New Member
Posts: 1
Registered: ‎05-25-2012
Re: Auto loan advice from an Underwriter

Hey, I have a question or situation that I would like to get your expert opinion on.  My credit scores are currently TU 647, EQ 617 and I am currently working on improving.  My auto history is so-so but I do have about 3 loans from 5 years or so that were paid off and on time, however my more recent auto loan history has some more flaws with being late. 30 and 60 days in 2009 & 2010 through Ally financial.  My other hiccup is that I had my student loans deferred or so I thought and 5 of the 6 student loan accounts were reporting late for the majority of 2010.  However they have been consolidated and since then on time every month and depleting reported balance every month.  I also have 3 secured credit cards of 1K each with low balances (10% or less) each month on time for the last 12 months. I have no collection account, but again I do have almost 50k in student loans with no other debt besides a few hundred from my credit cards. 


What I am interested in doing is purchasing a used 2010 Range Rover with low miles in the neighbor of $58K.  I plan on putting down $18K for my down payment.  I make $130k annually and have been at my job for the last 8 years.  Do you think that this is a feasible auto loan request or should I attempt to get my score up a little bit higher?  If that is the case what do you think the minimum would need to be.

Hammer23 wrote:

Good Day MyFico family,


I have been watching this thread for quite sometime and decided to see if I could lend some of my experience to help some others out there.


Here is a little of my background:


- 5 years experience as a Business Manager / GSM for a multi-line car dealership.


- 5 years experience as an auto loan underwriter / loan manager for a large national auto finance company.


Currenlty I am employed by a large national auto finance company where I make decisions on loan applications submitted through select dealerships. I manage a team of underwriters and handle esclated requests from lower level underwriters.


I must state that anything that I say here is my personal opinion and does not in any way indicate the opinion or policies of my employer. Any comments made by me are in no way a reflection on my employer or represent a commitment on behalf of my employer. My statements have not been reviewed or approved by my employer for accuracy.


So with that being out of the way, what questions do you have?



  Thank you