Undesirable Credit Auto Financing – Warning About We Finance Anyone Car Lots

20 Oct

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If you have bad credit, you’ve almost certainly tempted by a single of those “we finance” auto dealer delivers. Dealerships that finance their own autos could look like the only way to get financing for a car if you have bad credit. But, what is the actual story about these types of vehicle lots?

You could be thinking that there’s no harm in these varieties of car lots. The truth is, that these kinds of vehicle lots don’t genuinely offer auto financing that is genuine. All they do is keep the title to the vehicle and once you have paid all your payments, hand it over. There is much more to this story though.

When you go to one of these “tote the note” areas, you rapidly discover out that they will function you for the largest down payment that they can. It is not unheard of for one of these varieties of dealers to take you to a pawn shop to pawn your private valuables, to pay the dealer a down payment. Does that sound like genuine financing to you?

It is not true financing and truth be recognized, if a lot more people that have undesirable credit had been aware of what’s accessible to help them, purchase right here spend here vehicle lots would be out of enterprise. There’s just no purpose that you must have to settle for that sort of financing.

Did you know that acquire here pay here areas charge thousands and thousands a lot more for vehicles than normal dealerships? This is mainly due to the fact they can get away with it due to men and women not knowing they have much better choices. It’s not unheard of for these kinds of automobile lots to charge as significantly as 3 instances the actual retail value of a automobile.

If you have a low credit score, probably you need to take a appear at lending solutions on the web. Regardless of your credit history, lending services on the web can supply you with auto financing based on what you make each month. Getting a excellent auto loan is a single of the initial methods to rebuilding your credit background. The last issue that you need is to get ripped off at an unscrupulous car dealership.

58 Responses to “Undesirable Credit Auto Financing – Warning About We Finance Anyone Car Lots”

  1. Shanelle January 8, 2013 at 9:33 am #

    Im 18 and my vehicle is much like failing, I needs a different one, I would like a vehicle just like a social that will get like 30-40 MPG, What exactly are my likelihood of obtaining a auto financing loan. I actually do work and also have had exactly the same project for over two year!

  2. Jewell February 5, 2013 at 4:21 am #

    I want to buy a newer car next year, but my credit is not the best. I”m currently rebuilding my credit, and my credit score should be between 620-650 when it’s time for me to buy a car. I’m current on the auto loan i have now and i have been on time for a year. However i was late numerous times before then, due to a job loss. I also have a credit card through the same company thats financing my car and i have never been late with the credit card payments. Matter of fact i have a balance of zero on my credit card. I’m also a member of a credit union, i get my work checks directly deposited into my credit union account. My car will be paid off in 8/2008, but i plan on paying it off earlier when i get my income tax check in 01/2008. I like the current auto finance company i’m with now, because they gave me a fair rate, eventhough my credit was’nt the best. Should i try to get my next auto loan threw them, or should i try to get it threw my credit union?

  3. Gerry February 19, 2013 at 12:58 pm #

    Does anyone know of any lenders that are looking to invest in auto financing? I’m wanting to expand my database of lenders. If anyone is interested please email for detail and return.

  4. Morton February 19, 2013 at 2:09 pm #

    I need to get a car, I don’t have any credit, but I have like 3 jobs. any one know of any good auto financing places online?

  5. Cleo March 16, 2013 at 12:42 am #

    What is the phone number of the Auto Finance Department of Chase bank?

  6. Marianela March 25, 2013 at 3:31 pm #

    So I want to sell my car which I’m still financing. Problem is this Capital One is mostly done online. How can I go to them if I end up selling it, ya know?

    So..Has anyone ever sold their car when they were still making payments through Capital One Auto Finance? If so, How did you do it?

  7. Norbert April 12, 2013 at 6:31 pm #

    If I look under “personal loans” on their website, I see they offer auto financing. But what about REfinancing, or does this count as the same thing?
    If not, can you recommend any reputable companies through which I can refinance my car?
    Thanks!

  8. Nu April 22, 2013 at 5:53 am #

    Joining the military, will my auto finance company freeze my account while Im gone?
    Will my auto finance company and Insurance company freeze my account for the two months that I am at basic? Will they work with me?

