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New Contributor
Sha80
Posts: 71
Registered: ‎10-23-2012

I need help quickly

I was trying to wait till the end of the year to trade in my vehicle. However I'm $2000 upside down & I found a car that's $6000 off MSRP & this doesn't include additional discounts by my employer. All together I'm saving about $8000 off MSRP & I have about 15% down payment. I was pre approved with GTE for 3.74 with auto pay. The dilemma is should I purchase with my approval or wait 4 days for 2 other loans I had to show PIF 0 balances. Will it increase my score enough to qualify for a lower APR? At application my score was 678. My monthly obligations have decreased by $100 with the payoffs & I primarily used these loans to build credit.

Basically do I purchase now with current APR or delay to reapply for a possible lower APR?
Starting Score: EQ: 605 (10/21/2012) Trans/Walmart: 641(10/26/2012)
Current Score: EQ: 678 (4/9/13) Trans/Walmart: 693 (5/13/13) EX: 648 (4/10/13) Lender pull

Regular Contributor
jm00ser
Posts: 156
Registered: ‎07-11-2012

Re: I need help quickly

Tough to say how much your APR would potentially drop. I was recently approved by GTE myself at 2.74, with at 750. However, had some high utilization on a CC and had balances on most.

 

You could always see if the dealer can beat the APR from GTE if you wait for them to post. With auto loans, all hard pulls are treated as 1 with in a certain period of time window (1-2 weeks? don't quote me!) in case you are one to watch your inquiries.

 

I'd probably wait and see if the dealership is willing to beat it once your balances post!

In full gardening/ debt annihilation mode! (4/15/13)
Notre Dame FCU Visa 0/2k (8/04); CapOne Best Buy 800/1.5k (7\06)
Citi Thank You World MC 4800/9.7k (1/11); Amex Zync NPSL (9/11)
Chase Freedom Visa 1600/3.8k (9/11); Chase Southwest RR Premier Visa Signature 4300/10.7k (6/12); Discover It 0/3k (7/12)
EQ: 751 (4/1/13) EX: 742 (4/8/13) TU: 732 (4/8/13)
New Contributor
Sha80
Posts: 71
Registered: ‎10-23-2012

Re: I need help quickly

My goal is at least a 2.99/2.74 autodraft. I might see if the dealer can get me that low with what I have. My total utilization on my CC's is 8%.
Starting Score: EQ: 605 (10/21/2012) Trans/Walmart: 641(10/26/2012)
Current Score: EQ: 678 (4/9/13) Trans/Walmart: 693 (5/13/13) EX: 648 (4/10/13) Lender pull

New Contributor
Sha80
Posts: 71
Registered: ‎10-23-2012

Re: I need help quickly

If I dispute as paid in full on my credit reports today, will they not be considered? Then I can show proof of payments to the dealer. I'm heading up there at 9 & want to be fully prepared.
Starting Score: EQ: 605 (10/21/2012) Trans/Walmart: 641(10/26/2012)
Current Score: EQ: 678 (4/9/13) Trans/Walmart: 693 (5/13/13) EX: 648 (4/10/13) Lender pull

New Contributor
Sha80
Posts: 71
Registered: ‎10-23-2012

Re: I need help quickly

Approved for 1.99/1.49 auto payment with DCU ....YAY!!!!
Starting Score: EQ: 605 (10/21/2012) Trans/Walmart: 641(10/26/2012)
Current Score: EQ: 678 (4/9/13) Trans/Walmart: 693 (5/13/13) EX: 648 (4/10/13) Lender pull

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: I need help quickly

What kind of vehicle? Year, make, model & options?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
New Contributor
Sha80
Posts: 71
Registered: ‎10-23-2012

Re: I need help quickly

NEW 2013 Ford Explorer XLT

leather

Heated seats

Voice navigation

Rear camera

Sync

Sirious 

Power liftgate

Dual A/C

Driver connect

 

Final price will be around $30100.

 

Starting Score: EQ: 605 (10/21/2012) Trans/Walmart: 641(10/26/2012)
Current Score: EQ: 678 (4/9/13) Trans/Walmart: 693 (5/13/13) EX: 648 (4/10/13) Lender pull

Regular Contributor
coreyb80
Posts: 106
Registered: ‎07-26-2012

Re: I need help quickly

Nice!

Regular Contributor
jm00ser
Posts: 156
Registered: ‎07-11-2012

Re: I need help quickly

Awesome to hear, Congrats on the new purchase! Great rate you got there too!

In full gardening/ debt annihilation mode! (4/15/13)
Notre Dame FCU Visa 0/2k (8/04); CapOne Best Buy 800/1.5k (7\06)
Citi Thank You World MC 4800/9.7k (1/11); Amex Zync NPSL (9/11)
Chase Freedom Visa 1600/3.8k (9/11); Chase Southwest RR Premier Visa Signature 4300/10.7k (6/12); Discover It 0/3k (7/12)
EQ: 751 (4/1/13) EX: 742 (4/8/13) TU: 732 (4/8/13)
New Contributor
Sha80
Posts: 71
Registered: ‎10-23-2012

Re: I need help quickly

Thank you all. The ink isn't dry yet. Renegotiating my trade in. I feel I have more leverage now. Now that I have a decent rate approval for the next 30 days, I'm considering waiting for Memorial Day sales.

Starting Score: EQ: 605 (10/21/2012) Trans/Walmart: 641(10/26/2012)
Current Score: EQ: 678 (4/9/13) Trans/Walmart: 693 (5/13/13) EX: 648 (4/10/13) Lender pull


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