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Regular Contributor
remarc
Posts: 170
Registered: ‎03-05-2012

What's my chances? Car to buy or lease? Advise needed.. Please help

Hey everyone. 

 

In the next month or so I will be looking to trade my 2007 Volkswagen Jetta and get something different. The reason IM thinking it might be worth doing this is I currently owe $10.000 & I think its worth trade about $10.000 I did get appraisal tho the dealer told me $9.500 I think I can get a little more than that.. I have 3 years left to pay off my Volkswagen & I currently pay $321 per month..... 

 

The Volkswagen is in great condition inside and out. Myself & 1 owner previous. Never had any incidents in the car and only 63000 miles on it.. Its been very well looked after.I was thinking a lease for a new vehicle or trading it in and getting a SUV, Maybe a Nissan Amarda or something.. 

 

About my credit:

 

Right now my scores are EQ- 660 - TU 650 (FICO) & EX - 683 (Fako) I have 39% UTI & 1.5 years average age credit. 1 - 30 day (Aug 2011) on a credit card payment (vive tried many times and many letters for the bank to remove this and they will not budge- I moved house and forgot to pay my last payment before I closed the card- Its 53rd Bank)

I have 3.5 years or perfect Auto loan history.. Which I hope will help my auto enhanced score???

This month I will pay down $2500 in balances which will bring my UTI to under 15% - I am looking to get the car in March or April

I have 13 inquiries in the last two years 6 of them are auto inquiries when I refinanced last year with Nationwide 

 

I earn $38500 per year & been at my job for 4 years. 

 

What do you think my chances are of getting a good rate and monthly payment? I was thinking of going to a credit union and joining, my wife is part of our local CU and seeing what rate they would give me?? do you think this is possible with my scores? Then seeing if the dealer ship would give me better

 

Any advice would be great? keep the car, trade the car. Get lease or buy 2nd hand? Please give me all the thoughts and advise you can to help

 

cheers

 

 

 

 

 

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

If you lease a car, you have to go through dealer financing. I just leased my first vehicle in Nov. I absolutely love driving more car for less and also love the low maintenance and repair factor. And the negative equity is taken care of after the first lease. Most leases require a 700 credit score and higher income levels than financing. If you are approved for a lease, they will typically show you your financing costs as well and you can choose the leasing or financing option.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
remarc
Posts: 170
Registered: ‎03-05-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

Thats great. didnt know they would do that.  How does it work with trading in a car that may put you upside down by 500 or so?

 

I am also hoping paying down most of my CC will bump my credit score up to around 700.. when you say 700 is that the auto enhanced score? or fico?

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

None of my negative equity was rolled into the lease but the lease covered the negative equity. I had about $1000 more in negative equity than you.

700 auto enhanced.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
remarc
Posts: 170
Registered: ‎03-05-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

That sounds great. the idea of leasing sounds great to me. i rarely do over 10000 a year .

 

What did you lease and how much per month and how much down? if you dont mind me asking?

 

how do they work out Auto Enhanced? Ive had 3.5 years of perfect payments over around $350 per month..

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

I leased an Acura TL and paid for 15,000 miles per year. Acura waives 50% of your overage up to 7500 miles. I also have a maintenance plan rolled in my payment where all my oil changes and tire rotations are free. I have a great buyout option at the end of the lease that I am considering. I just don't know if I will be ready to go back into financing in 3 years. I really hate the cost of repairs for high mileage vehicles.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

Oh and I put $1467 down. $467 down was the required amount and I put down $1000 to get my payments a little lower.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
remarc
Posts: 170
Registered: ‎03-05-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

That sounds great. What were your scores to get the lease? What was you UTI looking like at time of purchase?
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

Oh and your auto enhancing score should be pretty good. I had 4 years of on time auto loan payments at $400 a month. I don't know how auto enhancing is done but it weights your auto trade lines more heavily.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: What's my chances? Car to buy or lease? Advise needed.. Please help

They used my TU score and auto enhanced it was 724 on my fico it showed 703 and I had 17% utilization on my credit cards. I think Acura uses Experian or EQ (can't remember which one) on the East coast. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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