Auto App / Question For Marv

[david_weaver]

First, thanks for this site and for all you do for us here. 

 

Currently have a 2018 Buick Enclave Premium (135K miles). Looking to get out of that this summer and into a 2024 Buick Envision Sport. 

 

Below I will include an "App for Marv" so you have all the relevant information. But my primary question (other than whether a loan would be approved) is whether a purchase or lease would have better approval odds and terms given the degree to which the current vehicle is underwater? 

 

Thank you in advance for any clarification. 

 

Your Equifax Credit Score: 640
Your Experian Credit Score: 645
Your TransUnion Credit Score: 640

How long have you been on file with the CRA?s? 22 years 10 months 

Previous Automotive Credit History: 6 paid/closed loans, one open loan. Only blemish is on a paid/closed loan from more the 24 months ago. There was a balance at the end of loan with Huntington Bank. This involved a few late fees (never 30-late) and a personal property tax bill on the vehicle from KY. By the time I paid it, they reported that balance as 60-days late.

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? GM Financial
Current open auto loan payment is? $560 (Purchased in 2022. Previously leased same vehicle at $785 for 39 months through GM Financial and purchased at end of lease term)
Estimated amount you may be upside down in this vehicle? $9,000
Rate your payment history on this open auto loan from 1-10 (10=BEST) 10

 

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

Revolving Credit History:
Total number of revolving accounts? 7 open, 16 closed. In a debt management program.
Total percent utilization overall? 80-85%. Was close to or over 100% a year or so ago and have been pushing it down each month.

Your Information:
How long at residence? 5 years and 1 month
Rent/Homeowner/Live with relative? Own home, $280k estimated value, owe $160k
How long at current job? 2.5 years

Total Provable MONTHLY GROSS INCOME?
Provable via computerized paystub or what method? Paystub gross $192,000 annually

Your Downpayment in CASH: $ 3000
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) 3
If so, please describe.  Two old collections from pet healthcare provider and one old collection from ATT for a Direct TV box. These are 4-5 years old and total under $1000.

 

New or Used Vehicle you are considering; please describe:
2024 Buick Envision Sport. Sticker is $43,000.
Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:
Installment Credit History: 9.5
Revolving Credit History:   8.5

 

[MarvBear]

If you can overcome a lenders restriction on the amount to finance, you are easily approvable.

And a retail installment sales agreement would be an easier approval as opposed to a lease,

I would hazard a guess one big reason you are so upside down is because of the lease term, and the fact that you purchased at lease end.

 

Never sign up for a lease term that exceeds 24 months.  Don't be a payment buyer.