topic Re: Auto loan approved! Repo and 7 collections still showing in Auto Loans

Auto loan approved! Repo and 7 collections still showing

FISHintheTank — Tue, 19 Jul 2022 23:15:24 GMT

Sunday July 17 - Thinking of buying a small sedan for wife.

Pre-qualified from Capital One Auto for $61,300 @ 6.54% and need $7k down later that night with no income verification.

Monday July 18 - Went to dealership with a buttefly feeling in my gut. I don't want to be embarrassed if they saw the repo from BMW $35k and 7 collections and denied me. So I asked to submit my credit app to Cap One and Lexus only.

- Got approved for $62k+ from Lexus Financial @ 6.13% need $5k down, no income verification. Credit scores 693 from Experian Fico 8. They did pull all 3 CRA but only show me the EX scores. I went with Lexus just to make sure the process

would be smooth and faster.

- Arrived on Monday July 18 at 11:30 am, drove the car off the lot at 3:15pm. Spent aprox 45 mins max at the dealership for test drive and paperwork.

- To all that still in the credit rebuilding stage like me, keep up the good payments history and low utilization. Eventually we will

get back on our own feet again. Good luck and thanks for reading my story.

DPs at time of applying for Auto Loan: EX 693, Trans 697, EQ 673

Inquiries: EX 17, Trans 9, EQ 10

BMW $35k Repo, 7 collections $10k. All will be off report in a year.

Re: Auto loan approved! Repo and 7 collections still showing

cashorcharge — Wed, 20 Jul 2022 04:28:59 GMT

WooHoo!! Congratulations on your approval!!🎉🍾🥂

Re: Auto loan approved! Repo and 7 collections still showing

babygirl1256 — Wed, 20 Jul 2022 04:43:53 GMT

Congrats on your auto loan approval . . . that's awesome!!!

Re: Auto loan approved! Repo and 7 collections still showing

FISHintheTank — Wed, 20 Jul 2022 19:43:46 GMT

@cashorcharge

@babygirl1256 thank you guys/gals. I'm glad I was able to finance stuffs on my own again.

Re: Auto loan approved! Repo and 7 collections still showing

Mdowning30 — Wed, 27 Jul 2022 17:36:29 GMT

So you think you can afford a $60K+ car now when your $35K BMW got repo'd ? I hope you can keep up with the new payments on time.

Re: Auto loan approved! Repo and 7 collections still showing

JM427 — Wed, 27 Jul 2022 18:12:00 GMT

@Mdowning30 The OP has obviously went through a rebuild as evidenced by the fact that his Baddies are falling off next year. This means that he is 6 years removed from the repo. I dont recall the OP posting any salary information that would/should cause anyone to presume that he cannot pay for the purchase he decided to make. Perhaps we should just congratulate him on his progress with his rebuild, and the purchase of a new car for his DW!

Re: Auto loan approved! Repo and 7 collections still showing

Gladius — Fri, 29 Jul 2022 16:38:29 GMT

@Mdowning30 wrote:
So you think you can afford a $60K+ car now when your $35K BMW got repo'd ? I hope you can keep up with the new payments on time.

Wow.....lol

Re: Auto loan approved! Repo and 7 collections still showing

TRC_WA — Fri, 29 Jul 2022 18:45:08 GMT

@JM427 wrote:
@Mdowning30 The OP has obviously went through a rebuild as evidenced by the fact that his Baddies are falling off next year. This means that he is 6 years removed from the repo. I dont recall the OP posting any salary information that would/should cause anyone to presume that he cannot pay for the purchase he decided to make. Perhaps we should just congratulate him on his progress with his rebuild, and the purchase of a new car for his DW!

I agree.

Ironically my previous auto loan was $35k (2015 Challenger R/T) and my new loan is $56k (2022 Challenger Scat Pack) and yes I can afford it... payment went up about $150 a month but the income went up about $30k as well.

Re: Auto loan approved! Repo and 7 collections still showing

Dadof31978 — Fri, 05 Aug 2022 01:18:48 GMT

why would you want to get into debt like this again?

Re: Auto loan approved! Repo and 7 collections still showing

Herb8108 — Sun, 20 Nov 2022 22:45:08 GMT

Curious as to what are your terms on that challenger scat pack I'm trying to get a 22 hellcat

Re: Auto loan approved! Repo and 7 collections still showing

AMJ50 — Sun, 20 Nov 2022 22:51:44 GMT

You must have a high salary, to get approved for that much, with a repo still showing?

Re: Auto loan approved! Repo and 7 collections still showing

SweetCreditObsession — Wed, 23 Nov 2022 06:20:30 GMT

Congratulations on the auto loan an thanks for the DPs!

Re: Auto loan approved! Repo and 7 collections still showing

TRC_WA — Thu, 02 Feb 2023 21:00:35 GMT

@Herb8108 wrote:
Curious as to what are your terms on that challenger scat pack I'm trying to get a 22 hellcat

@Herb8108

I was a little over 4% on the Challenger... but after 6 months of ownership I decided to get out of it and get a Bronco Sport Badlands. Interest rate went up a little but overall payment went down due to the cheaper vehicle.

Cost didn't have anything to do with my decision though... I hated the black color and wanted something with offroad capabilities.

Re: Auto loan approved! Repo and 7 collections still showing

Herb8108 — Thu, 02 Feb 2023 22:03:40 GMT

When you traded the challenger were you upside down on it at all? Do they give you what you had left on the loan? When you traded it

Re: Auto loan approved! Repo and 7 collections still showing

TRC_WA — Thu, 02 Feb 2023 23:04:04 GMT

@Herb8108 wrote:
When you traded the challenger were you upside down on it at all? Do they give you what you had left on the loan? When you traded it

@Herb8108

No... I wasn't. I had a decent trade amount for my '15 Challenger I traded in on the '22... and I got $58k in trade on the '22 when I owed $49k... and I applied the difference to the new '22 Bronco.

I obviously lost some money overall but whatever... I have what I want now and am in the green on the new Bronco too. At the end of the day nothing bad to say but 8 years of Challengers was enough for me...

Re: Auto loan approved! Repo and 7 collections still showing

Herb8108 — Thu, 02 Feb 2023 22:57:02 GMT

**bleep** that's a real good price 58k for trade in and you only owed 49k I just got the 22 scat pack I got it brand new Dec 18th but I want the Hellcat with the same specs so I'm thinking of trading that one in in 6 months but that was a good trade tho Congrats