Search the Community

Has anyone had any luck removing any "lates" from their Auto Installment Loans. I have 2 "30 days late" from Toyota Motor group, one in November 2009, and the other in January 2010. The loan was paid off Early in late 2012. Just wondering if anybody has had experience in this area. Thanks in advance for any help or advice.

Just a PSA - Dropped to 1.24%. Not sure if there's a thread around here that I missed?

Your Age? 19 Your Equifax 683 MyFICO Your Experian 690 MyFICO Your TransUnion ? 650 FAKO How many years have you been on file with Equifax? 1+ How many years have you been on file with Experian? 1+ How many years have you been on file with Transunion 1+ YOUR PREVIOUS AUTOMOTIVE Do you have an open auto loan? No Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) N/A YOUR REVOLVING Total number of revolving account(s) you have? 2 Total percentage utilized overall? 10% 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) 2 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0 YOUR PERSONAL INFORMATION How long at your current residence? 1 year Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent Your Monthly Rent or Mortgage payment? $695 How long have you held your current job? 2 years Your total provable monthly gross income is? $1600 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) online paystubs Is there additional monthly income? Yes: I am contracted by a local state senator, I receive hand-written checks, which won't be "provable" until taxes. Total income is over $2200. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? Hoping for zero, can do $1k-2k Does any credit repository contain any Public Record? no If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? If yes, please very briefly describe. Please rate your overall CREDITWORTHINESS on a scale of 1-10 (1=poor, 10= best) 7 (used too much on my cards when I first got them, using responsibly now) Please rate your Installment CREDIT HISTORY on a scale of 1-10 (1=poor, 10=best) N/A Please rate your Revolving CREDIT HISTORY on a scale of 1-10 (1=poor, 10=best) 10 (every payment has been made on time) New or Used vehicle you are considering: Please very briefly describe. I want to buy a 2011 Chevy Malibu LS, 41K miles for $9400. The car is a steal, and has been checked by my mechanic. I recently moved, so I have yet to visit any credit unions, but I was hoping to develop a relationship with one of the locals. Is this a possible loan for a kid my age? I'm in the military and am working full time.

My Chapter 7 is being filed by an attorney electronically this weekend. I will not reaffirm my car, but plan on paying to retain with the balance discharged. I'm upside down by about $4,000 on a 2011 Corolla, but have never been late on payments. My attorney has suggested I not reaffirm, and I can't redeem and a 722 redemption is not in my best interest. I was referred to a loan broker who specializes in pre-discharge and post-discharge auto loans. I think If I went on my own to a dealership the best I could do is 14 to 18 percent apr on a new car (just want a Honda Civic). I spoke with this broker. At first, I thought he represented lenders and was paid by them per loan, but he says he is actually paid by dealerships he has a relationship with. I explained the information on my credit reports and income, and he was confident he could get me financed at 11 to 12 percent APR and to submit an application once my petition is filed. He says he in essence cuts out the sales staff in deals, deals directly with the F and I guys at the dealership, and always gets his customers better financing. He says he handles price negotiating, gets complete terms from the dealership and if I don't like the deal I just walk. Has anyone had any experience with these type of brokers? I told him I would have $2500 down on a $20,000 purchase, and said it didn't matter, that he routinely finances with zero down. I found that advice somewhat disturbing. My credit bureau history is more than 25 years and I had stellar credit up until becoming disabled in 2008 and having to resign my $70,000 a year job. I should have filed Chapter 7 in 2010, but became hospitalized and had to pull out and get a refund from my attorney. The benefit of filing so late is that my derogatory trade lines will fall off sometime next year even when listed as IIB. From 2009 until 2003 I had zero positive trade lines, so when I bought this car I got hit at 24 percent interest. Since then, I have two positive trade lines for credit cards and a 15 month history of paying on time for the present auto loan. I routinely get auto refi offers in the 10 percent range, but didn't refi knowing this Chapter 7 filing was coming up. Any advice would be greatly appreciated. And I am very grateful for the experiences shared here on this forum.

Can long term auto financing lower someone's fico score? Does it look bad to other lenders even if you pay it off early? I want the longest loan term I can get, but I want to pay it off early.

