticed that a vehicle loan through DT Credit Corp, (DriveTime) shows as pays as agreed and is current although it also lists as a voluntary repossession. We turned the car in voluntarily in 2010 and have never made a payment so not sure why it is listed as such. Anyone else have similar situations? essentially it is being reported as positive credit, no lates but that is way false. How should I approach this if at all?

I just bought a used car from a dealership. They "worked" with banks to help get me financed. I was approved by Chase, signed a contract with Chase including terms and even received my payment vouchers in the mail shortly after. Now 3 weeks after purchase I get a letter from Chase stating my loan has been denied due to "Number of loan repayment months exceed term allowed for transaction".....whatever this means. I have a 60 month loan. They gave me a counter offer for $700 less, but still at 60 months and I must contact dealership in 10 days to accept. I read the back of my contract with Chase and I don't see any terms stating they can make any changes unless I make a late payment which I have not. Can they do this? Appreciate any advice. Again I have a signed contract with Chase and even have my payment vouchers for the original stated loan amount.

I just bought a used car from a dealership. They "worked" with banks to help get me financed. I was approved by Chase, signed a contract with Chase including terms and even received my payment vouchers in the mail shortly after. Now 3 weeks after purchase I get a letter from Chase stating my loan has been denied due to "Number of loan repayment months exceed term allowed for transaction".....whatever this means. I have a 60 month loan. They gave me a counter offer for $700 less, but still at 60 months and I must contact dealership in 10 days to accept. I read the back of my contract with Chase and I don't see any terms stating they can make any changes unless I make a late payment which I have not. Can they do this? Appreciate any advice. Again I have a signed contract with Chase and even have my payment vouchers for the original stated loan amount. Marv - I hear you may be able to help. Let me know if any questions.

Okay here's my deal. I applied for an auto loan with carfinance.com I got approved for up to 26K. They verified my income, employment and SSN... A couple days after my approved I called CarFinance to see what was the hold up and what was taking so long, the account manager said that they only needed references to give me the activation code for the loan check. So I gave her the references and she finally approved my loan and gave me the approval number to place on the check. She then gave me instructions on how I use the blank check they gave me.... I already had a car in mind (i had been shopping for weeks)... So i took my happy butt over to the dealership and made the deal! All this happned on 02/06/2013... Its now 02/26/2013 and I get I guess because of a stipulation my car loan is still not approved.... Let me back track ah bit. One of the stipulations of the loan was that I trade in or pay off my current auto loan. I told them that I didnt and couldnt do either. Then the prepresentative gave me a third options; another person could take responsibility for the loan, but this person had to be a resident in my home! And well since the new car was for the other person that lived with me this worked out well. So I told her that would be perfect and that I would go with option 3... I received the code for my check to use so I assumed that everything was great. Now 02/26/2013 we're back to this again.. My loan is not approved because of the financing dilema.... I havent received any calls from the Dealership, but the Fianance company seem's a bit shady... What do I do? I'm in California by the way. Thanks for your input and help everyone!

Should i buy a car or lease one while i'm in the process of looking for a new home (new home loan/morgage)