Road Loans :(

[lostinnola]

Just wanted to give me experience for anyone out there thinking of using Road Loans. I was approved with Road Loans and received a decent interest rate 16-17%. However, getting a dealer to accept the loan (even the dealers they say to go to) is next to impossible.

The first dealer I went to said they would have to increase the price of the car several thousand dollars to accept Road Loans. They would only sell me the car at the listed price if I used one of their lenders. They did get me approved at a higher interest rate (19%) and a higher down payment (which I did not have right now). The sales manager even showed me their Road Loans website that showed they had to pay $2000-$8000 per person who used Road Loans. I ended up not buying anything at this dealership.

I decided to contact the next dealership listed with Road Loans before showing up. I told the sales man on the phone what happened with my Road Loans and he said that his dealership does the same exact thing. He went on to say that any dealership that accepts Road Loans will end up doing this.

I wanted to give everyone a heads up before thinking Road Loans is going to get you into a car. Yes they will, but you will overpay and end up paying more than the dealers price for any car you buy.

[bricktop]

Thanks for the advice. I was also approved and was wondering about the legitimacy of loan. I should of known with all the restrictions that came in the fine print of the approval such as a 2003 or newer and a vehicle with less than 60,000 miles. Thanks!

[mikemike]

thank you for sharing...good to know

[maungoo]

I was approved with road loans after discharged and interest rate was 17.5%. I went to a dealer listed with Road Loans and dealer checked other potential lenders too and finally I was approved by AmeriCredit with the same interest rate. The dealer told me to pick AmeriCredit and it would be better for me. I took it and got 2009 Chrysler Sebring with $14000. It was in February and car was almost brand new.

[mikemike]

maungoo wat was ur credit score n dp?

[mikemike]

wat was ur credit score and downpayment?

[djjohn73]

We had the very same problem with Roadloans, until we went to Carmax. They are the only auto dealer that doesn't charge the additional fee ontop of the price of the vehicle. Got a great vehicle with a great price. We even got the loan prior to discharge, even though our 13 was closed. We just had to have a letter from the trustee, and then we bought the vehicle. Had a great experience with Carmax and Roadloans!

[maungoo]

wat was ur credit score and downpayment?

My credit scores were around 650s and down payment was $1000.

[mikemike]

My credit scores were around 650s and down payment was $1000.

not a bad credit score....ok thanx

[Air00Max]

The fees that the dealer was showing you is the lender fee that RoadLoans is charging for that customer.. The dealer has to have enough "in" the car to be able to absorb that fee...in the state of Ohio, and many other places, it is illegal for the dealership to pass on the lender fee to the customer. For example, say the lender fee is $4,000. The dealer is selling the car for $20,000 and they have $17,000 in it. With the $4k lender fee, they are actually in the negative on that deal.
I used to be a credit manager with AmeriCredit, so I know the ins/outs of auto financing.
The dealership will only sell you a car that they can absorb that fee in...the lender fees by RoadLoans, Drive, etc. are ludicrous. At Americredit, the biggest fee I had ever passed to a dealership was $495.

[mikemike]

The fees that the dealer was showing you is the lender fee that RoadLoans is charging for that customer.. The dealer has to have enough "in" the car to be able to absorb that fee...in the state of Ohio, and many other places, it is illegal for the dealership to pass on the lender fee to the customer. For example, say the lender fee is $4,000. The dealer is selling the car for $20,000 and they have $17,000 in it. With the $4k lender fee, they are actually in the negative on that deal.
I used to be a credit manager with AmeriCredit, so I know the ins/outs of auto financing.
The dealership will only sell you a car that they can absorb that fee in...the lender fees by RoadLoans, Drive, etc. are ludicrous. At Americredit, the biggest fee I had ever passed to a dealership was $495.

very interesting. good to know. I had a loan with americredit and never really had any problems but refi after 8months from having them so i should be in good standing with them. this was 4years ago. so hopefully when i go apply for a car loan they would consider me

[SPalin]

With RoadLoans they very with each applicant, interest rate and restrictions as to what year and mileage of vehicle (2003 or newer, less than 80,000 miles) your going to finance along with their approved dealer network. For me it was CarMax as their approved dealer... that's fine a co-worker had a pleasant car buying experience with them, as I did to! I was approved for $24,000, 72 month at 13.5% with $500 down....with RoadLoans, not bad after 4 months post discharge with a TU score of 690. Carmax got me a better term at 12.0% for 60 months with Santander (I think they also own RoadLoans).