Auto App with THIN THIN 774 Fico file? Where to apply?

[Mo Munny Mo Problems]

Helping a friend. We got her FICO from 647 to 774 by just paying off her credit card.

 

Here is her file:

 

 

She wants a 2013 Cruze 1LT, nothing super pricey. $20K

 

She has $1500 down in hand but I could possibly help her with another $500-$1000

 

She has $24K income. 7 Years at Chili's. Shes a Bar Manager. Works her butt off, pays her bills.

 

I think Trans Union has some bogus collection on there, but we are working to get that off there quick. We were planning on just using EQ only since its the only one showing both her Express card AND her WF CC. EXP doesnt have the Express on there for some reason.

 

 

 

So what'd'yall think?

 

Alliant possible? NFCU?

 

I am an NFCU member and she lives with me, so that would qualify her for membership there, in order to apply for the auto loan.

 

Any chanve at an NCFU approval with $1500 down with a file/employment history/income like that?

 

Thanks guys!

 

 

 

[doyouevenlift]

Be careful. A 20k auto loan on a 24k income is asking for trouble, IMO.

[Mo Munny Mo Problems]

well, to her credit..thats just what she gets off her paycheck. She bartends at a 24/7 packed place on the most expensive strip from here to Houston. Aside from S. Padre island anyways.

 

Im pretty sure she makes a lot more than that

[doyouevenlift]

Ahh, I guess that makes more sense then. As a Bar Manager, I wasn't sure she was making tips or not.

 

I think she would have a decent shot with NCFU or PenFed. What I would do is try and get financing from those guys, and then work the dealership for a better deal. MarvBear is probably better suited to chime in on that front.

[Mo Munny Mo Problems]

Yeah I was hoping he would put his .02 in eventually...

 

Hes seen so many apps lol

[BRBiz]

GM financial seems to be real generous also and she would have no issues getting approved with them.

[MarvBear]

With what I see posted I would ask for a qualified co-applicant.

[Mo Munny Mo Problems]

With what I see posted I would ask for a qualified co-applicant.

darn :/ would too llol

[BRBiz]

 

 

With what I see posted I would ask for a qualified co-applicant.

darn :/ would too llol

Is it the income? I thought it was up to a third of your income for a car loan?

 

Maybe a certain business owner could hire her for a week or so and put on her on payroll to get a little income booster

 

Or how about a lease if she doesn't drive a lot?

 

Is the issue the

Edited March 23, 2013 by Brndnh721

[MarvBear]

Leases are more difficult qualification wise.. Based on the file you posted, she would, in my opinion, have insufficient credit to qualify for an automobile loan, based on what I see. Perhaps a qualified co applicant would overcome that limitation.

[Mo Munny Mo Problems]

that sucks. i dont think she has anyone to cosign. her mother passed when she was young and her father is a truck driver. He would be the only one but he just started so Im not sure on his credit, whether its good or not.

 

What if she had a larger down payment? Say, $2500-$3500?

[BRBiz]

that sucks. i dont think she has anyone to cosign. her mother passed when she was young and her father is a truck driver. He would be the only one but he just started so Im not sure on his credit, whether its good or not.

 

What if she had a larger down payment? Say, $2500-$3500?

If it isn't a income thing she would most likely get approved with GM Financial. They have a special program for people with credit issues or limited credit and she will get a single digit rate. It's only on certain GM vehicles and the Cruz is one of them along with the malibu. They get people approved with sub 500 scores so a 700 plus score shouldn't be a issue even with limited credit.

[Mo Munny Mo Problems]

 

that sucks. i dont think she has anyone to cosign. her mother passed when she was young and her father is a truck driver. He would be the only one but he just started so Im not sure on his credit, whether its good or not.

 

What if she had a larger down payment? Say, $2500-$3500?

If it isn't a income thing she would most likely get approved with GM Financial. They have a special program for people with credit issues or limited credit and she will get a single digit rate. It's only on certain GM vehicles and the Cruz is one of them along with the malibu. They get people approved with sub 500 scores so a 700 plus score shouldn't be a issue even with limited credit.

