Re: How hurtful on redit report is

Posted by marvbear (24.129.152.20) on November 24, 2003 at 15:41:01:

To respond to your question, let me first state that i am a Director of Finance for an import car franchised dealer and have been for many years.

I have only managed two times in the last 30 years in the business to get two loans finalized with consumers who had that information on their bureaus, and both consumers had in excess of $12000.00 as down payment. From the banks standpoint that i delt with the loan had such an extremely low loan to value that i managed to talk them into taking the risk. From my personal experience in dealing with major lending institutions, i can say that they do not look favorably on this and potentially view it as only one step away from a BK filing by the consumer. At the least I feel it to be as damaging as having a BK show on your credit report if not more so. This is only my personal opinion obtained from dealing with major indirect lending sources available to automotive dealers that I have used for many years.

Marv

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