[chechmate32]

My question involves an auto loan or repossession in the State of: PA

I had my 2008 dodge avenger repossessed on 10/26/2008

i had the vehicle since july 2007, I lost my job and unemployment was denied. From day 1 I believe that I was overcharged for the loan on the vehicle, while I was looking at other dealers in the area I was told by their credit/finance manager that the dealership I visited first is still running my credit and getting me denied, which turned out to be true, they did this after they obtained financing for me, being that this car was my #1 choice I decided to take it. what are my rights as to perhaps having this loan deemed predatory and this wiped away from my credit, or the vehicle being returned to me.

Also I think they cant sell the car and are doing something weird to try and justify its sale, I called in december to see if they sold it, one representative said they sold it for 9k, and I owe them 11k two days later i got a call saying that i requested a call back and the vehicle has not yet been sold, and I have the option to pay the full amt of the loan. Today I get a letter saying that the vehicle was sold for 10k and i owe them 10k. After the car was repossessed they sent me a letter saying i owed them 19,325 loan amt,repo fee and such. If they sold the car for 10k, i dont understand how they an extra 700.

The leinholder has been unhelpful as they say something different everytime I call and refuse to give me to a supervisor, saying the department has no managers.

my 2 questions are

1) how soon can I apply to get a new car? i have gotten a much better job and can afford a car again

2) what are my rights as to perhaps having this loan deemed predatory and this wiped away from my credit, or the vehicle being returned to me.

[Mr. Knowitall]

You can finance a new car as soon as you find a lender willing to extend you the loan.

There's nothing "predatory" about charging you for the money you owe after your vehicle is repossessed and sold at auction. You owe the balance of the loan (plus interest, penalties, repossession and sale costs), less the amount recovered through the sale of the vehicle.

If you can only get lousy loan terms because of your lousy credit history, work on rebuilding your credit.

[OhMy]

You need to check your FICO scores. Here is a link;

http://www.myfico.com/Default.aspx

Once your scores are over 620 you will be able to get a loan from a sub prime lender such as Drive Time.

Once your scores are 680 or higher you will be able to get a bank loan.

With a repo on your credit report I would expect your FICO's to be around 450 right now. However, you never know unless you look

[chechmate32]

my score is 556.
it was @ 600+ but now i have student loans that i have to pay and the repo hurting me.

[OhMy]

my score is 556.
it was @ 600+ but now i have student loans that i have to pay and the repo hurting me.

If you are paying other debts that report to the credit bureaus your FICO score will improve over time.

After 24 months the repo will count a little less each month and your score will improve a little each month.

It will be 7 years before it will be old enough to drop off of your reports.

Your best bet for a quick recovery is to take out a SECURED credit card and pay it in full each month. In 24 months you will be back into the low 600's. This is just a time consuming process to recovery of your FICO scores.

Here is a link to one of the better secured cards;

http://www.orchardbank.com/

[chechmate32]

the secured card is a good idea, i have 2 unsecured cards 1000$ and 500$ limits, i try my best not to max them out every month.

the reality of the situation is that i need a new car by the beginning of june @ worst july.

[OhMy]

the secured card is a good idea, i have 2 unsecured cards 1000$ and 500$ limits, i try my best not to max them out every month.

the reality of the situation is that i need a new car by the beginning of june @ worst july.

If you have a secured card with one of the HSBC secured cards OR Capital One, you stand a good chance of getting an auto loan from one of them.

Your payment history with them is very important.

The interest rate may be upwards of 22% though