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GM loan showing CLOSED on my credit 2 part question

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    GM loan showing CLOSED on my credit 2 part question

    Hi all,

    Haven't been on in a minute, but am seriously looking to buy a new car, I want a Jeep, in about the 20K or less range, but I digress. I currently have a loan through GM, and they closed it out, but still making payments, so my question to you fine people - has this happened to you? If I stop making payments and let them repo it, would they report it since its closed? can they?

    2nd part - I am looking for a Jeep , I am leaning towards a cherokee or Complass, I was thinking of waiting to get a leftover since in my area when they go on clearance its around the 16-20K range. I am pre-qualified thru Cap 1 at a somewhat decent rate starting at 5.45 percent (hence why I want to wait until sept-oct when the new model year comes out, hoping my rate improves since I have been doing well on rebuilding my credit. Have you gotten a decent rate thru the dealer? I also do not mind a low mileage pre-owned. And how do I find my auto score? will i have to pay for that?

    I would love to hear your experiences!

    thanks in advance

    #2
    I had a GM financial lease and reaffirmed the lease during bankruptcy. It took GM 4 months to get the payment back on my credit file. I called them and asked for documentation to show that my payments were all on time during and after the bankruptcy and they had it to me online in three days. I spoke with their bankruptcy department and they were happy to help.

    We got an 8% offer from our credit union but ended up buying a Subaru with 0.9% from the dealer with no money down. Our bankruptcy was 5 months ago and we had good FICO auto scores after we got the mortgage and car payments back on our credit file. Our financial ratios were good and the finance manager said our car payment history and reaffirmed debt was the most important factor.

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      #3
      Originally posted by Hiker View Post
      I had a GM financial lease and reaffirmed the lease during bankruptcy. It took GM 4 months to get the payment back on my credit file. I called them and asked for documentation to show that my payments were all on time during and after the bankruptcy and they had it to me online in three days. I spoke with their bankruptcy department and they were happy to help.

      We got an 8% offer from our credit union but ended up buying a Subaru with 0.9% from the dealer with no money down. Our bankruptcy was 5 months ago and we had good FICO auto scores after we got the mortgage and car payments back on our credit file. Our financial ratios were good and the finance manager said our car payment history and reaffirmed debt was the most important factor.

      thank you so much, unfortunately I missed 3 payments not knowing I could still pay online, I did make up the payments though, so I would not want to see those payments missed showing on my credit report. My goal is to owe less than 2000 on my car when I go to trade it, I currently owe 5900.

      thats fantastic you were able to get such a low financing rate!! Gives me hope! Also by Oct/Nov my score should be higher.

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