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brando4256

App for Marv

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your Age? 35
Your Equifax Credit Score? FICO 8...622
Your Experian Credit Score? FICO 8....588
Your TransUnion Credit Score? FICO 8....590

How many years have you been on file with Equifax? 15
How many years have you been on file with Experian? 15
How many years have you been on file with TransUnion? 15

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? Yes, 2

Will this open auto loan be a trade-in? One, yes
How many late pays within the last 12 months on the currently open loan? 1 - Dec 2017 
How many late pays within the last 13-24 months on the currently open loan? 0
Your current open auto loan is financed with?  NFCU and COAH
Your current open auto loan payment is?  $425 & $375
Estimated amount you may be upside down in this vehicle? $3500 
Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 6

YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 6
Total percentage utilized overall? 60%
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) 5
How many of your revolving accounts are known subprime credit cards 5

YOUR PERSONAL INFORMATION

How long at your current residence? 6 years
Do you Rent or have a Mortgage, or Live w/Relative or Other? Own (mortgage does not report to credit)
Your Monthly Rent or Mortgage payment? $2500
How long have you held your current job? 6 YEARS
Your total provable monthly gross income is? 6000 w2 / $8000 1099 
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paystub & bank statements or check stubs for 1099
Is there additional monthly income? What amount monthly? No
Describe the source. 
Is the additional monthly income provable? 
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.) 0
Does any credit repository contain any Public Record? Yes, BK Chap 7 from 9yrs ago on TU and EX not on Equifax
If yes, please very briefly describe. 

 

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

If yes, please very briefly describe.

1 medical $900

1 old store card $2500 (old)

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 6

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 9

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 6

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Quote

Estimated amount you may be upside down in this vehicle? $3500 
Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 6

Why?

 

Quote

Do you Rent or have a Mortgage, or Live w/Relative or Other? Own (mortgage does not report to credit)

You still need to disclose.

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25 minutes ago, MarvBear said:

Why?

Lost job and did a modification to interest only for a year with NFCU back in 2014 which totally through things off. 

 

You still need to disclose.

Yes, I was just referencing that fact that its not on my credit which actually keeps my scores lower than if it reported. 

 

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I'd think some sort of down payment to be in order.  So you do not finance the negative monies plus the additional taxes and fees.

 

But I think 0AK2Eei.gif

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Thanks Marv,

 

I have equity in a second car, 2011 F150 FX2, probably $4-$6k equity on trade. Do you think I am better off trading both in to offset the upside down position and then turning around and buying 2 cars at once? 

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5 hours ago, brando4256 said:

Thanks Marv,

 

I have equity in a second car, 2011 F150 FX2, probably $4-$6k equity on trade. Do you think I am better off trading both in to offset the upside down position and then turning around and buying 2 cars at once? 

I'm Not Marv - but if you did that, you'll be upside down on two vehicles instead of one. Add to it with FICOs down in the 500's Marv says you would be approved (he doesn't predict APRs) but I'm saying your APR will be on the upper side of the charts. Is the desire to trade an upside-down vehicle one of necessity or want? If its just a want, wait until the upside-down vehicle is rightside-up again (usually when its paid off) before trading.

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Why do you want to trade the vehicle with the alleged upside down amount?

And Indy is right you do not want to trade in two and compound your present situation.

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To update everyone, I traded in the 2011 Ford F150 and was approved for a $45,000 loan at 10% by Chrysler Financial for a new 2018 Chrysler Pacifica Hybrid. 

 

Thanks!

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On 2/8/2019 at 12:53 PM, IndyPoolPlayer said:

How bad did Santander stick you for on the finance rate?

Looks like he said 10%

 

Ouch!  On a 48-month note that would make a payment of $1,100+ and cost $10K in interest.  But with what I read as an income of $14K/mo. I guess that's manageable.  

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