  9. Roselyn April 26, 2013 at 2:08 pm #

    when i look up their company on the net its an auto finance company. when i call them they say they sold me a computer. Is there anything i can do other than file a fraud charge affidavit at my credit union? Can I sue them, and if so what kind of lawyer do i need to get?

    Also, can lifelock protection protect me against these fraudulent charges?

  10. Darnell April 28, 2013 at 4:53 am #

    That is the way it is spelled on my paper and that is the way i spelled it. It is an auto finance company and i just need the address for it so i can send off a payment to them.

  11. Brian April 28, 2013 at 5:10 pm #

    How can I find a very low auto finance rate? My credit union is 5%+, costco is 4.94%, and eloan is 6.99%+!! The dealership was offering 2.9%, but that ended on July 7th. That’s the type of rate I’m looking for. Does anyone have any ideas that I may not have thought of? Home equity loan is not an option, BTW.
    BTW, I have excellent credit (700+).

  12. Donovan April 29, 2013 at 9:34 pm #

    I have been getting a lot of phone calls from Wells Fargo Auto Finance saying that my car payments wasn’t being paid. I have automatic deposit so each month my payments are taken out automatically. Now I have bank statements proving that the car payments were made, but according to Wells Fargo they never received the money. I also faxed them my statements showing that the payments were made, but they still claimed that they didn’t receive the payments. They’re now making threats talking about taking my car away.

  13. Fredia May 9, 2013 at 1:31 pm #

    I am looking to get a used car. I have a charge off on my credit. How will it affect me getting auto financing??

  14. Stanley May 11, 2013 at 2:45 am #

    I don’t want to pay my car payment over the phone because they charge a $10 fee, and I don’t have an account to pay online. Whats the address where I can mail my payment for Chase Auto Finance?

  15. Tracie May 16, 2013 at 12:11 am #

    I’m think about changing careers and changing to auto financing.

  16. Arturo May 17, 2013 at 4:37 pm #

    I’ve created an auto financing calculator, which can switch between different types of financing options (loan, lease, cash). I’ve used the following site to create the lease calculations. http://auto.bizcalcs.com/Calculator.asp?Calc=Lease-Payment . What I’m trying to do now is enter a desired payment amount lower than the resulting one, and come up with a trad-in value or down payment that would be needed to drop that payment to the desired amount. I’ve come close but am always a few dollars off. Can anyone point me in the right direction? Please keep in mind this is not a simple calculator.
    Apparently you’ve never met my boss mccoy. Also when I go to add that trade in or down payment value the payment will recalculate and prove my incompetence by showing the incorrect payment on the calculator.

  17. Karin May 22, 2013 at 10:00 am #

    Im looking to get another vehicle, and the full coverage insurance is just too high. I dont want to take collision and comprehensive becuase the cost is too high, but comprehensive alone is relatively affordable. My question is, will Capital One auto finance call and check my insurance to see if I have full coverage-if so how often do they do this…. and what happens if they find that I only have comprehensive? Will they reposses, has anyone had this happen to them be it Captial One or any other lender?

    BTW, If I was to have an at fault wreck, I would still continue to pay my monthly payment because its relatively cheap.

  18. Mahalia May 23, 2013 at 8:57 am #

    How does the auto finance loan (eventually going to be canceled due to a problem with the car, deal was called off and dealer delayed the loan cancellation for 6 months) will show up in credit history if not paid for 6 months?

  19. Chun May 23, 2013 at 11:01 am #

    I’m trying to lower my monthly payments by adding on a couple of extra years on to my financing. Instead of 5 years at a price, like 7 years but less a month. I don’t want to give up my car, and I’m willing to still pay for it if possible. Can banks do this for you through auto financing? I mean they’re still going to get their money. Can they work with you on this situation?

  20. Shanell May 24, 2013 at 2:56 pm #

    I know that applying for things alot lowers your credit score. Right now im trying to get the best rate possible so I am having my credit ran by multiple auto financing institutions. Will this hurt my credit?

