Detroit Auto Loan Credit Repair

When it rains it pours.  Mr. Washington was a young 65.  He had just buried his wife when the truck they shared broke down.  She had wanted a large pick-up truck.  He purchased it just to make her happy.  Now that she was gone and it would cost more to repair it than it was worth, he considered purchasing something new.  He fancied a car that reminded him of his youth but without the maintenance woes that normally accompanied vintage vehicles.  After settling on the PT Cruiser, a compassionate Chrysler salesperson told him that there were no lending institutions that would give him a loan. 

    Car Loans in Detroit

    At the time, a new PT Cruiser had a based price of about $19,000.  Mr. Washington incurred debt from paying for his youngest daughter’s addiction rehabilitation treatment.  He was financing her lifestyle and caring for her children.  Most Detroit residents have a FICO score within the 350 – 550 range.  The average American has a score of 687.  Detroit has a unique set of historical circumstances that cannot be justifiably compared to other cities in the rust belt.  Car dealers understand this and are ready to pounce on vulnerable consumers seeking reliable transportation.

    Favorable Payment Terms

    Good credit guarantees favorable payment terms.  The car dealership can care less what type of auto loan you receive.  As long as they receive payment for the vehicle, they’re satisfied.  Consumers don’t understand that all a car salesman is concerned with is meeting their key performance indexes.  That means selling as many cars as possible.  It behooves them to have a credit department in-house.  If Mr. Washington had excellent credit, he may have been able to receive a loan at 4.21%.  Poor credit would have increased the interest rate to 13.6%.  Because he had very poor credit, Mr. Washington was unable to qualify for a traditional auto loan. 

    Hurry Up and Wait

    The credit specialist kept Mr. Washington in the waiting room for hours while they ran his credit and spoke to various auto lenders.  They took so long, he fell asleep.  But it wasn’t all for naught.  Mr. Washington learned a valuable lesson about the process.  If he had excellent credit, he would not have been subject to the hurry up and wait game.  We assigned an auto loan credit repair specialist to Mr. Washington’s case.  She spoke directly with him to understand his concerns and work towards his financial goals.  He was surprised that we were vested in his success. 

    Get the Car You Want

    There are times when the sales person will try to talk you into a vehicle you don’t want and don’t need.  They may want to get rid of dead stock.  In other scenarios, they realize you won’t qualify for your first choice and will attempt to sell you a vehicle with a lower sticker price.  After a few months of strategically working on Mr. Washington’s credit report, he was able to walk into the dealership and one hour later, drive out with the car he wanted.  This is the way Detroit Credit Repair Today works.  To experience the magic for yourself, contact us today.