Auto loan approved! Repo and 7 collections still showing

[FISHintheTank]

Sunday July 17 - Thinking of buying a small sedan for wife.

Pre-qualified from Capital One Auto for $61,300 @ 6.54% and need $7k down later that night with no income verification.

Monday July 18 - Went to dealership with a buttefly feeling in my gut.  I don't want to be embarrassed if they saw the repo from BMW $35k and  7 collections and denied me. So I asked to submit my credit app to Cap One and Lexus only.

- Got approved for $62k+ from Lexus Financial @ 6.13% need $5k down, no income verification. Credit scores 693 from Experian Fico 8.           They did pull all 3 CRA but only show me the EX scores.  I went with Lexus just to make sure the process               

                               would be smooth and faster.

 - Arrived on Monday July 18 at 11:30 am, drove the car off the lot at 3:15pm.  Spent aprox 45 mins max at the dealership for test drive and paperwork. 

- To all that still in the credit rebuilding stage like me, keep up the good payments history and low utilization.  Eventually we will

            get back on our own feet again. Good luck and thanks for reading my story.

DPs at time of applying for Auto Loan:  EX 693,  Trans 697, EQ 673

                                                   Inquiries: EX 17, Trans 9, EQ 10

                                                   BMW $35k Repo,  7 collections $10k.  All will be off report in a year.

[cashorcharge]

WooHoo!!  Congratulations on your approval!!🎉🍾🥂

[babygirl1256]

Congrats on your auto loan approval . . . that's awesome!!!

[FISHintheTank]

@cashorcharge 

@babygirl1256 thank you guys/gals. I'm glad I was able to finance stuffs on my own again. 

[Mdowning30]

So you think you can afford a $60K+ car now when your $35K BMW got repo'd ? I hope you can keep up with the new payments on time.

[JM427]

@Mdowning30 The OP has obviously went through a rebuild as evidenced by the fact that his Baddies are falling off next year.  This means that he is 6 years removed from the repo.  I dont recall the OP posting any salary information that would/should cause anyone to presume that he cannot pay for the purchase he decided to make.  Perhaps we should just congratulate him on his progress with his rebuild, and the purchase of a new car for his DW!

[Gladius]

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@Mdowning30 wrote:

So you think you can afford a $60K+ car now when your $35K BMW got repo'd ? I hope you can keep up with the new payments on time.

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Wow.....lol

[TRC_WA]

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@JM427 wrote:

@Mdowning30 The OP has obviously went through a rebuild as evidenced by the fact that his Baddies are falling off next year.  This means that he is 6 years removed from the repo.  I dont recall the OP posting any salary information that would/should cause anyone to presume that he cannot pay for the purchase he decided to make.  Perhaps we should just congratulate him on his progress with his rebuild, and the purchase of a new car for his DW!

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I agree.

Ironically my previous auto loan was $35k (2015 Challenger R/T) and my new loan is $56k (2022 Challenger Scat Pack) and yes I can afford it... payment went up about $150 a month but the income went up about $30k as well.

[Dadof31978]

why would you want to get into debt like this again?

[Herb8108]

Curious as to what are your terms on that challenger scat pack I'm trying to get a 22 hellcat