  21. Rodger May 29, 2013 at 9:50 pm #

    My Friend owns a used car dealership and he is looking for a new slogan for his business.
    Can you please help me think of a good slogan.
    The name of his dealership is “Houston Auto Finance”

    Will Be appreciated.

  22. Emmett May 31, 2013 at 6:39 am #

    Hey everybody how you doing today? I’m planning to buy a truck like the (Nissan Frontier or the Honda Ridgeline). Please can you give me the best auto dealer that will give me the best deal on auto finance, since I do not have enough money saving at this moment? Can you give me out one that will accept no down payment but just credit check? My monthly income is $1120 exclude tax. Please give me your best shot because it’s for an emergency matter.

  23. Isidro June 2, 2013 at 4:38 am #

    I was thinking about applying for the auto finance blank check thing, but i wanted to know if its a good idea and how much some of you guys where approved for?

  24. Marleen June 6, 2013 at 6:27 pm #

    I’m pre-approved for a loan with Carmax Auto Finance, & have proof of insurance with downpayment.

    Can I go in and leave within a hour since I don’t have to wait hours looking for financing?

  25. Malena June 6, 2013 at 11:35 pm #

    I need the number for the GMAC auto financing department to pay by telephone. I think it was/is called TruePay. I don’t know the new number to pay by phone.

  26. Noemi June 9, 2013 at 3:19 am #

    Not sure of how I should proceed in making principal only payments to Capital One Auto Finance. Has anyone had any luck with getting them to apply extra to principal and not just push your due date out?

  27. Gennie June 10, 2013 at 6:18 pm #

    I was in search of someone taking over my note, I found someone to take it over and my company is only an auto financing company they don’t do refinancing. So my question is what do I do now? This person really wants the car and I really want to get rid of it out of my name. Any advice on what steps I need to take next?

  28. Torri June 10, 2013 at 7:39 pm #

    I was asked for my ID for my employer’s Auto finance because his credit history is no good. And there was obviously kind of pressure from him to make me do it. So I had no choice but do it and later on he fired me, and still my ID is on his 3-year finance. So I wonder if this is crime that I can report to Police department. And what title does it fit for this activity to make the report?

  29. Milan June 13, 2013 at 12:25 pm #

    Where does an auto finance company source money to loan?
    How can I get someone to give me money to give auto loans?

  30. Whitney June 13, 2013 at 6:06 pm #

    Carmax (Carmax Auto Finance) approved me for a loan, but they’re asking for drivers licences and proof of insurance, and those are the only things showing up for requirements. I’m only 18 and have average credit and putting $9500 down on a $22599 car, is that why?

  31. Candida June 14, 2013 at 12:18 am #

    I want to know what are the legal questions an employer can/can’t answer when doing an employment verification for an auto finance company or even another employer. I am located in California.

    Thank you for your help

  32. Nellie June 14, 2013 at 8:45 pm #

    I am new to US, only here for three months. When I am applying for auto financing, me not having long credit history is hindering. Can anyone suggest how to proceed if there is any way to improve my standing for loan approvals. Unfortunately, I can’t wait too long to get my vehicle. Thanks.

  33. Pamala June 29, 2013 at 8:22 am #

    My friend needs to reduce their monthly out go, one of the loans on the plate is the auto loan, unfortunately some of the challenges my friend is facing are;

    * recently lost their job –BUT is collecting unemployment from the state of California so essentially has income coming in each month

    * currently going through a divorce –unfortunately my friends spouse has damaged EACH of their credit ratings.

    so is there any way to refinance? are there lenders out there? CapitalOne Auto Finance is not an option, they do not so auto refi’s and that is whom my friends current loan is through. Should my friend try and trade the car in for a used vehicle?

    Your help is appreciated…thanks so much!

  34. Maryellen June 29, 2013 at 10:02 am #

    I’m pre-approved for a loan with Carmax Auto Finance, & have proof of insurance with downpayment.

    Can I go in and leave within a hour since I don’t have to wait hours looking for financing?

  35. Chelsie June 29, 2013 at 8:19 pm #

    Has any one ever qualified for a 0% auto loan? And if you did, what was your credit score? How many years was your auto financed? 36, 48, 60, or 72 months?

