WFS Financial

[BassBoy]

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.

[highNdry]

Hi Bassboy

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

[edwards2]

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.

[BassBoy]

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.

[highNdry]

Bassboy

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

[BassBoy]

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

[newstart]

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.

[edwards2]

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

[BassBoy]

It's a range

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]

Can you elaborate?

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]

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.

[edwards2]

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]

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

[BassBoy]

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?

[newstart]

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.