Thanks, some good info, but lots of presumptions on your behalf which are not accurate. My original post was not intended to solicit a contrived lecture on the importance of financial responsibility.
Yes, I completely walked away from 2 financial responsibilities and yes I do believe it was responsible. When you strike a mutually benefitting settlement with a lender and voluntarily surrender a vehicle, I consider this responsible, not irresponsible. It wasn't the ideal situation, but it was the responsible one... but thanks for chiming in though
"You have convinced yourself you will never make the same mistakes (though you may not even be convinced they were mistakes) you made in the past while simultaneously engaging in similar behavior in the present. You want to borrow close to 50% of your reported income, and assume it's reasonable. That's all pretty delusional thinking."
- Again, my current situation is no way remotely similar to my situation in 2013. Yes, I'm convinced. No, I'm not engaging in similar behavior. How would you even know this? You don't. I'm not borrowing 50% of my income, it's slightly under 30%. I have very low monthly bills and that' won't change. My income is stable and secure. How is my current situation similar? Since you don't know the situation, and prefer to make assumptions, I'll let you slide.
Perhaps the title of this thread was my error. After thinking through my options, reading other success stories, and understanding the reality, im convinced this loan is very feasible, completely affordible, and in no way delusional. My delusion was thinking I'd be able to solicit for advice while avoiding speculation from the myfico forum Credit Yenta's.
OP...I really do not know what the purpose of your post was, but you have determined that the vehicle finance is the thing to do, so I will wish you the best. The policy of these boards is to be friendly, supportive, and respectful so I will not be making any further comments on any personal opinion about this. I hope you get a fantastic interest rate, and that it proves to be as easily manageable as you say. I am sorry if I or anyone on this board has offended you, and I'm quite sure that was noones intent. I and many others sometimes have views about good credit behavior that may or may not apply to someone just due to the fact that we are seeing a limited amount of info in a post. Nothing but the best of luck to you.
Here's the deal. Auto loans for lenders are a much safer bet for lenders than credit cards because auto loans are secured by the vehicles themselves. You listed some very large repos but the lender didn't lose all that money. They recouped some of the value by selling or auctioning the vehicle off once it was repoed.
Want a $50K car loan with low interest rates? Buy an $80K car and put a $30K down payment on it. It takes most of the risk away for the lender because they can be assured that they can recoup most of the value in case they do have to repo the car. The lender also knows that you have skin in the game and won't walk so easily.
Buying a luxury automobile is like burning money. An $80K Mercedes is worth only $8K after 10 years. That is a loss in value of $72K or $600 per month for 10 years.
Want a $50K car loan with minimal down payment? Good luck with that.
Yes you have a good chance with an auto loan at 50k if you wait til the repo's fall off and if you think your score will be close to 700. Are you with any good credit unions? Regardless what people say about your rate credit unions Will still work with you - let's say you start out with a higher rate 5.5 or so , pay on it for a year or 2 then refi at a lower rate . If I were you I would have at least 10k to put down and have a few credit cards reporting - maybe get some credit line increases on current cards?