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Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
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Re: I can help, I manage a car dealership.


FloridaState12 wrote:
 

Is there like a general guideline, ratio, formula or something used to determine if payment to income parameters are met? Do you have an example or something you could use? Sorry for the barrage of questions, but I'm an eager beaver. :smileyvery-happy:

 

That would be great if Audi has the same deal. No offense, but I'd much prefer an Audi over a VW. :smileytongue: 



None taken.  So would I! :smileywink: You can't exceed 25% of your gross annual income.  And don't worry about asking.  I was the one to offer my help. :smileyhappy:

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Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Contributor
Corvidae
Posts: 101
Registered: ‎03-19-2011
0

Re: I can help, I manage a car dealership.

I am getting a brand-new vehicle soon.  I have 804 FICO scores for both here.  I have no revolving debt, just a mortage.  That puts me at 37% DTI.  I do have previous auto loans on my history.  What are the chances of being approved at a reasonable rate?  I am concerned about my DTI and if I need a co-signer or large down payment.  Thanks!

804 Transunion
804 Equifax
775 Experien (lender pulled, auto enhanced)
Established Contributor
FloridaState12
Posts: 614
Registered: ‎08-24-2011
0

Re: I can help, I manage a car dealership.


UpNComing wrote:


None taken.  So would I! :smileywink: You can't exceed 25% of your gross annual income.  And don't worry about asking.  I was the one to offer my help. :smileyhappy:


So wait...I'm confused. So do you mean that my total yearly payments can't exceed 25% of my annual income? Sorry if I seem remedial but I'm literally brand new to this whole thing. I have no clue how all this stuff works right now lol

 

And thank you for all your prompt responses, btw! 

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Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
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Re: I can help, I manage a car dealership.


Corvidae wrote:

I am getting a brand-new vehicle soon.  I have 804 FICO scores for both here.  I have no revolving debt, just a mortage.  That puts me at 37% DTI.  I do have previous auto loans on my history.  What are the chances of being approved at a reasonable rate?  I am concerned about my DTI and if I need a co-signer or large down payment.  Thanks!



Don't worry.  You're a top tier buyer across the board.  If you're not going for special rates from the manufacturer you can expect something in the low 3% if you are 85% loan to value or high 3% low 4% in you don't have enough down to improve your equity in the vehicle.

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Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
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Re: I can help, I manage a car dealership.


FloridaState12 wrote:

UpNComing wrote:


None taken.  So would I! :smileywink: You can't exceed 25% of your gross annual income.  And don't worry about asking.  I was the one to offer my help. :smileyhappy:


So wait...I'm confused. So do you mean that my total yearly payments can't exceed 25% of my annual income? Sorry if I seem remedial but I'm literally brand new to this whole thing. I have no clue how all this stuff works right now lol

 

And thank you for all your prompt responses, btw! 



Monthly.  If you make 2500 a month your payment can't exceed 625.

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Established Contributor
FloridaState12
Posts: 614
Registered: ‎08-24-2011
0

Re: I can help, I manage a car dealership.


UpNComing wrote:

FloridaState12 wrote:

UpNComing wrote:


None taken.  So would I! :smileywink: You can't exceed 25% of your gross annual income.  And don't worry about asking.  I was the one to offer my help. :smileyhappy:


So wait...I'm confused. So do you mean that my total yearly payments can't exceed 25% of my annual income? Sorry if I seem remedial but I'm literally brand new to this whole thing. I have no clue how all this stuff works right now lol

 

And thank you for all your prompt responses, btw! 



Monthly.  If you make 2500 a month your payment can't exceed 625.


Ah, got it. Thanks!

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New Member
800PlusScore
Posts: 11
Registered: ‎02-07-2012
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Re: I can help, I manage a car dealership.


UpNComing wrote:

800PlusScore wrote:

I'd love to get some more feedback on this one please:

 

http://ficoforums.myfico.com/t5/Auto-Loans/Interesting-situation-about-first-car-loan/td-p/1210871


I'm confused.  On this thread you said you have no negative marks on your reports.  Didn't you mentioned you have a paid collection from two years ago?


Paid collection?? Uh...I think you may be confusing me with someone else, haha.

Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.


800PlusScore wrote:

UpNComing wrote:

800PlusScore wrote:

I'd love to get some more feedback on this one please:

 

http://ficoforums.myfico.com/t5/Auto-Loans/Interesting-situation-about-first-car-loan/td-p/1210871


I'm confused.  On this thread you said you have no negative marks on your reports.  Didn't you mentioned you have a paid collection from two years ago?


Paid collection?? Uh...I think you may be confusing me with someone else, haha.


Oops!  I did confuse you with someone else.  You're golden.  You'll qualify for Mits first time buyer program with no problem.  Call up Mits Credit and ask about their first time buyer program.  I can only speak for VW but from what I understand most of these programs prevent the dealer from adding points to the loan.  I'm sure if you ask that question you'll get a straight answer from them as well.

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Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Regular Contributor
MsTucker09
Posts: 225
Registered: ‎02-16-2009
0

Re: I can help, I manage a car dealership.

It is great that you work at a car dealership, I am thinking about getting the new passat, I absolutely love it!!! The retail is like $26,500.  I can possibly put down $8k cash and trade in for $2500.  My credit scores are upper 500s, but I will be paying balances off to raise scores.  What is the likelyhood of getting the price knocked down to like $23000 or $24, 000?? I really want this car but I want my payments to be less than $400.  Also what is the likelyhood of me getting approved for a loan. 


Starting Score: EQ 462 9/30/11
Current Score: TU 577 4/10/12 EQ 607 4/10/12 PLUS 627 4/10/12 Beacon 5.0 621 lender pull 4/13/12
Goal Score: 650


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Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.


MsTucker09 wrote:

It is great that you work at a car dealership, I am thinking about getting the new passat, I absolutely love it!!! The retail is like $26,500.  I can possibly put down $8k cash and trade in for $2500.  My credit scores are upper 500s, but I will be paying balances off to raise scores.  What is the likelyhood of getting the price knocked down to like $23000 or $24, 000?? I really want this car but I want my payments to be less than $400.  Also what is the likelyhood of me getting approved for a loan. 



Unfortunately MsTucker09, the 2012 Passat just doesn't have that much profit to negotiate a discount of that size.  Dealer cost on an MSRP of $26520 is $24929.  There are no cash incentives on the Passats at this time.  I'm sure you can find one for dealers cost if you are planning on financing though.  Good luck!

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Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682

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