My friend had his F150 repoed about 1 year ago. He would like to purchase another one. The balance left after the repo has already been paid in full. When he checked his credit report his scores are transunion 595 equifax 620 and experian 630. He dosen’t understand how he can have scores like that after his repo along with other bad debt. What is his chances of purchasing another vehicle? I stated to him that I had a repo on a ford escape 1 year ago. It was auction off with no balace owed on it. I waited1 year and purchase another brand new vehicle from the same dealership and was financed throught the same finance company and I have no idea what my credit scores are.
Originally posted 2009-03-29 23:42:52.
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{ 2 comments… read them below or add one }
Auto finance is what I do for a living and based on the information you have provided, your friend should not have a problem being approved for another vehicle.
Based on his scores, he will fall into the sub-prime finance department and have higher interest rates, but he should be approved.
Auto purchase after a repo can be domne, but it will be harder and your interest rate will be higher. You really need to think about a brand new vehicle!
Look, go to the website below and read all of it! The section called payment calculator will help you figure out what your payments will be with your interest rate.
I would work on getting my credit score higher first and getting a new vehicle later! I used this site and got my credit score from 480 to 709 in one year with the help I got from this website!
There are also links to Auto loans here to and if your determined to buy a new car, shop around and get the best rate you can. going with an Auto loan broker online can be one of the best ways to shop for an Auto loan since they only puill your credit report once and send it to several lenders who then offer you a deal.
Having your credit report pulled everywhere you go will only make your score drop and is not a good idea anyway.