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Debating on what the best course of action is here-
looking at ordering a ram TRX. MSRP on the vehicle is around 83k. I can get for somewhere in the ballpark of 76-77k+TTL, minus any rebates of available. I'm break even on the financing of my current vehicle so that will be a wash. Income is around 170k, I'm commission based but my w2 has 171k and my earnings so far this year support a similar number.
As far as my scores go, my fico08 on transunion is 631 as of yesterday. I just paid off an Amex charge off of about $2400 a few days ago which isn't reporting yet.
here's my question: I have some baddies from about 5 years ago, some charge offs and some collections. All together they are reporting somewhere in the neighborhood of 16-17k, and I feel I could settle them for around 10k. I was planning on working with chase and discover, and waiting for the rest to fall of my reports because they're with banks that either blacklist for life, or don't blacklist at all so there was no incentive for me to settle at this point since everything is past the SOL and I had no major financing plans in that time frame...
enter the TRX. This thing checks all the boxes for me, I can get a fantastic price on it, it will probably hold its value forever, based on how other ram trucks and its closest competitor, the Ford raptor, hold their value, and with the push towards tighter emissions and CAFE standards plus vehicle electrification there may never be another opportunity to own a vehicle like this.
here's where my question lies: is the amount I'm looking to finance going to prevent me from being approved by any bank for this truck given my profile? Am I better off settling and paying all or most of these baddies, but providing a smaller down payment, or letting them continue to age with a much larger down payment?
T-Rex is a monster!
I would check with Cap One Nav SP as a starting point.
I got prequaled for $75k at 3.1% for 72 months with $0 down.
My fico8 is around 730 but my fico9 is only around 695.
Cap One may give you idea of what your middle offer may look like.
I think with a deal like this, cash talks.
$20k down would surely make people skip over some CR issues.
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