topic Re: Auto Loan Question in Understanding FICO® Scoring

Auto Loan Question

Anonymous — Tue, 10 Jul 2007 18:20:38 GMT

I am contemplating purchasing a new car but am unsure if I will be financed and don't want to be "raked over the coals" if I am. Just went through a divorce where I was awarded permanent alimony. Will the dealerships consider alimony as income? (I am a full-time student) I receive $2800/mo for the next three years and $2000/life. I just refinanced my home and had to provide 3 mos. of alimony checks as proof of income. (It also didn't hurt as I have approximately $100,000 in equity.) I have only made one payment on my mortgage, would it be wise to make more payments, before moving ahead on the car? Any advice? What will the dealership/finance companies require for proof of income? My WaMu credit score shows 713. Is this the same thing as a beacon score? Thanks for any and all help

Re: Auto Loan Question

Tuscani — Tue, 10 Jul 2007 19:36:20 GMT

Welcome.. Please read the Scoring 101 thread. http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Re: Auto Loan Question

Anonymous — Tue, 10 Jul 2007 21:04:35 GMT

Tuscani, here is an update to my previous post. Being curious, I enrolled in Score Watch here and my Equifax score is showing as 688. Then, I pulled a credit report from TU which shows as 679. Why the discrepancy with WaMu's score? Is this because of it being a bankcard score? Do you know what the dealerships look at? Sorry, I am credit dumb but learning fast. Are my scores as bad as I feel they are? Thanks for your help.

Re: Auto Loan Question

Anonymous — Tue, 10 Jul 2007 21:07:11 GMT

TLG wrote:
Just went through a divorce where I was awarded permanent alimony. Will the dealerships consider alimony as income? (I am a full-time student) I receive $2800/mo for the next three years and $2000/life.

Welcome, and please excuse me for going completely OT. I've never heard of permanent alimony. Wouldn't it end if you got remarried? Could you tell us what state you live in?

Re: Auto Loan Question

Anonymous — Tue, 10 Jul 2007 21:15:27 GMT

masdeocho, permanent alimony is a lifetime award (I was married for 21 years) and you are correct, it would end if the recipient gets remarried. Don't think I'll be walking down the aisle for awhile. I am from Florida.

Re: Auto Loan Question

Anonymous — Tue, 10 Jul 2007 21:29:23 GMT

TLG wrote:
masdeocho, permanent alimony is a lifetime award (I was married for 21 years) and you are correct, it would end if the recipient gets remarried. Don't think I'll be walking down the aisle for awhile. I am from Florida.

Thanks TLG. Did the Scoring 101 thread answer your questions?

Re: Auto Loan Question

Anonymous — Tue, 10 Jul 2007 21:41:46 GMT

masdeocho, yes it did to some, with the exception of if the dealerships/finance companies will accept the alimony as income and what proof, if any, will they require. I will probably wait until I can get my scores in the 700 range. I definitely want to get the 0% financing for 60 months. Thanks!

Re: Auto Loan Question

Anonymous — Tue, 10 Jul 2007 22:17:05 GMT

This is the auto scoring thread which may be helpful also.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=1231

I can't see why the dealers wouldn't accept alimony as income. Just show them a copy of the court order. Although they might be skeptical about whether you will actually receive it regularly over the term of the car loan. Some ex-spouses have been known to be less than reliable. Probably the easiest way to test the waters is to anonymously call some dealers and ask the question. Good luck with your new life!

Message Edited by masdeocho on 07-10-2007 06:17 PM