Yeah I used to work at the very same Chevrolet dealership, I personally know a couple of the guys in finance and party with one of them on a regular basis. Also, her salesman is my salesman, with whom I also party with lol, and Ive bought about $150,000 in cars from there, so thats why I went with her, because I wasnt sure if she had a chance otherwise lol

[Mo Munny Mo Problems]

as a matter of fact, the finance guy and i got drunk on st. patty's day and both blew chunks haha

 

he still owes me $20 from that night haha

[Mo Munny Mo Problems]

 

 

 

With what I see posted I would ask for a qualified co-applicant.

darn :/ would too llol

Is it the income? I thought it was up to a third of your income for a car loan?

 

Maybe a certain business owner could hire her for a week or so and put on her on payroll to get a little income booster

 

Or how about a lease if she doesn't drive a lot?

 

Is the issue the

 

 

Well technically she does help a lot with the business, but I havent put her on the payroll just because she does it because she like to. But I COULD put her on for a while. Not sure that would do anything though. I agree with Marv that even I, if I saw a file like that, regardless if income was $10,000 or $100,000...my max exposure would probably be about double what she has there on the file, so about $4000. lol

[Mo Munny Mo Problems]

and thats for your input Marv. Good dude

[BRBiz]

 

 

 

 

 

 

 

 

 

With what I see posted I would ask for a qualified co-applicant.

 

darn :/ would too llol

Is it the income? I thought it was up to a third of your income for a car loan?Maybe a certain business owner could hire her for a week or so and put on her on payroll to get a little income booster

Or how about a lease if she doesn't drive a lot?

Is the issue the

 

Well technically she does help a lot with the business, but I havent put her on the payroll just because she does it because she like to. But I COULD put her on for a while. Not sure that would do anything though. I agree with Marv that even I, if I saw a file like that, regardless if income was $10,000 or $100,000...my max exposure would probably be about double what she has there on the file, so about $4000. lol

Every one has to start some place! GM wants the customers and if they will approve some one with a couple repos ,450 credit score and no postive credit reporting then I don't see why some one with a 700+ score wouldn't get approved. Edited March 23, 2013 by Brndnh721

[Mo Munny Mo Problems]

 

 

 

 

 

 

 

 

 

With what I see posted I would ask for a qualified co-applicant.

darn :/ would too llol

Is it the income? I thought it was up to a third of your income for a car loan?Maybe a certain business owner could hire her for a week or so and put on her on payroll to get a little income booster

Or how about a lease if she doesn't drive a lot?

Is the issue the

 

Well technically she does help a lot with the business, but I havent put her on the payroll just because she does it because she like to. But I COULD put her on for a while. Not sure that would do anything though. I agree with Marv that even I, if I saw a file like that, regardless if income was $10,000 or $100,000...my max exposure would probably be about double what she has there on the file, so about $4000. lol

Every one has to start some place! GM wants the customers and if they will approve some one with a couple repos ,450 credit score and no postive credit reporting then I don't see why some one with a 700+ score wouldn't get approved.

true..

 

 

I know lots of people who have gotten approved for vehicles they SHOULD NOT be in lol

[BRBiz]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With what I see posted I would ask for a qualified co-applicant.

 

darn :/ would too llol

Is it the income? I thought it was up to a third of your income for a car loan?Maybe a certain business owner could hire her for a week or so and put on her on payroll to get a little income booster

Or how about a lease if she doesn't drive a lot?

Is the issue the

 

Well technically she does help a lot with the business, but I havent put her on the payroll just because she does it because she like to. But I COULD put her on for a while. Not sure that would do anything though. I agree with Marv that even I, if I saw a file like that, regardless if income was $10,000 or $100,000...my max exposure would probably be about double what she has there on the file, so about $4000. lol

Every one has to start some place! GM wants the customers and if they will approve some one with a couple repos ,450 credit score and no postive credit reporting then I don't see why some one with a 700+ score wouldn't get approved.

true..

 

 

I know lots of people who have gotten approved for vehicles they SHOULD NOT be in lol

Very true... I think most of the time it's not that people don't want to pay they just can't pay because the payments are to high and first off its the customers fault but also the dealer and lender especially dealers who try to get you into a payment you didn't want in the first place.

[Mo Munny Mo Problems]

 

 

 

 

 

 

 

 

 

 

 

 

With what I see posted I would ask for a qualified co-applicant.

darn :/ would too llol

Is it the income? I thought it was up to a third of your income for a car loan?Maybe a certain business owner could hire her for a week or so and put on her on payroll to get a little income booster

Or how about a lease if she doesn't drive a lot?

