Monthly Archives: June 2018

How To Get Best Loan Deals – Poor / Bad Credit

American Credit Acceptance is a fairly major financial institution in terms of its auto credit operations, that  specialises in sub-prime lending, and offers a number and range of programmes to both customers and auto dealerships.

From a customer’s point of view, the company has partnerships with approximately 3500 dealers across the USA. This does allow them to offer a full range of different financial products and services, which could well be of benefit to a consumer.

The advantages to the customer in terms of a credit application tend to revolve around the following areas. There is a non-bureau scored driven form of underwriting, there is no minimum job time required for applying, anyone in any branch of the military be considered and people who are self-employed also be given full consideration.

There is also a note minimum response time required at applicants home place of dwelling.

With regards to the vehicle, there are no age restrictions in terms of the year of the model, and in terms of milage, to 150,000 miles will be considered in terms of the vehicles usage.

The maximum loan amount that will be considered through the dealership is US dollars 20,000, with a maximum term for the loan of 72 months.

1.Phone Number / Address

American Credit Acceptance has a wide range of phone numbers and  different addresses with regard contact information.

Corporate Address
American Credit Acceptance
961 E. Main St.
Spartanburg, SC 29302
866-441-0251

Payment Address
American Credit Acceptance LLC
PO Box 204531
Dallas, TX 75320-4531

*Closing Packets sent via FedEx*
American Credit Acceptance
4054 Willow Lake Blvd
Suite 2096
Memphis, TN 38153

*Closing Packets sent via UPS or USPS*
American Credit Acceptance
3268 Progress Way
Suite 2096
Wilmington, OH 45177-7700

Loss Payee Address
PO BOX 4537
Carmel, IN 46082

Customer Service/Collections
866-544-3430

Dealer Enrollment
Fax: 866-740-0567

Funding
866-202-6916

Impound Notifications
877-204-6757

Rebates
Extended Service Contracts & GAP Cancellations
855-292-6429

Sales
866-202-6912

Service Members Relief Act (SCRA)
855-292-6426

Titles
877-811-1620

Total & Partial Loss Insurance Claims
855-292-6430

Underwriting
866-202-6914
Fax: 866-740-0569

2.Reviews

Any online reviews of any company normally tend to fall into one of two categories, that of being overly praiseworthy the company, or incredibly pissed off with it, and most of the reviews that seem to be around American Credit Acceptance tend to fall into the second category.

There are a number of reputable review sites such as Credit Karma, Better Business Bureau, indeed.com etc where the majority of reviews either relate to specific instances of poor customer service,  or gripes about interest rates and repossessions etc.

It should be remembered that this type of industry will inevitably be more cutthroat than mainstream auto dealerships, even though they can be numerous similarities between the two. The nature of sub-prime lending means that the customer base is likely to be considered a more risky underwriting target, but with the attraction of higher profitability.

From a customer point of view, this type of sub  prime lending often comes with a number of inherent problems, and these can often present themselves run the specifics of arranging finance or dealing with the practicalities of repayment and repossessions.

Finding independent valid reviews can be a real challenge. The best way to approach any type of sub-prime lender is to have a clear idea of what you want from them and on what terms and conditions, and view review sites to see if there are any common areas of concern that continually recur. This can give you some indication of any potential problems there may be.

3.Careers / Salaries / Interview Questions

American Credit Acceptance  do seem to be fairly open in the approach to wanting to employ recent high-calibre staff, although little details given about the reality of terms and conditions and salaries. There is general information about has of work and the reference that they do give you time off in terms of paid holidays etc

There is no real leading in terms of what these jobs will entail. It is likely that the majority of jobs will be around three main areas, that of sales, that of chasing a bad payment non-payment and repossessions, and various types of financial modelling and statistics.

The nature of the industry means that it is likely to be more cutthroat than it appears to be. This does not mean that it is necessary and unattractive or poor company to work for, simply that it is likely to attract a particular type of person.

Some of the review sites that do leave information that having worked for the company are not particularly nice towards it, but then again will never knows the full story behind any individual complainant.

4.American Credit Acceptance Payment Methods

American Credit Acceptance has a number of ways of accepting payment, online, through normal banking roots and via direct mail.

Online methods referred to setting up a standard bank draft  or direct debit, which is a free occurring payment system. It is possible to also arrange one-time payment details online.

Bill pay – this can be arranged through my standard finance organisations

Pay by phone through IVR 1-866-544-3430

Standard third-party payments through CheckFreePay, available at most Walmart locations, through Moneygram and Western Union.

