Re: MINI financing or Bank of America Access loan?[ Edited ]
10-14-2012 04:46 PM - edited 10-14-2012 04:49 PM
Welcome to the forums Jane!
Wish I knew more about methods of handling your individual situation; however, from what you described, I'd be wrapping my arms around the Mini dealership that offered to work with me on financing.
There may be some recourse you have a result of your disability, I just don't know what it is. The recent BK is a killer, but most people can get an auto loan if they bring enough cash to the table. In your case, you're looking probably at 20%, which means you may well be able to be just fine with dealership financing for a used vehicle around 25K, and that's doubly true if you've already talked to them and they're willing to work with you. Only big issue you're looking at is likely a $500-600/month payment, if you can stomach that on a used car, then you'll likely be fine.
I won't ask what your prognosis is, but if you're not looking at longer than call it 6-7 years, while I typically consider leasing to be a poor financial choice, I agree with you: go live as much as you can. Your payment leasing will be smaller than likely any other financing you can obtain, you just have to be willing to lease another car at the three year mark and subsequently six year mark, but from what you suggest is your goal in all this, I'd simply push my bets as far as I could as long as it didn't leave a mess for my family afterwards, and the lease I suspect would be fine for that... you're likely not looking for a long-term asset and so I'd classify it under entertainment anyway.
With regards to improving your score, it really depends what the rest of your credit profile looks like. This particular board isn't that well travelled; however, I would strongly encourage you to post more about your situation in the Rebuilding Your Credit forum including the various positives and negatives of your report, as there is an absolute wealth of information to be had there with regards to repairing one's credit report and score.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 670, Wally TU 700, EX 718 (11/29/13, EX 07/11/13)
Goal Score: 680 in all three (01/01/14)
Take the FICO Fitness Challenge