chances of approval

[Anonymous]

Hey, I would really appreciate any experiences or opinions on chances of approval. 

I am looking to finance a vehicle through GMAC. Right now my TU score (which they only seem to pull TU here) is 608. When I was in college, I had a lot of late payments, as I was supporting myself, which brought down my score.

There is also an open collection for tuition, that I have been hesitant to pay on, as the courts just ruled in a class action lawsuit that the school's practices were illegal, and to order a tuition refund. I have a payment plan setup however, as I refuse to pay them the entire thing at once. 

My debt to income ratio is 12%, so I have virtually no debt. Monthly income, before taxes, is $15k. 

Am I going to get killed on the interest rate? I know GMAC has extended to below 620, but how bad will it be? 

Thanks!

[Anonymous]

With similar scores and when I was looking at buying last october they offered me a rate of 12.99% (with $3000 down on a $13000 price tag).

I ended up going to my bank (who are small and local and have known my husband for years) and with the same score they offered me 6%.

yeah, I went with the bank

[Anonymous]

You can overcome your credit with a large down.  If you make $15k per month and only 12% DTI, put 30% down and you will find yourself getting the best manufacturer rates.