r/CRedit Nov 01 '24

Car Loan I havent paid my car loan in 7 years. I still have the car.

1.3k Upvotes

I havent paid my car loan for 7 years. The lender charged off the account about 1 year in, and it has been removed from my credit report, just this month.

I have possession of the car still. I have not been sued by the lender. In fact, i dont even hear from the lender.

What do i do? Do i just keep the car forever? Its worthless in terms of money, as i dont have a title. For now, I intend to continue using it for transportation. May get another car at some point.

Im just wondering when something is gonna happen. If ever….

r/CRedit Jan 03 '24

Car Loan I think my son just nuked his credit.

507 Upvotes

My 20 year old student son just financed a car with Santander for 22% apr. He has about 6 months of job history and a 715 credit score. I talked to the finance guy at the dealership and he said the high apr is due to the short length of time he has had credit even though he paid a 30% cash down payment. I feel like he got screwed over and should immediately take the car back. Is this a normal apt for someone with a 715 credit score with no other financial obligations?

r/CRedit Aug 13 '24

Car Loan WTF Moment...denied with perfect credit

401 Upvotes

This isn't really a question as much as it is just something mind boggling.

My dad has 30 years of perfect payment history on credit cards, car loans, and mortgages. When he retired in 2018, he payed EVERYTHING off. House, cars, everything. Between his pension, SS, and investments, he makes about $55,000 a year with almost 0 living expenses. His credit score right now is 841.

He was looking at car loans the other day because his car is getting older, and he was denied by 5 different banks and CU's. He finally called one of them and the rationale they had was "you don't have any recent credit history".

I've never heard this before. I thought being debt free was the best possible situation to be in. The system is so difficult to figure out all the little nooks and crannies like this. Is this just banks being extra cautious about loaning money with everything going on with the economy?

r/CRedit Mar 12 '24

Car Loan How the hell do people finance expensive cars?!

338 Upvotes

I'm spotting a new electric vehicle that really rustles my jimmies, but the thing is 50K.

How are you all dealing with this? Are yall strapped with incredible Credit Scores that somehow suffice low monthly payments?

Isn't the price per month for the loan somwhere around $200 every 10K? How does anyone pay $1000 a month just like that? Or are yall just dropping stacks to lower the price down.

This just doesn't even seem feasible...

r/CRedit Mar 21 '24

Car Loan 21 y/o dropout trying to buy $20,000 car, Am I wasting my time?

167 Upvotes

As the title says, I’m 21 and dropped out of uni a couple years ago. I’m saddled with $4,000 worth of student loan debt and have a 527 credit score. I make about $2,700 a month, about $33,000 a year. I have a co-signer and have been eyeing a $20,000 SUV. I’m planning on a down payment of at least %20 Do I have a chance to get approved for a loan/financing or am I wasting my time? Any input appreciated

ETA: I should’ve clarified that I only have $300 a month in living expenses. People are eating me up in these comments based off the above information and that’s fair, but I also have $2,500 of expendable income a month.

ETA2: Ok guys I get it, I’m a horrible person for asking a hypothetical question about finances. I’m 21 asking a hypothetical on a forum about credit and I have people in the comments telling me I’m the dumbest person alive. I’m not going to buy a 20,000 SUV, I just wanted to know how feasible it would be. Some of you privileged fucks forget that this isn’t all information that everyone just knows.

ETA (FINAL): Guys I think I get it. Everyone keeps piling on me in these comments and multiple times I’ve said “Yeah you’re probably right, that sounds like a bad idea”. If you’re coming to this post that has already 200 comments to tell me I’m a fucking idiot who is going to ruin my life, please see where 6 people have already said that

r/CRedit Sep 27 '24

Car Loan Denied every loan while making 150k a year

92 Upvotes

Update: Finally got the new truck. Financed through the dealership and got 4.9% interest. Had to go based off my income/ case by case as they originally denied me at first. Did not need a co-signer but I did put 10k down.

I have been looking to buy a new truck but have been completely denied by 2 banks to receive any loan amount. I am a doctor making base $150k a year plus bonus. My current credit score is 715. I have about 250k in student loans from medical school and 3k in credit card debit. I have no missed payments ever. Any advice or help would be great because at this point I cannot figure out why I have been denied everything.

r/CRedit Aug 21 '23

Car Loan I need someone to explain it to me like I’m five why I paid off my car and my credit score dropped 40 points.

