WFS Financial

WFS Financial is a good lender to try. They are BK friendly and the interest rates are not that bad. For those who have tried at dealerships and have been told 16% to 18% or even higher, WFS Financial may be much lower. I applied myself and was APPROVED for a loan, and at an interest rate of 13.40% for a 2005 or 2006, and 14.74% for a 2000 to 2004 (AND I'M 3 MONTHS OUT OF BK!!!!!!!!!) This is still high, but it’s much less than what any dealership can offer. 3%, 4% or 5% is huge when it comes to a 4 or 5 year loan.

I would recommend to anyone looking to purchase a new/used vehicle to get your own financing arrangements. This will give you a greater advantage at the dealership. Not to mention, it will eliminate having your credit pulled as you shop dealership to dealership. Having your own financing arrangements will allow you to focus on negotiating the purchase price of the vehicle, and because you have your own financing, it’s like paying cash. You can “shop until you drop” (LOL) and find the best deal.

I have buying power now. I also know exactly what my interest rate is and I can determine what my maximum loan amount can be in order to have an affordable monthly payment. I don’t like this “range” that I get from the dealerships and I think it’s a load of crap. I ask, “Is it 16% or is it 18%?” I haven’t received a straight answer yet, and this really bothers me.

Hi Bassboy

Did you established any other card after BK? I thought Wells Fargo Financial Services is kinda hard to get.

WFS Financial is not Wells Fargo. I did not have a good experience with them when they were financing my car and in fact midway through the contract my local credit union refinanced the loan; it was much better dealing with them.

edwards2,
I wasn't quite sure if you meant the bad experience was with WFS or Wells Fargo. I'm thinking you may have meant WFS, but I wanted to clarify.

highNdry,
Wells Fargo turned me down for an auto loan. No, I did not attempt to get any other form of credit. What I needed was a new vehicle and not a way to piss away money with CC's..........if that's what you were asking.

Bassboy

I thought WFS was wells fargo bank, I guess not. The abbreviation looks similar, by the way what do they stand for?

I'm not sure what the WFS stands for......but........WFS Financial is part of Wachovia and Westcorp.

When applying for an auto loan with WFS do you have to be specific about what type of vehicle you are trying to get? I would like to apply but don't know what type of vehicle I would be looking at.

bassboy....the bad experience was with WFS Financial. By the way I read Wells Fargo is not BK-friendly.

When applying for an auto loan with WFS do you have to be specific about what type of vehicle you are trying to get? I would like to apply but don't know what type of vehicle I would be looking at.

newstart,

You do not have to be specific, although it wouldn't hurt to give them an idea of a make and model and a loan amount. Before I applied, I called to ask about this part of the application, and I was told that it was just to give them an idea. I'm interested in getting a Monte Carlo or A Grand Prix, so I put in a Monte Carlo, the average asking price for the model year and then added about 10% to cover the tax, title, license and ect.

Once you're approved, you can use the online calculator with the interest rate they approved you at and get an idea of what you can spend. I've been shopping the few dealerships that have what I'm looking for and it's been quite easy because I'm avoiding the dealership's crap like "What kind of monthly payment are you looking for?" I can't stand it when they play this game with me. I'm sure most car buyers have seen the 4-Square sheet the salesman uses. Anyways, I tell them, "I don't care if the payment is $100/month or $500/month. Just tell me what price you'll sell the car for."

bassboy....the bad experience was with WFS Financial. By the way I read Wells Fargo is not BK-friendly.

You're right about Wells Fargo not being BK friendly. That was their reason for not extending credit to me.

Can you tell me what about WFS was bad, because if I choose to use them (still waiting for an answer from our credit union), I want to know what I should watch out for.

newstart,

You do not have to be specific, although it wouldn't hurt to give them an idea of a make and model and a loan amount. Before I applied, I called to ask about this part of the application, and I was told that it was just to give them an idea. I'm interested in getting a Monte Carlo or A Grand Prix, so I put in a Monte Carlo, the average asking price for the model year and then added about 10% to cover the tax, title, license and ect.

