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fixinmycrediks

Need Advice on my situation

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Hello Everyone,

 

I used information I learned in here about 6-7 years ago to help rebuild/repair my credit. Not too long after, I loss my job/unable to work due to my disabilities. This caused extreme hardships to living in my vehicle. The VA has helped me and now I am in a position to repair/fix my credit again. During this process my over 721 credit score went down to 535 according to myfico TU.

 

I have 4 credit cards and 1 vehicle(gonna call these the "5"), all which have been charged off. 2 of these (1 credit card and Santander) have been sent to other collection agencies on my credit report too.

 

Of the "5" negatives above, three of the credit cards are due to fall off my credit reports by Sep/2018. This will leave me with vehicle/Santander ($1,800)and 1 credit card Credit One Bank($800).

 

Santander was actually good to me years ago when I wrote them a letter to remove some late payments. Of course my old car has died on me(tranny), thus I am in need of a vehicle. From what I have learned in here I should get a beater to get through these times, work on the Santander and Credit One Bank items. Santander also shows a really good history of payments (3 years of good payments---then the loss of job baddies that followed).

 

So with my situation with Santander and the collection agency, I am trying to get advice on best plan of action moving forward.

 

While I would like to get a new vehicle since I am now stable in life and can now afford to make the payments and reestablish myself; I know this may take some time.

 

Should I contact Santander and see if they will work out something on the balance of $1800 even though it is at a collection agency as I would like to get the title of the vehicle and use it as a junker to trade (you know how some places say drag the vehicle in...know it is a numbers game with the money offered on the used vehicle or junk it all together)?

 

If I pay off the vehicle through Santander that leaves me with $1,000 to put down on a new vehicle. My thought process is if I contact Santander and reach a pay-off agreement with them (hopefully less than the balance) that they can remove the collection agency off and I can get the title with it then being paid in full.

 

I tried about a year ago to get a auto loan through my credit union and a few other places but was understandably denied. I put the money into my car at the time to repair it.

 

Do you think Santander will take the money to give me the title and update it showing paid in full AND remove the collection agency???

 

I welcome any suggestions!!!!

 

Thank you!!!

 

 

 

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Anecdotal evidence here on CB indicated Santander is difficult to work with.

 

Do you have possession of the vehicle?

 

Does the Santander data line show chargeoff or repossession?

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Hey MarvBear

 

 

I have the broken down vehicle.

 

The Pay Status on my credit report states: >Charged Off<

 

No where on credit report under Santander does it state Repossession. It does stated under the Remarks: Purchased by Another lender; Transferred to another office

 

Estimated to be removed from my credit report Mar/2020.

 

 

When I was going through all of the stuff I noted (loss job-disability issues) Santander had sent me an email settlement offer on the remaining total principle balance if I could have paid 30% of the remaining money owed they would have settled the account in full. Unfortunately at the time I did not have even that amount.

 

If Santander refuses to accept and refer me to the collection agency and I pay them off; would this get me the title so that I can show this taken care of??? I would try to negotiate a lower pay off with them.

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Who is the collection agency that bought the debt?

I don't think that specifically having the title will help you "take care of this" problem.

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MarvBear,

 

Whichever will give me the greatest chance of getting an auto loan.

 

My thought process which may be wrong; I am thinking with this unresolved Santander item on my report that it will prevent me from getting the auto loan until it is resolved?

 

The Santander is my oldest account on my credit reports, like I said it has 3 years of good payments until the baddies.

 

I will still have the problem of getting rid of the broken vehicle and I am thinking the title makes it easier to do so if I am not able to use it as a trade-in (thinking small chance of this)

 

I'll take advice on both scenarios if you don't mind please.

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If the old vehicle doesn't work, I as a dealer would not want it.

 

The Santander issue is resolved on your credit file if you say it is reporting as you wrote. As long as the Chargeoff is at least a year old, someone will grant you a loan.

 

Just get rid of the broken vehicle as evidently, it has no value. Just make sure your registration is canceled and insurance on the broken vehicle.

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Thanks MarvBear!!!

 

So, I will use the $3K as down payment with my 535 score instead of paying off vehicle at this point as the information I stated is directly from my credit report from Mar/2017. So with that saying "charged off" from last year and your comments give me hope.

