I defaulted on my auto loan which resulted in a Drive Repo and it has been charged off. What can I do to get back into good standing with drive financial? Is it possible to setup arrangements and at the same time be given a second chance loan for a vehicle...Answer:
The best way to get back into good standing with Drive after a repo, and any lender for that matter, is to try and settle the account if possible. This will also help your credit somewhat as well.
In addition, to help your credit you'll want to get another auto loan and pay well for at least 24 months. You will more than likely need a solid down payment to get approved this go around. Try to save up 20-30% and be sure the payments are comfortable for you.
The last thing that you want is a second repo on your credit. One Drive repo makes getting a loan difficult and two makes it very difficult.
One thing to consider though is that Drive Financial does not lend direct to the customer and you'd have to apply for Drive auto loans
through a dealer.
You could make payment arrangements through Drive on your own, but if you are going to do this and still want a new loan I'd wait and have a dealer work with their contacts at Drive.
Keep in mind that there will be multiple factors that their internal score card takes into consideration about you and your credit to determine if giving you another loan is something they'd do.
If Drive Financial does not want to work with you, then you could consider a Buy Here Pay Here dealer like Drive Time Auto Sales
or a dealer that works with Credit Acceptance Corp
(they approve all credit).
Please let me know if you have any further questions...Justin