[Z06] Credit Question
Thread Starter
Instructor
Joined: Sep 2006
Posts: 118
Likes: 0
Credit Question
Im kinda stuck in a bad spot and trying to figure out any fellow memebers have gone through this or know something that i dont. Just paid off my Capitolone Auto Loan 25k all they tell me is to re-apply online for another loan but ofcourse since i paid it off 3-4 days ago it wont show on my credit score so ill have 2 cars under my name still. Who can i go through that is a loan officer actually takes the time to look at your credit and see what youve paid off and base there decision on the loan right there and then or do i just tuff it out and wait till end of july for my credit score to update. What do you guys think, basically trying to get a blank check as i did before and buy a Z06 Private Party purchase. Any advice is appreciate thanks in advance.
Racer
Joined: Dec 2006
Posts: 449
Likes: 15
From: Waynesville, MO
Get a copy of your account online that the loan is paid off or atleast a letter. You can explain this to the creditor in person or by fax that this loan is pais off before you apply for something else.
I had to do this before.
I had to do this before.
Thread Starter
Instructor
Joined: Sep 2006
Posts: 118
Likes: 0
^^^ i will thank you. I was actually suprised on how bad customer service is on the part of capitolone. I pay of a loan, i ask if i can re apply for another loan will you guys take into account i paid of the loan that i had with you guys and they said NO apply online is there anything else i can do for you, lol. So basically giving me the only choice of just waiting it out till it reflects my credit score which is what roadloans said as well. If i go to a dealer i will print it out for sure i was just hoping i can buy the Z private party only a few companies that do that and they all want to see it reflect your credit score.
Burning Brakes
Joined: Aug 2007
Posts: 944
Likes: 0
From: Dallas Texas
Safety Car
Joined: Sep 2007
Posts: 3,816
Likes: 16
From: Anchorage Alaska
St. Jude Donor '08-'09-'10
OP, I was in your same situation not long ago.
In my case, I went through Wells Fargo. I explained my case to the loan consultant, and he said it wasn't an issue... and he called up Ford Credit, which had the loan I had just paid off, and got verification over the phone, and he also asked them to fax over a statement saying the loan was fully paid. (which they did). That's all it took. He then put that in my file, and when it went off to underwriting, everything worked out fine.
In my case, I went through Wells Fargo. I explained my case to the loan consultant, and he said it wasn't an issue... and he called up Ford Credit, which had the loan I had just paid off, and got verification over the phone, and he also asked them to fax over a statement saying the loan was fully paid. (which they did). That's all it took. He then put that in my file, and when it went off to underwriting, everything worked out fine.
Thread Starter
Instructor
Joined: Sep 2006
Posts: 118
Likes: 0
my only issue is since im wanting a private party check, blank check there are very few that do i only know of roadloans that does so far they only take applications online. This type of situation requires me to go in and talk to someone if i was buying a used car from a dealer then they can work it out with the lender but since im buying it private party im left to deal with the lender and the only thing they tell me is to wait atleast another month to go on your record or apply for your loan right now and see what happens which i know nothing will happen. I wish i was able to find a Z through a used dealer for the prices im seeing private party but thats not really happening and wont happen i dont think, kinda sucks. I guess there are alot of people who have gone through this thanks again for your advice. Maybe ill look into goin through a used dealer and go from there who knows.
Safety Car
Joined: Sep 2007
Posts: 3,816
Likes: 16
From: Anchorage Alaska
St. Jude Donor '08-'09-'10
There is another option, if you have suitable collateral like a paid-off vehicle. I used my paid-off truck to secure a personal loan to buy my Z from a private party (another forum member, actually). So now I have a paid-off Z but owe on the truck again. Which is good, becuase the Z is my pleasure car, and if I should ever need to sell it right away, I have the title in-hand. But the point is, you aren't getting an auto loan... you're getting a personal loan to do with as you please. In effect, its a blank check for anything.
Instructor
Joined: Jan 2008
Posts: 245
Likes: 0
From: McKinney Texas
Karpetcm,
Do you have a decent credit rating and savings or checking account with a national Bank? Full time job with long term history?
I've been able to finance several used private purchases with Bank of America. You have to go in and workout the details with their loan officer with all the paperwork showing your income, assets and liablilities. They will run your credit and then double check your accounts are paid as you noted.
After a while they will call and let you know its approved. You get a check made out to the private party.
Their interest rates really suck but once you get the car in hand you can refinance it through any lender of your choice with better rates. I typically use USAA for my auto and home financing as well as insurance for both. Credit Unions are also a good choice but its hard to do private purchases up front with USAA and some Credit Unions.
Good Luck!
Do you have a decent credit rating and savings or checking account with a national Bank? Full time job with long term history?
I've been able to finance several used private purchases with Bank of America. You have to go in and workout the details with their loan officer with all the paperwork showing your income, assets and liablilities. They will run your credit and then double check your accounts are paid as you noted.
After a while they will call and let you know its approved. You get a check made out to the private party.
Their interest rates really suck but once you get the car in hand you can refinance it through any lender of your choice with better rates. I typically use USAA for my auto and home financing as well as insurance for both. Credit Unions are also a good choice but its hard to do private purchases up front with USAA and some Credit Unions.
Good Luck!
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Tech Contributor
Joined: Oct 1999
Posts: 41,013
Likes: 9,775
From: Charlotte, NC (formerly Endicott, NY)
Karpetcm,
Do you have a decent credit rating and savings or checking account with a national Bank? Full time job with long term history?
I've been able to finance several used private purchases with Bank of America. You have to go in and workout the details with their loan officer with all the paperwork showing your income, assets and liablilities. They will run your credit and then double check your accounts are paid as you noted.
After a while they will call and let you know its approved. You get a check made out to the private party.
Their interest rates really suck but once you get the car in hand you can refinance it through any lender of your choice with better rates. I typically use USAA for my auto and home financing as well as insurance for both. Credit Unions are also a good choice but its hard to do private purchases up front with USAA and some Credit Unions.
Good Luck!
Do you have a decent credit rating and savings or checking account with a national Bank? Full time job with long term history?
I've been able to finance several used private purchases with Bank of America. You have to go in and workout the details with their loan officer with all the paperwork showing your income, assets and liablilities. They will run your credit and then double check your accounts are paid as you noted.
After a while they will call and let you know its approved. You get a check made out to the private party.
Their interest rates really suck but once you get the car in hand you can refinance it through any lender of your choice with better rates. I typically use USAA for my auto and home financing as well as insurance for both. Credit Unions are also a good choice but its hard to do private purchases up front with USAA and some Credit Unions.
Good Luck!
When I bought my first new C5 the CU set me up with an RV loan that was tax deductible and had a better than standard car loan rate.
Bill
