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Posted in Auto Loans
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Question By
adanger1234

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Miracle car loan from SSFCU, totaled car, have insurance, will SSFCU have mercy on me a second time?
So, a month ago, I went to a Kia dealership to purchase a used car, I had $3800 from my tax refund that was going towards this car because my family NEEDED a car and we wanted a newer vehicle that we would be able to rely on. Long story short, the dealership had a $500 customer incentive (I guess) so my down payment went from $3800 to $4300, and SSFCU took pity on us and we left with a brand new Kia Soul with a 12% interest rate, and $400 payments.

This week, my wife and son were involved in an accident that totaled the car. (She was at fault) We have USAA insurance and are being taken care of. My question is, and hopefully someone has some advice or a similar story for us, is there any chance that SSFCU will take pity on us a second time? USAA and GAP insurance will cover the car loan, so we will owe nothing, but what do we do now? We put $3800 into the car, and didn't even make our first payment yet, and we DO NOT have any money to use as a down payment on another car. Since we have history with SSFCU, and the car loan will be paid off in full, is there a chance that they will finance us again? BTW, My score is 550 and I do not have a co-signer. Any help is appreciated. I am still in the rental USAA has provided us, but they won't let us keep it forever, and if I don't have a ride to work, I am f***ed. Thanks.

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You need to call SSFCU and ask them. as long as the Car loan will be paid off they should not care much.  I think you should be able to get another loan from them but without the down payment to help it might be a bit harder to sell to them.   

I would worry more about your Car Insurance going up.

Good Luck

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