I can help, I manage a car dealership.

[UpNComing]

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@NYY053 wrote:

Hi, I couldn't help but notice all the great advice you give on this site, I wanted to ask you what you thought about my situation.. 

I'm a 24 year old New Yorker I have a steady job I make about 38k a year, when I was 18 I got a credit card and never paid it, ruining my credit of course recently I filed for Bankruptcy and I'm waiting to be discharged in mid July.. About a year ago I visited a couple dealership trying to get a car financed.. I have a car now but its not financed in my name its a 2005 Mazda 3 SP23 (bigger engine) which I owe about 6500 on it has 115k miles on and has been in a accident and repaired. I'd say its in fair condition overall to be on the safe side. When I get a new car I t would have to be in my name only, I've pulled a couple credit scores after the bankruptcy and Its gone up actually from 540s to the 610s... My last visit to a dealership I was told no way due to the high balances.. A couple months prior I visited a Toyota year that said yes at almost 25% interest and were not sure if they could take the trade in without a large down payment.. My credit score has increased since, but I now have the bankruptcy, and all same accounts as before just with a 0 balance. Do you think its possible soon after the bk is discharged mid July- august? I'm looking for a mid sized to full sized sedan 09 or newer.. Like an Accord, Camry, Maxima, Passat.. Any insight would be appreciated Thanks..

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There really is no waiting period after the BK is discharged.  You need to find a dealer that specializes in post BK loans.  As long as you have no negatives after the BK you should be fine as long as you meet all the stipulations.  Be prepared to pay a high interest rate either way though.

[UpNComing]

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@Huskycat wrote:

Hello

First, awesome thread. Lots of useful information here.

I was hoping to get an opinion on my current situation. I'm a recent graduate (six months ago), making 70k a year. I'm hoping to get an auto loan in the next month or two. Right now my FICO scores range from 621 - 643 (pulled this week) with one 30 day late on a credit card from a year ago and a CC charge off (major neg) from 2007 (it was subsequently settled in full and I'm currently trying to get it removed a little early). Other possible dings: 8k in credit card debt (80% util), and I've got about 80k in student loans. Overall my DTI is 26 - 31% (housing, student loans, CCs, with the higher number assuming that I continue doubling down in my minimum CC payments).

As I said ideally I'd like to get a car in the next month or two (looking for a loan of about 20k), but I realize that my utilization is high.

1.) Given my current situation, what do you feel are my current chances of getting a loan? I ask as I've got about 3k for a down payment, but I'm at a bit of a crossroads. If I'm not likely to be sucessful now or in the near future, I may take the down payment and make a serious dent in my CCs. Do you think that my %util will be a major roadblock.

2.) I have an auto loan from when I was an undergrad (2001) that was paid in full early with no lates, but it doesn't show on my CR. Is there anyway that a lender would be able to verify this into (I figure its a good bright spot)?

Any info / help / advice here would be most appreciated.

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With no auto history you're going to find it tough to get a loan without a co signer.  Your idea of using the money to pay down your cards and lower your utilization is actually a good one IMHO.  It's easier to get a loan with little or no money down if your scores are in the upper 600's than it is to get a loan with money down in the low 600's.

[Huskycat]

Ugh, that's a bit of a bummer. The auto loan was on all three CRs I pulled 3 years ago, but isn't on any now. I never realized that good items fall off of CRs too :/.

Thanks for your advice.

[UpNComing]

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@Huskycat wrote:

Ugh, that's a bit of a bummer. The auto loan was on all three CRs I pulled 3 years ago, but isn't on any now. I never realized that good items fall off of CRs too :/.

Thanks for your advice.

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I wish I had better news for you   But keep in mind, anything is possible when it comes to buying a car.

[Anonymous]

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@Huskycat wrote:

Ugh, that's a bit of a bummer. The auto loan was on all three CRs I pulled 3 years ago, but isn't on any now. I never realized that good items fall off of CRs too :/.

Thanks for your advice.

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Just in case you didn't know, for futuer reference, positive tradelines generally remain on your CRs for 10 years after being closed.  This is not a guarantee and not part of any law.  They just purge old accounts for storage space purposes.  Most often though, they will be deleted 10 years after they are closed.

[Steelersfan904]

I am looking at getting a used car within the next 6 months to a year. Hopefully by then my score will be in the 650s or higher. I had an auto loan 7 years ago that got repoed due to my dad not paying the loan(irrelevant yes I know). Will I probably be able to get a loan? The car was repo back in 2006/2007. I plan on spending less than 15k hopefully less than 10k.

[UpNComing]

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@Steelersfan904 wrote:

I am looking at getting a used car within the next 6 months to a year. Hopefully by then my score will be in the 650s or higher. I had an auto loan 7 years ago that got repoed due to my dad not paying the loan(irrelevant yes I know). Will I probably be able to get a loan? The car was repo back in 2006/2007. I plan on spending less than 15k hopefully less than 10k.

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Steelersfan904, I can't imagine a repo from that long ago is effecting your score that badly.  What is your utilization?  Do you have other negatives on your credit?

[Steelersfan904]

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@UpNComing wrote:

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@Steelersfan904 wrote:

I am looking at getting a used car within the next 6 months to a year. Hopefully by then my score will be in the 650s or higher. I had an auto loan 7 years ago that got repoed due to my dad not paying the loan(irrelevant yes I know). Will I probably be able to get a loan? The car was repo back in 2006/2007. I plan on spending less than 15k hopefully less than 10k.

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Steelersfan904, I can't imagine a repo from that long ago is effecting your score that badly.  What is your utilization?  Do you have other negatives on your credit?

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Student loans which is in rehab and an old broken lease that is on EX and TU only. Utilization is less than 10% and I plan keep it that way until I am ready to buy.

edit: Scores were low because I never paid attention to credit. I never have owned a credit card until recently. I think in 6 months I might be only a month away from completing my student loan rehab program

[UpNComing]

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@Steelersfan904 wrote:

Student loans which is in rehab and an old broken lease that is on EX and TU only. Utilization is less than 10% and I plan keep it that way until I am ready to buy.

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Do you have any other loan history besides the repo and student loans?  Even if you don't, as long as you have the income and no major employment gaps you'll get a loan.  However, prepare to be in subprime territory.

[Steelersfan904]

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@UpNComing wrote:

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@Steelersfan904 wrote:

Student loans which is in rehab and an old broken lease that is on EX and TU only. Utilization is less than 10% and I plan keep it that way until I am ready to buy.

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Do you have any other loan history besides the repo and student loans?  Even if you don't, as long as you have the income and no major employment gaps you'll get a loan.  However, prepare to be in subprime territory.

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No that is the only loans I have ever had. Nope been consistenly employed for the past 9 years. That is what I figured hopefully I can find something for cheap. Amazes me how my girlfriend got approved with two dang repos on her credit thru GM financial.