    Thanks.

  36. Tynisha June 30, 2013 at 12:33 am #

    My wife and I are expecting a child soon (that’s the good news) and we need to get a vehicle with more than two doors! Due to a job loss and the following reduction in income our credit is seriously banged up (that’s the bad news) Fortunately, we are back on our feet again but the past credit issues continue to haunt us.

    I have done some research, but everything that I have come across seems pretty shady Are there any legitimte auto financing options available for us?

  37. Irma July 2, 2013 at 8:22 am #

    How often can you apply for a credit card if a rejection letter states that you have had “Too many recent requests for credit or reviews of your credit”?

    I recently got auto financing, plus a secured credit card just for the purpose of establishing credit so that I can get a regular credit card. Should I wait a month before applying again? Will it hurt me if I re-apply too soon?

  38. Robin July 3, 2013 at 9:01 am #

    I have limited credit score so my dad is co-signing to get my auto financing application approved, but i need the insurance on my name only? is it possible?

  39. Salvador July 3, 2013 at 9:04 pm #

    I was cosigning for someone and they said i have to be a parent or guardian. ive cosigned for people before at other auto finance companies.

    if this isnt true then i think they may be discriminating us because we are Both homosexual.

    help!

    thanks!
    I sign for other people to help them get better interest rates.

    We all make good money so them not paying for the car is barely a concern.

  40. Nolan July 4, 2013 at 5:19 pm #

    I am looking into buying another vehicle and my spouse and I are arguing over which would be better. Is it better to go into a car lot with pre approved auto financing or to go in and have them find financing for you?

  41. Nestor July 6, 2013 at 3:59 am #

    My experian score is 660 while my TU and Equifax scores are around 600. Does anyone know a finance company where I can get auto financing based upon my Experian score. I am not interested in some high interest loan based on my other scores, just Experian. Thanks.

  42. Dawne July 6, 2013 at 9:01 am #

    I am a first time buyer so i am really swimming in a lot of unknowns.
    Also how does the same principle play out for auto financing?

  43. Werner July 8, 2013 at 1:38 am #

    We have an auto finance account with them. What happens now? Do we just continue on as usual, or will something happen with my account? What changes will I see, if any?

  44. Hillary July 8, 2013 at 4:21 pm #

    I need a company that will look at my credit score and still say yes and company that won’t need me to increase my down payment but if I’m lucky a company that will look at my credit score and finance me with no down payment.

    Anyone know a real and good auto finance company?

  45. Trinidad July 10, 2013 at 4:39 am #

    I will be starting my residency in July this year. I would like to purchase a second hand car (4000-5000 bucks) before that. I know that the monthly residency stipend is close to 3200 bucks. Can auto financing be an option for me? I have limited credit history and was wondering what all options would be available to me. I would like to have the smallest downpayment possible. Any insights?

  46. Drema July 12, 2013 at 5:23 am #

    A car seller says yahoo acts as a trust to hold my payment for a car until I’ve inspected it. I don’t want to deposit money until I confirm program is legitimate. recieved e-mail from yahoo auto finance but I am paranoid.

  47. Harvey July 13, 2013 at 1:22 am #

    Example: I want to pay my auto finance company my car note total balance owe. I want to deposit the cash amount with a 3rd party!?. The 3rd party would be instructed to make the payment once delivery of my car title is made. like an escrow account kinda.. How and where can I accomplished this goal?

  48. Moises July 13, 2013 at 4:55 am #

    I filed chapter 7 in November 2009, it was discharged in February 2010. I pulled my credit report yesterday to find capital one auto finance has continued to report late payments and repossession. Am I able to dispute this?

