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26 minutes ago, cv91915 said:

You're overthinking this.  :) 

 

Call DCU or your local CU tomorrow.

But I was just told that CUs won't lend for vehicles with that many miles, etc.... twice...

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31 minutes ago, IndyPoolPlayer said:

In real life, dealerships won't give a ship about details. Income is income, garnishable or not. It appears for the most part you're on SSDI?

Well that's great to hear. Online I have been seeing a lot of this like "Auto Credit Express, you must be employed full-time or have a guaranteed fixed income of at least $1,500 a month" and those are the places that charge such high interest. Yes it is SSDI.

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25 minutes ago, PoorGirl said:

Well that's great to hear. Online I have been seeing a lot of this like "Auto Credit Express, you must be employed full-time or have a guaranteed fixed income of at least $1,500 a month" and those are the places that charge such high interest. Yes it is SSDI.

Those are the scum of the auto finance world. Avoid those if you can.

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Posted (edited)
38 minutes ago, PoorGirl said:

But I was just told that CUs won't lend for vehicles with that many miles, etc.... twice...

Similarly situated, I would work this from the other direction.  Find out what you can get approved with reasonable terms, and then go shopping for that.

 

 

Edited by cv91915

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Posted (edited)
49 minutes ago, IndyPoolPlayer said:

It sounds cheap - wait until you have to replace the batteries ($6000) or $DEITY-forbid the power converter ($$$$$$$$$)

She's looking for a high-mileage SUV, which has its own risks (we just put $2k in struts/shocks on our 2008 RX with barely 100k miles).

 

fwiw, though, I wouldn't buy a 9-year-old Prius that's been used to haul twenty 50# bags of mulch, but I don't think that's something that's normally disclosed.  😛 

 

Edited by cv91915

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Cut 'n Paste from here down.

Credit Application:

 

Your Age: 42

 

Your Equifax Credit Score: 603 (EQ: 620, EQ FICO Auto 8: 603, EQ FICO Auto 5: 621)

Your Experian Credit Score: 605

Your TransUnion Credit Score: 648

 

How long have you been on file with the CRA?s? 14 yrs

 

Previous Automotive Credit History:

Do you have an open auto loan? No.

Will this loan be a trade-in? No.

Number of late pays within the last 12 months on the currently open loan? N/A

Number of late pays within the last 13-24 months on the currently open loan? N/A

Current open auto loan is financed with? N/A

Current open auto loan payment is? N/A

Estimated amount you may be upside down in this vehicle? N/A

Rate your payment history on this open auto loan from 1-10 (10=BEST) N/A

 

I have read and understand the original pinned "No Credit Check Required" topic. Yes

 

Revolving Credit History:

Total number of revolving accounts? 3

Total percent utilization overall? 7%

 

Your Information:

How long at residence? 3 years

Rent/Homeowner/Live with relative? Rent

How long at current job? Contract work has been steady for over 3 years. SS income has been steady for over 3 years.

Total Provable MONTHLY GROSS INCOME? $1463

Provable via computerized paystub or what method? Social security benefit letter. 1099 for 2018. Printout of PayPal payments for 2019.

 

Your Downpayment in CASH: 10% of total ($650-$1000)

Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

 

Does any credit repository contain any Public Record? No

Is so, please describe.

 

Does any credit repository contain any Collection Account(s)? No. (Well, EQ has a closed one.)

If so, please describe.

 

New or Used Vehicle you are considering; please describe: Used SUV. Interested in whatever is the oldest / highest miles the lender allows because I want to keep the total loan amount down below $7-8K if possible, but I guess it may have to be $9-10K. (I'm not sure that I want whichever loan has the best interest rate. A private party loan seems best. Also seems so much better to have a loan preapproved before I see cars.)

 

Your creditworthiness on a scale of 1-10 with 10 being the best:

OVERALL credit:

Installment Credit History: 1.5

Revolving Credit History: 6.5

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52 minutes ago, cv91915 said:

Similarly situated, I would work this from the other direction.  Find out what you can get approved with reasonable terms, and then go shopping for that.

 

 

Yeah, that would be smart. But if I can only get a loan for a dealership sedan, then I don't think I'll get a car loan at all.

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fAFY0ET.gif  NSF income.   Most lenders will allow you to gross up SSDI an additional 25%.   I think you need around 1800.00 provable monthly income.

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1 hour ago, MarvBear said:

fAFY0ET.gif  NSF income.   Most lenders will allow you to gross up SSDI an additional 25%.   I think you need around 1800.00 provable monthly income.

Thank you for saving me time.

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On 1/5/2020 at 6:08 AM, cv91915 said:

:) 
 

Thanks for your help.

 

On 1/4/2020 at 10:09 AM, IndyPoolPlayer said:

 

I'm not Marv, but

Thanks for all the info!

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On 1/4/2020 at 10:27 AM, PoorGirl said:

Is 7 years too old? 150K miles is too much? I feel I'd get denied for a bigger loan since they wouldn't think I can afford the payment and I would only have 10% down.

From a lender's standpoint, the seven-year old vehicle is within the window that they would likely do up to three years.  From a ownership standpoint, it depends on the vehicle and how well the previous owner(s) actually took care of the vehicle.  Mileage is ALSO something that is driven in part by the previous owners maintenance habits.  I've got north of 165K miles on one of mine and more than 185K miles on another.  Someone that gets freaked out by a number might have issues with the vehicle, but someone who knows what to look for would not have an issue with the mileage precisely because the records exist on maintenance...however, a traditional lender wouldn't loan against them.  The specialty lenders would, but that is because of the type of vehicle.  A run of the mill ten-year old SUV with high miles is NOT on their radar...

