05-07-2010 08:56 PM
Well, Happy Mother's Day to me! I found out a couple of days ago that my 2002 Hyundai Sonata is falling apart. In short, I need almost $2.5K in repairs done ASAP (left and right axels and a new power steering assembly)... then another $1K before state inspection in August. That's a total of $3.5K on a 2002 Sonata. Kelly Blue Book is $1,300 to $1,850, depending on whether it is in fair, good, or excellent condition. *sigh*
While trying to decide what to do, I e-mailed USAA's Financial Services, laid out the baddies still on my report and the background behind them, and gave my current EQ FICO of 675. I explained I did not want a hard pull to drag down my score if there was little chance of getting the loan, etc.
They sent a reply today that said their loans generally require a score of at least 700. : ( They were nice in their e-mail but that doesn't help me right now.
I've got a little money saved but in June, I have to pay 3 month's rent because I need to move. I will pay rent at my current residence and then 1st month's rent and deposit on the new place. I will also have to hire somene to move me. So I need my savings to get those things done.
I'm really bummed about this. I was trying really hard to keep a car payment from happening for another year and a half - when I plan to buy a house. Now it looks l may have to settle for one of those jacked up interest rate auto financing loans to get a new car. My car is not safe to drive with one axel dang near ready to break off (they showed me everything when they gave me the news at my trusted mechanic shop).
Any suggestions for financing or what to try are more than welcome.
05-08-2010 06:18 AM
Buy an American car next time is my suggestion.
05-08-2010 08:43 AM
try to fix...
LOL, irony in the name. Anyway, I would suggest a second opinion on the car. Let the mechanic know that you only need to keep it running for a year or two. Keep in mind that if a mechanic says you NEED something, it really means, that they make more money if they can convince you that you NEED something and you have them do it. You said you just found out.... Did you find out because the mechanic told you, or because you noticed something wrong?
I've had them tell me I needed new axles, when it just needed a boot replacement etc. One option is to tell them you can't afford the whole thing and ask what they can do to help with the cost. Maybe re-built or used axles, etc. You would be amazed at the difference in after market costs between manufacturer and OEM parts. I would recommend putting as little $$ into the car as possible as it's already going to cost what it is worth.
Other than that I wish you the best of luck.
05-08-2010 09:08 AM
Hi bicknar. Thank you very much for replying with advice.
I knew something was wrong with the car when I took it in. My car is making a loud knocking noise on hard turns and not wanting to "go" when the air is on. It even "stutters" sometimes while I'm driving.
I went to one of two mechanics in the area that I trust. I believe what he told me was what I really need. He took me back in the shop to show me everything while my car was still on the lift. He showed me the axels and how they're supposed to look. ALL of the fluids are black instead of the amber, red, clear colors they "should" be.
He knows I'm a single parent and can't afford to shell out thousands on this car. That's why he broke things down, in order of importance, from 1 to 10... the axels being number 1 at a cost of $900 total for both axels... price is for parts/labor/everything.
I can take it to mechanic #2 and see what he says I need... without telling him I've already gone to another mechanic.
I hate to sink in $3k to $4k on a car that I will be lucky to get $1k or $2K for during a trade-in. But the less debt I can keep off my CR until I buy a home, the better.
Have you heard that USAA requires a 700 FICO or higher for their loans? That's what their e-mail reply to me yesterday said. It looks like people on here got loans with a FICO less than that.
05-08-2010 09:13 AM
Why not get financing through somewhere other than USAA? Yes, they are a great company but there are plenty of other people who will give you an auto loan. People with scores like yours have been getting approved with Toyota with their $0 down, 0% for 72 months left and right. The Camry and Corolla are part of this financing promo...if one of those would work I would go that route.
05-08-2010 10:09 AM
I was just approved on tues. from toyota for 0 percent for 60 months on a 2010 corolla and my fico when they pulled it was 619 and I had to roll in a HUGE amount so look into that route I dont see you having a problem getting approved through them. I also have very limited credit history less than a year and just purchased another new car last month. Good Luck!
05-08-2010 01:17 PM
My daughter and I were out running errands and #$@! it... now the driver's side window doesn't work... and it's not all the way up... I'm hosed if it rains.
I am going to look up the nearest Carmax... see if they will at least give me close to $1.7K for this dang car and see what kind of deal I might be able to get on a decent used car. I'm not spending $4K on this thing. Keep your fingers crossed!
