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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.
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.
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.
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.
The vehicle I am looking at is a 2009 Jeep Wrangler. It ranges from 19-24,000