By direct mail to address listed above.

Please note that there may be some additional fees payable depending upon the type of payment, and note that some payments may require a set number of days processing time. Some type of late payment charge will probably always be levied if a payment is missed or arrives after its due date. Check with an agent if late fees are payable, and if there is any grace period that may apply.

5.Payoff Details

Customers normally want payoff details for two reasons. Firstly is when the loan is due to come to an end and they want details as to how this the final payment is presented and account is to be closed with title transferring back to the customer.

Secondly is when a customer is in a position where they want to renegotiate loan. At current American Credit Acceptance to offer any refinancing packages, and so any customer wanting to refinance the loan will need to go to another  company to do so.

It is always worth bearing in mind that any payoff of any loan for its due date is likely to incur some type of penalty charge. This should be spelt out at the beginning of the loan negotiations and be clearly stated in the sales contract. This should always be confirmed for any firm notice to pay off the loan or transfer to another lender is agreed.

6.Customer Service

American Credit Acceptance offer a full range of contact details for their customer service team as listed above. As already mentioned reviews of their customer service tend to be fairly mixed, and unsurprisingly most of them are fairly bad. This does not mean that their customer service is bad, merely that people who feel they have been treated unfairly whatever reason always tend to be the ones who give voice to it.

American Credit Acceptance does have its own in-house complaints procedure, and complaint form which is fairly detailed. Again, this could be a good sign for many a good form of PR.

When buying a car through this company or any other in effect, it is a good idea to get a full range of contact details, both with the company and the dealership, and be fully aware of all local and state laws regarding consumer protection in terms of the initial sale, any cooling off period and consumer rights during the term and pay off the loan.

7.Repossession

No one likes the idea of repossession, and as such it is quite often avoided in an industry when fact it is a real-time occupational hazard. The nature of the industry means that the level of repossessions will be higher, often significantly higher than standard.

What companies like American Credit Acceptance  really don’t like is when a customer misses a payment and then go silent. This leaves them in a sense of limbo is what is happening and inevitably they fear the worst and may invoke fairly drastic measures.

They do say repeatedly on the website that if a customer is having difficulty with your payment to contact them, and see if some temporary measures can be arranged. Realistically this is likely to be something they are able to do.

It is informally preferable from their point of view to give an individual customer a visibly way now and then in order to maintain payments on the loan, rather than have customers missed payments go quiet and  having to start repossession.

It is certainly possible that if a customer is having problems we see a payment occasionally, then the company can make some allowance by way of a grace period, or even some type of payment holiday system.

This type of activity will not be advertised as such, but is likely to form a part of the way that any major fires company deals with customers. Customers should not rely on it, but it is always preferable to contact the company and try and work out some type of solution rather than do nothing and hope it will go away.

Glass Door

Glass door has established itself  reasonably quickly  as being one of the gay to sites online regarding genuine feedback about a company.

Similar to customer reviews, it is often difficult to get genuine feedback for a number of reasons. One is the fear of individuals or websites being sued for defamation, the other is the issue of fake reviews which websites already fairly helpless to do anything about.

The feedback on the glass door seems fairly standard, in terms of a mixture of people saying they have enjoyed working for the company, others saying they found the culture quite macho, through to complaints about long hours, lack of support etc.

As with other types of review site, and its little genuine feedback regarding salaries or financial compensation that is of real benefit to potential employees.. That seems to be a reluctance amongst companies generally to really advertise how much they pay staff, or what other benefits they give them by way of health insurance, vacation etc.

 

 

Carvana – How To Get Best Car Loan Deals

Whatever people may think about Carvana,  one thing is pretty certain, that it has a unique approach to selling cars and trucks.

It is probably the first and only true online sales portal, which has a number of advantages & disadvantages as well.

The main advantage from a consumer point of view is that the they do not have to deal with salesmen, and because Carvana do not negotiate on price, there is little of the hassle and stress that goes with trying to make sure the customer gets the best price.

The buying process, and the finance arrangements behind it, are fairly clear and open. If people like that sort of approach and they can go down the road of buying a car from Carvana,, and if not they can approach a more traditional dealership.

Carvana base their whole system online. A potential customer can view a car, check its price, and decide whether or not they want to buy it. If they do, they can go ahead and neither arrange the finance with Carvana all with a third-party finance arrangement such as a bank or a credit union.

