Quick question...Ford credit and income (kinda long)

[JOHNINAZ]

I really hate to post this here because its rather personal but I have a couple questions I would love answers too.

I was until yesterday a partner in a body shop. My partner (41% to my 39%, 20% is a silent partner) controls all voting shares in the LLC and notified me yesterday he is buying me out (this has been coming its not been good for 6 months now).  He had me legally removed as a manager of the corporation. My employment (I run the business he is the accountant) will come to an end within a month I would believe. The buyout will leave me in a position to most likely open another business. Due to structuring I will not get a lump sum which would allow me to produce an immediate income producing company but scheduled payments over a year. No biggy.... I have started and built businesses from scratch before but here is the problem.

I got married to my wife (Chinese immigrant) about 9 months ago, she is working, legally, and makes about 2K a month. We live on my salary which will now go away. On 2/6 we ordered a new Ford Mustang for her to drive but of course it was to be financed on my credit (see below for numbers). I was never really worried about getting the car loan but I am now.

Anyone deal with this in the past. I am 58 so running out and getting a job in my field (automotive) isn't a reality. Opening a business is but... even with immediate income I am sure it still will not afford me the salary I was getting now.

Will they consider her income ? Will they still just consider mine or base it on credit score? The car isnt supposed to be in until the end of April so I have 2 months to put something together. Should I just cancel my order and get my deposit back ? Should I call the dealer and ask their opinion ?

My other thing is I might have to actually use my credit cards in the next couple months which will kill my score most likely. Given my pay was set at the 1st and the 15th I could play the CC reporting game to my advantage, now I might not be able too. I will NOT run my business off cards... I worked too hard to get here to kill myself doing that bt might need to use them in the mean time. Anyway any input would be appreciated. She is putting the down payment on the car with money she has in China and not out of houshold money which I was fine with since it is her money. She was going to make the payment out of her income but it was still my credit needed to buy the car.

Sorry for the long post... just curious about these questions and was hoping someone else might have had a similar situation and can forward their experience.

Thanks in advance,

John

[sports1965]

her income will not count unless she applies for the loan .

[JOHNINAZ]

Thanks for the info....... the plan was to add her but given she has no credit in the US I was also curious if that would help or hurt the situation.

Any other input would be appreciated.

[martinkk]

I am in a similar situation in that I was planning on buying a truck, but can't find the exact one I want. Dealer has suggested ordering, but my check from the credit union will expire before the vehicle arrives if I go that route. I spoke with both the credit union (NFCU) and the dealer and both have agreed that we can close on the deal as soon as the VIN number has been assigned if we prefer to do it that way.  It might work for you, too if your goal is just to get the car financed. You might be able to go ahead and close while you are still working and everything can be verified, etc.  Good luck.

[Anonymous]

Im not sure what your question is...will you get approved? probably...can you use her income? yes. many credit application ask for household income. Should you buy a car given the uncertainty...well that;s your call.  I got approved with a lower score through a dealer at a decent rate. becuase I have a realtively high income (133k) I thought they would immediately ask for paystubs, given my low score...but they didn't.  I know that come of the legislation doesn;t allow credit cards to use income as a basis for granting credit...this was done to protect stay at home spouses..not sure if this applied to car apps..