Has anyone had luck with Carmax?? (pre-bk, trying to get a better payment)

[JLM0706]

I have not filed yet, but my credit score is a whopping 500. I am trying to trade my 2018 Jeep in for a better payment. The Jeep is upside down to the tune of 13-15K. Has anyone used carmart with luck with crap credit? I'm going crazy trying to figure out how to get this situation resolved. I owe November's payment for the Jeep and it HAS to be paid by Tuesday- or ??? The loan provider just gave me the ultimatum and won't say what will happen if I cannot pay it. I need help, fast, and prayers. I'm a single parent, I commute 50 miles daily (roundtrip) and I cannot be without a car. I have a good job going for me, but not much else.

[justbroke]

You may as well bit-the-bullet and apply to a few places. You're already in the 500s so the inquiries shouldn't hurt. Try Carmax and maybe even try Roadloans. Please know that your "auto credit score" is different from your regular FICO score. (There's a specific scoring model for cars). So long as you don't have any 30-day late payments (or worse) for your auto credit payments, your auto score should be higher than your regular FICO score. You may also want to shop a couple of local credit unions.

You need to get out of the negative equity Jeep and into something affordable. I would get a used vehicle with low miles.

In fact, I'd be applying now since you probably just hit 30 days late and it was reported to the credit bureaus. once that happens, your auto loan problems become worse because of the recency.

[JLM0706]

Ok, I am hitting the pavement tomorrow! I had a brief consult with a local attorney today and he advised me to get all my stuff out of the jeep before they come after it. I appreciate all your help, justbroke, I wish you could come walk through this nightmare with me. One positive- the stress is killing my appetite, maybe I'll lose a few pounds.

[justbroke]

I would immediately try the online lenders such as Carmax and definitely try Roadloans.

[JLM0706]

I would immediately try the online lenders such as Carmax and definitely try Roadloans.

Road loans was a very quick NO. This is depressing. Carmax next... shoot.

[justbroke]

Road loans was a very quick NO. This is depressing. Carmax next... shoot.

You should try to see if they have an online disclosure of the reason why. If you actually went 30-days late and it was reported, that's a big red flag for lenders and it would likely cause your auto-enhanced score to drop significantly.

[JLM0706]

I will try to find out, CarMax did a “partial” approval/ I’m waiting to hear what that means. I’ll likely drive to the local lot tomorrow and see what is up. I also got a text from the dealer that sold me my overpriced Jeep saying I was pre-approved and to come by, they wouldn’t say how much I was approved for though.
This mess is exhausting.