Once you're approved, you can use the online calculator with the interest rate they approved you at and get an idea of what you can spend. I've been shopping the few dealerships that have what I'm looking for and it's been quite easy because I'm avoiding the dealership's crap like "What kind of monthly payment are you looking for?" I can't stand it when they play this game with me. I'm sure most car buyers have seen the 4-Square sheet the salesman uses. Anyways, I tell them, "I don't care if the payment is $100/month or $500/month. Just tell me what price you'll sell the car for."

Thanks alot Bassboy that is very helpful.

Bassboy...WFS Financial's report from the BBB in California(I think that is their home office) shows 392 complaints. To be fair they resolved them although some consumers were still not satisfied. With us they continued to misapply or not apply at all our payments. They showed late fees when we didnt have them and invariably they posted our payment to the wrong account. However, it does look like they are getting better based on the BBB reports from other WFS locations. Also, we got a better deal when we refinanced with my credit union.

Bassboy...WFS Financial's report from the BBB in California(I think that is their home office) shows 392 complaints. To be fair they resolved them although some consumers were still not satisfied. With us they continued to misapply or not apply at all our payments. They showed late fees when we didnt have them and invariably they posted our payment to the wrong account. However, it does look like they are getting better based on the BBB reports from other WFS locations. Also, we got a better deal when we refinanced with my credit union.

Thanks edwards2. I appreciate you sharing that with me. Let me ask you this, when they misapplied your payments, did they correct the problem and was it done in a timely manor? Hopefully, their issues have been resolved and it's better. Although, I'm still hoping things go well with our credit union. I should know their answer by Monday. Wish me luck

Got the denial letter from our credit union yesterday. Major Bummer! Maybe it was too soon to apply with a credit union. Hopefully, I can refinance with our credit union when things look better. Hey edwards, how long was it when you refinanced with the credit union and what kind of rates did you get?

Well I've been declined by Ford Credit and WFS Financial so I guess a new car is not in my future. My interest rate is so high right now I feel like crying. I guess I'll just have to wait it out.

I think i figured out what the problem is I paid my loan on time up to my bankruptcy and I did a 722 redemption and am now with US bank and it has only been 4 months of history with them. so maybe it doesn't seem like a have a long auto loan history eventhough prior to bk I had my auto loan for 1 and a half years.

Well I've been declined by Ford Credit and WFS Financial so I guess a new car is not in my future. My interest rate is so high right now I feel like crying. I guess I'll just have to wait it out.

I didn't believe that Ford Motor Credit would approve anyone just out of BK. I'm sorry to hear WFS turned you down.

I contacted 722 Redemption and I felt that a 24% interest rate was absolutely ridiculous. No one should pay that much. On the other hand, if you kept your car, or got a decent used vehicle and if that's all one can do, then that's what one has to do.

So......it seems you may have to stick this one out. Try not to go to too many lenders a have your credit pulled. This will look like you can't get a loan and can only make matters worse. Be patient.

Yeah it is ridiculous and now that I'm thinking clearly I realize it. Maybe I'll just try to refinance the vehicle but I will probably have to wait 6 months.

I would try to contact a few lenders, tell them your situation and get an idea of when you can refinance. ALthough, 6 months to a year sounds like a good timeframe to try and refinance.

I contacted US bank to see when I could refinance for a lower interest and they told me that they will not do it because they don't normally work with people in bk but since I'm in bk that's why I got such a high interest rate. Why do people tell you what you already now? She made sure she kept repeating that they WOULD NOT refinance the loan for me. She said aldo that my payment was received on the 15th and they should have gotten it on the 14th.

Well, US Bank is not the only lender out there, but you already know that. You can try a credit union. Capital One is another good place to try. You can even talk with your bank where you do your checking and savings and they may be able to provide you with a few lenders. There are a number of options. You're not just stuck with US Bank, or are you?

I hope I'm not just stuck with them. I am currently talking with my credit union to see if they can help me or refer me to another lender to get out from under US Bank.

