Financing new vehicle - same co as cc?

[coolmom04]

We are refinancing my van through WF Finance, which is okay.. we have our mortgage at WF and are reaffirming, or whatever it is that we need to do in order to keep the house and continue paying. We are current on it.

We are buying my husband a car tomorrow and are going through the dealership, so we aren't sure who they will set up our loan with.

It seems like a bad idea to have a new auto financed through a company that we also have a cc at and have stopped paying. We just missed our first payments on the 15th, so the late stuff hasn't his hit credit report yet.

What would you do? I don't know which financial institutions we should attempt to finance through ourselves - other than maybe Suntrust. We tried Wachovia, but they are now WF and WF doesn't do new auto loans in NC.

We have cc with citibank, bank of america (formerly american express), a credit union, and Bill Me Later, and NewEgg.

(ETA: I will ask the attorney tomorrow, but you know I can't wait that long for some kind of idea what we need to do from you all first! )

[JEM]

Well, we went directly to our CU--who we have no other debt with (well, a $200 Overdraft LOC --but we don't owe anything on it). We did it before we went late on anything though, so our credit was still "fair".

Can you try to secure financing "before" going to get the auto--and try a local CU?

[coolmom04]

Well, we went directly to our CU--who we have no other debt with (well, a $200 Overdraft LOC --but we don't owe anything on it). We did it before we went late on anything though, so our credit was still "fair".

Can you try to secure financing "before" going to get the auto--and try a local CU?

The only local CU I know of is one for state employees only, but I will see what I can find out! Thank you for the advice

[JEM]

The only local CU I know of is one for state employees only, but I will see what I can find out! Thank you for the advice

I know in our area there are tons of CU's that are pretty easy to get into--like if you live, work or worship in a certain county.

There is also a CU we can join because of the company we have our homeowners insurance with.

Do a search for CU's in your area--and go to their website--most will have a list of ways you can join. Even via a family member that already has an account there. For instance, if your parents have an account at a CU, you can often join because your parents are members.

[LimpDisc]

We financed our used car purchase with Capital One Auto Finance and the next month quit paying our Capital One CC.

Every time we tried to finance a car with a CU they required us to open a checking or savings account too. We never liked dealing with CU's.

[coolmom04]

We financed our used car purchase with Capital One Auto Finance and the next month quit paying our Capital One CC.

Every time we tried to finance a car with a CU they required us to open a checking or savings account too. We never liked dealing with CU's.

And C1 didn't give you any issues about the car even though you quit paying your cc? That's good to know!