Valued Member
Posts: 46
Registered: ‎04-23-2011
Considering Car Purchase
[ Edited ]

I'm considering purchasing a CPO 2012 Chevy Malibu with 28k miles for $15,600 OTD plus financing. I would trade in a 2003 Ford Excursion in fair shape with 152k miles ( I was offered a trade value of $4,000 but I would accept $5,000) and I also have $2,000 to put down. I make $27k year + a PT job I just started which is another $400 per month. I don't pay rent, I live with my grandfather & the house is owned by my parents.


Ideally I would like the car purchase to go like this which I think is fair. The dealer & I are off by $1600 but I didn't try to negotiate since I had to go to work.

Purchase price $15,000

Trade                   -$5,000

Cash down        -$2,000

Total financed     $8,000 over 48 months.


The last time I pulled my Transunion report here was August 2013 MyFico score was 679 with a high util of %54, its now much lower. My current Walmart given  Fico score is 669.My credit history is as followed.


Company                                                         Balance           Status

Charge Account Capital One / Kawasaki       $0/10,001        paying as agreed  (7 months old)     

Charge Account Gecrb/Wal-Mart                   $452/3100       paying as agreed   (1+ year old)    

Credit Card Wells Fargo Card Service           $0/1100           paying as agreed (2.5yrs old)

Credit Card Capital One Bank USA Na        $0/0                 Payment after charge off June/2008

Credit Card Gecrb/Paypalsmartconn             0/600               paying as agreed (4 months old)

Credit Card Gecrb/AmazonCC                      $225/900         paying as agreed  (4months old)

Other Hsbc Retail Services Loan                    $0                    Paid (6yrs old, paid 2yrs ago.)

 Your oldest account was opened
6 Years, 1 Month ago

Average age of your accounts
2 years

Also reported to Experian is a Collection account in the amount of $4,000 that is 3yrs old. This creditor is a sleeping dog & I dont wish to awake it unless its to settle the origial amount of $2000.


Is there anything I should do before applying for fiancing or would it be best to wait & for another 6 months or ?? I dont need need the car, my truck runs fine but is a gas hog. I would not go through with the purchase if i had to pay more than %10 interest as it would no longer be economical.


Any advice is Welcome




Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000