Any Chance?

[Anonymous]

I only started doing something about my credit this week... when I realized I needed a new van that can accommodate my medical equipment and wheelchair lift. 

Everything on my entire file is either a charge off, collection and then two unpaid judgements. All started reporting late or were charged off within months of another with the exception of one credit card that I opened  8 months ago.

Everything is going to fall off my credit reports within the next 6-8 months except these two unpaid judgements. All of my good credit , homes and the 6 plus cars I bought financed and paid in my life without ever being late is gone. It has all aged off. 

What will remain on my reports besides the judgements is only:

• one very very old Citgo Credit Card opened in 1984 (I was in college) the card has not been used in at least 15 years (are there Citgo's any longer?) it's still on my report and it looks like they report once a year saying good standing which is the only thing to laugh about in my report. I have no clue at all where that card is but it must not have an expiration date.
• the Credit Card opened 8 months ago.
• opened a FingerHut account this week ago at $500CL as I saw the FH suggestion here on the boards.
• opened an OpenSky secured at $1000 chose them because there is no hard credit inquiry, not concerned about the rate or charge at this point... I won't use it accept $10 a month or something stupid for reporting.
• I applied for SDFCU savings and checking this week and will apply via phone for a secured card once the accounts are set up.
• I will not be able to get a Chase, Amex , Discover or Capital One cards as accounts from them were charged off

There are only 2 local dealerships where I can get the appropriate van... it has to be ordered with some special/reinforced flooring so GM or Ford only. Out the door pricing is $32,646.00. I can put down $14k to maybe $16k, not much more as I will also need to pay out almost $10k to get my lift and equipment installed. My scores currently are at 528 EX, 578 TU, 548 EQ. It's possible my scores will drop even further when everything drops as the age of my file is my only postive.

I do not have any bills (no rent or mortgage) other than utilities, food, gas, home, auto  and veterinary insurance for my service dog all of my medical expenses and health insruance is paid by a care trust.

Straight income from SSDI is $2,105 per month so I figure financing $16,500 even at 20% would be around $415 a month which should be an okay for DTI? I am petrified to try for an auto loan as if I take a ton of hard inquiry hits... I may ruin all chances of getting a loan.

I have searched all through the auto loan boards... Could not find anyone stating they got an auto loan with open unpaid judgements... I either apply now with a really horrible file or apply in a few months with an almost nothing file.... I feel like there is no way to win... Is it hopeless? I really need this van ASAP and it takes 8-12 weeks from order to deliver.

[guydiver]

Have you ever purchased from Ford before?  That would be a big plus.  There has to be something out there to provide assistance for you.  Your credit is likely going to be a huge hurdle.  Only positive I can see is your approx. 50% down payment, that could get you in the door somewhere.  I would speak with your dealer finance person directly.  See what they have to say.  Don't let them "shotgun" your app out to everyone they can think of.  I suppose you have done your homework on Federal and/or state assistance?  Has to be something available there.  What state are you in?  Hope there are others on here who have specialized knowledge as to your circumstances. 

[Anonymous]

Thanks so much... I was approved, the van is ordered. I posted the details in the re-build forum but am going to post in the approved auto loan section as well. My finance guy was awesome he has been the director of finance in the dealership for 28 years. He promised and only one hard pull and it was TU ... I was actually begging him to go through his lowest tier subprime lender... he insisted that I trust him go through Ford credit. Based on the age of everything and the downpayment and a score he said was actually not that bad they pulled TU came in at 630 although myfico says 558... The long story is posted in the re-build area. However short end approved and had my choice of:

60 months @ 5.94%

66 months @ 6.70%

72 months @7.45%

Those rates made me incredibly happy obviously as I was expecting a 25% type of thing if offered at all. Great advice for checking into resources, based on income there was one small state grant that could have helped with funds that I applied for but it takes months for them to determine... We were going to look into others things like private groups etc... but I really did not want to do that becasue there are many many people fiancially depserate and only so many charity type of funds to go around. The one thing that has truly helped me here is that I have been paying myself a carpayment for a couple of years... without that $16k this deal will not be done.