Author Topic: Approved for Auto Loan, Yeah !  (Read 732 times)

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Oklahoma Native

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Approved for Auto Loan, Yeah !
« on: May 26, 2016 04:11:57 PM »
Thanks to Flyingifr, BrunotheJDBKiller, howucantoo and other passionate members of this group.

I got approved for a auto loan at 7.8 % interest by wells fargo and bought a much needed minivan for our big family.   An year or 2 back, I could not have imagined that I would be able to heal myself.

Kind of followed flyingifr method:
(1) First 2 years of Default:  I literally went into a hiding, driven by situation with my job, health ..., did not DV any debt, did not respond to any phone call.   Kind of depressing times.   In this period - 2 of my huge debts fell of by itself

(2) Next 1 year:  (a) JDB filed lawsuit for BoFa, arbitrated and settled for $0 which gave me a huge confidence boost (thanks kevin, Bruno ...) 
                           (b) Filed arbitration with Cap one - another JDB for $500 :) got it removed
                           (c) Filed arbitration with Citi, never responded even after I paid the fee to JAMS
                           (d) Got new credit cards from Cap one - kept paying on time, credit score improved from 490 to 620 levels

Still have a long road ahead as I have other zombie debts which keep waking up from time to time.   

All the while I have been super disciplined with my expenses which is a key factor
  - bought refurbished phones
  - my other car was a 2003 clunker which I maintain it myself, did all the servicing including spark plugs, air filters, trans oil, engine oil ... saving a ton of money
  - cut down eating out to bare minimum, cut off movies and bought a $100 project to watch movies at home ... 

I would really thank this board for providing support during my rehab, still recovering but a moment of reflection on how many lives you have changed from getting into desperation.   
« Last Edit: May 26, 2016 04:17:10 PM by Oklahoma Native »

trueq

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Re: Approved for 12k Auto Loan, Yeah !
« Reply #1 on: May 26, 2016 04:20:19 PM »
12K for a mini van?  7.8% interest?

Outrageous.   

I haven't spent 12K on my last 3 vehicles combined.

1.)  1999 Ford Windstar   27K miles  $3200

2.) 1999 Dodge Ram 3/4 ton pick up 4WD, 98K miles, $4000.

3.) 2000 ford Windstar 85K miles   $4500.   Disposed of it at 165K miles when repairs became cost prohibitive.  (Had it about 6 years)

Still have #2, nine years later.   Use for snow plowing.   Repairs have been minimal, especially for the abuse I give it snow plowing.

Still have #1 for last 3 years.   80K miles on it now.   Hardly any repairs, but will need new exhaust system soon.

www.govdeals.com

Put them on credit card.   Paid off in next month, or carried at 0% for 6 months.

Buying a car from a dealer is guarantee to overpay by $3-5K minimum.   Car loans are like a hanging noose....I avoid them like the plague.

Worst purchase I ever made was a 1996 1/2 ton Chevy Silverado, used, from a car dealer for 13K.   must of plugged 5K repair into it before I junked it 4 years later.

Just my thought.

So when I see approved for an auto loan for 12K to be raked over coals by a car dealer....I yell... NOOOOOOOOOOOOOOOOO!

 

« Last Edit: May 26, 2016 04:24:48 PM by trueq »
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

Admin0248

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Re: Approved for Auto Loan, Yeah !
« Reply #2 on: May 26, 2016 04:27:05 PM »


I got approved for a auto loan at 7.8 % interest by wells fargo and bought a much needed minivan for our big family.   An year or 2 back, I could not have imagined that I would be able to heal myself.




How about considering a donation to Debtorboards so that we can continue to provide a resource for those like you who find themselves behind the eight ball?


Oklahoma Native

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  • Posts: 91
Re: Approved for Auto Loan, Yeah !
« Reply #3 on: May 28, 2016 01:08:10 AM »
Dear Admin - I have been a consistent donor and I pledge $200 for the month of June, I have sent paypal and money order previously and will mail a money order this time.

Dear truq - I can't thank you enough for your advice on arbitration.   Yes agree I could have bought minivans at much lower price, but laying a huge emphasis on safety with 3 kids in the read,  I went with a Toyota Sienna, which is rated as one of the best by IIHS.   Anyway, thanks for the link to govDeals.com, looks like a nice website for auto deals when I want to replace my 13 year old vehicle.

kevinmanheim

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Re: Approved for Auto Loan, Yeah !
« Reply #4 on: May 28, 2016 10:31:53 AM »
Congratulations.

$12,000 for a minivan in good enough shape a bank will lend on it, is a good deal :)

New Sienna vans are 3-4 times that much.


trueq

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Re: Approved for Auto Loan, Yeah !
« Reply #5 on: May 28, 2016 07:47:01 PM »
Keep in mind, when purusing government auctions, stick with an agency vehicle.

Government agencies almost always take meticulous care of vehicle in terms of maintainence.

Do not buy a seized vehicle, unless you really want to roll dice.
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.