MarvBear postSep 4 2004, 07:51 PM
Post #1
Please do not post your Name and/or your Social Security Number or any personally identifying information.

Automotive Forum Lead Many others look at creditboards.

I will do my best to answer your request as time allows. You can simply cut and paste the below “Credit Application” into a new thread. Please keep all comments concerning your purchase related to the original thread you start.
Group: Mod Squad
Posts: 7,030
Joined: 11-November 03 QUOTE
From: Sleeping in the Sun! Your Age: 54

Member No.: 2,377 How long have your been on file with the CRA’s? 36 years

Credit Scores:
Equifax? 638
Experian? 649
Trans Union? 632

Your Credit:
Rate your OVER ALL credit from 1-10 (10=BEST) 7
Rate your installment Credit from 1-10: 10
Rate your revolving Credit from 1-10: 9

Public Records? Yes
If yes, please describe: BK 7 07/2001

Auto Loans:
Do you have an open auto loan? Yes
How many auto loans are presently open? 1
Are you trading in your open auto loan? Yes
Are there late pays on your CURRENT auto loan? None
If yes, please list the time frame.
Current open auto loan is financed with? Onyx Acceptance
Current open auto loan payment? $365.00
Estimated amount you may be upside down in this vehicle? $4000
Rate this open auto loan from 1-10.

Credit Cards: 4
Total number of revolving accounts: 4
Percent utilization overall: 35%

Your Info:
Total Provable MONTHLY GROSS income: $3950.00
Provable via computerized paystubs or what method: Direct Deposit, Pay Stubs

Your Downpayment in CASH: $500
Rebates not considered; Trade Equity not considered; cash only.

New or Used Vehicle: New/Used
Please describe desired vehicle: 4 door midsize like the Hyundai Sonata,

Please leave any comments that your feel may be pertinent and may lend added weight for a favorable outcome
I receive guranteed monthly pension and retirement income of $3, 450.00. The gas on my current truck is more than the payment.
I have never lost a vehicle to repossesion. The vehicle is what makes things happen in my life. I can go to work, movies, and etc. I will always make my payment.
This post has been edited by MarvBear: Mar 19 2005, 08:31 PM

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MarvBear

I need to HIBERNATE more.

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Your previous post references an approval via a Ford dealer. Are they now selling the Hyundai product?

The Ford Ranger I have now is not through Ford Motor Credit but the sales manager led me to believe FMCC approved me till the time for the stroke of the pen. My last two trucks (1997) were and I was never late. The same person who own's the Ford Dealership owns the Hyundai dealership (and more). The dealerships are in a Pod.

I really do not believe you should have a problem obtaining a loan.

I will have to add $3000-$4000 in actual price of new vehicle because I owe more than my trade-in is worth.

A suggestion from someone in the neighborhood mention: I should go to the dealer and tell them I am selling the truck I now have. Then buy the new vehicle (I plan to keep) and then do a voluntary repossesion on my truck that I currently have financed for more than what it is worth.

Any thoughts on this idea? Will my credit be shot?

that sounds like a perfect plan if you want to shoot your credit all to hell for the next 7 yrs minimum.

Has your neighbor been drinking a bit too much?

Thanks for the input. I wanted to think of the easier softer way to get out from my current loan. The finance company does not do re-finances of customer loans but maybe they will consider an interest reduction from almost 13% to 5%.
Am I dreaming? My Experian Fico score is 649. Experian is who they always use around here it seems.