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soccrstar

Anyone used innovative funding services? If so how was it. Looks like they are a broker kind of like the dealer who pairs you with a lender. Essentially toss a fishing line into the water to see who bites.

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I randomly stumbled upon them yesterday and they do offer soft pull pre-approval so I did that.

 

I understand it's as low as 5.9 and high chance it'll be higher same with payment. Not going to pull any trigger, Just curious.

 

Current loan... 9.48% APR with 73 months left.

 

Still few things I want to fix up on my credit. Looking for 4.99 or lower APR and I'll be happy.8d48fd6d72d525e48dc28f9abd6487a3.jpg5783c88d40d43f46c391d66e13ed0e5f.jpg

 

Sent from my SM-N960U using Tapatalk

 

 

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I've never heard of them.

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

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For $60K, there is ZERO reason to be going beyond five years on the note.  And I shudder to think about how much negative equity must have existed on an earlier vehicle to have warranted what was likely an 84-month note at an insanely high rate...yes, a note dragged out that long at 9 1/2 percent is insane. 

 

Given that this is a re-fi, your best bet is going to be either a CU or your local banker.  With the reference to issues on your report, they will ALSO be the entity that is most likely to use discretion to overlook those issues as long as the deal otherwise makes sense...

 

A large red flag with them is that they appear to have a penalty built in on the contract if you pay the account off early, which means not just pre-payments but even a re-fi to a different lender.  I see one site that references them 'working with a network of lending partners," which means they are not doing anything in-house.  This would tend to suggest you will see a ton of hard-pulls as they farm your application around...

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73 months left on your current note? I hope you're driving slow and paying fast. You shoudl refi with a CU to a 36 month note max.

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9 hours ago, soccrstar said:

5783c88d40d43f46c391d66e13ed0e5f.jpg

 

Sent from my SM-N960U using Tapatalk

 

 

 

 

This font makes my eyes bleed.

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On 3/1/2019 at 9:02 AM, MarvBear said:

I've never heard of them.

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

All for good reason apparently! Thanks for chiming in 👍

On 3/1/2019 at 10:25 AM, centex said:

For $60K, there is ZERO reason to be going beyond five years on the note.  And I shudder to think about how much negative equity must have existed on an earlier vehicle to have warranted what was likely an 84-month note at an insanely high rate...yes, a note dragged out that long at 9 1/2 percent is insane. 

 

 Given that this is a re-fi, your best bet is going to be either a CU or your local banker.  With the reference to issues on your report, they will ALSO be the entity that is most likely to use discretion to overlook those issues as long as the deal otherwise makes sense...

 

A large red flag with them is that they appear to have a penalty built in on the contract if you pay the account off early, which means not just pre-payments but even a re-fi to a different lender.  I see one site that references them 'working with a network of lending partners," which means they are not doing anything in-house.  This would tend to suggest you will see a ton of hard-pulls as they farm your application around...

Didn't know about the penalty for paying off early. That's why I posted this... To gather info on them. Thanks for that. Everything before "Given that this is a re-fi..." Useless... 

On 3/1/2019 at 2:16 PM, hegemony said:

73 months left on your current note? I hope you're driving slow and paying fast. You shoudl refi with a CU to a 36 month note max.

Nope driving hard and fast n paying like normal. 75 month note... 2 months in. I had already planned on going through a credit union. IFS popped up and was curious that is all. Just keeping options open. Seeing as they have prepayment penalties they can go shove it. I'll get my scores above 700 and refinance then.

20 hours ago, cv91915 said:

The list of loan types is... interesting.

 

s5t7zGY.png

They strictly deal with deals already done elsewhere minus company car. IMO I figure they have primary (1st) lenders do the legwork in weeding out the potential sours before getting the notes then they get people transferred to them to collect the interest.

20 hours ago, cv91915 said:

 

This font makes my eyes bleed.

That's music to my ears 😂🤣😂. Love my phone font. 👍

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4 hours ago, soccrstar said:

They strictly deal with deals already done elsewhere minus company car.

But if I was paying cash I wouldn't need a loan.  

 

Yet they offer a "Lease Purchase [which is already an oxymoron] (Cash)."

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Cash lease means you make one payment upfront instead of periodic payments.  Then you return the car at the end of the term.

 

I have no idea what Lease Purchase (Cash) is though.

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On 3/2/2019 at 1:22 PM, soccrstar said:

 

Didn't know about the penalty for paying off early. That's why I posted this... To gather info on them. Thanks for that. Everything before "Given that this is a re-fi..." Useless... 

 

Nope driving hard and fast n paying like normal. 75 month note... 2 months in. I had already planned on going through a credit union. IFS popped up and was curious that is all. Just keeping options open. Seeing as they have prepayment penalties they can go shove it. I'll get my scores above 700 and refinance then.

 

The info about the penalty was on their website...if my post made it news to you, then it would seem you really need to ensure you read the complete terms of a website before you make ANY applications...

 

75-month note is ridiculous.  It sounds like you went for a purchase with no plan whatsoever.  And if it took going 75 months to make it 'affordable,' then you bought too much vehicle.  NEVER be a payment shopper...NEVER!

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