1.Reviews

One of the refreshing things about Carvana is that it is relatively easy to find a load of reviews  about it. It’s own blog and website carries extensive customer feedback, some of it highly critical. In fairness to Carvana they  cars and trucksicism head-on, either agreeing with it works and is far more challenging it if they dispute some of the information or facts detailed in the .comment.

Because they are a purely online operation, a lot of their marketing and consideration is is geared towards people processing the vast majority of the application and buying process online, and it seems they are much more open to the reality of reviews mean.

In addition, there are a number of reviews on important websites such as highya.com,  yelp, Nerdwallet, reddit etc as well as the Better business Bureau.

2.Locations Atlanta/Houston/Phoenix/Tampa

Because there are no dealerships, picking the carp or heavy delivered is a critical element of coroners model of auto credit and sales. In addition to their vending machines, customers can either collect their cars or have them delivered. It also depends hugely on where the individual lives and where they are willing to go to fly to in order to collect the vehicle.

Carvana have quite an intense system but they have a number of local markets, and a system where they are willing to pay a certain amount of consultation costs involved in individual going to pick up the vehicle if they would rather do that and have it delivered. Its current list of local markets is detailed below, but the  company is keen to stress that it is an ever-growing list.

 

  • Alberquerque
  • Allentown (Pa.)
  • Atlanta
  • Austin
  • Augusta (Ga.)
  • Bakersfield
  • Baltimore
  • Birmingham
  • Boston
  • Bridgeport (Conn.)
  • Charleston (S.C.)
  • Charlotte
  • Chattanooga
  • Chicago
  • Cincinnati
  • Cleveland
  • Columbia (S.C.)
  • Columbus
  • Corpus Christi
  • Dallas
  • Denver
  • Detroit
  • Fort Myers/Naples
  • Greensboro (N.C.)
  • Greenville (S.C.)
  • Hampton Roads (Virginia Beach area)
  • Hartford (Conn.)
  • Houston
  • Huntsville (Ala.)
  • Indianapolis
  • Jacksonville
  • Kansas City
  • Knoxville
  • Las Vegas
  • Lexington (Ky.)
  • Los Angeles
  • Louisville
  • Macon (Ga.)
  • Manchester (N.H.)
  • Memphis
  • Miami
  • Montgomery (Ala.)
  • Nashville
  • Newark
  • New Haven (Conn.)
  • Oklahoma City
  • Orlando
  • Philadelphia
  • Phoenix
  • Pittsburgh
  • Providence
  • Raleigh
  • Richmond
  • San Antonio
  • San Diego
  • San Jose
  • Springfield (Mass.)
  • St. Louis
  • Tampa
  • Tucson
  • Washington, D.C.
  • Winston-Salem
  • Worcester (Mass.)

3.Stock

Carvana have a huge range of cars and trucks, but do not use traditional dealerships, and such to carry inventory in the way that a dealer will. What this means in effect Is that the information required to assess the car is viewed online, along with real-time pictures of the interior and exterior of the vehicle as opposed to stock pictures.

In addition, every car comes with access to a review of that particular model by Edmunds, and other information is available such as its recommended price compared to Kelly’s or bluebook. When a customer ultimately chooses a car and begins the payment process, and the car will either be delivered to them or delivered to a vending machine where they can collect it from.

4.How does Carvana Work?

Carvana works on a very simple principle. People can view cars online, make a decision about whether or not to purchase them, at a price that is nonnegotiable. Finance can be arranged either with Carvana or some other finance house. Once agreed, there are certain formalities have to be gone through in terms of paperwork, insurance, ownership of title, trade in of vehicle etc.

Once these formalities have been agreed, then the sale can go through.

5.Cars / Used Cars

There are a huge range of cars and trucks available on the Carvana website, all of which will be used for second-hand. This obviously is a potential issue some people.

Carvana try and get round this by stating that no car listed has ever been involved in an accident, and they carry out a fairly detailed inspection of the vehicle, with something like 150 specific points detailed to make sure it is in reasonable condition.

Any defects or damage to flag up on website, and the price adjusted accordingly. In addition, there is a Carfax report issued on every car or truck sold through the website.

6.Warranty / Delivery Fee

This is perhaps where Carvana does come into its own in many ways. Every car comes with a seven day refund  and money back policy, with no questions asked. There are certain limitations raking things like if the car is involved in an accident etc that make this warranty invalid.