Credit Application: Your Age? 22 Your Equifax Credit Score? 546 Your Experian Credit Score? 570 Your TransUnion Credit Score? 601 How many years have you been on file with Equifax? 6 How many years have you been on file with Experian? 6 How many years have you been on file with TransUnion? 6 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? No Will this open auto loan be a trade-in? No 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? Your current open auto loan payment is? Estimated amount you may be upside down in this vehicle? 0 Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 3 Total percentage utilized overall? 8% How many of your revolving accounts are store cards? 3 How many of your revolving accounts are major credit cards? 2 How many of your revolving accounts are known subprime credit cards 1 YOUR PERSONAL INFORMATION How long at your current residence? 1 year Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent Your Monthly Rent or Mortgage payment? $869 How long have you held your current job? Graduated in May, got job as a teacher in August Your total provable monthly gross income is? 3583 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paystub Is there additional monthly income? What amount monthly? Yes-YMCA-200 Describe the source. YMCA Camp Director Is the additional monthly income provable? Yes Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? $1500 Does any credit repository contain any Public Record? No If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? If yes, please very briefly describe. No The vehicle I am looking at is a 2009 Jeep Wrangler. It ranges from 19-24,000

I apologize if this information is easily found, however I have been parusing for about a half hour and can't find it. Any help is appreciated. I have noticed credit apps being posted, assuming someone is reviewing and responding with an overview of possiblities? I could be totally wrong with what I think :-) My situation: Am looking to replace my car in April at the latest. I have been spending the last couple of months rebuilding my credit, seems I have little to none. I have a bk from 2007, a tax lien (from divorce) paid off and cleared in 09. My house from 09 shows paid off/settled (short sale). I have a car payment (title loan) on time three months. I have college loans in good standing, no payments due at this time (no history) Experian is 618. I have some little bills i can pay off but not sure if it will make a difference. I honeslty don't want to wait until April to get a car, but I am using that as my target date as my current full time employment (government contractor) will be one year in April and if I pay off the little collections it will take that long to be removed, or show paid most likely. I have 10 years licensed in Real Estate, other financial/accounting customers I've had for years, have good income. Any direction or insight would be helpful rather than going from dealership to dealership. I know my credit isn't perfect, but honestly compared to a year ago during divorce it is pretty good.

Trying to get my ducks in a row, here's the current situation: It's time for a new car. Started to buy one last month, but I knew I had some bumpy credit history and decided to look into my credit scores before getting too deep. One dealership (a local Chrysler) did a hard pull while we were shopping around - I don't believe it was authorized as i had specifically told them i was not ready to start paperwork yet and didn't want a credit pull - but not sure if I should even bother dealing with that transgression (the 3 CRAs show only 1, 2 and 3 TOTAL inq's respectively in the last 12 months including the one in question so no reals concerns there, I think?). At any rate, we never followed up so no idea if I'd have gotten financing or not... Pulled scores from myfico and had EQ 631, EX 618 and TU 567 - Yikes!!! BUT, that is with HIGH (over 80% util) which I can easily pay down to 1% on only one card next paycheck, which seems to be optimal util as per advice here on CB. I've not been a heavy credit consumer in recent years, as far as credit cards - so I only have 3 store cards for less than 2k total. I know that's gonna hurt me. BUT at least I can optimize util % ASAP. I have multiple past car loans on my CRs, 5-6 total still reporting I believe. All are 100% positive with the exception of two loans for which I have sent GW letters for single 30 day lates on them. One was a random 30 day about 3 years ago and the other was a 30 day on the LAST payment which was the dealership paying it off late after trade in from 2007! I'm hoping the GW letters clear up both of those. I've never had any repos or anything worse than a 30 on any auto loan. My last auto loan was paid in full this last July as a 72 month note, all as per original terms (and its the one with the random 30 day back in 2010 - Nuvell financing if it matters) . I'm supposing that this sort of history with auto specific loans might help? As far as income, I'm clearing just over 70k annually at a job I've held for over 20 years - another positive I hope? My expenses are fairly low with a $780 per month fixed rate mortgage (10 years into a 30 year note with ZERO negatives on it). We don't have any other real debt (just pretty reasonable utilities, etc). We have no current installment loans aside from the mortgage since paying off my Jeep this summer. The wife makes another 20k or so annually but her credit is worse than mine and will need more intensive repair so I'm looking to do this as an individual vs joint loan, assuming that is the best course of action regarding her? I'm fairly early into my credit repair efforts, having so far opted out, removed all old addresses and names (even experian indulged me via a simple phone call!) and am preparing to HIPAA letter 2 small medical collections (less than $260 total). There are a couple other 30 day notations on my record which I've also GW'd but haven't heard back on yet. I have two other small collections which are getting ready to age out in late 2014/ early 2015 - I'm preparing to dispute them as we'll but they likely won't be gone before the 90 day window I'm contemplating... I can prob put together 2k or so as down payment (plus any rebates, etc which I understand can apply as down payment in some cases?). Not looking to trade in our current second car as it will go to our teen daughter who's ready to start driving. FWIW, my best-case-scenario would be a Toyota 4runner (new or nearly so) or a Jeep GC in similar condition. The wife likes the Dodge Durango but has recently commented on a Toyota Tacoma with the 4 doors (an option I'd be thrilled with as well) So, I guess my question to those of you familiar with auto finance would be - "What actions should I be taking this far out to help my cause?". I'm on top of getting my util down to 1%, my income is what it is, I'm in the process of getting my auto loan history to be spotless... Should I risk some Inq's to try for a non-store major CC? Is it worth fighting the inq from the local dealership which I believe was unauthorized (keeping in mind that they may be an option to purchase from this spring...) Anything else I should be attacking other than trying to get my scores up by any means possible? Is it a pipe dream to hope for financing in such a short term with our current situation? Thanks for any help or advice!

