Question for MarvBear

[Chris in OK]

I've currently got a motorcycle financed through American Honda. I've made all my payments on time for the last 6 months (since I got the bike), and am in good standing with them. Anyway, I've decided that I want to upgrade my bike, and get something different. On my CR's I've got 8 paid auto loans, never late on any of them. Average length of time that I keep an auto is 12-18 months. I usually do short term leases, and get out a few months early. I've found this is a good way to avoid negative equity.

 

Anyway, with my scores and my good auto history, what do you suppose is the likelihood that I will sell my bike first, go to buy the new bike, and not be approved? I don't see any reason why I shouldnt be, but I'm no expert, although I do have a few years in the business.

 

Are bikes much different than cars? When you do an installment loan, do they primarily look at your auto credit? I know that AHFC pulls TU (my highest score) and they use a Fair Isaac Auto Score. Should I fill out an app and see what you think? By the way, the amount of the current loan I have is $7,296 and the new loan will be ~$8400. Thanks Marv...

[MarvBear]

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum. We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.Come get your new keys!HAPPY MOTORINGCB Admin: LKH, Pam, radi8, breezeCB Mods: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67Forum Leads: TeeSharice, orangecrush and Four20Nik

[MarvBear]

approved

[Chris in OK]

approved

 

What is this based off of? Should I still fill out an app? Thanks Marv!

[MarvBear]

approved

 

What is this based off of? Should I still fill out an app? Thanks Marv!

 

based off of the information provided in the post to which I responded.

[Chris in OK]

approved

 

What is this based off of? Should I still fill out an app? Thanks Marv!

 

based off of the information provided in the post to which I responded.

 

Here's an app, just for kicks:

 

Your Age? 28

 

Your Equifax Credit Score? 617

Your Experian Credit Score? 571

Your TransUnion Credit Score? 635

 

How many years have you been on file with Equifax? 9

How many years have you been on file with Experian? 9

How many years have you been on file with TransUnion? 9

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? Yes

Will this open auto loan be a trade-in? No, I'm selling PP first

How many late pays within the last 12 months on the currently open loan? 0

How many late pays within the last 13-24 months on the currently open loan? N/A

Your current open auto loan is financed with? American Honda Finance Co.

Your current open auto loan payment is? 176.26

Estimated amount you may be upside down in this vehicle? N/A

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10

 

 

YOUR REVOLVING CREDIT HISTORY

 

Total number of revolving account(s) you have? 14

Total percentage utilized overall? 52%, soon to be 27% as soon as I receive 2 cards

How many of your revolving accounts are store cards? 3

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 7

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 2?

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 2 years, 4 months

Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent

Your Monthly Rent or Mortgage payment? $268

How long have you held your current job? ~1 month

Your total provable monthly gross income is? 4750

Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements)tax return

Is there additional monthly income? What amount monthly? No

Describe the source. N/A

Is the additional monthly income provable? N/A

Spousal income is not applicable.

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) Zero

Does any credit repository contain any Public Record? Yes

If yes, please very briefly describe. Judgement in favor of Ford Motor Credit, had a repo when I was young and stupid.

 

Does any credit repository contain any Collection Account(s)? Yes

If yes, please very briefly describe. One collection account, $334 for an unknown debt, working on removal

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 7

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 10

 

New or Used vehicle you are considering: Please very briefly describe. 2006 Honda CBR600 F4i - $8400 OTD price

[MarvBear]

approved

[Chris in OK]

approved

 

Thanks again for the confirmation Marv. You rock!

[Chris in OK]

Marv,

 

Sorry for the huge bump. Just wanted to update this thread. I finally sold my old motorcycle on Sunday and picked up my new one today. Here's a pic:

 

 

Thanks again Marv!

[MarvBear]

wow!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

 

 

congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats.

[Chris in OK]

wow!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

 

 

congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats.

 

Thanks again Marv, you da man!