This means that everyone has effectively seven days and the limit of something like 400 miles to check that the car or vehicle is right for them. If not they can return it and no money will be taken from their account now free to either move on buy another vehicle.

In addition, every car comes with an extended warranty that is valid for approximately  100 days or just over 4000 miles. This warranty is underwritten by a company called SilverRock. Carvana described this as a fairly comprehensive warranty, and is designed, most mechanical and powertrain elements of a car. In addition, you can buy an even more extended warranty called Carvana care which includes most of the same mechanical and powertrain elements as the original warranty policy for a longer period of time.

7.Complaints

On the better business bureau website as of June 2018, there are approximately 6 complaints about Carvana. This may or may not be a good sign. Most of the complaints refer to poor customer service by way of misinformation, not returning phone calls, changed delivery dates etc.

Whilst all of these complaints may be perfectly valid, one of the most disappointing things is the response that  Carvana has posted. The essence of their reply is that customer satisfaction and customer pleasure is central to the whole business philosophy of the company blah blah blah.

When anyone makes a valid complaint about any company, the individual complainant and anyone reading their complaint  is likely to be immediately put off by this PR driven approach to how to handle a complaint.

People appreciate honesty and integrity. If an individual or a company makes a mistake get things wrong, they are normally advised simply to put their hands up and admit fault and try and rectify it and move on.

katana would do well to have their own in-house complaints procedure, along with some type of external disputes process. This would reassure potential customers that if and when things do go wrong that some mechanism to rectify them in a straightforward and reasonable manner.

Carvana Vending Machines

The idea of buying a car through a vending machine may seem slightly weird, but hey, here in America why not ?

No doubt that the idea of using a vending machine is somewhat of a marketing ploy as well as a way of collecting and delivering sold vehicles, but also no doubt that it works. Looking at photographs of the vending machines that Carvana use, they are pretty impressive.

The idea of a vending machine is that it is a way of the individual collecting their car. They effectively insert a token into a machine, and 20 to 30 minutes later the car is delivered to them.

Obviously a lot of work, both physical and paper, has been put into the process before this actually happens, but this process should also appeal to the mentality that enjoys buying from vending machines, which is pretty much most of us.

There is something very satisfactory about putting a coin into a slot, and getting something back in return. This is the principle behind slot machines, and may well end up being the future of how most cars are sold as well.

Roadloans – How To Get Best Car Loan Deals

Roadloans are one of the major online companies who have quickly established themselves as being fairly trustworthy.

Also consumer friendly to people who have a record of bad or poor credit, both in terms of auto loans and refinancing car loans as well.

Like a lot of auto credit companies, they are overly welcoming towards people who are deemed to have bad credit, and make a point of welcoming them and assuring them of a friendly and receptive attitude.

This approach which is both a marketing tool, and possibly a genuine  way to appeal to people, any potential customer should be under no illusion that like any finance company Roadloans are interested in making money out of their clients, not in any fuzzy sympathy or kindness.

Whilst  that may sound  when applying for a loan cynical, it is also worth bearing in mind that any decent auto credit company will value customers who they can attract and keep. Anyone with bad credit is likely to be a valuable source of income for them, short-term and long-term, and it is in the company’s interests to treat them as fairly as possible.

1.Applications / Bad Credit

Roadloans do focus  on a number of areas of auto credit, namely new and used car loans, by a car with bad credit,  getting a car loan with no credit, car loans after bankruptcy and auto refinancing.

They spell out very clearly that anyone with bad credit is likely to face higher interest charges, and discusses ways that the overall package can be minimised through things like making a sizeable down payment, or encouraging a cosigner with a healthy credit record to participate in the loan agreement.

They also make a distinction between someone with bad credit and someone with no credit history. Many people do not have any credit history either because of their age, or because of their lifestyle which has meant they have had no need to borrow money for a significant period of time.

People with no credit history can be encouraged to build up a healthy credit score in fairly simple steps over a period of time, which can significantly reduce costs but short-term and long-term.

The various options regarding bankruptcy are discussed, as well as its potential effect on someone’s credit history as well as their life and personal situation generally. Bankruptcy can be one of the most major emotional traumas in life, and needs to be managed  as sensitively as possible.

2.Roadloans Reviews / BBB

One of the problems when using any type of  online finance website  is credibility, and one of the main ways of helping towards establishing that are genuine customer reviews. These are very difficult to assess for any company.