Is the issue the

 

Well technically she does help a lot with the business, but I havent put her on the payroll just because she does it because she like to. But I COULD put her on for a while. Not sure that would do anything though. I agree with Marv that even I, if I saw a file like that, regardless if income was $10,000 or $100,000...my max exposure would probably be about double what she has there on the file, so about $4000. lol

Every one has to start some place! GM wants the customers and if they will approve some one with a couple repos ,450 credit score and no postive credit reporting then I don't see why some one with a 700+ score wouldn't get approved.

true..

 

 

I know lots of people who have gotten approved for vehicles they SHOULD NOT be in lol

Very true... I think most of the time it's not that people don't want to pay they just can't pay because the payments are to high and first off its the customers fault but also the dealer and lender especially dealers who try to get you into a payment you didn't want in the first place.

YEUP. Thats why I am glad the "financial crisis" happened, so that there is more accountability on their side. Yeah, it's party the consumers' who took on more than they could handle, but the ones with all the goodies/money should be more responsible with the way they lend. Its the very same reason you dont go handing the keys to a Corvette to a 16 year old kid...

 

I mean, what young kid is gonna say no to that? None. Not one. They are all going to hop in and go crash(default).

 

If they cant handle the Corvette(big fancy house/car) you shouldnt hand them the keys(approve the loan).

 

I actually think that the literal sense should hold true as well. What I mean is if a 17-18 year old walks into a dealership and wants to buy a crazy fast car like a ZR1 or a GT500, I think that there should be some kind of limitation in place as to what you can drive based on points or something. Crash a bunch of chocolate, points go up. New licensees should have some kind of purchase/operational barriers as they progress to "good" drivers. Like how you need a CDL to drive a big flowers truck. But no special license need to go kill yourself in a 2013 664HP GT500. But thats a whole 'nother story haha.

[BRBiz]

The problem is we are slipping back to our old ways already as credit starts to come back. My opinion is if you don't have cash to buy something don't buy it. When this happens again which it will if we don't change our ways its going to be very bad and make this look like a cake walk.

[Mo Munny Mo Problems]

Yeup. All the more reason why I decided to limit my charges to what I can PIF, unless an emergency arrives like a flat tire or broken transmission or something and I am just not able to pay right away.

 

That and business opportunities... If I come across a smokin deal on a car or something and I know I can make money off of it, I'd definately jump on it on credit.

 

Otherwise I think Id just be risking messing up my credit. THEN Id miss those opportunities if I cant get no more credit!

 

But yeah Ive noticed that nothings changed really, except this:

 

Before the CARD act and the tighter verification requirements in the mortgage sector, drug dealers and mobsters and otherwise criminal/illegal people could easily get mortgages. Now Mr. Illegal has to launder money or file a bogus tax return in order to fulfill the 4505-T request, and not get found out.

[Mo Munny Mo Problems]

USAA gave her same day approval on a $18K loan. 90% LTV Exactly.

 

3.99 @ 72 MOS!

 

NICE

 

They overnighted the check to her for $8 too, had it at 9AM

[BRBiz]

USAA gave her same day approval on a $18K loan. 90% LTV Exactly.

 

3.99 @ 72 MOS!

 

NICE

 

They overnighted the check to her for $8 too, had it at 9AM

Nice!

[Mo Munny Mo Problems]

$21,500 MSRP

+TTL = $22K or so.

 

no docs too!

 

 

w/USAA Rebate($750), Consumer Cash ($500) and Bonus Cash ($500)... thats $1250 off to knock it down to $20750

 

she put $1300 cash down to bring it down to $$19540, and I let her borrow another $1250 to squeak by on the 90%LTV

 

that brounght it down to $18310.

 

The neat thing is, after we got home, I clicked online and accepted the Pre-Approved "Up to $25K" Credit card offer and the next day she got $6500 no docs!

 

She BT'd the $1250 she owed me over to her new USAA before it ever got there(Next day for $8 as well).

 

So now she got half her down payment for 0% until Mar 2014! lol

 

 

overall, for her first car purchase..with that thin of a file, I am really glad how it came out for her