Can you still finance a car after a reposession?

LATTIMER · 10-07-2002, 06:06 PM

Ok, Im not one of those low-lifes that goes out and buys a car, and doesnt make the payments and gets it re-poed. I got my car re-poed on a freakin technicality in the loan papers last week, and am in need of another car. For the time being, Im borrowing a car, but was just wondering what the odds were of getting another loan after a recent repo? I figure my interest rate is going to be thru the roof, which is understandable, but is it still possible for me to get financed, or not? Any suggestions to better my chances of getting approved for a car loan?

Thanks.......

jj_jonathon · 10-07-2002, 06:16 PM

my guess is that if you even can, you certainly wouldnt get anything better than a geo or kia...but like i said, i dont honestly know... :\

this is not cbring · 10-07-2002, 06:36 PM

i finance homes for a living........

if you have sufficient income, sufficient job history (i.e. 6 months at the same job), and decent credit otherwise.........

you should have little problem finding someone to finance a car as long as the car is worth more than you are borrowing

hint: don't go to a bank, it'll be tougher to get approved.......and everytime your credit is pulled, your credit score will drop.......also, on the same note, mention the repo beforehand when applying, to make sure that no one pulls your credit unless you have a realistic chance to get approved

LATTIMER · 10-07-2002, 06:43 PM

Thanks for the info. I was layed off in June (gotta love the high tech industry) and recently got another job. I got behind on some CC bills, but now am in the process of catching up, so my credit is no longer A tier. My car was repoed the other day when someone at my bank saw it on a local consignment lot. One of the loan officers knows my car, and told her boss about it at the bank. They called me to ask if that was my car, and I said yes, and they said that was a violation of my loan papers (which i didnt know putting a car on consignment was before now) and they said they were going to repo it---never saw that one coming. I told my bank that I have had 4 car loans thru them, paid three off totally, and have never in all 4 car loans been even as much as a day late on my payments, and they said they didnt care about that---and that they were repoing it regardless. So knowing that I havent been at my current job more than 6 mos, still making decent $$$, but now having a repo on my record, is there still hope? Should I go to a car dealership to avoid a bank for a loan? Any other thoughts?

this is not cbring · 10-07-2002, 07:03 PM

i'd say to put banks on the back burner for now

a car dealership will get you approved.........maybe not for as much as you want, but they will get you approved......

if you can get with a finance company, that would be your best option..........it would allow you to maintain negotiation leverage at the dealership

Crazy Horse GT · 10-07-2002, 07:52 PM

when i bought my 2k, i had just been off chapter 13 for 2 year's, they went beyond that, i drove home in a new car that day.

10-07-2002, 06:06 PM	#1
LATTIMER Registered Member Join Date: Oct 2002 Location: Austin,Texas Posts: 2	Can you still finance a car after a reposession? Ok, Im not one of those low-lifes that goes out and buys a car, and doesnt make the payments and gets it re-poed. I got my car re-poed on a freakin technicality in the loan papers last week, and am in need of another car. For the time being, Im borrowing a car, but was just wondering what the odds were of getting another loan after a recent repo? I figure my interest rate is going to be thru the roof, which is understandable, but is it still possible for me to get financed, or not? Any suggestions to better my chances of getting approved for a car loan? Thanks.......

10-07-2002, 06:16 PM	#2
jj_jonathon Trisket Join Date: May 2002 Location: University of Florida, FL Posts: ½ Posts: 1,560	my guess is that if you even can, you certainly wouldnt get anything better than a geo or kia...but like i said, i dont honestly know... :\ __________________ University of Florida - Physics Major My 02GT vert Media Center Pics BBK Underdrive Pulleys \| K&N FIPK (Gen II) \| Bullet Grille \| Mach 1 Chin Spoiler \| UPR Interior Parts \| XM Radio \| Audiobahn Subs Ricer Hater's Club Member #1/2 (30) http://www.ricehatersclub.com/

10-07-2002, 06:36 PM	#3
this is not cbring Registered Member Join Date: Sep 2002 Location: Knoxville, TN Posts: 380	i finance homes for a living........ if you have sufficient income, sufficient job history (i.e. 6 months at the same job), and decent credit otherwise......... you should have little problem finding someone to finance a car as long as the car is worth more than you are borrowing hint: don't go to a bank, it'll be tougher to get approved.......and everytime your credit is pulled, your credit score will drop.......also, on the same note, mention the repo beforehand when applying, to make sure that no one pulls your credit unless you have a realistic chance to get approved __________________ 2002 vw gti 1.8T

10-07-2002, 07:03 PM	#5
this is not cbring Registered Member Join Date: Sep 2002 Location: Knoxville, TN Posts: 380	i'd say to put banks on the back burner for now a car dealership will get you approved.........maybe not for as much as you want, but they will get you approved...... if you can get with a finance company, that would be your best option..........it would allow you to maintain negotiation leverage at the dealership __________________ 2002 vw gti 1.8T

10-07-2002, 07:52 PM	#6
Crazy Horse GT Registered Member Join Date: Aug 2001 Location: Sale Creek, TN. C. S. A. Posts: 4,652	when i bought my 2k, i had just been off chapter 13 for 2 year's, they went beyond that, i drove home in a new car that day. __________________ 95 gt vert, lot's of stuff, it aint slow. 04 sonic blue v - six my beater 89 rs camaro iroc turbo hood, other stuff, my wifes ride 84 lx stang cammed up 289 hi po, etc 65 falcon, maybe by the year 2020. black 00gt, gone but never forgotten. R H C- member # 1 o.b.c. da prez- member # 1 if your under 40 dont ask. goodbye for now odie,r.i.p. 11-27-03

10-07-2002, 06:43 PM	#4
LATTIMER Registered Member Join Date: Oct 2002 Location: Austin,Texas Posts: 2	Thanks for the info. I was layed off in June (gotta love the high tech industry) and recently got another job. I got behind on some CC bills, but now am in the process of catching up, so my credit is no longer A tier. My car was repoed the other day when someone at my bank saw it on a local consignment lot. One of the loan officers knows my car, and told her boss about it at the bank. They called me to ask if that was my car, and I said yes, and they said that was a violation of my loan papers (which i didnt know putting a car on consignment was before now) and they said they were going to repo it---never saw that one coming. I told my bank that I have had 4 car loans thru them, paid three off totally, and have never in all 4 car loans been even as much as a day late on my payments, and they said they didnt care about that---and that they were repoing it regardless. So knowing that I havent been at my current job more than 6 mos, still making decent $$$, but now having a repo on my record, is there still hope? Should I go to a car dealership to avoid a bank for a loan? Any other thoughts?