People like reviews. They instinctively trust them unless they are obviously over the top. The problem is that genuine reviews can be hard to gauge as to whether they have come from satisfied customers or are effectively written by the company through its agents or PR company.

Bad reviews are much more likely to be genuine, as it is an option people to vent their frustration at what they perceive as bad customer service or poor quality work or advice.

As such getting genuine reviews as a guide towards a company’s credibility can be difficult.

Roadloan reviews on trust pilot tend to run to over 1000, which is probably a good sign, with over 70% rated as excellent and only 6% graded as bad. Potential customers will have to draw their own conclusions.

What can always be gauged from reviews points at the individual had not thought of in terms of potential areas either to do with applying for a loan or managing a loan once has been arranged. These points can highlight areas of concern or guidance needed that can often be significantly beneficial.

Another good source of reviews is the Better Business Bureau, as well as organisations such as Consumer Reports. Bear in mind when applying for a loan what is important to you in terms of size of down payment, interest rates and how to manage the loan once it is finished, including any penalty for paying off the loan early.

3.Dealerships

Roadloans has access to a wide range of dealerships across the US, and applying online and getting approved online before purchase means that the customer has benefits of pre-approval, in the same way as if they were arranging dealership financing with one of the major companies such as Ford or GM.

The advantage of  pre-approval is at the customer knows how much they have to spend and view vehicles priced accordingly. The downside of pre-approval is at the giver ship knows how much the customer has to spend as well, and can price vehicles accordingly or negotiate knowing the customers upside and downside.

A dealership can be located through the readloans.com website, and once located it is a good idea to view the dealers inventory and see what sort of vehicles they have and which ones seem appealing to the individual customer. The more negotiations that can be done over the phone or online before visiting the dealership is always a good idea, as it gives the customer a much greater sense of control over the whole process.

4.Login / Account

Potential customers are invited to apply online for a loan, and in the process generates an account for themselves. If approved this account can be used to manage the loan, in terms of viewing and receiving statements, managing payments and being able to contact customer service.

It is worth bearing in mind that RoadLoans offer six types of payment options, online payments, AutoPay, payment by phone, mail, MoneyGram and Western Union. With most of these payments some type of fee may also be charged, irritatingly referred to as a convenience fee.

Arranging a simple and convenient way to pay monthly instalments is really important, both for peace of mind and because late payments can incur additional interest charges, and late payment charges as well. These can accumulates quite quickly and can increase  the pressure on the loan  quite considerably.

5.Refinance

Many auto credit companies shy away from the issue of refinancing loans, but the option to refinance is a crucial one to many people who have a bad credit or poor credit history. They may need to  refinance an original loan because their credit has deteriorated, or something as happened to their financial situation that necessitates a change.

They may will need to lower their monthly payments, or extend the term period of the loan. This can normally only be done through refinancing.

On the other hand, someone who has applied for a loan with bad credit and has done work to repair their credit account may well look at some point to refinance that original loan because they will be able to get a better interest rate, or better terms and conditions.

They may also wish to renegotiate or refinance loan in order to release a cosigner who may have been an original dual applicant.

Refinancing a loan can be a fairly straightforward process in one sense, in that it should be done not in the same way as an application for an original loan

6.Roadloans Loan Calculators

Loan calculators are encouraged by both lenders and customers, as it seemed to give a very simplistic sense of what a loan is going to cost you. Whilst the figures arrived at using a loan calculator can be accurate, they do not always tell the whole story.

The loan calculator on the roadloans website has a number of different options. It has a car affordable and calculator, and auto loan payoff calculator, an auto loan calculator, and auto refinance calculator and a fuel savings calculator.

Whilst all of these can be helpful, what they do not show charges such as auto insurance, gap insurance,  servicing and maintenance costs, dealership fees, late payment charges etc. Any applicant should also be able to do their own budgeting plans in terms of their own individual finances to see how much they can afford to repay on a monthly basis.

This should make allowances for changes in the individual circumstances by way of salary increase or decrease, increased or reduced hours at work or other costs such as tuition fees or increased medical bills.

Whilst no one likes to look at these things, undertaking any loan especially for someone who has a bad credit history, they are an incredibly important part of a realistic assessment as to whether or not someone should be lent money, and if so what terms and conditions.

7.Contact Details

Roadloans is owned by Santander, and mail should be sent to the following address

Santander Consumer USA Inc P.O. Box 961245 Fort Worth, TX 76161 Attn: SC USA

Applications – 888-276-7202

Customer Service – 888-222-4227