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BanditMan
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Hey guys, You prob don't remember me. Been awhile since I dropped by. I had some problems with my credit. I was dealing with a few defaulted student loans from '93, some old medical collections from '98 - '02 and of course Asset Acceptance from '98. I finaly got AA to remove their negative after several DV attempts and laughing at their bull crap replies. Payed off the student loans last year and I'm not worried about the medical bills. In April of this year, My wife and I took $1000 from our taxes and got a secured loan with our bank. Still paying on it (have not been late at all) but will pay it off next April. My van was about to break down and there was no way I could afford to fix it (tired of fixing it too). So I went down to the local Kia dealership last Tuesday to see if I could get preapproved for a used vehicle to be purchased in Feb so I could use part of my taxes as down payment. Well guess what!!!!! I was approved for a NEW car and bought my wife our very first brand new car on the spot with no money down, nothing out of my pocket, got a 45 day grace period and dealer paid first months insurance!!!!! I am still stoked that I was able to buy her a new 2006 Kia Rio!! OMG. Yea I got a higher than normal intrest rate of 18% but I am planning on refinacing in 2008. Got a 5 yr loan that I can pay off in 2.5 yrs. With our bank loan and our new car loan payed off, we should have NO problems buying our first home!

Thanks ALOT for your help and wisdom!

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OMG!! I decided to do some searching on the finance co who financed my car. It is Americredit. Damn!! I am so scared right now I don't know what to do. Go to ripoffreport.com and look them up. I didn't know what kind of co they were untill yesterday. Anyone here have dealings with them? How can I protect myself from them?

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Talk to your bank...ask in light of your good record with their current loan, would they re-finance the car loan. Worst they can do is say no....or they could say, wait until the current loan is paid off....Or they could be wonderful and finance it with the current loan, with new car security, for less interest...

I learned it never hurts to ask...just humbling.

Good Luck.

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I had AmeriCredit finance a used truck we purchased years ago. We had absolutely no problem with them. At one point we had to put one month on the back of the loan and they walked us through the process and even skipped over the fee we needed to pay to do it. If you get yourself in a bind with them or think you may at any point I suggest calling them right away. Always friendly customer service. I can't say what other people may or may not have experienced but our experience was great. Hope this helps.

Also, on a side note. If you have a BK that is discharged at least 2 years, everything is either paid for CO or 3+ years old, may I suggest refinancing with State Farm Bank. They usually pull TU and your score needs to be around 630 give or take. I just did that with my BK 2 years discharged with a score of 640 and got an interest rate of 9.5%. You do not have to have insurance with them to try for a loan.

Good Luck and Congrats!

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No, my bank will not refinance it. I asked them to finance the car before I went to dealership and they said not without a co-signer and I will not ever do the co-signer thing. I called them today and gave them my story and what I found out about this CO. They pretty much said same thing as before. They also said that they would only refi on the TRADE IN value of the car which is total bull in my mind in which case I would have to pay down the loan with Americredit untill I reach that value.

This has really worried me sick!

From what I read from the ripoff posts, It does not matter WHEN you make your payment to them but rather WHEN they decide to post it to your Americredit account. And if they decide to give you the runaround untill after your due date and then post it, they mark your credit 30 days late even if it is 1 day late and charge you high late fees and intrest without notifying you. Also, according to ripoff report, they repo your car for being 1 week late with NO notice! Now I know that about half are not telling the whole story, but there has got to be some truth to their stories for more than 3/4 of them say the same thing. Most of them start out saying "well I was late a few times" or "I fell on hard times and fell 1 or 2 months behind" but there are the other 20 or 25% of them that said that they have never fallen behind or late at all (according to their records). And the whole Western Union thing is out. I DO NOT send money to anyone via WU due to all the Nigerian scams. If they cannot accept my bank account payment or CC payment so I have a bank record of it then they are just S.O.L. It just spooked the hell out of me. I am now in defence mode an have not even made my first payment yet. They called today to verify my employment but dialed my cell # by mistake. While I had her on the phone, I verified the info on my contract with her and her records just to be sure that we were on the same page and that they were not trying to pull something. I was nice and very polite to her. I even thanked her for accepting my loan after she told me to enjoy my new car. In the back of my mind I said "yea, while it lasts". I know that they don't treat ALL their customers this way. I just hope I am not one of them.

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OMG!! I decided to do some searching on the finance co who financed my car. It is Americredit. Damn!! I am so scared right now I don't know what to do. Go to ripoffreport.com and look them up. I didn't know what kind of co they were untill yesterday. Anyone here have dealings with them? How can I protect myself from them?

Yeah, if not too late you should try to shop around. I got 12.5% from Cap One on a brand new Honda CRV and I have 10 previously-defaulted student loans and 10 medical collections totalling $12K or so on my credit reports... lol.

Sorry to say this now, but 18% seems really high for your situation. You should be far better off than I am. My scores aren't even 600.

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I can handle the payments with no problems. I would not have signed the contract if I couldn't. I'm even going to send them in the amount of the other loan payment when it gets payed off with my bank as well as an additional $100 starting April. That will almost double the contracted monthly payment and still have enough money to live on. That is how I plan on paying it off in 2.5 years if my calculations are correct and they apply the payments correctly.

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I work in a car dealership as the finance manager, I can tell you from experience Americredit is usually the highest rate around. But I think they are ok. I find the dealerships to be the most dishonest place, they'll sometimes do some pretty ugly stuff. I personally go to my own bank. You'd be better off at a credit union and open an acct.

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i got also financed with them in 2002, i did go though some problems with lates but they were better than most. paid the car off early, so i think they were mad about that, but haveing problem removing the lates and they vertify them every time i dispute so if you dont want any problems down the road pay on time because you willnot get the lates rmoved so easily.

try capital one to refi the car, i havd a freind who got a good deal with them after getting robbed at the dealer.

thx

sam

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  • 2 weeks later...

Well let the problems begin.

I am signed up with CITI Credit Monitoring and I get an email today from them that says that new activity has been detected on my report. I thought great, they finaly got around to posting their tradeline. So I go check it out. I noticed that they have the balance of the car loan $130 higher than what it should be. So I call CSR and she tells me that she as well as her boss dosen't know why it is reported higher on CR. She confirmed that she has the correct amount financed in her computers as well as on my contract. I told her that I needed this corrected but she didn't know how. So do I call EQ and dispute?

The dealership tried to get me financed with Cap 1 before americredit bacause when I got home after buying the car, I checked my credit online and there was an inquiry of theirs. Also a few days later, I got a letter from them declining my loan.

UPDATE AFTER POSTING THIS!!

I just found out that I was approved for a Cap 1 CC that I applied for 1 week ago with a 300$ limit!! WOOHOO!!

I've never had a CC before. The road of credit to our first home after my car is paid off is underway!

My goal was to buy my wife a new car and take out a CC to build our credit. After our car and our secured bank loan was paid off, we should have no credit problems getting financed for our first home. So far, the road looks bumpy but at least it is now paved.

None of this would be possible if it had not been for the advise I recieved here on how to clean up my credit report. Thanks again.

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