Tag Archives: Bad Credit

Best New SUV under $20,000

Autobytel released its awards for the best SUV’s to buy priced under $20,000  The 2016 Mitsubishi Outlander Sport made the top 3 on the list.

The Outlander Sport has been described as an example of style and affordability.

According to Mitsubishi, standard safety features on the new Outlander include Active Stability Control with Traction Control Logic, Tire Pressure Monitoring, anti-lock brakes, Electronic Brake-force Distribution, and Brake Assist. The Outlander Top Safety Pick+ award also demonstrates the new model can withstand crashes from every direction.

“Since its redesign in 2014, the Mitsubishi Outlander with available Forward Collision Mitigation has been an IIHS Top Safety Pick+,” said Don Swearingen, executive vice president, MMNA. “With over 100 improvements from the previous model year, the 2016 Outlander truly serves as an ambassador for the brand’s dedication to superior safety and reliability.”

Available safety options included Forward Collision Mitigation, Lane Departure Warning, and Adaptive Cruise Control, among other active features. Mitsubishi has also recently developed an SEL Advanced Safety Package to make these upgrades available at all trims, not just upper-level models.

Schedule your time to come into John Amato Mitsubishi and test drive the Mitsubishi Outlander Sport today. www.milwaukeemitsubishi.com

Vehicle purchase after repossession

Many customers do not know what to do for their next vehicle purchase after a repossession.  At John Amato Hyundai Superstore we specialize in establishing and re-establishing credit even after a vehicle repossession.

What is the Vehicle Repossession Process?

The vehicle repossession process is pretty straightforward.  First, you may receive a letter stating  your loan payment is past due.  This does not always happen.  If it is specified in  your loan contract, you will get a letter.  A few days after the letter is sent,  you will get a phone call from the loan company stating that the payment is late and what you plan to do to avoid repossession.  After a “grace period”  expires the loan company hires a repossession company and they take the vehicle.  You will then receive a letter telling you how much you owe for the loan payments and repo fees.

After Repossession

It may feel like the world stopped because your vehicle was repossessed.  But, in fact it was a vehicle that you could not afford.  It is however a large step back in your financial life, but it won’t stop you from moving forward.  Lenders have been loosing the reigns on the car loan requirements and are now willing to assist customer with problems in their credit.

A vehicle repo can greatly lower your credit score and move you down the standings in credit categories.  At John Amato Hyundai Superstore, we don’t turn away customers that have had issues in the past.  We are here to finance your future  not your past.   We work out a deal that fits you into a budget, but there are a few things that you can do to help

Determine Where your Credit Stands and Repair it

You know your credit score is going to go down because of the repossession.  But it may not be as bad as you think.

Auto loans can be a complicated process and getting approved should not be your only concern.  You want to get favorable terms on the loan as well so  you can afford your payment.  This is all determined by what your credit report says to the lender.  For example, your score is not the only factor

Other factors that impact your loan is:

  • Slow payments or late payments on loans
  • Defaults on loans
  • Repossession
  • Bankruptcy
  • Collection notices

Anyone with these on their credit report will be subject to higher interest rates because they pose a risk to the lender.  You must re-establish your standings for long term loan.  You need to repair your old debt for better future loans and debt.

If you are behind on payments on other loans, you need to bring those payments current.  This shows lenders that you are making an effort to make good with your creditors.  Remember, that rebuilding your credit is not an easy or quick process. It takes time, commitment and discipline to stay on top of your bills.  But, in the end it is worth it to receive better interest rates and terms in the future.

 

Be Prepared when you Visit John Amato Hyundai Superstore

Having a down-payment is generally a requirement of anyone with less than perfect credit looking to get an approval for an auto loan.  The bigger the down-payment the more options you may have.  Having a down-payment tells lenders that you have control over your finances, which in turn, means they are more favorable to approve your loan application

 

If you don’t have a down-payment, you can trade in your vehicle, whatever equity you have in your vehicle will be used as a down-payment.

After you have figured out your money situation, and schedule a time to come into John Amato Hyundai Superstore Milwaukee, you need to bring in the following items to turn into the lender

  • Valid Driver’s License
  • Current Proof of Income (pay stub)
  • Bill with your name and address on it (utility bill)

You should always bring in the documentation the same day of your visit, so it does not interrupt the loan application with the lenders.  It makes the process go by quicker and smoother and will allow the lender to see that you are organized and serious about making a purchase.

When you are speaking with the finance manager at John Amato Hyundai Superstore, keep in mind they are making sure that everything you say is accurate, so it is best to be completely honest.  Do not lie about past credit or income.  If that happens your loan application may be automatically declined.

Set your Goals Realistically.

You have already been down the road with a vehicle you could not afford the payments on , so do not do that again.  Instead come to terms that in fact the car  you can afford may not have navigation or leather or a sunroof.

