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New Member
Posts: 3
Registered: ‎06-27-2014
0

Possible to get new car?

Hi all! New member here.

I wanted to know what chances I have of getting a new car. To be more specific, a loaded 2015 altima.

I purchased my first car in september of last year with $500 down and no cosigner @ 6.99 %. I started making payments in November, but I just refinanced the loan in April of this year because the lender only reported to Experian and Equifax and they haven't updated since January. The new lender reports to all three like clockwork. So it kind of looks like i have two car loans right now. I have already talked to the previous lender about the stale reporting, but they seem to not care. Anyway, I want to get out of my current car and in to a 2015 Altima. What are my chances ?

This are my stats:
Ficos in the low 700's
AAOA 1 year
First card opened 8/12
Citi dividend 0/2000
Citi sears 0/2000
Chase Amazon Visa 0/500
Barclays rewards 300/1500
Kay jewelers 0/1100
Walmart 0/850
NFCU cash rewards 3000/5000
Navchek 0/1500
Fed student loan 4750 Deferred
Chase slate 0/2000 not reporting yet. Approved 2 days ago.
Amex BCE approved yesterday, dont know limit. Not reporting yet.
Many inquiries on Experian from my first car loan, 2 inquiries on Equifax and 3 on Transunion.
27k income.
Established Contributor
Posts: 714
Registered: ‎12-05-2013
0

Re: Possible to get new car?

Hi Soccerchk14,

Welcome to the forum...

Do you have anything that shows that the car was refinanced and the old loan is paid off? If so, you should be OK.

 

With that said, however, you want to be careful with the old car. What is it valued at? Is there going to be any negative equity (value minus the balance on your current loan)? If so, with the income of 27K, that may be a challenge, but definitely not impossible.

 

Just my 2 cents.

FICO® EQ 717 (3/5/15); TU08 732 (3/5/15); EX: 723 (3/5/15) - Last app 3/15/15; Inquiries: A TON!

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Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Possible to get new car?

[ Edited ]

Has the first lender gotten the check to pay it off in full? I'd at least call to ensure that they consider the loan paid in full to make sure the refi lender sent the money to the first lender.

 

Is the 27k take home or pre tax? On auto apps, they always ask for gross (ie pre-tax) income. And any down payment available for the new car? Also what's your rent/mortgage?

 

Finally, I'm not sure buying a loaded Altima which can easily run over 30k if you really add all the options. Have you made sure you can afford the car? Typically buying so much car with such an income isn't the best idea because you have to keep in mind insurance, maintainence, and all that other stuff will come up too.

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
New Member
Posts: 3
Registered: ‎06-27-2014
0

Re: Possible to get new car?

Hi IamB2,

 

I have the paperwork from the new lender showing that i refinanced. I spoke to the previous lender, and the loan is paid off in their system, but they still wont update. They havent updated since January of this year. Should I dispute with the bureaus? What if the lender doesnt respond? I dont want to lose the tradeline, but if it's better to lose it than for it to be stale I'm ok with that. I don't want it to look like i have two car loans and have a bad DTI. My current car is a 2011 altima, I owe $18K on it, and NADA says its valued at $12K.. not sure if thats accurate.

New Member
Posts: 3
Registered: ‎06-27-2014
0

Re: Possible to get new car?

Hi Remember0,

 

My income is gross. I'm currently in school full time and i have two jobs, so that's the best i can do for now. As for down payment, maybe $500-1000 and i don't have rent or mortgage since i live at home with my parents. I just want to see if it's possible to get in to a new altima, i guess it doesnt have to be the top model.

Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Possible to get new car?

[ Edited ]

If you have the paperwork, you should be okay. What is the monthly payment that reports on that loan anyways?

 

If the refi'ed loan you have reports as an auto loan, I'd honestly dispute the oldest loan. See Starting's post below me on how to dispute the old loan correctly.

 

Also yes, I think you can swing a new Altima. Lower base models probably go fo 21-22k OTD and I can see an approval for that amount (perhaps even 25k). JUst make sure you can really afford it, the insurance, maintainence though. Just because one can be approved for a loan doesn't mean it's wise.

 

If possible though, I'd maybe wait a little while to get the first loan showing paid in full (assuming the refi loan shows as an auto loan).

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
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Community Leader
Super Contributor
Posts: 6,659
Registered: ‎03-06-2010
0

Re: Possible to get new car?

First thing I think the OP should do is a direct dispute in writing with the creditor for the first loan that was paid off. Since you have the paperwork, you can send in a copy showing that it was paid, the date paid and the fact they have not updated it with the CRA's. Give them a maximum of X days to correct (I would make it 10 to 15 days) so that you look like a reasonable person. Smiley Happy

 

If the tradeline is not corrected, then report them to the CFPB. It will get corrected then. Don't let this one just sit. First of all, it is incorrect. Secondly it shows a balance. It can do nothing but hurt you.

 

In the meantime, don't go buy something else. Get this fixed before you attempt to buy anything else.

 

Continue to make timely payments on your currrent loan.

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