Chance of getting an Auto Loan with foreclosure on credit?

[Anonymous]

Would you guys happen to know what my chances of getting financed are? Without getting too much into detail, about 5 years ago, my parents mortgage was refinanced under my name (was 18 at the time). 3 years later we couldn't afford the payments, and the house went into foreclosure. We are now in the process of trying to finish a short sale *sigh*. Anywho i recently checked my credit report and still see the loan reporting as late.

I'm now 23, finished school. Have some student loans that i've never been late on. Have a credit card with 500 credit limit thats current. Make about 47k a year. According to my score watch my current fico score from equifax is 641. I have a down payment of 10k right now, looking to get an Acura TL with a pricetag of 27k. I've been denied in the past (about 2 years ago), i became very annoyed and haven't visited a dealer since. I've been trying my best to at least keep my credit clean so that i could someday finance a car. Sorry for the long rant, thanks in advance!

[Revelate]

Welcome to the forums.

Your file isn't pretty but the roughly 30% down (OTD price probably around 33k) you're not in terrible shape for approval.  I'd let the short-sale process finish, and then look at perhaps roadloans and dealer financing.  Honda financing probably won't touch you, but I was sitting at a 551 Auto EX score with a nasty tax lien reporting, and Wells approved me for similar loan value and down payment percentage.  It was an ugly rate (19.35%) but I got the car and am two full paychecks away from refinancing 7 months later.

[Anonymous]

Thanks for the reply Revelate, i am also a member of a credit union. Was thinking about trying them first. Maybe they would give me a lower rate.