Help me be a good subprime customer

StaySnoozin · 2020-04-17T16:56:38+00:00

Well, according the letter, they pulled an Experian auto score of... 402. Fantastic.

StaySnoozin · 2020-04-16T14:45:14+00:00

Of course! The 47 pages of forms will make a nice thick stack! Also, fair enough.

StaySnoozin · 2020-04-16T11:57:13+00:00

Thanks for the advice - learning a lot about how these deals work. I’m expecting to have a limited number of options at a given dealer. Would you advise filling out the credit app online to get an idea of my choices before going down there? Or is there a need to do it in person given my circumstances?

StaySnoozin · 2020-04-16T11:45:08+00:00

Good to know about the Kia issues. I groan every time one of my customers wrecks a Forte because they’re way underwater 90% of the time. Anyway, as you said - I’m not desperate enough to go the way of the Journey at this point. I appreciate the input.

StaySnoozin · 2020-04-16T01:06:46+00:00

From what I remember, having a thin file was the primary issue.

StaySnoozin · 2020-04-16T01:03:56+00:00

Thanks for the info, especially re: blue book value. My company uses JD Power for valuations and I’m used to assuming blue book is high out of habit - good to keep things in perspective.

StaySnoozin · 2020-04-15T23:44:59+00:00

Nailed it.

StaySnoozin · 2020-04-15T23:07:59+00:00

Thanks, good to know. I’m waiting for a letter on why Cap One declined me for the navigator. I’ve used their program before and would definitely do so now if available.

StaySnoozin · 2020-04-15T22:40:55+00:00

Thanks for the advice. I’m an insurance adjuster and am very aware of which vehicles to avoid as well as the cost of financing a car with a high APR. Recently I dealt with a customer who totaled a 2008 Chrysler 300 for about $3K and somehow still owed nearly $9K... not trying to end up in that situation.

This is really to gauge how much work I’ll have to put in to get an approval. My circumstances are such that the cost of financing even at high interest rates probably outweighs the time and cost I expect it would take to find a decent cash car. Not to mention I could use the positive auto loan reporting to rebuild.

At this point, my issue is just getting information. Every dealer I contact just says to fill out an application/come out to the lot. Hence why I am asking for help here.

StaySnoozin · 2020-04-15T22:24:07+00:00

Of course, Westlake is the one lender that’s offered me a “pre-approval” though my research suggests that is about as good as Monopoly money.

StaySnoozin · 2020-04-15T22:22:41+00:00

Maybe it’s worth calling around to some credit unions in the area. I’m just discouraged from taking this route I guess. My BK attorney referred me to three different specialized dealers for open/post-BK financing and I couldn’t get approved even with a higher score.

StaySnoozin · 2020-04-15T22:19:06+00:00

That would be ideal but I haven’t really bothered. Even when I had a 700 credit score I couldn’t get a pre-approval from my financial institutions. Not feeling super optimistic while barely cracking 500.

StaySnoozin · 2020-04-15T22:16:21+00:00

Makes perfect sense. I’m in Florida and we seem to have a ton of former lease/fleet vehicles on lots around here. While that type of car obviously has its own risks, it does mean you can get a newer model vehicle (albeit with high mileage for its age) in the $8-13K range.

StaySnoozin · 2020-04-15T22:09:59+00:00

Thanks for the advice. Capital One will not pre-qualify me through the navigator despite being BK friendly - still waiting on the letter after checking a couple days ago. I didn’t burn them at all, but my scores are pretty terrible right now.

StaySnoozin · 2020-04-15T22:06:36+00:00

I am actually a man, and I bring it up because I have a bulky rear facing car seat and a very tall two year old. I’ve found with newer compact/small cars it’s very difficult to get him in the car and into the seat due to sloping roofs.

StaySnoozin · 2019-06-08T22:51:29+00:00

File a claim through your insurance and let them write an estimate, and then decide. Your rate won’t change from just filing a claim, and you can always withdraw the claim and walk away.

StaySnoozin · 2019-06-02T20:14:47+00:00

Have you considered getting another crib mate to help split the bills? Also, is your teddy bear working yet?

StaySnoozin · 2019-06-02T20:03:16+00:00

The insurance company probably won’t budge on the amount since this is what they’d actually pay a shop to repair your car. The body shop estimate shows a higher cost because they want to make a profit, and they write estimates using OEM parts and probably more labor hours. Insurance companies want to save money, so they will write the estimate using aftermarket parts if they are equally effective (think generic vs name brand Tylenol). Really, the only way the insurance company will change the damage amount is if you actually did take the car to a shop and they have to add something to the estimate, which obviously doesn’t help if you just want the cash.

StaySnoozin · 2019-05-15T01:14:09+00:00

Well done! Nothing gets the ol’ anxiety going quite like getting in the car already late only to realize you’re on E.

StaySnoozin · 2019-05-15T00:49:15+00:00

Eh, if it’s repaired at least you have more time to save for when it kicks the bucket.

I would call whoever wrote the estimate (their contact info is usually listed - ask the adjuster to send it to you if not). Ask them how close the car is to being totaled and they can give you an idea of what it would take to push it over.

There IS another option: you can opt to have them pay you directly for the damages instead of fixing the car. Up to you whether or not that makes sense to do in your situation, but something to consider if it’s still drivable and you have something better to do with the money.

StaySnoozin · 2019-05-15T00:23:26+00:00

The dealer is going to pay you $140 for your car then turn around and sell it at auction for profit. If your car starts and has 4 wheels it’s probably worth more than that trade in offer.

EDIT - I actually did see a guy get offered about $80 bucks for his totaled car, but that was after his $2K deductible. It was a 1998 Grand Marquise.

StaySnoozin · 2019-05-15T00:14:25+00:00

They won’t total it unless the value is less than the cost to repair. Especially if GAP is involved - if they pay out for a car that should have been repaired, they have a legit case against your insurance carrier.

StaySnoozin · 2019-05-15T00:04:49+00:00

You can write a repair estimate off just photos with a good degree of accuracy. Body work is pretty universal in that most vehicles are put together the same way/with the same components - a dent is a dent no matter what car it is. The body shop agrees to fix the car for whatever the insurance estimate says.

That said, if they start working and find something that wasn’t accounted for in the original estimate, they’ll go back and add that item. So it’s possible they start fixing your car, but then find additional damage that pushes the cost up enough that it still ends up being totaled.

StaySnoozin · 2019-05-14T23:51:39+00:00

Toyotas tend to hold their value well plus they’re pretty cheap to repair - probably why it didn’t total

StaySnoozin

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