Hey Everybody...
I am looking to purchase a new 2017 Cadillac XT5 in May 2016 I have already put $1K down to secure the order. After building it at my local dealer with all my options the price came out to $65K. Here is a snapshot of my credit situation below:
Credit Score: 700-723 (I expect it to go up 40-50+ points. I only have a balance on 1 credit card and two loans paid off February 2016 but haven't been reflected on credit report yet)
AAoA: File is 11 years old. AAOA is 5 years?
# of positive trade lines: 8 Credit Cards. ($28,650 Limit between the eight) (As of 2/16/2016 I have a balance of $2,390 out of $12,000 on the one card I carry a balance on so my credit utilization is roughly 8%)
# of negative trade lines: 2 - State Tax Lien (For $2500, which was reported in 2008 and paid in 2010) - HP INQ (Jan 2016)
Income: $235,000
Length of Employment: 20 years
Previous Loan Experience: GM Financial, Lincoln/Ford Financial, and Wells Fargo Auto
Debt-to-Income (DTI): $3500 a month. 18% (Does this include my mortgage payment if so then I pay $3,000 a month for mortgage. This include my mortgage, utilities, cell phone, cable, water, and insurance (which I pay full every 6 months).
Year of Car: 2017
Miles: 0
Purchase/Refinance: Purchase
Requested loan term (XX Months): 60 Months. will consider 72 if ABSOLUTELY Necessary.
Down payment amount: $15,000
Co-borrower/Co-Signer: None
Other: Pulled from myFICO 3B Report (12/18/2015)
EQ TU EX
CREDIT HISTORY 11 Years 11 Years 11 Years
TOTAL ACCOUNTS 25 23 23
CURRENT ACCOUNTS 25 23 23
PAST DUE ACCOUNTS 0 0 0
REVOLVING ACCOUNTS 13 14 11
INSTALLMENT ACCOUNTS 11 8 10
MORTGAGE ACCOUNTS 1 1 1
OTHER ACCOUNTS 0 0 0
COLLECTIONS 0 0 0
PUBLIC RECORDS 1 1 0
NEGATIVE INDICATORS 2 2 2
EQ FICO 8 (2/16/2016) - 700
EQ FICO Auto Score 8 - 700
TU FICO 8 (2/14/2016) - 723
TU FICO Auto Score 8 - 680
EX FICO 8 (2/11/2016) - 720
EX FICO Auto Score 8 - 728
I plan on using TrueCar to help me get an idea on how to negotiate the price for my new car. I am a member of USAA, PenFed, and Northwest FCU. I am also a AAA member and an American Express card holder since 1997. I am thinking that I should begin securing financing around mid-April 2016 for a pick up date in May 2016. What are your thoughts and/or suggestions on this matter?
Looks like you'll have no issues. As for financing, since you're going new, I'd do dealer financing, Cadillac almost always runs 1.9% promos, but mostly those rates are for 36 month loans. If they're not running something like 0.9 or 1.9 for a 60 or 72 month term that you're looking for, a CU would be the best option.
Thanks Eddie 
I have read on the threads about how great DCU is. I will try them out as well as PenFed and USAA as well as Northwest FCU and if the dealer can beat them with 0.9% or less for 60 or even 72 months then I am a FULL GO...
I'd say your %110 good to go.
I sure do hate buying depreciating assets........ 
Well you need transportation...LOL...HAHAHAHA
@Bankrupt2019 wrote:I'd say your %110 good to go.
I sure do hate buying depreciating assets........
Thus a perk in life when you are making good money you can afford to spoil yourself a little bit even though it is indeed a depreciating asset.