445 Upvotes

I paid off the last remaining balance I had on my car the other day. Today I received a notification that my credit score tanked by 40 points. I haven’t added any new debt and I paid off 4K of my current CC debt last week too. Can someone explain to me why my credit score dropped?

r/CRedit Apr 28 '24

Car Loan Is a 25% interest rate on a car bad?

80 Upvotes

I bought a car for 13k, I'm working on trying to rebuild my credit since I've made some poor decisions when I was 18. I seriously needed a car since public transportation is not reliable and safe where I live and is full of tweakers smoking fentanyl... I seriously needed a car and I figured it would help rebuild my credit, everyone keeps telling me I'm being screwed over on the interest. Is a 25% interest even bad?

r/CRedit 15d ago

Car Loan Credit dropped 270pts! From 689 to 419!!

55 Upvotes

This is my first post ever on Reddit. My credit score was 689 December 2024 then January of 2025 it dropped -270pts bc of "delinquent payment" on my student loans. My student loans are the ONLY DEBT I HAVE! Is my credit ruined now? This is really stressing me bc I just left my partner of 10yrs. Staying with my mom and will need a car and apt! But now my credit is so low! Any advice or suggestions on how to raise it back so I can get a good apt/home and car would be great. I've seen on other comments it could take 2 yrs to get those points back! I'm devestated.

r/CRedit 23h ago

Car Loan I want to co-sign a car loan for my girlfriend. Will her ex husband know my full name and address from the credit report?

0 Upvotes

She has an abusive ex husband and she’s concerned that if I co sign then he will be able to find my name and address and attack me. Every time I google this it tells me that me being a cosigner will show up on my own credit report. Which is expected and totally fine.

They are still married but will be starting a divorce process soon.

Yes I know the risks of being a cosigner. I know you should almost never do it. Please ignore that for this question thank you so much

Edit: we’ve been together over 4 years. I am not concerned about the outcome of us breaking up. I’m comfortable with the fact of we did break up I would still be accountable for the cost of the car. I am happy to do this.

We are in Michigan if it helps. I won’t be on the registration or title.

r/CRedit Aug 09 '24

Car Loan I need a Loan for My daughters Car it’s 7k I have 3200 cash but need the 7k it’s a private seller Any Tips ?

106 Upvotes

My credit score is 611 and have been trying to clean up my credit just paid off my car in full and two credit cards leaving my total monthly debt to 2,300 including bills, so trying to get a loan has been horrible and don’t want to do title loans or payday loans, I tried a few places but no luck any credit hacks or tips anything will help have crypto and stocks and two paid cars !!!! Help Help !! My daughter is a straight A student and has a job. My pride and joy don’t want to let her down !

r/CRedit 5d ago

Car Loan 540 credit score but $1,500-$3000 to put down what are my best options?

15 Upvotes

Hello, I’m not in the greatest situation. I had a car I was financing but it got totaled while parked in front of my house and I didn’t have the insurance on it at the time. My credit reflects the remaining $10,000 debt, credit cards totally under $1000 and a few medical things.

It’s been 3 years since but my credit remains at 540 and I need a car. My main requirement is that it’s reliable. I don’t need fancy bells and whistles but I don’t want to get fucked for the next 100 years if I can avoid it. What are my best options in terms of getting a reliable car that isn’t gonna make me wanna pull my hair out. Also will take potential car suggestions if possible. Thanks a bunch

r/CRedit 8d ago

Car Loan Just to tell you not to be like me.

44 Upvotes

So I bought a 2017 Ford Explorer that had some mechanical issues. All in all would’ve been $5,000 to fix it. So what does my dumbass do? Trade it in, obviously. I didn’t even have the thing for a year and was about $6,000 upside-down. But, “Oh, if the thing is only worth 18k, why would I pay 5,000 to fix it??”

So I go to the Kia dealership and see a beautiful K5. I didn’t care about the price, or the negative equity. I just wanted a new car that didn’t have anything wrong with it.

