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jjmcc323
Posts: 57
Registered: ‎12-17-2008
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turned down auto loan 762 tu score to much debt any ideas

 i have been leasing my car for 39 months lease is paid in full , i have to turn car in 5 months ,( paid lease  early) went to my credit union they told me

not enough income for loan tu was 762 according to them, buyout on lease is 9990.00, i have high mortgage and credit card debt, last late payment

was 1982. i can come up with about 3000.00 of the 9990.00 but need to finace the rest , have about 81000.00 available on credit cards to me but

dealer will not take credit card payment , ive own my home for 16 years work full time and part time and can handle the payments about 225.00 a month

on paper it looks like i am broke . any creative ideas out there  thanks john

Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
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Re: turned down auto loan 762 tu score to much debt any ideas


jjmcc323 wrote:

 i have been leasing my car for 39 months lease is paid in full , i have to turn car in 5 months ,( paid lease  early) went to my credit union they told me

not enough income for loan tu was 762 according to them, buyout on lease is 9990.00, i have high mortgage and credit card debt, last late payment

was 1982. i can come up with about 3000.00 of the 9990.00 but need to finace the rest , have about 81000.00 available on credit cards to me but

dealer will not take credit card payment , ive own my home for 16 years work full time and part time and can handle the payments about 225.00 a month

on paper it looks like i am broke . any creative ideas out there  thanks john


You have 5 months. You should/could be able to come up with 1400 a month in savings?

 

You may have to ramen noodle your life, or do without  but you should be able to scrape together enough or near enough. Then cash advance the rest but make a plan to pay it off.

 

The big question is? You are drowning in debt. You need to take this as a wakeup call in regards to your spending and earning.

Take a good hard look at your financials, I mean you are already working two jobs.

late payments need to be stopped, you need to start building  aemergencey fund and some kind of debt plan.


Good luck

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chasmith
Posts: 1,062
Registered: ‎05-26-2010
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Re: turned down auto loan 762 tu score to much debt any ideas

I agree you need to worry about your spending and debt levels.

 

But if you paid the lease on time and even early (I'm assuming you want to buy out the car because the buyout is less than value, or is it to avoid high turn-in charges for excess mileage?), especially if this is captive (automaker) financing, you should be able to either finance the buyout or get into a new vehicle on attractive terms.

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Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
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Re: turned down auto loan 762 tu score to much debt any ideas

[ Edited ]

chasmith wrote:

I agree you need to worry about your spending and debt levels.

 

But if you paid the lease on time and even early (I'm assuming you want to buy out the car because the buyout is less than value, or is it to avoid high turn-in charges for excess mileage?), especially if this is captive (automaker) financing, you should be able to either finance the buyout or get into a new vehicle on attractive terms.


You know, I missread the post due to the freaky line breaks,

 

To the OP: Check and see  if the lease company would consider you for the buyout. You can just call them and see, you mayhave to apply for the loan through them.

 

I thought you said you were late recently and did not see the 1982 reference.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
New Contributor
jjmcc323
Posts: 57
Registered: ‎12-17-2008
0

Re: turned down auto loan 762 tu score to much debt any ideas

discover card saved the day , they sent me 0 percent bt checks for one year my cl is 13600.00 with them i called asked if i could pay my car with check

they said sure, will hurt fico more than car loan but at least i can get it done

Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009
0

Re: turned down auto loan 762 tu score to much debt any ideas

Paying for an auto on a credit card is a very dumb idea. Even with a 0% interest BT check, you are going to pay a 4 or 5% fee ($400/500) immediately, then if you don't pay it off in a year (when you already said your DTI is very bad... so excess cash is not sitting around), you start paying 9-19% interest, depending on what your card is at, that compounds.

 

This makes no sense at all... in any way.


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Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
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Re: turned down auto loan 762 tu score to much debt any ideas

do not tell me you are going to BT check 9,900.!?!?!?!?!?!


Look I understand that time is short and you need the car.

 

But you also need to scrimp and save and pick pennnies off the ground from now until then to put as much cash down to lower your BT check amount.

 

As has been stated, you will be charged a fee on the percentage of the BT.

 

and you at that point need to pay the loan.

Now I can see if you are 2K-3K away. But half the amount o rmore- you have 5 months thats poor planning

 

But at the same Time I am worried that the Bt Check may give you a fasle sense of security and urgencey and cause you to not put your money where it needs to be.

With a car or without a car your own admissions have you in a very serious money crunch. You need to work to get out of it.

Getting out of debt is like losing weight, its a heck of a lot easier to get into then it is to get out of.

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