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Smart Shopper Credit Scores and Vehicle Financing
935 messages, Last post on Jul 28, 2009 at 1:12 PM
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Replying to: joel0622 (Jan 29, 2008 7:33 am) I have an TransUnion score of 529 / Equifax 562 and am having a VERY hard time getting a auto loan. My lease on my 2005 Buick is up in a week or so and GMAC will not approve me on another new vehicle because I was late 6 times on my payments. I am TOTALLY paid up now (even late fees). I make $24,700 a year and only have a letter of employment from my employers to prove my income. I am a Nanny and need a nice, safe car that can take on a Syracuse, NY winter. I sent GMAC and credit app. to buy out the lease but in may take 6 weeks to hear back. I am hoping that since the residual value on my contract is $17,700 (allot more then blue book) they may let me buy it. I finally understand about HOW IMPORTANT your credit score is and trying to pay off some of the deliquent accounts but it may be to late for this car purchase that I need ASAP. What advice would you give me to obtain a late model, low milage, safe vehicle for me and my kids??..all THREE have to sit in the backseat. Thank you VERY much for your time and I look forward to your response! Michele
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Replying to: haselhuhn575 (Apr 27, 2008 11:51 am) If you can't find financing any where you may need to check out a reputable note lot.
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Replying to: haselhuhn575 (Apr 27, 2008 11:51 am) You might want to discuss this with your employing family. Several years ago, our nanny's car broke to the point where it was not economically the correct thing to fix it. She had no credit history so getting a loan on a car would not have happened. We helped her find a reliable used car for under $9k. She borrowed the money from us at an agreed upon interest rate and repayment schedule that we all signed. Payment was taken from her pay on a weekly basis. This may not help your credit score but it is one way to get an affordable car. Good luck, car_rm |
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Replying to: joel0622 (Apr 28, 2008 5:25 pm) How do you find a reputable note lot? I have pretty much run out of options and need to go and at least check out a note lot. What exactly is it? How much cash would I need, etc.. I just need to get a reliable car and then fix my credit and deposit every cash payment into my bank, so I NEVER have to go through this again! Thank again for your help! Michele haselhuhn575  yahoo.com
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I was just looking over our finances and realized we have over $100K available on a handful of credit cards, which we no longer use. I'm just curious if we should just keep them out there or close the majority of them out. Will doing so hurt or help us? Thanks!
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A reporter with a large national newspaper is interested in talking with consumers about their experience during this economic downturn and if they might have lost or had their car repossessed. If oyu are in this situation,, please contact Chintan Talati at ctalatiedmunds.com no later than Friday, May 9.
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Replying to: dad23 (May 07, 2008 7:29 am) Maybe keep them open and have the limits lowered on the ones you don't use? |
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I am curious to hear what people's opinions/experiences might be. I have a fair credit score and I am looking to get a new car. The car I am looking at costs about $28K, I have $13K to put down plus my trade in. The reason my score is not the highest is that I am fairly young and havenet had my credit cards for too long (about 4 years) and the credit limits are small, but nothing is on them. Also at one point in college I was late in paying them, but now those cards have had positive payment for about 18months. I am nervous I might not be able to get a loan. Last night I submitted a loan request and was denied by Capital One Auto. Do I have a better chance of securing a loan through a dealership? Is leasing still an option?
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Replying to: txbroker (May 13, 2008 6:09 am) Capital One is very tough. (or just clueless ... i haven't figured out which yet. These folks denied me a credit card several years back when my score was in the 720 range) |
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