Vehicle Repossessed Need Lender to Buy It Back
by Kay
(Maine)
Question: I just had my vehicle repossessed and they said if I can find a new finance company for the car then I can get the car back. What company will finance me?
Answer: Hi Kay. The ability to arrange financing in this situation is going to depend on a few things.
1) What is your credit currently like?
If you have multiple accounts that have fallen behind, gone to collections and/or have been charged off, then it may be difficult if not impossible to get approved.
2) Has the repo reported to your credit yet?
If they have already reported the repossession to your credit, then you are in much worse shape and getting approved for a loan on your own and not through a dealership will more than likely not happen.
If your credit is overall okay and the repossession has not been reported yet, then I'd say to take a look at lenders like Cap One, Chase or Wells Fargo. You may also want to take a look at some local credit unions as well.
I hate to say it, but you may have a real difficult time with this and it may be easier to just try to buy another vehicle through a dealer.
It is a lot easier for a dealer that specializes in bad credit auto loans to get you approved, then it will be for you to get approved on your own.
Many lenders will not lend direct to a customer under these circumstances, but will lend money indirectly to the customer through one of their contracted dealers.
If you do choose to buy another vehicle take a look at Auto Credit Express as they work with close to 600 dealers nationwide that specialize in bad credit auto loans.
Hope this helps,
Justin
Return to Refinance My Auto Loan.
