WFS Financial

[newstart]

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.

[BassBoy]

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.

[newstart]

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.

[BassBoy]

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.

[newstart]

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.

[BassBoy]

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?

[newstart]

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.

[BassBoy]

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.

[newstart]

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

[Minnymouth]

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


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

[BassBoy]

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!

[BassBoy]

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.

[invest1choice]

WFS denied us for a car loan....

[BassBoy]

Not a bad thing

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.

[invest1choice]

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