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My car was totaled in a minor collision and it was my only means of transportation. Now I'm really nervous about being able to finance a new vehicle with my current credit scores. Here is where I am at:

 

- The car had one missed payment at the end and I was a cosigner on it. My insurance paid off the $840 dollars remaining on it, but it is still showing on my reports as a charge off with a balance of $840.

- I also have a collection for $2800 with CAP1 that was settled last month for $1,100 and is being paid in three payments.

- I have two other collections, both for an old apartment. One is for $2,900 and one for $750. These two hit the 7 year mark in July of this year.

- My TU score on CK is at 561, EQ is 628.

- My EX FICO 8 score shows as 686. This score doesn't show the charge off for the car or any collections.

- After the car was totaled I have about $5k for a down payment and could probably push it to $6K if needed.

 

I know this is far from the best place to be for purchasing a vehicle, but am I in a really tough spot, or am I overthinking it? I'm not expecting a great interest rate or anything, but I am nervous about actually being approved for anything. 

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Marv, thank you for taking my app. My credit is not great, but I need to get into a car as soon as possible.

 

Credit Application:

Your Age: 37

Your Equifax Credit Score: 628 (vantage)  auto8: Unknown
Your Experian Credit Score: 686 (FICO) auto8 Unknown
Your TransUnion Credit Score: 561 (vantage) auto8 Unknown

How long have you been on file with the CRA?s? 15 years

Previous Automotive Credit History: One auto loan that was charged off for non payment of the last payment by cosigner. That due balance of $840 was paid last week.
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? 0
Number of late pays within the last 13-24 months on the currently open loan? 0
Current open auto loan is financed with? NA
Current open auto loan payment is? NA
Estimated amount you may be upside down in this vehicle? 0
Rate your payment history on this open auto loan from 1-10 (10=BEST) NA

 

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

Revolving Credit History:
Total number of revolving accounts? 2 open
Total percent utilization overall? 90%

Your Information:
How long at residence? 5 years

Rent/Homeowner/Live with relative? Rent
How long at current job? 7 years 9 months
Total Provable MONTHLY GROSS INCOME? $6,000
Provable via computerized paystub or what method? Self employed, P/L, statements from client, bank statements, etc.

Your Downpayment in CASH: $5,000
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): Yes.
If so, please describe. Yes, one collection with a balance of $2,400 (settled recently for $1,100), 2 for one old apartment: one is $750 and the other is $2,900. Both hit seven years in July of this year.

New or Used Vehicle you are considering; please describe: New Subaru Outback. $32K

Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:  3
Installment Credit History: 3
Revolving Credit History: 3

 

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24 minutes ago, MarvBear said:

0AK2Eei.gif with proof prior auto loan is PIF.

 

That's good to hear and kind of eases my anxiety a bit. Thanks! How could I go about proving it is PIF? Could I just show them in my insurance claim where they made the payment?

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24 minutes ago, MarvBear said:

That should be sufficient.  A copy of the check, or an analyst phone call to verify the loan is PIF.

 

Thanks again for the help! I'll be heading to the dealership on Thursday so hopefully I'll be driving back in a new car.

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On 4/10/2022 at 6:51 PM, MarvBear said:

Please keep us updated.


 

I was able to take today off instead of Thursday so I spent the entire day at the dealership. Incredibly bummed that the only two new cars they had in stock were both sold after i left on Monday (just stopped by to look at them on my way in to work). 
 

ao I had my choice of a few certified pre owned Foresters. I chose one I really liked I got approved an initially my APR was insane. 13.99% I told them it’s not happening and started packing my bags. The finance manager said to hold tight because he was still checking on what they could do. Eventually it got down to 7.99% and a manageable monthly payment, however it is on my high end. 
 

what did me in was the settled Cap1 collection. The dealership used Cap1 as their bank. I needed a car very badly (didn’t tel them that) and settled for what I felt was right. Now I’m looking forward to my credit being in a much better spot in six months so I can refinance. This market is absolutely wild and I hope no one else has to buy a car in it. 

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On 4/10/2022 at 6:51 PM, MarvBear said:

Please keep us updated.


so they just sent over the electronic copy of my contract and I’m a little confused on something. Price listed for the car was 32K. Under “itemization of amount financed” line 1 has the taxes, around $2100, then over in the total column to the right is nearly 39k. I put down 7500 so the bottom total is 31K. Am I missing something?

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58 minutes ago, MarvBear said:

Are you looking at the REG Z box off the contract?


im not sure. It just says “itemization of amount financed” and line one has a line with “sales tax” and the amount, then a few with “NA” and the last line has the total of around 38K. I don’t see anything about “reg z.”

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51 minutes ago, MarvBear said:

reg z box looks like this.

 

Regulation Z financial definition of Regulation Z (thefreedictionary.com)

 

Are you still confused?

 

That section is right above what I am talking about. It makes sense, just the numbers don't quite add up for me. I'm thinking there was possibly some kind of package added on that I'm not seeing? Is it ok to post an image of the section I am referencing without any personal information?

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57 minutes ago, MarvBear said:

reg z box looks like this.

 

Regulation Z financial definition of Regulation Z (thefreedictionary.com)

 

Are you still confused?

 

 

Now that I am looking at it on my desktop I can see all of my documents. I think I was had. I was under the impression that windshield protection and the extended warranty were being included, but it looks like they were added to the total of the car.

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The Debt Cancellation Agreement fee is the one that beats the hell out of me...the only other big amount is the service contract. 

 

You say 'price listed' was $32K, but you don't indicate if that was a figure from before or after your down payment as you understood the original negotiations.

 

Sales tax and doc fees seem standard... 

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1 hour ago, CubRunner said:

Now that I am looking at it on my desktop I can see all of my documents. I think I was had. I was under the impression that windshield protection and the extended warranty were being included, but it looks like they were added to the total of the car.

Yeah..............they were included.                        

 

 

IN YOUR PAYMENT.

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23 minutes ago, MarvBear said:

Jesus H Christ.....................you paid $1500.00 for GAP Ins and $3500.00 for a service contract!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!😟

 

The service contract is what I am really upset about. I was told it was being included and no prices were mentioned. I was told having the gap insurance would be the only way to get my interest rate down. Here is the listed price:

 

spacer.png

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25 minutes ago, MarvBear said:

Yeah..............they were included.                        

 

 

IN YOUR PAYMENT.

 

Jesus. Is there anything I can do at this point? Car is still at the dealership and picking up this afternoon.

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23 minutes ago, CubRunner said:

The service contract is what I am really upset about. I was told it was being included and no prices were mentioned. I was told having the gap insurance would be the only way to get my interest rate down. Here is the listed price:

 

That is a clear violation of TILA and also UDAAP.   Both the GAP policy and the Service Contract would have had pricing on them, which you should have seen when you signed the forms.   You outright got lied to, and why did you not question the amount being financed when you made such a large down payment?

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28 minutes ago, MarvBear said:

 

That is a clear violation of TILA and also UDAAP.   Both the GAP policy and the Service Contract would have had pricing on them, which you should have seen when you signed the forms.   You outright got lied to, and why did you not question the amount being financed when you made such a large down payment?

 

 

I'm pretty sure the pricing was there, I just wasn't directed to them. It was more of a "hey this explains the service contract we talked about including earlier and here is what it covers ok sign here." I messed up. I think I got so caught up in being in range (albeit the very far end of it) of monthly payments, knowing that I had bad credit, and knowing I desperately needed a vehicle that I just didn't notice. 

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