So I'm wondering because Im coming up on the two year mark if I can PIF the remaining balance and if this will give me a nice little boost in my credit?? Before I pick out a new SUV for me and the family during summer. 15,000 left on auto loan- 2 years perfect payments 1st premiere card $300CL- 2 years perfect payments Credit One $500CL-5 months perfect payments 1% uti TU 708 EX 675 EQ 650 Just want to get an idea of how much it's going to help, hope this enough info

I am quite curious on the best route to take when financing another car. I had to file chapter 7 bankruptcy after an unexpected job loss, my 2010 Dodge Journey was repossessed as a result of that action. I am about to recieve discharge and my score from transunion is a terrble 480. I took a very large Credit Union and Ally Auto Fianance down in the bankruptcy, so I know Ally is out of the question. I found a vehicle I really like (2011 Chevrolet Equinox 2LT AWD with almost every option.) The Finance Manager in the office said Santander and Capital One might be my best option, but in the same sentence he said that Ally would almost certainly approve that loan. After that statement I seriously doubt his judgement. I have $3000 to put down and the vehicle is $21000.

I'm in need of some auto refinancing advice. I am extremely novice to auto refinancing, so please bear with me. I'm looking for ways to save a few dollars in our household and I realize that we are paying too much for our vehicle. At the time we purchased our car, our credit was a little challenged but it has changed dramatically within the past 3 years. We have a 2008 BMW 750i that we purchased for around $44k 3 years ago at 7.9%APR. We financed for 72 months, so we're half way through the term. The current principal is at $26k remaining and our payment is $782/mo. It's in excellent condition with only 60k miles on it. Is it possible to refinance our loan without extending the term and save by having a cheaper monthly payment?

Due to financial difficulty, I had to break my auto lease. The Ally Financial sold my vehicle, and sent me a bill for deficiency in the amount of $5,200. I have received 2 bills from their Asset Recover Center. The debt is still with Ally. I have not hired an attorney yet, What is the best course of action here? I am willing to settle this debt. I have settled multiple credit card debts before for 20-30% of the balance myself, but they were all charged off and with collection agencies. Should I call them directly and offer a lump sum payment or wait until they move the account to the collection agency and deal with them then? I also have an option of hiring a BK attorney and have him/her negotiate a settlement. I live in NC. Wages CAN NOT be garnished here for such debts, i have no equity in home and I can exempt up to 5K in a bank account funds in case they obtain a judgment. I am basically judgment proof. However, i do not intend to neglect this. Any thoughts, comments? thanks in advance.

Does anyone know of specific laws and information pertaining to Auto Loans and the FCRA, something similar to the Credit Card Act of 2009. Basically my payment was due to Nissan on 9/10/11, which was a Saturday. My wife made the payment through their automated system on 10/8/11, which they have confirmed and is not 30 days late. However, 10/8/11 was the Saturday of Columbus Day weekend, so the payment was not applied until 10/11/11, making it 31 days late. Is this legal? I know that if this was a credit card I would be protected under the Credit Card Act because the due dates shift to the next Business Day and you protected by holidays and such. But what about Auto Loans? This does not seem right?

I wanted to post this here instead of in the main forum. Short version: We had a Capital One repo in Feb 2011 that left a $143.00 deficiency chargeoff balance after the vehicle sold at auction. Believe it or not, we were in no shape to even pay $143.00 at the time. Our goal was to keep the other Cap One auto loan we also had (and still have) through them that is nearly paid off and has been current for two years now. Midland took the deficiency and racked up over $1000 in fees. I've emailed Capital One executive offices and asked them to work with me to recall the account so I can pay the $143.00 (on the $30,000 loan) in exchange for a different/better status because I have an existing, good standing, loan with them at present. I'm currently waiting for a written reply, which they emailed to me and said was on the way. My question is should I DV Midland while waiting for the response from Cap One or just sit and wait? Update: I received an email from CapOne that they'd be mailing something to me shortly but noticed today that my *existing* car loan had a credit issued for ALL the late fees (over $600.00 from around the time of the repo on the other loan) the day I after I received that email. This isn't something I asked for necessarily but is a nice bonus, still no change to my reports though. Thoughts?