 

 

I was reading up in the other forum and will try to get 2 of the items deleted early from my credit report with online dispute as "too old on my file" and see if they will delete them early. Hopefully this will bump the score up a bit. I have seen some have up to 6 months early deleted OC's.

 

I am thinking I will have to eat the higher interest rate based on my current situation, then plan on refinancing after a year of good payments. After getting the car loan I will find 2 secured credit cards to work on also.

 

I have Suncoast Credit Union so I will try them first; any other suggestions of the friendlier dealerships overall?

(understanding this may very from state to state, location to location)

 

Thanks again for your help!!!

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Ah, Suncoast eh? You must be in Florida. I don't know of any dealer in the greater Tampa Bay area who are not affiliated with Suncoast and could do the loan on an indirect basis for you.

 

But

 

Under no circumstances let the dealer submit the app on your behalf if your Experian FICO score is less than 640. Do it yourself, in person. You will have better luck with scores under 640.

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Yes MarvBear, I am in Fort Myers area.

 

 

I am not stuck on Suncoast as I tried them March of last year and was turned down. I am open to other suggestions in Florida (willing to drive to Tampa or Miami areas) that you think I will have a better shot at getting financed that will "hurt" the least for about a year until I can refinance????

 

I would love to secure the financing first and then walk into the dealership if that is possible in my situation. That is how I did it years ago with Citi. that sold it to Santander.

 

I will definitely go into the dealership as you noted!!!

 

Any lenders that you know offer discounts to 100% disabled veterans?

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No discounts that I am aware of for financing for a disabled veteran. Florida is a credit union mecca literally. I consider Ft Myers to be part of the greater Tampa Bay area.

 

You could ask if a dealer is in the CUDL system. I know most finance managers have their favorite credit unions they use to talk into buying their paper.

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Thanks MarvBear!!!

 

So, I will use the $3K as down payment with my 535 score instead of paying off vehicle at this point as the information I stated is directly from my credit report from Mar/2017. So with that saying "charged off" from last year and your comments give me hope.

 

 

I was reading up in the other forum and will try to get 2 of the items deleted early from my credit report with online dispute as "too old on my file" and see if they will delete them early. Hopefully this will bump the score up a bit. I have seen some have up to 6 months early deleted OC's.

 

I am thinking I will have to eat the higher interest rate based on my current situation, then plan on refinancing after a year of good payments. After getting the car loan I will find 2 secured credit cards to work on also.

 

I have Suncoast Credit Union so I will try them first; any other suggestions of the friendlier dealerships overall?

(understanding this may very from state to state, location to location)

 

Thanks again for your help!!!

Suncoast declined me when I had a 590 credit score. Their pretty tough but great once you have a 630 or above. With that score I would seriously consider buying a beater to get you by for the next year work hard on those scores add a couple positive trade lines like a secured Suncoast visa I had one graduated to Visa Platinum after 1 year. Then pull the trigger on a car loan. Otherwise you will end up like I did and end up with a 25% interest rate and crazy upside down on the loan.

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Thanks MarvBear,

 

I will ask about the CUDL system. Appreciate all your help!!!

 

 

 

coachtom2183,

 

Appreciate info. I understand where you are coming from with your direction. I even considered getting tranny fixed on my current vehicle because engine still strong at 220k plus miles along with the new tires, suspension, and brake work done last year. I am looking at beaters too. Trying to cover this logically from all aspects before I pull the trigger. Especially with the 3 items due to fall off my credit report this year. I would eat a year(hopefully less) of higher interest and refinance once I am able to get my credit back on the right track.

 

If my credit repair was going to take longer than a year to repair I would go for the beater route. With the 3 items falling off by September (earlier hopefully as I filed online to have them deleted hopefully earlier....based on the Master Delete thread in here) I am thinking it better to get the auto loan started along with 2 credit cards (perhaps secured) so that within a years time from now I have 12 on-time auto payments and credit card payments so I can refinance.

 

Also, thinking about what you said about Suncoast potentially declining me and the secured credit card!!!

 

Thanks for advice because I am definitely looking at all my options before jumping in!!!

Edited by fixinmycrediks

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UPDATE AND QUESTIONS---

 

UPDATE--

I want to thank all of you because I let the advice sink in and bought me a beater truck which turned out to be a "good truck" after sinking in a few hundred bucks after purchase.