  49. Billie July 14, 2013 at 4:57 pm #

    I am in need of auto financing that I can take anywhere to get a used car I have a low credit score and I live in michigan I am not interested in a dealer I already have the car but they only use outside financing

  50. Ernest July 14, 2013 at 9:39 pm #

    I’m looking at http://www.firstagain.com to try and get a loan to pay off a car and just pay them, but what’s the difference between auto finance, and auto purchase? Sorry, I know nothing about cars…

  51. Rickey July 16, 2013 at 2:38 am #

    I just received a letter from Capital One Auto Finance saying that my new insurance policy is inadequate. I upped the comprehensive and collision deductible from $500 to $2500, which saves me over $400 dollars a month. According to Capital One, this is too high and has to be lowered back down to $1000 or less. But I would sooner become an employee at the Bunny Ranch, before I pay a $600 monthly car insurance bill and a $365 car note. Hell, I would have to become an employee at the Bunny Ranch if I had to pay a $600 monthly car insurance bill and a $365 car note. I feel like as long as I’m giving Capital One their money, my deductible should have nothing to do with them.

  52. Dawne July 16, 2013 at 5:29 am #

    I am a owner operator of my repossession and towing company. I just recently went into the repossession/recovery part of my business a few months ago. I currently recover/repossess for a few buy here, pay here car lots. What I’m wanting to do is expand and repossess for major auto finance and title loan companies. How would i go about doing so?

  53. Jackqueline August 2, 2013 at 1:30 am #

    I cant find a balloon auto finance that is for $40,000.
    Thanks for any help

  54. Terri August 3, 2013 at 2:51 am #

    I am the plaintiff living in AZ, and the defendant lives in Columbus, OH. I do not make a lot of money. Someone told me that a litigation lawyer can write a letter to stop the auto finance company from taking money out of my check.

  55. Robby August 3, 2013 at 12:14 pm #

    This was not my issue. The issue is on the yahoo home page. The folders on the left that say mail, auto,finance,games etc. The first one mail would show me how many unread messages I had next to the word mail. It no longer shows this so I have to click on it to open the mail in box to see if I have any unread messages now. I would like to get this fixed so when I open yahoo on my home page I know if I havee any unread messages. Please address this issue.

  56. Ned August 11, 2013 at 12:39 am #

    Really late on loan, he was in the hospital for over 6 months ect. In a motorcycle accident, lost job and moved out of state.

    Now hes settled again and put back together.
    He have already negotiated all other debt. He hasn’t called his auto finance company yet. I was wondering if they would reset his loan or if he could offer a lower pay off. He owe about 19k would they settle for like 6k or something. Any ideas? Please no negativity just helpful solutions.

  57. Roman August 11, 2013 at 4:17 am #

    I am 17 years old. I earn an average of $400-$500/week in income, sometimes more. This is obviously way above-average pay for my age. I am a senior in high school, graduating in 3 months. I will then be able to work full-time and hopefully find a better job, making ~ $3,000-$4,000/month, before going to college either PT or FT next year.

    Anyway, my parents have refused to co-sign a car loan for me. I am not really sure why, and it bugs me.

    I already lied on a couple credit card applications and have two credit cards (a Visa and AMEX) in good standing.

    My credit score is just above 700.

    What are the potential consequences of, say, “mis-typing” the birth year on an online Capital One Auto Finance application for about $7,500?

    If I pay my payments on-time and in whole every month, will they care/investigate the matter further?

    Also, do they ALWAYS require proof of identification, i.e. driver’s license, when applying for a secured/car loan?

    Thank you.
    Thanks for the responses thus far.

    I acknowledge the theoretical seriousness of this.

    However, in PRACTICALITY, if I pay EACH and EVERY month on time and in whole, even exceeding the minimum installment amount for a given month, will I get in trouble?

    NO defaulting, NO late notices, NO derogatory activity whatsoever.

    I was approved for a $10,000 loan at 11.5% for a used person-to-person purcahse. While this isn’t the best rate, it isn’t unmanageable, either.

    What if I paid even $700/month to get this thing paid off in 18 months?

    Thanks again in advance and for the responses thus far.
    Keep in mind this is for a person-to-person loan, NOT a dealer purchase. I wouldn’t dream of trying to buy a car at a dealer. Besides the obvious legal reasons, they are a complete rip-off.

  58. Hermila September 18, 2013 at 11:55 am #

    I’m trying to discover the # of US home mortgages and auto loans financed by banks in the US and the average value of each type of loan. It’s for a school project.

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