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I'm currently delinquent on my Auto-loan with M&T Bank and currently is out for reposession. I just spoke to the manager and looking to do a voluntary Repo of the vehicle. I couldn't get exact information on the Credit Board regaridng this, but below are my questions:
1. I understand this stays on my credit for 7 years just like any other bad-credit history that could be bumped off. Is it the same with the Vehicle Repo? Can I bump this from my report just like any other credit pulls?
2. What are the other consequences of a Voluntary Repo?
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 apologize if already posted or if it belongs elsewhere. Just noticed these 2 random articles regarding some changes to GE Capital. Caught my eye because I think 3 or 4 of my accounts are with them.
I say "news" because while it's entirely news to me it may be something that's "old news" that's already been discussed and whatnot and my head must have been in the sand lol :/
I took all your advice and apped DCU. Approved for a car loan for 2.49. Great. I bought a new-to-me car exactly one month ago. Jan. 24th. Nice Volvo, 2011 with 40K miles.Everything was going well until last week when I heard a noise that was kinda scary, sounding like rubbing metal. It was loud, lasted for about 10 seconds. During that time, the gauges on the dash were all normal and the car felt fine. Then the noise stopped. Today, the same thing again. To me, it sounds like the sound you hear when the rotors are worn, but wouldn’t they have checked that before they sold me the car and put new brakes and rotors on? The car passed inspection! I’m really steamed about this. Can a car-savvy CBer tell me what recourse I have? I really did not expect to have to put new brakes/rotors on a quality used car that I’ve only had for one month! And it’s still under the dealer’s limited warranty but I believe that excludes brakes. The car’s only been driven about 700 miles, for goodness sakes, and about 200 of that was driving the car back home from where I bought it in Jersey. And I’m saying brakes/rotors because that’s what it sounds like to me. I guess it could be much worse? What do I do? What can I say to the dealer to get them to take care of this – or am I SOL? That would suck. Your advice is appreciated and desperately needed. Thanks so much.