Well folks, I found my car. Yesterday afternoon, I purchased a 2004 Pontiac Grand Prix GT. The car is black, loaded and has 30K miles on it. It is a super nice ride and really fun to drive. I bought this car at a steal.......under $13,000........and it has about 7 months of the original factory warranty remaining. The dealership has had it on the lot for over a month and I knew it was going off to auction at the end of this month, so I waited and I kept watching the price come down.

I'm going to be purchasing an extended service plan, but the beauty of it is that I didn't have to buy the warranty the day of sale. I can save the money over the next 7 months and buy it before the car reaches 36K miles. This warranty allows me to take the car to any ASE Certifeid mechanic and not just to a GM/Pontiac dealership. And even better, if I never use the warranty for repairs (which I doubt will ever happen), I will get a full refund of the purchase price.

Since I had my own financing arrangements, I have to wait a couple of days before I can take my new ride home.......so..........I pick up my new wheels on Tuesday afternoon.

Congrats, BassBoy those Grand Prix are nice and their good on gas too.

Can I come go for a Ride??????


Love Grand AM's........

The Grand Prix's are great on gas. The GT model (which is what I purchased) gets 20mpg city and 29mpg highway. My drive to work is partial city streets and partial highway, so I'm guessing I'll average about 24mpg to 26mpg. My truck was getting about for 14mpg city and 18mph highway. I should save about $80 to $100 a month in fuel costs. Not to mention my auto insurance rates will be lower.

Hey Minny,
Sure you can come for a ride, but I don't think my wife would like the idea of me driving another lady around.........ROFLMAO!

Well, I had to make some adjustments to my financing arrangements, but it worked out.........had to wait a few extra days though.

I brought my new ride home this past Saturday. Man, is that Grand Prix GT a total blast to drive. So far, it's been getting great gas mileage.

There's more to the story though. I dumped WFS FInancial and went with another lender I applied with. First off, Wfs FInancial messed up the loan papers and then when the "corrected" loan papers came, they were backdated to when the buyers order was faxed to WFS, thus adding about 12 days of interest for a car I didn't have in my possession. With the papers and the check having to be Fed-EX'd, and with the past holiday weekend, I would not have been able to pick-up my car until tonight.......so........I went with AmeriCredit instead. I got the same rate (once I told them what WFS had offered) and the same terms, so it made no difference to me.

WFS denied us for a car loan....
:(

WFS denied us for a car loan....
:(

This is probably a good thing. At first, I was pleased to get approved and get a good interest rate, but then I discovered that they seem to be incompetent. I've also done some homework on WFS, and it appears that they have many unhappy customers because they have been misapplying payments, but the biggest complaint was WFS adding insurance to the loans without the customers consent. But who cares now, AmeriCredit gave the same interest rate, so it made no difference to me.

I hate the inquiry but the dealer said you can have as many inquiries in the 10 day period in looking for a car.. I don't believe that.. Carmax said it was a new law 30 days unlimted.... finding really hard to believe...
Wells fargo 20% ... might just take it .. then refinance 12 months

I hate the inquiry but the dealer said you can have as many inquiries in the 10 day period in looking for a car.. I don't believe that.. Carmax said it was a new law 30 days unlimted.... finding really hard to believe...
Wells fargo 20% ... might just take it .. then refinance 12 months


This is true! Equifax, Experian, and TransUnion even say this on their websites.

If you are looking for a large item purchase, you have the right to shop around, and it only costs as one hit against you instead of multiple ones!

What if you don't get a car cause you don't like the rate offered ? I am having second thoughts on that durango suv... due to it being a 8 cyclinder plus with warranty we are going over 16,000.... 16.5% interest.....

I am thinking "today"
We may just either wait on a car until our old one just completely dies .. or keep looking and try to get a 7,000 to 10,000 complete cost car with warranty.... I am not going to jump into this .. I have learned from past experiences don't care what sales person I get upset .. I have the right to change my mind... I use to feel bad and just get it.... not anymore ...

Well Tin thanks so much for your help :)

does americredit have a website?

www.americredit.com