Dealerships is full of BS all i hear is lies.

[bad credit man]

Still cannot get financing for a used car with a 670 score because a past bk. dealer tells me i cannot by a used car because a bank will not finance a used car because its to old or the miles is high is 60k-70k miles to high on a 03? Then iam told i could get a new car beacuse the bank may finance a new car. i dont want a new car i want a cheap used car. i dont understand this at all.maybe someone could tell whats the diffrent.

[Jemack]

Alot of miles that is why! I bought a PT Cruiser 2005 in 2006 with 10000 miles on it with 1750 down and my credit score was 581

But then 2 weeks ago bought a new car 2006 Jeep Compass with 2500 down and was approved and my score is only 604. I was surpised i was approved for a second car loan when i still have my other.

 

Good Luck

[MarvBear]

Have you recieved any "adverse action" notice letters? If so, what do they say?

[bad credit man]

Have you recieved any "adverse action" notice letters? If so, what do they say?

yes one so far.

 

the reason:

 

Insufficient comparable high credit.

 

 

 

 

i dont understand this.

[MarvBear]

Have you recieved any "adverse action" notice letters? If so, what do they say?

yes one so far.

 

the reason:

 

Insufficient comparable high credit.

 

 

 

 

i dont understand this.

 

Which bureau accessed? Previous high credit on THAT bureau? (well paid that is)

[hegemony]

how old is the BK?

any post BK derogs?

DTV? down payment?

Honda gave me 1.9% on a new vehicle 4 years post BK.

[centex]

On a high mile used vehicle, the dealership is not often going to be your friend. You need to cultivate a relationship with a small, local lender that understands your needs.

 

And, while 60-70K miles on an '03 is not high mileage to some people, it IS to a lender.

 

Further, a 670 on myFICO is not necessarily the same as what your auto-enhanced score might be, especially if the BK included any vehicle or other installment loans. Too many people forget that there are factors beyond the score that can contribute to a denial...

[mk_378]

That's right at the age/mileage cutoff for most lenders that deal with the post-BK market. Also certain cars that tend to decline in value rapidly (Kia, Mitsubishi, Hyundai, Suzuki, etc.) will be under more strict criteria. Take a look at some of the rate sheets that Marv has made available.

 

Why is your TU so much lower? Any post-BK derogs at all are going to count as highly negative and can kill the deal.

[bad credit man]

Have you recieved any "adverse action" notice letters? If so, what do they say?

yes one so far.

 

the reason:

 

Insufficient comparable high credit.

 

 

 

 

i dont understand this.

 

Which bureau accessed? Previous high credit on THAT bureau? (well paid that is)

EQ.

[bad credit man]

how old is the BK?

any post BK derogs?

DTV? down payment?

Honda gave me 1.9% on a new vehicle 4 years post BK.

Discharged 11/07

 

no post derogs

 

500.00dp

[bad credit man]

That's right at the age/mileage cutoff for most lenders that deal with the post-BK market. Also certain cars that tend to decline in value rapidly (Kia, Mitsubishi, Hyundai, Suzuki, etc.) will be under more strict criteria. Take a look at some of the rate sheets that Marv has made available.

 

Why is your TU so much lower? Any post-BK derogs at all are going to count as highly negative and can kill the deal.

i dont know tu is so low.

[MarvBear]

Previous high credit on THAT bureau? (well paid that is)

 

ya didn't answer all the question I previously asked.

[bad credit man]

Previous high credit on THAT bureau? (well paid that is)

 

ya didn't answer all the question I previously asked.

500.00 IS THE CREDIT LIMIT BUT I HAVE ONLY SPEND 40.00 OF THE CREDIT LIMIT.

[bad credit man]

This whole week i heard so much BS from dealers. they dont return phone calls ETC.

[MarvBear]

Previous high credit on THAT bureau? (well paid that is)

 

ya didn't answer all the question I previously asked.

500.00 IS THE CREDIT LIMIT BUT I HAVE ONLY SPEND 40.00 OF THE CREDIT LIMIT.

 

 

Then the notice of adverse action would be pertinent in this case. If your highest line of well paid credit is only $500.00, then there is really no comparable credit for that particular lender decisioning criteria.

[bad credit man]

Previous high credit on THAT bureau? (well paid that is)

 

ya didn't answer all the question I previously asked.

500.00 IS THE CREDIT LIMIT BUT I HAVE ONLY SPEND 40.00 OF THE CREDIT LIMIT.

 

 

Then the notice of adverse action would be pertinent in this case. If your highest line of well paid credit is only $500.00, then there is really no comparable credit for that particular lender decisioning criteria.

That dosent make sense. people with bad credit get auto loans. I have 5 cards 500 limit on each that I dount use. this dosent make sounds like BS.

[MarvBear]

hmmmmmmm.. OK.

[jdpeach]

Have you tried financing through a credit union. i found that they are better to deal with than a car salesman. if you have that credit score, you should be okay with going directly to a credit union.

 

jdpeach

[bad credit man]

Have you tried financing through a credit union. i found that they are better to deal with than a car salesman. if you have that credit score, you should be okay with going directly to a credit union.

 

jdpeach

thanks. for you're advise.

[RobbieH02879]

To qualify for an auto loan most lenders require at least a $2000-$4000 credit high on one trade line before they will consider it..

[RobbieH02879]

BTW even though your credit score is a 670, it sounds like you are a soft 670..meaning you really don't have that much credit established. I run across this all the time, I've seen kids with 700 scores with nothing but one or two small limit credit cards etc..Lenders don't usually consider that a solid 670 or 700 if you don't have a history of paying on higher limit items.

[RobbieH02879]

Also the dealer may be trying to switch you to a new car because most new car dealers have lenders that offer first time buyers program such as NMAC & GMAC and others..a new car would more likely qualify. It sounds twisted, but it is the way it is and has been for the last 8+ years I've been in teh car business..believe me, if a dealer could do it you'd be driving right now, they're not just telling you lies..they wanna sell cars very badly..especially in this economy...

 

BTW a salesman would much rather sell you a used car as they will make much more money off the deal than giving away a new car..

Edited June 16, 2008 by RobbieH02879

[bad credit man]

Also the dealer may be trying to switch you to a new car because most new car dealers have lenders that offer first time buyers program such as NMAC & GMAC and others..a new car would more likely qualify. It sounds twisted, but it is the way it is and has been for the last 8+ years I've been in teh car business..believe me, if a dealer could do it you'd be driving right now, they're not just telling you lies..they wanna sell cars very badly..especially in this economy...

 

BTW a salesman would much rather sell you a used car as they will make much more money off the deal than giving away a new car..

thanks

[Cactus Flower]

Still cannot get financing for a used car with a 670 score because a past bk. dealer tells me i cannot by a used car because a bank will not finance a used car because its to old or the miles is high is 60k-70k miles to high on a 03? Then iam told i could get a new car beacuse the bank may finance a new car. i dont want a new car i want a cheap used car. i dont understand this at all.maybe someone could tell whats the diffrent.

 

 

Means the car is overpriced .........

[moacsupreme]

Have you tried financing through a credit union. i found that they are better to deal with than a car salesman. if you have that credit score, you should be okay with going directly to a credit union.

 

jdpeach

 

+1.....With wanting an older car with some miles on it, I would not even bother talking to the dealership. I would take it to a local credit union (would be even better if you are already a member at one and have a little bit of history with them).

 

I bought my 95 ranger last year with 175,000 on it (not scared of high mileage). Paid $2,000 for it, and financed through my credit union at 9%.