Long story short.... baby coming in a couple days and we found out the carseat doesn't fit in the back of the wife's car and still allow a driver (if on the driver's side) or a passenger (if on the passenger's side) due to us being tall and no leg room. We have about $8k negative equity best I can figure due to high interest rate and length of financing.
Her salary: ~$117,000 with bonus (already received bonus for the year)
Inquiries: EQ (1-Jan/19) , TU (2- Mar/18, Oct/18), EX (None)
Fico 8 Auto Scores: EQ - 627, TU - 648, EX - 675
Open Accounts in Good Standing:
Current Auto Loan: Opened 7/16 - No Lates
Student Loan: Opened 11/15 - Payment $173 - Balance $29k - No Lates
Home Depot: Authorized User - Reporting Balance $2800/$3000 - Paid Off and it will update with $0 Balance. No Lates
Capital One CC: Opened 2/15 - Reporting Balance $5231/$5300 - Paid Off and it will update with $0 Balance. No Lates
Care Credit: Authorized User - Balance $564/$6000 - No Lates
Santander: Chargeoff/Car Repo - DOFD 3/14 - Balance of $7,754. Hasn't updated since 7/18 but is still showing as a CO. Will be removed from TU on 2/21 and from EX on 12/20 (based on data from her free annual credit report from the CRAs). We tried a PFD a couple years ago with no success. We are out of SOL and will not pay it due to the way she was treated (they didn't follow the rules during repo).
Based on the MyFICO Simulator, her scores after the two cards update should be approximately 681/689/696.
We are looking to finance a new SUV in the $35k price range. We also need to roll approximately $6000 negative equity into it if we can put $2000 down. With the current rebates we can probably absorb alot of the negative equity into the loan and still be approved.
Any chance of approval with her income with the old repo? The repo is around 5 years old. Can anyone recommend a lender or manufacturer financing (Ford, Mazda, GMC?) who would work with her in her current situation?
We currently have 2 loans with them hovering around 10% APR. In the past I've noticed that they "pre-approve" for a pretty low rate and when the dealer "runs the application" they always seem to come back with a higher rate. Cap1 also limits her out around $30k. We were hoping to find a different route this time, hopefully with a better rate. She isn't a CU member but we might explore that route.
If you get your scores up to where the simulator is saying, I don't think you will have an issue. I frankly don't know how DCU views repos but would recommend them since it'll only cost you 1 hard. With a 680+ EQ score (I think they pull mortgage version), I believe you'd qualify for a pretty good rate with them. Worth a try if you dislike Cap One.