05-08-2010 01:24 PM
I agree, there are other lenders out there that you can look at. Just check out the Auto Appovals thread for ideas on lenders. That's what I did and it gave me a good range of interest rates, too. Depending on your area, there is United Federal. On their website they have a thing broken down by credit score ranges and the relating interest rates. I found that a few credit unions do that. Big banks never do. If you're looking at a house in the next year and half and you got a car loan now, the credit report would be looking good, not like you ran out and bought a brand new car while still getting approval for a home loan. Just keep in mind your debt to income ratio, too. Giving you a year with a new car loan would be perfect; you'll grow into it and won't be so rudely inconvenienced whenever the old car needs something. It always happens at the worst time! lol
My husband and I are working on my credit reports so we can purchase a home next year. His '99 Ranger was falling to pieces by the day, despite the very best of care. It just happened. One day, the estimate for repair of one thing was $600. While waiting the week to get the money set aside and get it in, the truck decided to break something else, and the new estimate for the second thing was $900. Order of importance, the second thing. lol. Bottom line, it suddenly wasn't safe, suddenly wasn't reliable, and suddenly needed $1500 but needed a new tranny too. Soo, we traded it in at a high volume lot when they were running a promotion of push, pull, drag any vehicle $4k. It was KBB at $1150. We got the $4k applied to our '07 Trailblazer, plus put down $2k. Some may think we should have put the 2K on the ranger, but they wouldn't be there to see another break down and another 2k in it a month down the road. YMMV. You've driven your car and can see what it needs. Ask your mechanic to do a vehicle purchase inspection on your sonata. As if you were to sell it to another person, get a feel of what they will see needs to be done before you make any decisions. Kind of like getting a whole new view of what's in its future. That way you'll know if it's financially feasible to keep it, or get rid of it.
Buying your own parts somewhere else is another idea. You can check with your Napa parts store or someone else. If you supply your own parts you just have to pay labor and shop supplies like grease. If you do decide to keep it and are looking for parts, go to trustworthy stores and buy it with their warranty. I think like 90 days or 12/12k. Just to make sure you get a little more protection with some sort of warrantied parts on your car.
Just to throw it out there, there's a huge misconception on "trying to sell" to customers with vehicles. Check your state laws, but they all have it in there that if a customer wasn't informed of a problem and then something happens down the road, the shop is legally responsible. So when you find a trust worthy shop, they will always list in order of importance what needs to be fixed. If the customer already knows, then it would have already been fixed. That kind of thing. I read a yahoo article on mechanics and it was awful. They interviewed a "service advisor" who was "telling the secrets of the trade" regarding brakes. Bottom line, brakes are a huge safety concern and if the customer isn't told the specs or general gist they have bad brakes, even if it came in for an engine leak, that shop is responsible. Roll your car window down and listen to how many bad brakes are on the road. Scary, huh? If you're not getting informed of issues on your car in order of importance, that it's not a good shop. And any honest shop offers to save the parts. They'll place it in your car after they are done replacing with a good part so you can verify it was indeed, bad. The people who wave their hand, interrupt the advisors and say, Yeah whatever, are the ones with the unsafe vehicles, while they cruise along laughing in their own ignorance thinking they just saved themselves a whole whopping $200, but are at risk of serious damage to their personal property and risk to others on the roads.
I wish you the best. I have an '06 Sonata. If I could I'd give it to you! It only has 28K miles on it. lol It all boils down to what works for you. Get an honest opinion of other things the car may need and the possible timeline of events when it would happen. Also evaluate new car insurance, registration, and gas mileage. Lots of variables, but there are lenders out there for you, I'm sure, and check with the shop to figure out the cars future.
05-08-2010 01:28 PM
OMG sorry! I just posted a big thing and saw you're buying another car. LOL. I'm sorry. Guesstimate on the car window, $80-150 labor and about $70 for the parts. I'm sorry. First things though try lending tree online or something. Doesn't carmax also work with santander? I know you feel your score is bad, but when you actively seek out the bad lenders, they will run you over. If you try looking up a little higher, it just may work and you may get a decent lender. Don't beat yourself up so bad on the credit.
Good luck and happy car shopping!
05-08-2010 02:04 PM
Thank you for both posts. I've been looking at Carmax and don't find a single local car I'm interested in buying. I'm not rushing. I have to try to be as smart as possible about everything (and hope it doesn't rain anytime soon).
No decisions being made today. Just gonna have a good cry.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.