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Old 01-21-2011, 10:30 PM   #1
Unrivalled
 
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Financing issue

Alright so i ordered a 2011 1LS from like local dealership. The first thing i said to my salesmen was that i was worried that i wouldnt get approved because 6 years ago i had a repo that im still paying off. he says dont worry about it we can get anyone approved.

so to make my long story short i waited for 8 weeks for the car to come and now that it is here, he cant get me approved. he has another credit union to go threw on monday.

So i guess my question for you ladies/gentlemen is does anyone have any ideas for me? i would love to be able to get this car. i have been in love with the camaro ever since i was little and now im sooo close.

thanks for everyones help
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Old 01-21-2011, 10:39 PM   #2
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I wold think that the financing would have been taken care of prior to the car arriving. If the other CU doesn't work out, you may need a down payment or a good co-signer.
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Old 01-21-2011, 10:40 PM   #3
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That is a tough break. Really sucks. Unfortunately even if your dealer does manage to get you financing your gonna pay a ridiculous interest rate? Have you looked at your credit yourself? Is the negative mark on your credit due to come off next year? If so maybe wait the year and get a LT for the same amount of money at a good rate or wait a year, save monthly payment and plunk that down on a SS and still have the same payment as a LS.
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Old 01-21-2011, 11:04 PM   #4
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Freecreditreport.com You can get a free credit report from each of the big three once a year. If you time it right that's one every financial quarter. You can see if you have any false debts holding you down or an overdue balance for minimal $ that you were unaware of.
The other ways to go about this is a large down payment and or a good co-signer (cosigner already suggested). Do not let this small financial set back keep you from succeeding in your financial goals. Remember, pay yourself first then in flow of cash must not exceed outflow of cash. A good rule of thumb is car and house payment not exceed 35% of your net inflow. If you wait a year I'll bet a gorgeous LS can be yours for 22K.

Good luck!
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Old 01-21-2011, 11:10 PM   #5
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thanks for the input. i have looked at my credit report and over the last year ive made some awesome improvements. one odd thing is i havent been asked if im doing a down payment which i fully intent to for at least 2 grand. but keep the ideas coming. i would like to get the car now just cuz i have a great job and im in an awesome place fincially.
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Old 01-21-2011, 11:12 PM   #6
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You're not in an awesome place financially if you're still paying off a repo, unfortunately. If a banker looks at your record and you're still paying that off, what guarantee does he have you won't let the same thing happen with this vehicle?

With all respect.
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Old 01-21-2011, 11:44 PM   #7
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Old 01-22-2011, 04:16 AM   #8
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You can give plasma twice a week, good for 40 or so. Maybe a Garage sale or second job? Are you adverse to anything illegal? If not tons of ways to get it! Theres the lottery and prayer as well, don't give up hope!

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Old 01-22-2011, 06:24 AM   #9
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Quote:
Originally Posted by wullger View Post
You're not in an awesome place financially if you're still paying off a repo, unfortunately. If a banker looks at your record and you're still paying that off, what guarantee does he have you won't let the same thing happen with this vehicle?

With all respect.
Yep. A 6 year old repo that is still unresolved will wreck your credit.
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Old 01-22-2011, 07:15 AM   #10
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I've been in a similar situation because of circumstances I could not control. I had a repo about 4 years ago. I was able to resolve it within 3 weeks, get the vehicle back, then paid it off within 6 months. I had other issues as well, the repo was the worst. To call my credit score a trainwreck was understatement of the decade. I couldn't get a bicycle financed, never mind a car.

If you have been making payments on this repo on time, every month, for the last six years, AND been paying any other credit accounts on time as well, maybe you have a chance... otherwise, I think you're going to have to wait.

I don't have a new Camaro yet, but hopefully will within a year or two. I was able to finance a used 2000 Camaro convertible for the wife last summer, so I was able to calm the Camaro desire... a little....

Pay very close attention to your deal if you get approved, then consider carefully before signing on the dotted line....

