Approved for 2016 BMW

mscreditfix · ‎10-11-2015

Hello Everyone

I have gotten valuable information from this site for years and like some of you I have rebuild my credit and need to start over again with rebuilding. I just want to share what I think is a success for me in my situation and maybe it will help someone else.

I knew my credit had taken a bad turn because of my continue battle with Midland funding and PRA but nevertheless I wanted a new car now while I worked on my credit. I selected an X3 2016 BMW and I had cash to put down just to ensure I walk away with the car I wanted.

They pulled experian (my worst) and my score was a 533. The car was $46k, I put $15k down and i was approved by Ally Financial which is formerly GMAC. I had a repo with GMAC in 1996. I currently have and open judgement from PRA but I did pay off my 2010 Honda off 6 month early in 12/2014. Thank you reading my post and I am grateful for this site.

mscreditfix · ‎10-11-2015

I forgot to say that my interest rate was 10.47% and the monthly payment is $650. I know the rate may be high but that is the price I paid with a 533 FICO

tendertan · ‎10-11-2015

Congratulation, you did good!

Anonymous · ‎10-11-2015

Congrats, nice car!

You always have the option of refinacing when your scores are better.

Anonymous · ‎10-13-2015

@tendertan wrote:
Congratulation, you did good!

10.47 % in interest is not doing good.

Anonymous · ‎10-13-2015

@mscreditfix wrote:
I forgot to say that my interest rate was 10.47% and the monthly payment is $650. I know the rate may be high but that is the price I paid with a 533 FICO

Is the insurrance $300 plus dollars? Insurance companies base premium on one's credit history as well.

Anonymous · ‎10-13-2015

Wait a few months and get that score up, don't open anything else (not sure you could) and see about refi at a lower rate.

Anonymous · ‎10-13-2015

Weatherguy - Wow, do you just go into every forum on this site and act like an a$$? You are so rude and unhelpful. Don't you know you don't have to reply? Geesh.

OP - I'm glad you're happy and yes you can refi to a better rate later on.

@Anonymous wrote:
@tendertan wrote:
Congratulation, you did good!
10.47 % in interest is not doing good.

mtrsprt · ‎10-13-2015

@Anonymous wrote:
@mscreditfix wrote:
I forgot to say that my interest rate was 10.47% and the monthly payment is $650. I know the rate may be high but that is the price I paid with a 533 FICO
Is the insurrance $300 plus dollars? Insurance companies base premium on one's credit history as well.

@Anonymous..... With a 650.00 payment.... 10+% interest, and I am assuming a whopping insurance premium. Are you dishing out a good $1000.00/month for this car? Which model is it? I could easily buy a new M4 @ 1.9% and pay slightly less than $1000.00/month with insurance included. Just no way I would pay $1000.00/month to drive a car, unless I was earning $150,000.00/year++

Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 753 TU, 764 EQ, 766 EX on 02/17/2014
Goal Score: 720-740 Across the board

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mscreditfix · ‎10-14-2015

No in fact my insurance full coverage is $1300 a year. I wrote this post and shared what I did for those who have a good income but has fallen from grace again like I have which is easy to do. So some who have the great scores of course this isn't motivational post for you but it is for us with the low credit score who do not want to ride around in a pinto lol.