App for Marv

[raduque]

The '13 F150 5.0s are looking really nice, so just for S&G

 

Your Age? 31

Your Equifax Credit Score? 648
Your Experian Credit Score? 665
Your TransUnion Credit Score? 670

How many years have you been on file with Equifax? 7
How many years have you been on file with Experian? 7
How many years have you been on file with TransUnion? 7

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? Yes
Will this open auto loan be a trade-in? Yes
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? 0
Your current open auto loan is financed with? Wells Fargo Dealer Services
Your current open auto loan payment is? $280
Estimated amount you may be upside down in this vehicle? 0
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? 5
Total percentage utilized overall? 50%-ish
How many of your revolving accounts are store cards? 1
How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 4
How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0

YOUR PERSONAL INFORMATION

How long at your current residence? 4 years
Do you Rent or have a Mortgage, or Live w/Relative or Other? Relative/Other
Your Monthly Rent or Mortgage payment? $100
How long have you held your current job? 19 months
Your total provable monthly gross income is? $1520
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Both
Is there additional monthly income? What amount monthly? N/A
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? $1000
Does any credit repository contain any Public Record? No
If yes, please very briefly describe.

Does any credit repository contain any Collection Account(s)? Yes
If yes, please very briefly describe. C/O Utility bill from 2008-9

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 8
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) 7

New or Used vehicle you are considering: Please very briefly describe.

2013 F150 XLT Crewcab 4x4 5.0 - about $37k

[Mo Munny Mo Problems]

Util is a lil high. If your limits are five figures..thats cause for concern...heck even 50% util on a couple $2500 cards is still kinda not good :/

 

The truck alone would put your Debt-to-income around 50%(?) with a small down payment like that. Im estimating approx 10-12% just to calculate a payment. At that rate, even stretched out over 72 months is north of $600/mo

 

Plus your installment, although never late, is probably too small of an amount and you would be considered to have "limited credit experience" by some. $280/mo is what? A $10-15k loan?

If i were you and i was serious about confortably owning that truck, id get that util to 1% to get a better rate, and in the meantime wait out for a steal of a deal on a low mile used unit for under 30k..and have more like 3-5k down.

 

I was in your shoes and that was my experience, anyways

 

Heck even only 2k down on a 29k loan at a decent rate would put you ...lemme seee..

Edited June 18, 2013 by Mo Munny Mo Problems

[Mo Munny Mo Problems]

$460.32 @ 7% with $2k down on a $29k loan for 72mo

 

I did that much on that income..it wasnt that bad

[MarvBear]

NSF income

[raduque]

That's about what I figured Marv, though I didn't do the math on it.

 

I figured I might as well ask, because it never hurts right? I test drove a '13 5.0 Screw while getting some recall work done on my current truck, and I was blown away by everything about it.

 

As for my current loan, yes, it was about 10,000 after TTL, and I only put $200 down, as it was all I had on me. I kind of rushed into buying the truck, as my car at the time wasn't going to work for driving 50+ miles a day for my new job. Of course, a 15mpg truck isn't best for that either, but I had to have a truck after being stuck in a car for two years!

 

Thanks guys!

[Mo Munny Mo Problems]

That's about what I figured Marv, though I didn't do the math on it.

 

I figured I might as well ask, because it never hurts right? I test drove a '13 5.0 Screw while getting some recall work done on my current truck, and I was blown away by everything about it.

 

As for my current loan, yes, it was about 10,000 after TTL, and I only put $200 down, as it was all I had on me. I kind of rushed into buying the truck, as my car at the time wasn't going to work for driving 50+ miles a day for my new job. Of course, a 15mpg truck isn't best for that either, but I had to have a truck after being stuck in a car for two years!

 

Thanks guys!

 

Well AC Collins Ford here in Pasadena has one at $24,500.

 

Extended cab, white paint, 5.0 V8...6 speed automatic transmission...only 16,000 miles. 5 yr/60K miles powertrain warranty...

