Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 18
Registered: ‎05-01-2007
0

Auto Loan Question

I am contemplating purchasing a new car but am unsure if I will be financed and don't want to be "raked over the coals" if I am.  Just went through a divorce where I was awarded permanent alimony.  Will the dealerships consider alimony as income? (I am a full-time student)  I receive $2800/mo for the next three years and $2000/life.  I just refinanced my home and had to provide 3 mos. of alimony checks as proof of income.  (It also didn't hurt as I have approximately $100,000 in equity.)   I have only made one payment on my mortgage, would it be wise to make more payments, before moving ahead on the car?  Any advice?  What will the dealership/finance companies require for proof of income?   My WaMu credit score shows 713.  Is this the same thing as a beacon score?  Thanks for any and all help
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Auto Loan Question

Welcome.. Please read the Scoring 101 thread. http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654
Established Member
Posts: 18
Registered: ‎05-01-2007
0

Re: Auto Loan Question

Tuscani, here is an update to my previous post.  Being curious, I enrolled in Score Watch here and my Equifax score is showing as 688.  Then, I pulled a credit report from TU which shows as 679.  Why the discrepancy with WaMu's score?  Is this because of it being a bankcard score?  Do you know what the dealerships look at?  Sorry, I am credit dumb but learning fast.   Are my scores as bad as I feel they are?  Thanks for your help.
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Auto Loan Question



TLG wrote:
Just went through a divorce where I was awarded permanent alimony.  Will the dealerships consider alimony as income? (I am a full-time student)  I receive $2800/mo for the next three years and $2000/life.

Welcome, and please excuse me for going completely OT.  I've never heard of permanent alimony.  Wouldn't it end if you got remarried?  Could you tell us what state you live in?
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Established Member
Posts: 18
Registered: ‎05-01-2007
0

Re: Auto Loan Question

masdeocho, permanent alimony is a lifetime award (I was married for 21 years) and you are correct, it would end if the recipient gets remarried.  Don't think I'll be walking down the aisle for awhile.  I am from Florida.
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Auto Loan Question



TLG wrote:
masdeocho, permanent alimony is a lifetime award (I was married for 21 years) and you are correct, it would end if the recipient gets remarried.  Don't think I'll be walking down the aisle for awhile.  I am from Florida.


Thanks TLG.  Did the Scoring 101 thread answer your questions?
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Established Member
Posts: 18
Registered: ‎05-01-2007
0

Re: Auto Loan Question

masdeocho, yes it did to some, with the exception of if the dealerships/finance companies will accept the alimony as income and what proof, if any, will they require.  I will probably wait until I can get my scores in the 700 range.  I definitely want to get the 0% financing for 60 months.  Thanks!
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Auto Loan Question

[ Edited ]
This is the auto scoring thread which may be helpful also.
 
 
I can't see why the dealers wouldn't accept alimony as income.  Just show them a copy of the court order.  Although they might be skeptical about whether you will actually receive it regularly over the term of the car loan.  Some ex-spouses have been known to be less than reliable.  Probably the easiest way to test the waters is to anonymously call some dealers and ask the question.  Good luck with your new life!


Message Edited by masdeocho on 07-10-2007 06:17 PM
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.