Auto Loans

[sherakay]

I gross $3400/month. Net $2800. Rent is $725

Installment loans are all Federal Direct Student loans. Balance $27, 146 CL $26,403 (interest these loans have been deferred a couple of times due to reinrollment in local community college to learn different skills) Attended college 2000-2005 DTI 103% Monthly payment $127

Revolving balance $4,915 Available $2,430 CL $8,205 DTI 58% Monthly payment $184

Length of Credit History 11 years 5 months

Average Length of Credit History 6 years 10 months

[UpNComing]

---

sherakay wrote:

I gross $3400/month. Net $2800. Rent is $725

Installment loans are all Federal Direct Student loans. Balance $27, 146 CL $26,403 (interest these loans have been deferred a couple of times due to reinrollment in local community college to learn different skills) Attended college 2000-2005 DTI 103% Monthly payment $127

Revolving balance $4,915 Available $2,430 CL $8,205 DTI 58% Monthly payment $184

Length of Credit History 11 years 5 months

Average Length of Credit History 6 years 10 months

---

You have a good shot especially since you have a semi long history.  No negatives?
 

[Stoomac]

Hey UpnComing ,

This is a great thread, very enjoyable read and appreciate your time and effort answering people's questions.  Here's my question, I'm relatively new to the country (2 years) so have been building up credit history.  I've got current scores in the 690 range (FICO) no negs, longest account 25 months, AAoA of about 14 months, never any lates or any other issues.  Current monthly gross is 19K, running about 7% DTI (mortgage and a 30K boat loan).  What are the odds of my securing financing in the 45K range at a VW dealership?

Thanks

[UpNComing]

---

Stoomac wrote:

Hey UpnComing ,

This is a great thread, very enjoyable read and appreciate your time and effort answering people's questions.  Here's my question, I'm relatively new to the country (2 years) so have been building up credit history.  I've got current scores in the 690 range (FICO) no negs, longest account 25 months, AAoA of about 14 months, never any lates or any other issues.  Current monthly gross is 19K, running about 7% DTI (mortgage and a 30K boat loan).  What are the odds of my securing financing in the 45K range at a VW dealership?

Thanks

---

Are you on a professional VISA by any chance?  What country are you from?

[Stoomac]

---

UpNComing wrote:

---

Stoomac wrote:

Hey UpnComing ,

This is a great thread, very enjoyable read and appreciate your time and effort answering people's questions.  Here's my question, I'm relatively new to the country (2 years) so have been building up credit history.  I've got current scores in the 690 range (FICO) no negs, longest account 25 months, AAoA of about 14 months, never any lates or any other issues.  Current monthly gross is 19K, running about 7% DTI (mortgage and a 30K boat loan).  What are the odds of my securing financing in the 45K range at a VW dealership?

Thanks

---

Are you on a professional VISA by any chance?  What country are you from?

---

Yes here on a 6 year professional visa, came down from Canada. 

[sherakay]

---

UpNComing wrote:

---

sherakay wrote:

I gross $3400/month. Net $2800. Rent is $725

Installment loans are all Federal Direct Student loans. Balance $27, 146 CL $26,403 (interest these loans have been deferred a couple of times due to reinrollment in local community college to learn different skills) Attended college 2000-2005 DTI 103% Monthly payment $127

Revolving balance $4,915 Available $2,430 CL $8,205 DTI 58% Monthly payment $184

Length of Credit History 11 years 5 months

Average Length of Credit History 6 years 10 months

---

You have a good shot especially since you have a semi long history.  No negatives?
 

---

Yes, I was adding on to this previous post on the previous page:

I have a question about how my CR is viewed by a dealership when applying for a loan. Not sure if they are auto-enhanced, but when I received my rejection letters from 2 CU they reported my score as 669 from EQ and 690 from TU. I have 20 positive lines on my CR and 7 adverse ones.  I have a successfully paid off car loan for $11,533 opened 2/4/06 and closed 4/14/11. Never late.

2005-2006 were bad years as I was going through a canceled wedding and EX moved out of apt and I got stuck with all of the bills. What can/should I do to try and get auto loan. Looking to finance $12000-13000 and put $1500 down.

The baddies on TU are: 

1) AES- Student loan- maximum deliquency of 120 day occurred in 9/05- PAY STATUS: Current; Paid or Paying as Agreed

2) HSBC Bank- CC- Credit Card lost or stolen (shows 30 day late in 11/05)- PAY STATUS: Current; Paid or Paying as Agreed

3) HSBC Bank- CC- settled less than full balance- PAY STATUS: Charged Off (I was an Authorized User on this account) Est removal- 9/12

4) Kay Jewelers- Charge Account- maximum deliquency of 60 days occurred in 12/05 Inactive account- PAY STATUS: Current; Paid or Paying as Agreed

5) CMI- Collection Agency- Balance $105  Date Placed for Collection- 9/23/08 PAY STATUS: In Collection- Est removal 5/14

6) Fidelity Info Corp- Collection Agency- Balance $2134 (Shows $2206 on EQ I have filed a dispute with both CRA) Date Placed for Collection- 3/29/07 PAY STATUS: In Collection- Est removal 10/13

7) NCO Financial- Factoring Company Account- Date Placed for Collection- 10/24/07- PAID Collection PAY STATUS: Account Paid in Full; was a collection-  Est removal 2/13 

[UpNComing]

---

Stoomac wrote:

---

UpNComing wrote:

---

Stoomac wrote:

Hey UpnComing ,

This is a great thread, very enjoyable read and appreciate your time and effort answering people's questions.  Here's my question, I'm relatively new to the country (2 years) so have been building up credit history.  I've got current scores in the 690 range (FICO) no negs, longest account 25 months, AAoA of about 14 months, never any lates or any other issues.  Current monthly gross is 19K, running about 7% DTI (mortgage and a 30K boat loan).  What are the odds of my securing financing in the 45K range at a VW dealership?