 

their number is 1-877-699-2153

 

Stock # 56055

 

At that price, you could afford to have it shipped.

[Mo Munny Mo Problems]

Compare that price to buying a brand new one, with rebates and stuff:

 

http://www.ford.com/trucks/f150/incentives/

 

"$2,500 Customer Cash (PGM #12316) + $1,000 XLT Customer Cash (PGM #12322) + $500 5.0L Customer Cash (PGM #12264) + $500 XLT Bonus Cash (PGM #12320) + $1,750 XLT Luxury Pkg. (PGM #97270) + $1,500 Ford Credit Bonus Cash (PGM #12318) which requires Ford Credit financing + $1,000 Trade-In Assistance Bonus Cash (PGM #34422) which requires trade-in of 1995 or newer vehicle, or terminate lease 30 days prior to or 90 days after new retail delivery. Not all buyers will qualify for Ford Credit financing. 0% APR financing for 60 months at $16.67 per month per $1,000 financed regardless of down payment (PGM #20438). Not available on F-150 Raptor. Residency restrictions apply. For all offers, take new retail delivery from dealer stock by 7/8/13. See dealer for qualifications and complete details."

 

So lets say you get the $2500 customer cash + $1000 XLT Customer Cash + $500 5.0L Customer Cash + $500 XLT Bonus Cash

 

If you get ford financing theres another $1500 Ford Credit Bonus Cash

Theres also a $1000 trade in assistance, if you trade in a 1995 or newer vehicle.

 

So you *might be able to find a dealer willing to let a BRAND NEW one go for *clse to what a slightly used one would be.

 

 

The difference to YOU would be...the price on taxes. Buying a brand new car, you pay the taxes on MSRP, not the sales price after rebates.

 

So buying a used car will save you (in my state) 6.25% of the difference between new MSRP and current Standard Presumptive Value.

 

This isnt a big deal when the price is low but compare $31,000 X 6.25% = $1937.50

 

Now lets try that used one. $24,500 X 6.25% = $1531.25

 

$406.25 difference. So really, its like you're getting the used truck for $24,500-406.25 = $24,093 if you think about it.

 

or the new truck is really $406.25 MORE. Glass half full/empty..however you want to perceive it.

 

Its not a TON of money, but I would consider it when caculating cost New vs Used, and the car is $20K or more. Or when state/county/federal sales taxes add up to anything over 6-7%

 

 

 

 

Moving back to you getting a 2013 5.0 F150...

$24,500+ TT&L..say you cover the TT&L and just borrow 25K.

 

even stretched to the max at 72 months, and at the best rates available, (1.74%), that works out to $365.91/mo.

 

which is 24.07% DTI. Not TOO bad. If your util was down under 10%, and you didnt have any other payments than the truck, I dont see any reason why you couldnt pay $85 more per month.

 

If you could do that AND scrape up the cash to double your down payment to $2,000 I see you doing victory donuts in your 5.0 in no time

Edited June 20, 2013 by Mo Munny Mo Problems

[raduque]

The extra $85/mo is doable, but I just had a bad thought about how much my insurance would go up for a brand new vehicle =X

 

My util is high because I use my Rewards AmEx for anything I would've used my regular bank card for - and I pay the balance as soon as my DD hits my bank.

[BRBiz]

Your income would never support that loan amount.. You should be looking at $10k to $15 vehicles not $40k and the income is below most lenders min. Income limits. Not judging but that would just be a very bad financial decision in the first place.

[Labyrinthine]

My concern (and that of most lenders, I imagine) would be this: what if your home situation changes and you suddenly don't have the luxury of $100/month rent. All of a sudden you are paying maybe $500/month plus utilities, plus groceries, etc...and trying to make a truck payment and insurance. Something will have to go and it would be unlikely to be your shelter.

 

I've been there. I know. It sucks when you know you can afford it right now but the lender doubts on the future.

 

Good luck with whatever you do!