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Credit Application: 

Your Age: 53

Your Equifax Credit Score: 654
Your Experian Credit Score: 646
Your TransUnion Credit Score: 648

How long have you been on file with the CRA?s? 10 yrs

Previous Automotive Credit History: yes
Do you have an open auto loan? yes
Will this loan be a trade-in? yes
Number of late pays within the last 12 months on the currently open loan? 0
Number of late pays within the last 13-24 months on the currently open loan? 0
Current open auto loan is financed with? Wells Fargo Auto / Ally Financial 
Current open auto loan payment is? $647 /$690
Estimated amount you may be upside down in this vehicle? $12,000 Wells Fargo Auto
Rate your payment history on this open auto loan from 1-10 (10=BEST) 10

Revolving Credit History: 5 yrs
Total number of revolving accounts? 6
Total percent utilization overall? 40%

Your Information:
How long at residence? 4 yrs
Rent/Homeowner/Live with relative? rent
How long at current job? 2 yrs
Total Provable MONTHLY GROSS INCOME? $19,608.33
Provable via computerized paystub or what method? Paystub

Your Downpayment in CASH: $3000
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

Does any credit repository contain any Public Record?
Is so, please describe. BK 2013 - Discharged

Does any credit repository contain any Collection Account(s)
If so, please describe. no

New or Used Vehicle you are considering; please describe: 2016 BMW X5 M

Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:
Installment Credit History: 10
Revolving Credit History: 10

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I'd suppose your 3000.00 down payment would basically cover sales tax dealer fee and other incedentials pertinent to the sale.  Don't know for sure since I do not know your state of residence and how they calculate sales tax.  That still leaves you 12,000.00 upside down.  I'd have to bring out my voodoo doll to handle that.  Ouch!

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I am in NJ, the other thing i hear from lenders is that i don't have any auto credit above $35K. So that's been knocking me down, do you know any creditors that would give me a try?

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I'm sure many lenders would be quite happy to have your business, but your problem will be conforming to their most lenient LTV calculations for your situation.  It's not your credit as much as the amount of negative equity you are trying to place on a new loan.

 

That is a formidable obstacle to overcome.

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