 

By example, I've got another vehicle that is pushing 30 years old that a conventional lender wouldn't issue a note on but I have no problems with trusting it for a cross-country drive.  I'm the fifth documented owner but I have had it for just over 20 years now.  I know what has been done and actually got a a complete file folder showing maintenance for all but the first owner. 

 

You need to be speaking with an officer at the small local bank with whom you should be doing your primary banking.  You NEED an officer who is capable of exercising discretion.  You do NOT want an application shotgunned all over the place.  Also, if you rely on the dealership, you do NOT want them to become aware that you are a payment shopper...you will NOT be happy with the process. 

 

The issues with the BHPH locations you have discussed is NOT that the prices are exorbitant.  It is that the FINANCING will screw you several times over.  They often will structure a contract in a manner that makes it difficult to pay the note off early.  As others noted, they often will ALSO have a GPS unit in place that shuts the vehicle down at inopportune times if you are five minutes late on the payment...and if some articles have been correct, they occasionally glitch and shut them down prematurely.  

 

Your small local lender will let you know what they are willing to lend you, which them allows you to have a number in mind as you search places like AutoTrader.   

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1 hour ago, centex said:

From a lender's standpoint, the seven-year old vehicle is within the window that they would likely do up to three years.  From a ownership standpoint, it depends on the vehicle and how well the previous owner(s) actually took care of the vehicle.  Mileage is ALSO something that is driven in part by the previous owners maintenance habits.  I've got north of 165K miles on one of mine and more than 185K miles on another.  Someone that gets freaked out by a number might have issues with the vehicle, but someone who knows what to look for would not have an issue with the mileage precisely because the records exist on maintenance...however, a traditional lender wouldn't loan against them.  The specialty lenders would, but that is because of the type of vehicle.  A run of the mill ten-year old SUV with high miles is NOT on their radar...

 

By example, I've got another vehicle that is pushing 30 years old that a conventional lender wouldn't issue a note on but I have no problems with trusting it for a cross-country drive.  I'm the fifth documented owner but I have had it for just over 20 years now.  I know what has been done and actually got a a complete file folder showing maintenance for all but the first owner. 

 

You need to be speaking with an officer at the small local bank with whom you should be doing your primary banking.  You NEED an officer who is capable of exercising discretion.  You do NOT want an application shotgunned all over the place.  Also, if you rely on the dealership, you do NOT want them to become aware that you are a payment shopper...you will NOT be happy with the process. 

 

The issues with the BHPH locations you have discussed is NOT that the prices are exorbitant.  It is that the FINANCING will screw you several times over.  They often will structure a contract in a manner that makes it difficult to pay the note off early.  As others noted, they often will ALSO have a GPS unit in place that shuts the vehicle down at inopportune times if you are five minutes late on the payment...and if some articles have been correct, they occasionally glitch and shut them down prematurely.  

 

Your small local lender will let you know what they are willing to lend you, which them allows you to have a number in mind as you search places like AutoTrader.   

Thanks, that's a lot I didn't know.

 

It seems like many BHPH will say that there's no prepayment penalties, etc, but I guess that there will always be something. And I don't care if I had to make payments a little early, but that makes sense that there could be other very frustrating glitches.

 

I understand that in general the local banks (and especially CUs) are best. However, it seems like not an option for me because I've been using a branch of a big chain bank. Unfortunately. And I think they would be very picky.

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2 hours ago, PoorGirl said:

I understand that in general the local banks (and especially CUs) are best. However, it seems like not an option for me because I've been using a branch of a big chain bank. Unfortunately. And I think they would be very picky.

Until you go in and sit down in front of a lending officer, you won't know. 

 

However, you ALSO now have incentive to find a SMALL, LOCAL bank and establish a relationship...I get twitchy when my banks hit double-digits on the number of branches.

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On 1/7/2020 at 10:38 AM, centex said:

The issues with the BHPH locations you have discussed is NOT that the prices are exorbitant.  It is that the FINANCING will screw you several times over.  They often will structure a contract in a manner that makes it difficult to pay the note off early.  As others noted, they often will ALSO have a GPS unit in place that shuts the vehicle down at inopportune times if you are five minutes late on the payment...and if some articles have been correct, they occasionally glitch and shut them down prematurely. 

Is it ok to purchase from a BHPH lot if I'm paying cash and checking CarFax and AutoCheck? Are there ways they still try to cheat me? I know that sometimes issues don't show up on CF/AC, but the lot isn't necessarily any worse than the other used lots? Or is it?

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If you are paying cash, why not buy from a private party? I would never recommend buying from a BHPH place even if paying cash; such lots are likely not selling at a good price.

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On 1/7/2020 at 10:38 AM, centex said:

The issues with the BHPH locations you have discussed is NOT that the prices are exorbitant.  It is that the FINANCING will screw you several times over.  They often will structure a contract in a manner that makes it difficult to pay the note off early.  As others noted, they often will ALSO have a GPS unit in place that shuts the vehicle down at inopportune times if you are five minutes late on the payment...and if some articles have been correct, they occasionally glitch and shut them down prematurely. 

Not including the BHPH dealers, are there many poor/fair credit lenders who make it impossible or difficult to pay off early? I will have help and we will read everything carefully, but I'm worried that they could make some of the terms more cryptic.

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Just make sure the RISA you sign is a simple interest contract, and you should be fine.   The only caveat to that is some lenders can exercise a portion of the contract that states they can apply the monies received however they wish.   This normally applies if you try and pay extra, they can allocate however they wish.   So if you pay a little extra I would advise you to call your lender and ask for their preferred method of tendering a principal reduction.  Otherwise I would not anticipate you have a problem.

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