Horrible credit but a lot of money down any hope?

[Krayzie916]

ok yea yea I know I can buy a cheaper car cash but I really would like something I actually want to drive. so please don't judge just want help on getting a loan.

 

 

So I got divorced in decenmber and along with that our 2 cars were repoed.

 

So now i'm looking at a car that has a purchase price of $25,999.

 

I have $20,000 cash down

 

Still cannot get approved. I know my credit is really bad but I figured what friggin risk is there when putting that much down on this car. Even a completely totalled car sells for $12,500 currently on Ebay so I could crash it on the way home from the lot with no insurance and they still wont lose money.

 

So even at full asking price lets say $29,000 OTD. $9000 financed at 27.99%. That's only $372 a month which is nothing (the car that was reopoed was $800 a month and I paid that for about 2.5 years until the divorce and gave it back)

 

My only bills beyond food gas entertainment is about $300 in HOA/Mello Roos fees a month(house is fully paid off but not in my name due to stuff with divorce). Income is $3000 a month, part time job been there for 4 years.

 

So yea, I absolutely agree my credit sucks but I cannot believe theres not a bank out there that would not take this loan if I'm willing to put $20,000 of my own cash down. They could repo it and still make money.

 

Any suggestions (on who to use for a LOAN not save for a year pay cash blah blah i know) on someone to use?

 

thanks for your time

[MarvBear]

how old are the repo(s) that you name wass associated with?

[Krayzie916]

They were in december. is there a typical waiting period?

 

I know because of the repos that the computers would auto reject it but you'd think one of these finance managers when they talk to an actual person they could see the amount of money being put down and even if I had 100 repos they still would make money no matter what i did. And the car is a newer (2006) Corvette it's not like it's some overpriced clunker that will drop in value fast

 

thank you

[mk_378]

Subprime companies shun sports and luxury cars. They consider them toys that a buyer is more likely to walk away from should money get tight. They'd rather see basic models that people are buying for everyday transportation. The double repo less than a year old is a deal killer anyway even before they consider that.

 

No third party finance company really wants to repo a car. It's a lot of hassle and they can't legally "make money" on it. If the car sells for more than the amount owed, they'd have to return the excess to you. So all they can hope for is to break even (losing the interest you would have paid if the loan went the full term).

[Krayzie916]

In theory, yes. But that's not what really happens. With my voluntary repo (capital one) they still tacked on THOUSANDS in fees for the repo that were BS before they sold the car.

 

I even agreed to pay the loan fee so they would make money there too. Also with the payment so low and 20,000 of my own money down I could still pay it off on unemployment. The car would be my daily driver too not just a toy . Oh well.

 

thank you for your input, I really appreciate it!

[MarvBear]

When the reposession are less than a year old I only have two lenders that I could place a loan with. They don't do indirect lending and require huge downpayments and huge fees.

 

So if you're prepared to pay someone will be prepared to play. It'll cost you dearly.

[bullthistle]

Wouldn't you feel better to pay cash for a used vehicle and clean up your credit and then buy something shiney without paying all that interest to a predator and treating yourself to a special meal a month? We all work too hard to give our money away just to drive something that we will worry about getting dinged by a clunker?

[Krayzie916]

Wouldn't you feel better to pay cash for a used vehicle and clean up your credit and then buy something shiney without paying all that interest to a predator and treating yourself to a special meal a month? We all work too hard to give our money away just to drive something that we will worry about getting dinged by a clunker?

 

 

yea i tried it for 3 months but i can't take this grocery getter anymore. The car is my indulgence. Im in my twenties and nothing feels like driving that vette with the top down on a nice day. I ended up getting it today but a 1 year newer model

 

$21000 down 100k warranty 2007 corvette 36000 miles $456 a month for 3 years. I can do that no problem. Might be crazy but worth it to me. The loan did take 2 weeks and a lot of phone calls back and forth to get

 

PS after the repos my credit score went from mid 600s to 457

 

thank you for your responses

Edited March 13, 2010 by Krayzie916

[MarvBear]

congrrrrrrrrrrrrrrrrrrats

[squarepusher]

Nothing like driving that 'vette.........YEAHHH!!! Congrats. '06 Z51 Coupe 4 years and some change owning this thing and I drive the xxx of it every weekend!!

Edited March 16, 2010 by MarvBear
slight edit for profanity.

[radi8]

Congrats on the new car! C'mon by with it, I haven't had fun with a Vette for several years.

[sgtmy]

I am trying to figure this out. Is this a new car? Cars depreciate fast, and you are only talking about 6 grand difference between the down payment and the purchase price. You can probably get the same car that is 1 or 2 years old for less than the cash you have on hand.

[MarvBear]

ummmmmmmmmmmm I don't think you can buy a 2 yr old corvette in average condition for 20K.

 

I'm glad the original poster got what they wanted.

 

Original poster didn't ask for a judgment on how his/her money should be spent.

[sgtmy]

ummmmmmmmmmmm I don't think you can buy a 2 yr old corvette in average condition for 20K.

 

I'm glad the original poster got what they wanted.

 

Original poster didn't ask for a judgment on how his/her money should be spent.

 

 

I didn't notice his follow on post that said it was a 2006 Corvette. I was replying to the original post. If you noticed, the first thing I asked was if it was a NEW car. Being that it is used, what I said doesn't apply. And I wasn't "passing judgment", I was giving him an alternative that he might not have considered, if it was a NEW car he was buying.

Edited March 18, 2010 by sgtmy

[MarvBear]

ummmmmmmmmmmmmmm ok.

[vintagespeed]

$456 x 36 = $16,416 + 21,000dp = $37,416

 

[MarvBear]

$456 x 36 = $16,416

 

Dealer didn't get all that. that includes interest.

 

You are quoting a times price instead of a purchase price.

[MarvBear]

Besides OP hasn't been back since post #8. Appears they are very busy driving the vette, or moved on.

 

The OP was very specific in what he/she wanted.

 

So unless someone suffers from reading comprehension, there seems little need to continue unless the OP wishes.

 

Hint hint.

[Daddy]

$456 x 36 = $16,416 + 21,000dp = $37,416

 

 

[radi8]

<sigh>