Just my opinion, but I think your salesman/dealer may be idiots at best - they should have checked your credit and got financing arranged/approved before letting you order (if they could lock it down for that long)
... or at worst, they're about to ask you to bend over

Depending on what your credit score is and how lenient the lender is, you could easily see an interest rate up to, maybe more than 16%. Do you really want to pay that much? I wouldn't. I would give away my soul for a new Camaro, but not pay interest that high...
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Old 01-22-2011, 08:21 AM   #11
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If you do get approved make sure you agree with the interest rate,might be extremely high.If you can put more down for your downpayment....do it.

Good Luck!
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Old 01-22-2011, 08:23 AM   #12
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Come on people.
Never and I mean never walk into a dealer and say, I have bad credit. Help me
it sets off dinging bells in their wallets. Go to your local credit union or banks first and see if you can get financed. if not then go to a dealer, and dont even mention your credit until your ready to buy the car. if they say no, then you cant buy it, but dont give the devil a heads up that they can take advantage of you.
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Old 01-22-2011, 08:30 AM   #13
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Come on people.
Never and I mean never walk into a dealer and say, I have bad credit. Help me
it sets off dinging bells in their wallets. Go to your local credit union or banks first and see if you can get financed. if not then go to a dealer, and dont even mention your credit until your ready to buy the car. if they say no, then you cant buy it, but dont give the devil a heads up that they can take advantage of you.
But once they pull your credit history that REPO will be staring them in the face.

Save yourself the headache bring a nice,large down payment if you know your credit is crappy.

Bullcrap walks...money $$$$ talks.

Like you said have your finance in order so you will be in a better position to deal..............
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Old 01-22-2011, 08:41 AM   #14
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Best bet is to go to the bank where you do business. And if your not already doing business at a credit union then you should be. Credit unions are by far the easiest to work with.
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Old 01-22-2011, 08:42 AM   #15
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Try another dealership, and start all over again with what he has on the lot for sale.
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Old 01-22-2011, 08:49 AM   #16
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Quote:
Originally Posted by Unrivalled View Post
Alright so i ordered a 2011 1LS from like local dealership. The first thing i said to my salesmen was that i was worried that i wouldnt get approved because 6 years ago i had a repo that im still paying off. he says dont worry about it we can get anyone approved.

so to make my long story short i waited for 8 weeks for the car to come and now that it is here, he cant get me approved. he has another credit union to go threw on monday.

So i guess my question for you ladies/gentlemen is does anyone have any ideas for me? i would love to be able to get this car. i have been in love with the camaro ever since i was little and now im sooo close.

thanks for everyones help
You need to fix your credit first. Even if you do get approved you are going to have an outrageous rate. Betting you will be paying a 2SS payment for a LT.

The company you are paying off the repo with you maybe able to contact them and come up with a deal. ie negotiate a cash amount you can pay them to have them remove this from your report.

No offense but this is how many people get themselves into holes they can never hope to get themselves out of. People buying stuff they can't afford to buy nor are they in a position to buy it.

Right now with the crappy winter raging on and you living in PA this isn't the best time of year to buy a Camaro.

Not trying to be a jerk just trying to help.
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Old 01-22-2011, 08:58 AM   #17
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prior to us gettin gmarried, my wife had a Repo... 4 yrs later she was able to finance a used, 2 yr old Camry @ 9% from the Toyota Dealership. They used "Bar-None" which was explained to us as a "credit rebuilding" finance company. 2 yrs later w were able to trade that in and get a Rogue for her @ 4.5% (with me co-signing.)

Explore all your options, but as someone else pointed out- don't bury yourself either. Good luck!
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Old 01-22-2011, 10:52 AM   #18
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Quote:
Originally Posted by Unrivalled View Post
thanks for the input. i have looked at my credit report and over the last year ive made some awesome improvements. one odd thing is i havent been asked if im doing a down payment which i fully intent to for at least 2 grand. but keep the ideas coming. i would like to get the car now just cuz i have a great job and im in an awesome place fincially.
2 grand down won't be enough. Figure at least 20% down for bad credit.
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Old 01-22-2011, 11:46 AM   #19
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I have read there are some companies online who specialize in loaning to those with bad credit. I would do a search.
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