Posts: 14
Registered: ‎10-14-2012
MINI financing or Bank of America Access loan?

Hi - am debating getting a used vs new car. Options narrowed to used BMW Z4 or new MINI roadster cooper s. I'm disabled with annual income around $15k. Bills minimal, have about $500/mo for car payment available, and $15k in cash to use, but that's all of my savings (for now) so would rather not Use more than $5k if I don't have to. Yes, I could get cheaper/less sporty cars, but with my life expectancy, I want something fun. (I'm not old and am tired of feeling that way!) I'd rather spend the time I've got left cruising when I can in a convertible that's fun to drive as that's about all I can do anymore.


TU says score is 595. EQ FICO says 534. No EX score right now. Had paid off all debt except student loans in 2005. Disability began causing payment issues in 2008, so 15 negative accounts. All debt discharged in bankruptcy in June 2012. My student loans are going to be discharged (at lender option, not thru bankruptcy) soon. I'll have no debt then. I pay no housing cost, but just utilities. I live in a house owned by family member. Getting errors corrected on EQ as still shows my mortgage reported twice!) as open with delinquencies and closed in BK! 


I'll be shopping for cars hopefully Nov/Dec (best to buy rag top!). MINI finance dealer (who had car I voluntarily surrendered in August 2011 leased through BMW finance) said they'd be happy to have me back as client as I'd worked closely with them through disability issues and gave back car rather than have repo knock on credit. They have alternative lenders and options if BMW won't finance me. I doubt I'd get a great rate and think leasing would be only option through BMW as it was before. 


Otherwise, I can get the car I want (Z4) for under $25k used easily. Financing would be a question of where?


I know that BMW has an access loan with lower rates, longer repayment terms, and modification programs for disabled. I applied online, but was denied. They require 620 score minimum. Has anyone ever financed through this program? I can't talk to a person, just get told to apply online when I call. Frustrating! I'd like to work with local loan officer, but they said all apps go through same online channel?


any advice? And, assuming my student loans are discharged (about $200k), I'll have no debt. I can prove all I claim to loan officer, but what's the best course to pursue? And how can I get my EQ score higher? Can't believe difference between that and TU!



Starting Score: EQ 532
Current Score: 532
Goal Score: 760

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