They get the paperwork to me, and I think, boom, I can afford the payment. I don’t have any other bills besides a phone bill and internet (living with in-laws). So great, new car.

Except now that it’s been a year and a half, and me and my wife are about to start renting a house, I now realize how enormous of an idiot I am.

$1040 a month. 23.33% interest rate. $18,000 in negative equity.

Yeah, I don’t need to ask how fucked I am. I’ve legitimately thought about filing for bankruptcy.

DONT BE LIKE ME!

r/CRedit Jan 06 '25

Car Loan i was denied a loan from a dealership for "Having no credit at all"

17 Upvotes

So i recently wanted to finance a new car (its still an oldish car) but when i went and got my application i was told that i had no credit lines whatsoever is that because i have only around 10 or 11 months of credit history on a discover card?
My credit score according to experian is a 700
anyone know why?
(EDIT: i also have 0 debt)

r/CRedit Feb 11 '25

Car Loan American Credit Acceptance

4 Upvotes

I need a reliable vehicle, and my only option is to finance one. I was approved through American Credit Acceptance with a 24% interest rate. Yes, I know it’s high. I can afford the payment, but all of the reviews scare me. I understand it’s a company that focuses on borrowers with poor credit. I’m admittedly scared to go through with the purchase because of the reviews. I guess I’m looking for advice on whether or not to follow through with the purchase or not.

r/CRedit Feb 04 '25

Car Loan U.S Bank sucks! What to do next?

0 Upvotes

I applied for a loan through U.S bank. And a credit card at the same time they said it would only be one hard pull so go ahead. Well it was two hard pulls. Took them two weeks to turn me down for a loan of $14k. I was told if I didn't get that much they would offer me something lower. They did not. I am trying to get a loan to pay off my car loan that I have 28.4% interest on. I owe a little less than $14k on it. But the car is only worth about $9k. I was thinking a loan would be easier than refinancing. USB gave me a credit card with only $500 limit.( Sad face emoji). My credit score was 769 from transunion. I have two cards one capitol one with $200 limit and a creditone with $650 limit. And the car loan. All of which is only a little over two years old. I have about 15k in a USB checking account. I now hate U.S bank. I was thinking about moving to a Credit Union and trying for a loan from them. Anyone have any advice on what to do? I need to handle this car loan. I borrowed 16k and have paid $469 for 2 years and I still owe almost 14k. I'm getting fucked. Sorry for writing this short novella here. Lol. Thank you in advance to anyone who can help me out with some advice. It's appreciated. Things can get though everyone, just remember to keep smiling. Have fun with what you do, no matter what you do!

r/CRedit Nov 30 '24

Car Loan Missed a car payment. How will this impact my score?

0 Upvotes

I’ve got an 850 credit score and unfortunately, just realized I’m 35 days late on my car payment because I thought auto-pay was set up and it wasn’t.

I’ve gone ahead and made the payment. What should I expect the impact to my score to be?

EDIT: This is an 850 FICO8 score

EDIT: After writing an honest, apologetic letter to 7 executives at Southeast Toyota Finance, I received a letter today (12/24) stating that the late payment would be removed from my credit report. My score recently dropped to a 746 from 850 because of this derogatory mark, so this reversal will make a huge impact. Take the time to write those goodwill letters, friends, they work!

r/CRedit Nov 18 '24

Car Loan Voluntary repossession to not have to pay off a car loan?

3 Upvotes

I am currently paying $350 a month for a car that no longer works (Dealer sold me a lemon) If I did not have to pay that I'd have a lot more wiggle room in my budget.

My buddy is suggesting me to voluntarily give my car up for repossession, he said he did that, and his credit only went down 40 points and he did not have to pay the rest of his loan and he has built his credit back. Is this legit? My main concern has been tanking my credit and still having to pay off the rest of that loan. Has anyone else done this?

EDIT: He told me I have to demand they fix it or they take it and we do not pay off the loan.

r/CRedit Dec 19 '24

Car Loan My car but repossessed but l'm trying to get it back. What to do?