Look at cars that fit into your budget and the parameters that the lender set up.  You need to show the banks that you can make on time payments, they are giving you a second chance.  Stick to a vehicle with what you need for now.  Make your payments on time and your  credit will improve, then the next vehicle will probably have all the options that you wanted.

As We See It

Repossession is not the end of the world, it is only a minor set back that you need to correct.  You do not have to give up all hope of ever owning a vehicle again, because we can help you.  We are a special financing dealership that has the tools and experience to get you into another vehicle.  Which in the end rebuilds your credit score.

 

Get started today by beginning your application at John Amato Hyundai Superstore Milwaukee

Auto Loan Pre- Approval Instantly

Auto Loan Instant Pre- Approval serving Milwaukee Waukesha Areas at John Amato Hyundai Superstore

While many consumers are familiar with bad or blemished credit, they do not have as many options to auto loans as others.

Here at John Amato Hyundai Superstore, we are one of the exclusive dealerships in the Milwaukee area that can give you an instant decision for Pre-Approval.

In order to bridge the gap for many consumers, John Amato Hyundai Superstore offers our consumers with more options.  Most dealerships only use banks or major lenders for people with ‘prime” credit.  Here at John Amato Hyundai we give people more options.  Not only do we work with those lending companies, we have built relationships with third party lenders and have our own in house financing available.

Other dealers are not flexible or understanding when it comes to dealing with customers who have had complicated credit situations.  John Amato Hyundai specializes in it including bankruptcy and repossession.  We are here to help you rebuild and reestablish your credit.

How can we help you?

Here at John Amato Hyundai Superstore, we have been assisting people with credit issues for over 25 years.  We work with you and your credit along with our new Instant Pre Approval for Auto Loans to get you driving quicker and easier than before We also report to the major credit bureaus to get you re established and back on track to rebuild your credit.  So when it comes around to trading in your vehicle, you will have more options when it comes to auto loan.

So if you are serious about getting a vehicle and getting your credit back on track, begin with your Auto Loan Instant Pre Approval.

John Amato Hyundai Superstore – Driven to make you Happy

 

 

Bad Credit Specialists At John Amato Hyundai Milwaukee

Bad Credit, NO credit, NO problem  We help  you reestablish

 

At Amato Automotive we work with all major banks and yet we are one of the few dealerships serving Milwaukee that has its own finance company.  This allows us to make all the financing decisions.  We understand that life happens and people make mistakes.  That is why we finance your future not your past.

Our Preferred Credit Corporation has been in business since 1991.  We have been around longer and we have the team to assist you.

We know all about credit problems from medical bills, to divorce, to bankruptcy and every other situation in between.

At Amato Automotive we do our best to look at your situation and place you into a position to establish or re establish your credit

The following items we will need from you when you schedule your appointment to speak with one our our Specialists:

  • Current proof of income\
  • Drivers License or State ID
  • Utility bill with current name and address on it
  • Down payment

Schedule your appointment with us today at www.amatoauto.com

Vehicle Repossession Facts from Amato Automotive

When you finance a vehicle, the lender holds certain rights on the vehicle until you make  your final loan payment.  This means that if you default on the contract by missing payments, the lender may have the right to repossess the vehicle.  If you are having financial trouble, contact your lender immediately.  Do not wait until you have missed more than 1 payment.  The lender may not need a court order or give advance warning to repossess the vehicle.  In some cases the lender may have the right to repossess after one missed payment

Before the vehicle is repossessed

You may be able to afford the payments by decreasing your expenses or increasing your income.  Review your budget and carefully look it over.

If you are unable to make budget changes that will enable you to afford your monthly payments you do have a few options

  • You can contact the lender and ask for assistance
  • If you can get more than you owe on the loan, you may choose to sell the vehicle
  • You may give the vehicle back to the lender.  This is called a voluntary repossession.

Do not be afraid to contact your lender.  In most cases, they want you to repay the loan. The earlier that you make contact with them the better.

When you took out the loan, you promised to make the payments as agreed.  However you may ask the lender what can be done to assist your situation

If your vehicle gets repossessed

If you are unable to make an arrangement with you lender and do not make your payments, eventually they can take the next step and hire someone to repossess the vehicle.  Once that happens, you have the right to reinstate the contract by paying all past due installments, late fees, and cost the lender has incurred in repossessing and storing of the vehicle

If you are unable to reinstate the contract, the lender will then sell the vehicle at auction.  They will notify you of the auction date, and you may attend and bid on the vehicle.  Whether you or someone else buys the vehicle you are responsible for the deficiency balance that the vehicle sells for.  A deficiency balance is the difference between the amount that you owe on the loan and the price the vehicle sells for plus repossession, storage and auction costs.

The deficiency balance is an unsecured debt. Some lenders may sue for the sum, while others may forgive it.  If the lender does forgive it, the IRS will consider that amount income and assess taxes due.