Bad Credit Auto Refinance

Posted by admin on December 27th, 2008 at 12:00am

Question:
Can one get bad credit auto refinance?
I got myself into a very bad state. I purchased a car in May 2006 and financed it directly with the dealership. I was informed they would send me a payment book, to go home and wait on the information about the loan to be worked out, but that my monthly regular payment would not be more than 100 dollars, which is how much I was paying for the car I traded in. I waited for a long time. September rolls around, they threaten to come and take away the car since I had not paid, but they had never sent me any invoice. I go in there and the rude guy puts a bunch of papers in front of me. I discovered I had been driving with illegal tags. Our deal did not get complete until September and at that time I finally sign a sales contract, only it occurred so fast I wasn’t aware of what I had gotten myself in. I just did not want them to take away my vehicle. Anyway the dealership now has me financed at 20.4 percent interest. I have paid that for eighteen months, never missing a single pay!
ment. They have not been reporting to the credit companies.
I attempted to request it be reported on the credit reports, as a consumer and was told I could not do that and that the lender must first open an account with the companies TransUnion, Experian, Equifax. I have really been played with. The person who handles the paperwork at this dealership claims these companies informed her I had to ask for it to be added, but we know this is false.

Answers:
I am not exactly sure there is a question in here. You shouldn’t be upset about the interest or the payment amount since you signed all the bad credit auto refinance paperwork. And after waiting for four months, when the average person would of course phone the dealership after two or three weeks.
Throughout your whole rambling story, the only thing I would have gathered is just lesson learned, and be grateful the dealership DIDN’T come take your car away!

Under Cars and Bad Credit