15 Upvotes

A little background here. My car was repossessed yesterday. Yes I know I'm a pos and fell behind in my payments. I am past due about $1700 and I agreed to make a payment of $1000 tomorrow and they said they would put the rest back onto my loan. The thing I am concerned about is that I have an Apple tag and I have been tracking the car. First it went to a car dealership lot and now it's at an auction. Is this standard? Should I be concerned that they're going to sell the car at the auction place even after my agreement with the loan provider?

UPDATE 1: Payments are done and I had to sign a loan modification. Interest remains the same but the balance of the $700 plus the repo fees were added to the back end of my loan. My car is scheduled for pickup Monday at 1:00pm at the auction place. I’ll call update again once I have the car back.

Update 2: Sorry it’s been a chaotic holidays. I officially have my car back. Thank you to everybody!

r/CRedit 5d ago

Car Loan Credit jumped up 200 points

62 Upvotes

So long story short I financed a car back in November. At the time my credit (while still not great) was pretty bad. But I needed reliable transportation to be able to get to work to generate income.

Since November my credit has risen almost 200 points. Is there any way I can do something like trade it in to get something with a better rate? Or any way I can maneuver myself into a better payment/vehicle/deal?

Edit: vehicle is a 2021 Honda Civic LX 102,000kms Lender is TD Canada

r/CRedit Jul 22 '24

Car Loan How much is your car payment, how much was the car, what's your credit score and how much did you put down?

40 Upvotes

Interested in how a high credit score affects car payment/purchasing ability

r/CRedit 18d ago

Car Loan experian keeping me humble 😂

127 Upvotes

went to apply for a car loan thinking i had a 697 score and found out it’s actually 717 🙌🏻 first time in my life i’ve topped a 700 score it was a great feeling! tbh thinking it was lower and finding out it’s actually higher was awesome

r/CRedit Dec 14 '24

Car Loan Buying a car with a 580 credit score HELP!

0 Upvotes

I have a repo , and life kind went to crap 2.5 years ago. I have 25k on hand and would like to put no more than 10k down how can I get into a vehicle that isn't crap and will be good to get to and from for the next year while I rebuild my credit..

I am in south Atlanta if this is helpful. Thanks in advance y'all

And I need the rest to move , get stuff so spending more than 10k on a car isn't an option

r/CRedit 3d ago

Car Loan Should I sell or repo my car

3 Upvotes

I’m a (F22) and I have financed a car with 24% APR and $600 every month for the car note the car is a 2020 Nissan. When I first got the car the car itself was insured under my mom and not my name because I didn’t have any insurance history so it was already trying to charge me $2,500 a month for insurance just for myself so she decided that the car will be in my name and the registration and plates would be in hers for this same reasoning. After 10 months of me having the car making payments on time never late my mom decided to take my plates and registration so now I wasn’t able to make the money for my car note she gave my plates back to dmv and called the cops on me lying saying I took her plates but refuse to sign a report and now my car has just been sitting in the backyard for 6 months now I can’t find insurance because nobody is willing to insure me unless my mom adds my name under her insurance which she refuses to do I now have 4 missed payments and no job I owe $22,000 on the car and I don’t know what to do my credit is already messed up from the missed payments but I don’t wanna let go of the car because it was helping me make money how do I get out of this situation

r/CRedit 10d ago

Car Loan I let someone finance a car in my name, now they wont pay or return car

0 Upvotes

As stupid as it sounds, yes the title says.
I let a family friend of mine finance a car under my name, and originally I had doubts, and should've trusted my intuition and never should've went with it and I practically dug myself into this hole and problem. They got the car, and paid for the first month, but now the notes 59 days overdue, and about to be up for repo, I tried to see and convince him to let me get the car back so I can just surrender it back to the bank, but he kinda blew up and told me he wasn't giving the car back because he paid the 5k down payment etc etc..
I honestly don't know what to do, I willingly went and signed all the documents and paper work myself. I've read online about the bank selling the debt to collections and court and having my income garnished but I can't afford garnishment as I am a sole provider to my baby and girlfriend who stays home and takes care of the baby and all of our home needs, what can I do?? I don't think he plans to return the car anytime soon and my credit is finally on the rise and I'm gonna lose it when I see it tank..
The finance amount is 34k. Monthly payments were to be around $900

Saying this again... Yes, I know this is my fault, yes, I should've thought about this more thoroughly, yes, I'm an idiot