 

I now currently have 4 (soon to be 5 this month my Discover Secured CC is enroute) positive tradelines that range from 3-6 months of positive/on time payments.  I will let these grow and I continue to prune the garden of the weeds(bad items on credit reports).

 

THE ASSUMPTION :(

I went up to Pennsylvania couple of months ago and found out that the red leaking stuff from my BMW was not the tranny but the power steering fluid!!!  I normally don't assume anything (ok ok..probably every leap year I assume something).  This was a bad assumption on my part about the tranny fluid and not thoroughly checking it out.  The steering rack was a rebuilt one and it has a lifetime guarantee.  So, the BMW can move.

 

THE QUESTIONS--

In 8 months I project that I can get all the baddies off my credit report except the last two items being this car (Santander and NCB).  These 2 car items will still have another year after everything else falls off(so mid year 2020).

 

Since Santander sold the account to NCB, would I even have a chance of contacting Santander and trying to negotiate down to pay off and get the title of the vehicle?  

 

Since Santander sold the account to NCB, does this mean they (NCB) have the title to the vehicle now?

 

I am thinking my best route to get these off other than waiting them out till mid 2020 is to pay/negotiate with Santander for the title and get NCB off report if I pay Santander????

 

If I go to a car dealer would they be able to work something out with Santander and roll whatever remains back into my new truck(from the BMW through Santander), if I went that route?  While the beater truck I have is good; I don't know if I trust it back and forth from Florida to Pennsylvania several times a year.  This is why I am thinking if I took the BMW into a dealership/would I be able to work it out to get the Santander/BMW resolved paid off/and get into the new truck???

 

Just trying to figure out some options.

 

Thanks!!!

 

 

 

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Now that the BMW is working again, is it worth $1800?  Should you just keep it?  Will it suit your needs for the long trips?

 

You probably don't have to pay anyone in order to keep using the BMW until it is more fully worn out and you're ready to walk away.  CA's seldom if ever repo cars.  They may not have the legal authority.

Edited by mk_378

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You are in Florida. We are an ELT state.  Using that system any dealer can tell you who the lienholder is.

 

If the car runs good and the AC is cold and tires not bald that car is worth at least 1800.00 in Florida.

 

Thank you for posting the update.  I appreciate that.

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mk_378,

 

I see my BMW as I imagine a 90 year old husband would see his wife; through the wrinkles of time seeing the beautiful wine adjusting, her frozen beauty is what I will always see!!!   LMAO!!!  Loyalty at is finest.  I am that guy that has cut across Virginia going east/west from Florida to Pennsylvania just so I could take the really back, back roads up down the mountains to enjoy the twisties!!!  ok ...ok..enough.

 

Yes, worth $1800 even in her condition.  I should probably just keep her for all the sentimental value.  I gained some weight past few years due to chronic back issues; won't be as comfortable as I used to be driving her long distance, so this would present a problem.

 

The thing is I would settle with Santander just to get it resolved and get the title.  Would I have a chance with them since they sold the account to NCB????

 

Didn't want to wait till mid year/2020 to have clean credit report. 

 

 

Thanks for the update Marv!!!

 

 

I need to just say it...I want to make her pretty again.....this BMW will be my "1967 mustang" that I pull out of my garage 25 years from now....lol...there I said it.   (unless I can find a mint 2006 M3 in same color).

 

 

 

 

 

 

 

 

 

 

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If you are friendly with a Florida dealer go there and have them run you and vin thru the ELT system. I can't do it for you because I would want you physically present with your ID and registration and I don't want to reveal my work situation for security and privacy concerns.

Sent from my SM-P580 using Tapatalk

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Hey MarvBear,

 

I was searching google on the ELT and came across the Florida Department of Highway Safety and Motors Vehicles website which allows a vehicle check by title number or vin:

 

https://services.flhsmv.gov/MVCheckWeb/

 

 

My vin shows the lien information as TranSouth Financial Corp.  I am sure you know this but google shows TranSouth bought by CitiFinancial Auto which was bought by of course Santander.

 

I saw people having issues getting their titles because TranSouth out of business.  Safe to say Santander would be the place to contact regarding the title????

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That's gotta be older than Hades. Even i can barely remember transouth. But you are correct if the sale timeline followed your line of progression.

Sent from my SM-N950U using Tapatalk on a beach far far away.

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