Car.Com website

[memphisbk66]

Hi. Has anyone dealt with car.com financing? I am thinking of letting my car go and get a more reasonable car. Any comments is highly appreciated.

Thanks.

http://finance.car.com/index.cfm?src=3072537&menu=2&action=se2

[superruss]

This is a bank that has a contracted dealer network. Participating dealers pay $xx.00 per sales lead or a flat monthly fee to companies like this for sales opportunities.

The dealer is required to meet specific lender criterea on their loan approval such as financing no more than 115% of NADA, vehicles less than 7 years old and less than 100K miles, clean Carfax, etc. The dealer will usually have a secondary finance person that specializes in these types of loans. He/she will receive your credit application along with the lenders approval criterea (or "call) such as monthly payment approval, maximum loan amount and term, etc.

You are really in the dealer's hands at the time they receive this. They can and will likely submit your application through their credit union system and Dealertrack.com to other lenders with similar programs looking for the best "call".

Check out 722redemption.com. This is through US Bank and providing you aren't including them in your BK, you may qualify for a Redemption or Replacement loan. This will allow you to do your own car shopping with an approval in hand.