08-07-2012 07:10 PM
Check out THIS link for information on the Fico Auto Enhanced Score.
So, If you are paying 20 cents for every mile over it is going to cost you like $8000 when you turn in the car. Ouch
If the trade in for your car is 26K for excellent then if you are buying the car at that price it is actually a decent deal. That is well below retail. I would recommend securing financing with your bank or credit union ahead of time. Your income should be able to get you approval. Do not even go through the dealership. They will try to get more money out of you! You should be able to do everything over the phone with Lexus Financial if you intend to just buy the car. I bought out a lease before and I never set foot inside of the dealership.
You dont need a downpayment to finance the car unless the bank wants it for credit approval. Try to put $0 down and put that money towards fixing your morgage situation. Ideally, you'll want to fix your credit and then refinance or buy a new car next year when your credit is better.
08-08-2012 04:42 PM
08-08-2012 09:38 PM
Great link--good info. I am not a member of a credit union, though I am looking into joining one soon. I am going to check with my bank about securing the payoff amount. I have been with them for 12 years and my checks are direct deposited there so hopefully that will help.
You have been very helpful. Many thanks, I will follow-up and let you know how things turn out. Any tips for getting a good rate or for securing financing in my situation? Either way I will follow-up.
You are not going to get a good rate and you dont have much time to do repairing if you are buying in the next few weeks. Your biggest hurdle will be getting approved. You might need a co-signer. Suck it up for a year, visit the credit rebuilding subforum, and then refinance in a year.
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