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Capital One Auto Navigator Question...

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Darksyde25
Valued Member

Capital One Auto Navigator Question...

Hey all.

 

So I had posted a response in another thread but I figured I would start this one, see what your thoughts are....

 

Little background, sorry if it's a lot to read...

 

So I was married in 2005, credit was rough for the majority of my marriage, finally got it into the 700s by 2014.  Opened a bunch of credit cards (yep, bad idea), which in turn led to where I am now. 

My ex was in school and earned her Masters and decided to not go into her field of teaching after racking up $150k+ in student loans.  None of which have my name on them.  We have kids so she would max out her loans every time and use them to supplement that as income instead of working (I never agreed with this, because I told her she would have to pay it back).

After she graduated and decided not to go into her field, things went sour.  By 2015 we were buried in debt and were going to start the bankruptcy process.  During this time things got worse and we split, and she filed for divorce.  Well that ultimately put the bankruptcy on the back burner.  We have well over $60k+ in credit card debt.

We stopped using the cards and making payments altogether on them at the end of 2015.  So it's been years since I've actually used a credit card (great way to learn that whatever money you have is all you have).  It's opened my eyes considerably.

We've been going through divorce for almost 3 years now.  Its been rough for me to say the least.  So obviously all my credit cards have been closed, I currently have 11 that are in collections.  I also have 4 judgements against me.  There are 2 wage garnishments attached to that, which they haven't been able to take anything due to the amount of child support and alimony I'm paying.  As part of the divorce, the judge has told us we need to file bankruptcy to clear our debts.  Even though I didn't get a choice she decided to use her student loans against me, which forced me to turn the house over to her and she would take the liability of the student loans.  Which was fine since my portion of the equity would've been much less than what I would've got stuck with.

So we bought a car in 2005 (04 Trailblazer, paid off, the vehicle I got from this), and in 2012 got a 2011 Caravan (what she got because it fits everyone).  Both are paid off.  Mine's been nothing but a headache, always needs fixed, and the frame is now extremely rusted (thank you Buffalo snow and salt).  Im done putting money into this thing, it seems every 6 months or so, something needs fixed.  My scores are tanked obviously (somewhere in the 500s).  I applied and got pre qualified from Cap One Auto Nav for $35,000 (verify address and income, waiting on that still).  So I'm looking at 2017 Ford Explorers.  Preferably low mileage.  I've found a few that I like, and after playing around with numbers (if i can get $1,000 for my Trailblazer, which might be tough its rusty, but drives well), I figure if I can work out a deal on some of them, the one I found I liked with $1,000 trade and $3,000 cash down would be like a 9.75% rate for 72 months.  Runs me about $363/month on about $20k financed.

I know they did a soft pull, but I'm wondering that if I go to the dealer and bring this once Cap One verifies everything, will I get turned down once they do a HP?

Also, We have not filed bankruptcy yet, that probably won't be for at least another month or two, then will take a few months to discharge.  My attorney said I should get the auto loan now, as I'd probably have a better change getting a loan now instead of post bankruptcy, but he said I'd be able to keep the vehicle.

 

I also spoke with a real good friend (who i've known for 22 years and has done much more for me than I could ever ask for), about it and jokingly said would he cosign.  He said as of last month he has an 842 credit score.  But I know his wife wouldn't like the idea, and I'm really hesitant putting a cosigner on it.  I wouldn't want something to happen where I lose my job or something and ruin his credit if I couldn't pay for a month or so.  I think even if he did cosign after the bankruptcy (which I don't know how that would affect him), at some point I could refinance and get him off the loan. 

 

Apologies for the long post....

Starting/Current Score: TU:sub 600 EQ: sub 600 EX: sub 600
7 REPLIES 7
Jnbmom
Credit Mentor

Re: Capital One Auto Navigator Question...

@Darksyde25 

 

I would NOT ask your friend to cosign if you want to keep him as a friend.  Also did Cap one give you a rate or are just just hoping you get that rate, if your credit is how you described I don't think you will get that rate?

EXP 780 EQ 791TU 795
Message 2 of 8
GApeachy
Super Contributor

Re: Capital One Auto Navigator Question...


@Jnbmom wrote:

@Darksyde25 

 

I would NOT ask your friend to cosign if you want to keep him as a friend.  


+1 ^^^ Yeah, you have a car that runs...even if it's fugly, it still runs. Better than breaking down a friendship.   Are you filing Chapter 7 or 13?  I did a quick search and found two answers, yes and no.  Thanks Google.Smiley Very Happy  I'd just listen to your Attorney on that one.....when to purchase according to State's law(s).