Thanks

---

Are you on a professional VISA by any chance?  What country are you from?

---

Yes here on a 6 year professional visa, came down from Canada. 

---

If you have an established history in Canada you're in luck.  VCI can pull your bureau from Canada.  If not then VCI has an awesome business professionals plan.  Automatic A tier approval for no longer than the term of your VISA as long as you meet the stipulations.

[UpNComing]

---

sherakay wrote:

---

UpNComing wrote:

---

sherakay wrote:

I gross $3400/month. Net $2800. Rent is $725

Installment loans are all Federal Direct Student loans. Balance $27, 146 CL $26,403 (interest these loans have been deferred a couple of times due to reinrollment in local community college to learn different skills) Attended college 2000-2005 DTI 103% Monthly payment $127

Revolving balance $4,915 Available $2,430 CL $8,205 DTI 58% Monthly payment $184

Length of Credit History 11 years 5 months

Average Length of Credit History 6 years 10 months

---

You have a good shot especially since you have a semi long history.  No negatives?
 

---

Yes, I was adding on to this previous post on the previous page:

I have a question about how my CR is viewed by a dealership when applying for a loan. Not sure if they are auto-enhanced, but when I received my rejection letters from 2 CU they reported my score as 669 from EQ and 690 from TU. I have 20 positive lines on my CR and 7 adverse ones.  I have a successfully paid off car loan for $11,533 opened 2/4/06 and closed 4/14/11. Never late.

2005-2006 were bad years as I was going through a canceled wedding and EX moved out of apt and I got stuck with all of the bills. What can/should I do to try and get auto loan. Looking to finance $12000-13000 and put $1500 down.

The baddies on TU are: 

1) AES- Student loan- maximum deliquency of 120 day occurred in 9/05- PAY STATUS: Current; Paid or Paying as Agreed

2) HSBC Bank- CC- Credit Card lost or stolen (shows 30 day late in 11/05)- PAY STATUS: Current; Paid or Paying as Agreed

3) HSBC Bank- CC- settled less than full balance- PAY STATUS: Charged Off (I was an Authorized User on this account) Est removal- 9/12

4) Kay Jewelers- Charge Account- maximum deliquency of 60 days occurred in 12/05 Inactive account- PAY STATUS: Current; Paid or Paying as Agreed

5) CMI- Collection Agency- Balance $105  Date Placed for Collection- 9/23/08 PAY STATUS: In Collection- Est removal 5/14

6) Fidelity Info Corp- Collection Agency- Balance $2134 (Shows $2206 on EQ I have filed a dispute with both CRA) Date Placed for Collection- 3/29/07 PAY STATUS: In Collection- Est removal 10/13

7) NCO Financial- Factoring Company Account- Date Placed for Collection- 10/24/07- PAID Collection PAY STATUS: Account Paid in Full; was a collection-  Est removal 2/13 

---

I can't imagine this wouldn't be an approval.  There are plenty of banks that would pick you up IMHO.  It won't be a low level approval but an approval none the less.  Have you gone to a dealer or just your CU?

[discernment]

---

poops wrote:

Serious questions...

• What really goes on when the salesman "goes to talk to the sales mgr" in the back?
• Also, why do dealerships have to keep prospective customers waiting for 2-4 hours in order to just buy a car?

---

Thank you for asking this question!  I have always wondered about this too. 

[UpNComing]

---

poops wrote:

Serious questions...

• What really goes on when the salesman "goes to talk to the sales mgr" in the back?
• Also, why do dealerships have to keep prospective customers waiting for 2-4 hours in order to just buy a car?

---

I'm sorry, its hard to keep up when Im working and I completely missed this question! 

That's the ultimate question,  what's with the guy behind the curtain?  Well, I'm one of those guys.  My dealership is the highest Google rated dealer in our area.  We maintain this by being honest and open with our customers.  I am strongly of the opinion that our customers have all the information at there finger tips so why try to hide it?  That being said, my salesman have no real authority to agree to anything without checking with me first.  One small mistake on a salesman's part can mean huge losses on the dealers part.  I'm there to make sure everything goes smooth and to approve any deal before a final decision is reached between the salesman and the customer.  Why not deal directly with me?  The easy answer is there is not enough of me to go around.  I have 12 sales people which allows me to figuratively be in more place than once.  But rest assured I make sure I meet each and every one that comes to our store.

To answer your second question, 2-4 hrs is unacceptable!  That is a dealer with bad processes.  A good dealer can have you through the entire process within 90 min.