App for Marv

[Sunnie_Daze]

Credit Application: Auto Loan

Your Age: 38

Your Equifax Credit Score: 606
Your Experian Credit Score: 614 (the credit union said 627)
Your TransUnion Credit Score: 629

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

Previous Automotive Credit History: 3 paid auto loans, 1 charge off
Do you have an open auto loan? Yes
Will this loan be a trade-in? No
Number of late pays within the last 12 months on the currently open loan? None
Number of late pays within the last 13-24 months on the currently open loan? None
Current open auto loan is financed with?  Regional Acceptance
Current open auto loan payment is? 338
Estimated amount you may be upside down in this vehicle? 3000
Rate your payment history on this open auto loan from 1-10 (10=BEST) 10

Revolving Credit History: 
Total number of revolving accounts? 6
Total percent utilization overall? . 46%

Your Information:
How long at residence? 3 years
Rent/Homeowner/Live with relative? Rent 1000 month
How long at current job? 17 years 
Total Provable MONTHLY GROSS INCOME? 5538 (without spouse)
Provable via computerized paystub or what method? Tax Returns/Bank Statements and pay stub

Your Downpayment in CASH: 2000
Rebates not considered; Trade Equity not considered: 

Does any credit repository contain any Public Record? Yes....BK7...discharge 05/2010

Does any credit repository contain any Collection Account(s) 
If so, please describe. 2 baddies

Jefferson Capital $3026 (old Verizon account that a family member who was an employee with the company signed up for using all of my information. Working on getting that removed)

Waypoint Resource Group $484 comcast bill from 2016

New or Used Vehicle you are considering; please describe:  2009 bmw 750i $12,5000 with 130k miles

Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:
Installment Credit History:  7 or an 8
Revolving Credit History:  9 (credit report says 99% of payments on time)

[MarvBear]

  Collateral too old.

[cv91915]

4 hours ago, Sunnie_Daze said:

 2009 bmw 750i $12,500 with 130k miles

This sounds like a financial death wish. 

 

I mean that constructively.   

[oldblue]

1 hour ago, cv91915 said:

This sounds like a financial death wish. 

 

I mean that constructively.   

 

Especially if its going to be the new DD. Even if its not, doesn't look like it is, this is the kind of car you buy when you have an extra 30k laying around you don't know what to waste it on. 12k to buy and 18k to fix it when it breaks because it will break and it will be very expensive, then it will break again. 750s with 130k spend more time in shops than on the road.

[Sunnie_Daze]

Thanks!   My husband is looking at it and will likely not do it.  I’m trying to get him to go new.  This will be his back and forth to work car. 

[cv91915]

I was looking at used (2016ish) 750s recently.  

 

The place where I bought mechanical breakdown insurance (aka extended warranty) on my Infiniti will not sell MBI on a BMW 750 at any price. 

[CTSoxFan]

13 hours ago, Sunnie_Daze said:

Thanks!   My husband is looking at it and will likely not do it.  I’m trying to get him to go new.  This will be his back and forth to work car. 

Might I suggest you look at a late model used car rather than new.  With those scores you are unlikely to be approved for leasing and any car loan will likely have in interest rate at least in the high single digits if not double digits.  That is a ton of money to be throwing away on finance charges and a clean car that is a couple of years old, or even a CPO would be a much better financial choice at this stage.

 

The best option would be to buy a reliable used car (like a Civic, Corolla or similar) that you can pay cash for and drive for a few years while you improve your credit and financial position.

[Sunnie_Daze]

1 hour ago, CTSoxFan said:

Might I suggest you look at a late model used car rather than new.  With those scores you are unlikely to be approved for leasing and any car loan will likely have in interest rate at least in the high single digits if not double digits.  That is a ton of money to be throwing away on finance charges and a clean car that is a couple of years old, or even a CPO would be a much better financial choice at this stage.

 

The best option would be to buy a reliable used car (like a Civic, Corolla or similar) that you can pay cash for and drive for a few years while you improve your credit and financial position.

His mom who has an 847 is going with him and they are going through the credit union.  He’s driving a 2010 charger right now that needs more work than it’s worth at this point but doesn’t have a payment.  They went to the credit union yesterday and the chick pulled his credit and he’s actually at a 627 and with his mom they will get him a pretty decent rate.  He’s agreed to not get that car though he’s getting something else.  

 

Between the two of us we make $128k a year. That app was just in his own.   Our scores are horrible right now because we had some issues after I was diagnosed with cancer and eventually had my lung removed.  

 

Thanks for the advice though!  I really do appreciate it!

[hegemony]

PLEASE STOP MOM FROM MAKING A MISTAKE!!!!!!!!!

 

never co-sign. never.

[Sunnie_Daze]

51 minutes ago, hegemony said:

PLEASE STOP MOM FROM MAKING A MISTAKE!!!!!!!!!

 

never co-sign. never.

Why?  They’ve co-signed a couple of cars that have been completely paid off?   

 

[Sunnie_Daze]

Anyway, thanks Marv for looking at it.  We’ve financed and paid off several cars in the past and except for one.  I just posted this so he could see that buying that BMW would not be in his best interest and I wasn’t going on loan with him.  

[cv91915]

Best wishes getting into something reliable and affordable.

[CTSoxFan]

1 hour ago, hegemony said:

PLEASE STOP MOM FROM MAKING A MISTAKE!!!!!!!!!

 

never co-sign. never.

This, x10000000!

 

Unless mom is so wealthy that having to assume and pay off the loan in full will have no impact to her personal financial situation, and even then I wouldn't recommend it. 

 

Life happens.  I am sure you didn't plan to get sick and have the issues that you did, but it happened, and I am glad you are doing better.  However, what if god forbid something else happened (I am obviously not wishing this on you...)?  Can your MIL afford to pay off that car if for some reason, any reason you couldn't, or would doing so jeopardize her financial well being?  Obviously you and your husband have good intentions, but you know what they say about good intentions.

[hegemony]

5 hours ago, Sunnie_Daze said:

Why?  They’ve co-signed a couple of cars that have been completely paid off?   

 

they might as well just buy the car for the kid. that is a lot safer.