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Valued Member
steelbruin
Posts: 41
Registered: ‎12-06-2007

updated questions on car loan

looking to get a new car due to my present one being out of warranty and having been nothing but problems.(over $5000.00 in repairs during 3 year warranty) Upside down by about 4000 or so. Have about $3000 cash now for down payment so negative equity to be rolled is about $1000. Is there anywhere that I can get loan for about $30000.00 ($26,000 for new car and $4000.00 for negative equity) My credit reports shows following: TU 555 / EQ 540 / EX 569 - my fico scores Yearly Income approximately $60000.00 Cap One Charge off - $683 balance - Closed May 06 showing last activity as Jan 08 Cap One Charge off - presently showing $871 balance but settled with Lawyer of $705.00. This is not reflecting yet. Closed May 06 - last activity showing as Sep 07 HSBC - Last activity--- Feb 07 closed Mar 06 balance is $1400 or so and CA is calling me and mailing me it shows 0 balance and purchased by another lender on the reports collection not showing Macy's - O balance - shows Paid after charge off / collection - date of payment Sept 07 last activity Sep 07 Bloomingdales - $362.00 balance - presently showing account closed per grantor and paying as agreed. I am paying them on monthly basis. last late was 4-07 Washington Mutual/Providian - this shows 0 balance open Feb 2000, Closed Jan 05, last activity Nov 05 - Purchased by another lender Also shows under collections with New Century as 0 balance Paid Nov 07 Also shows under judgement- only 1 report is showing this as paid after I did on line dispute. I have no other revolving accounts and I have the 2 auto loans 1 paid in full after 3 years(Americredit) and present one showing paid as agreed never late for 3 years and 3 month.(was WFS now Wachivia Dealer Services) Will I get approved by Mini Financial?? Many Thanks!
Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008

Re: updated questions on car loan

I would try a different brand of car. Mini's are very expensive to maintain.

Try selling your car privately and then use the rest of your savings to make up the difference then go buy used.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Valued Member
steelbruin
Posts: 41
Registered: ‎12-06-2007

Re: updated questions on car loan

good idea but I drive way too much to go used and I have had my car up for sale for 4 months on craig;s list and a sign on it and have not gotten 1 person even answering the ad or calling on it. As far as the mini being expensive to maintain, they have a 3 year 36000 free scheduled maintenance. They are also rated # 1 on value retention. NOt to mention the nearly 40 miles per gallon. VW, what I have now is expensive, nothing but trouble from the start and it is out of warranty now. So much for german engineering, this hunk of junk was built in Mexico... Anybody have an answer for me?
Valued Member
steelbruin
Posts: 41
Registered: ‎12-06-2007

Re: updated questions on car loan

bump
 
Valued Member
steelbruin
Posts: 41
Registered: ‎12-06-2007

Re: updated questions on car loan

 
Frequent Contributor
steelfan
Posts: 473
Registered: ‎03-06-2007

Re: updated questions on car loan



steelbruin wrote:
good idea but I drive way too much to go used and I have had my car up for sale for 4 months on craig;s list and a sign on it and have not gotten 1 person even answering the ad or calling on it. As far as the mini being expensive to maintain, they have a 3 year 36000 free scheduled maintenance. They are also rated # 1 on value retention. NOt to mention the nearly 40 miles per gallon. VW, what I have now is expensive, nothing but trouble from the start and it is out of warranty now. So much for german engineering, this hunk of junk was built in Mexico... Anybody have an answer for me?

How about a Hundyi or Kia. They are getting better and offer 10/100,000 warranties.  Also they are cheap enough that you could add your balance and still pay a small amount.  This way you can save some $ and buy something better later as your credit improves
Established Contributor
CreditDrama85
Posts: 1,018
Registered: ‎07-03-2007

Re: updated questions on car loan

what were your ficos when you got your loan from wachovia dealer services? what is your interest rate?

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