I have never purchased a new car, or even close to new. Had a personal loan years ago for a piece of junk, it died, got the loan extended to get another piece, it died, etc... made a lot of bad decisions and filed BK in 2005, discharged in 06/2005, bought an old beat up civic for $1200 later that year, and spent another $1200 6 months later for a new engine, seals, timing, radiator and lots of other stuff related to that...
Then 18 mos after the BK I got a kay jewelers card. started building credit... filled and paid that off a few times (engagement ring and other nice things in the process). A year later got a lowes and best buy card the same day. Maxed them both a few times and paid them off within a few months each time. 2 months ago I had to get a new computer for a new job and got a juniper card and best buy mastercard. The mastercard i filled up to about 400/500, the juniper i filled to 1300/1500. In September my experian score was 702, didn't get the others. My new juniper account gives me my transunion score and the first it gave me was 615 (!) november 28. I assume it is so low now because i just received and filled 2 credit cards a month earlier on the same day, plus had applied for a third and got denied (did three apps within a couple minutes of each other hoping to get enough altogether to get the computer i needed).
So anyway, my car is not doing all that well now... it's got 214K miles on it, the engine is fine because it only has about 80k on it with new seals and stuff, but the transmission and a couple other things seem like they aren't doing well, one window doesn't roll down, one door doesn't open from the outside. I don't want to put more money into this car unless I have to, oil changes, etc. I want to buy new for a change, something affordable, but good quality and good resale value, which has led me to the Honda Fit for various reasons. I know some people say buy a good used car, but I don't want to have any loan for a car unless it has a warranty that will last as long as I am making the payments, and I am tired of worrying about my car breaking down (like I have for the past 13 years, and they have ALL broken down on me in one way or another).
So.... here is where i stand now, card-wise:
Best Buy - 500/750 (a 0% for 18 months deal but i will pay it off by mid january)
Lowes - 0/700
Kay -0/1850
MC - 0/500
Juniper - 879/1500 (7.99%, will be paid off mid january)
In January i also get my free annual credit report again, so i will double check everything beginning of february, along with getting all 3 FICO scores. The 3rd paycheck in january will be all extra (i have been paying my bills ahead to plan for this).
So, the Fit has to be preordered due to high demand, and is 8-12 weeks from the time you put a refundable $500 deposit until the time you get it. (note: I want to get it exactly the way I want, not whatever is on the lot right now).
My plan, is to take that last paycheck in jan, and use that as deposit, plus whatever I can save between then and when the car arrives i will put down (about 700-800/month i can save max). I am hoping my old civic makes it until april, but that should give me a total of around 3000 down payment. I am not sure when they do the credit pull for the loan since it wouldn't start until I get the car, not like they can't sell the car instantly if i backed out anyway. I haven't even been able to test drive a manual transmission model because they are sold as soon as they come in.
So anyway, I want to hear what you would do in my shoes. Would you wait it out longer? Would you try to get financed at the end of January? Would you buy yet another used car instead? I want to get a good feel for what others have done and would do...When will my payoffs show up on my report (and maybe reflect on my score)?