About Auto Nav.  I noticed my "wonderfully low" rate crept up as the mileage did and also the older the vehicle.  Did you run their search and price out on each suv?  Good luck on everything you're facing and hopefully it'll all work out quickly here forward.

My Take Home Pay Don't Take Me Home
Message 3 of 8
Darksyde25
Valued Member

Re: Capital One Auto Navigator Question...

Yeah I really don't want to ruin any sort of friendship.  It was more of a statement made jokingly.  He was my best man and I was his in our weddings.  We've had a great friendship, so definitely don't want to ruin that.

My Trailblazer runs, but its got a bunch of leaks, needs pads and rotors (and thats after already fixing a bunch, had a new gas tank put on about a year and a half ago and fuel pump, etc.  I've prob put about $3k into it the last 2 years).  And like I said the frame is really rusty I'm more worried about that than anything.  My mechanic has even told me (and he's the most honest truthful guy ever, he only does work that needs to be done, won't ever try to upsell you, and doesn't charge crazy amounts either), that it's getting towards the end of it's life. 

It would be Chapter 7 according to my attorney.  And the Cap One Auto Nav the amount it came up with was for a 2017 Trailblazer, just about 41,000 miles, price is $24,501 (just dropped 200 today, obviously I would negotiate), with $2000 down cash and trade 72 months was 11.91%, or about $487/month.  Not where I'd like to be. 

I'd like to get it down to about $22,500 (or lower), it's been on their lot for 110 days now, and with that and $4,000 cash and trade it brings the rate down to 9.75%,  72 months at $383/month which I'm ok with.  If i put more down or lower the price of the car it goes down to 9.43%.  I wouldn't go any older than a 2017 model, I've looked at newer ones, but I really don't want to take on a bigger loan either. 

My biggest issue is that, if I get to those numbers with the dealer on the price of the car (which I would negotiate even before I tell them I have any cash or trade, if i can), when it comes to them doing a HP, I'm worried I'll be declined at that point with all the crap on my credit report.  I really don't see my car lasting through another winter here. 

Starting/Current Score: TU:sub 600 EQ: sub 600 EX: sub 600
Message 4 of 8
beutiful5678
Frequent Contributor

Re: Capital One Auto Navigator Question...

I think Cap One pre-approvals are pretty reliable. Just bring the little sheet with you (hardcopy or digital) that has the loan amount, interest rate, etc.

 

I got my Cap One auto loan in December. It was a pretty easy process. I'm not sure what scores they pull (and it's a triple pull) but my FICO 8s were around 580 when I got my loan.

 

Good luck!



EX 8: Aug 2021 - 692 | EQ 8: Aug 2021 - 714 | TU 8: Aug 2021 - 673
Message 5 of 8
Darksyde25
Valued Member

Re: Capital One Auto Navigator Question...

I've got like 4 different dealerships I'm talking to right now looking at vehicles.  The one has a Durango that's about $1100 above market right now, in speaking with them back and forth through email the guy flat out tells me they only negotiate a few hundred, not thousands off the vehicle....guess they don't want a sale. 

Starting/Current Score: TU:sub 600 EQ: sub 600 EX: sub 600
Message 6 of 8
sccredit
Valued Contributor

Re: Capital One Auto Navigator Question...

Used car market is tough right now, cars are selling at auction at or above retail even. That being said the better deal you get the lower interest rate with Capital One. I do agree with your attorney, if you can get 9% now you are better off doing it before filing. 

Message 7 of 8
Darksyde25
Valued Member

Re: Capital One Auto Navigator Question...

Well, I let the entire almost 30 days of my pre-qual play out and talked to a bunch of different dealerships, got a call Saturday from the one after not hearing from them for about 5 days.  They had a 2017 Durango SXT priced at $24,991 with 30,369 miles.    I originally offered $22,400.  Then incremented up a few hundred til it got to $23,600 and that was as far as I went.  They said they would do the $23,600.  Ended up not trading in my car.  They were only going to give me $300 for it.  Plus there's a whole title issue (both our names are on it and it was the car I get) with my divorce and my ex is uncooperative so whatever.  Put $5500 cash down, the rate went up because I wasn't doing the trade (I don't understand Capital Ones system and how it changes so much), so ended up at 10.88%  and a $386.95/month payment.  I'll refinance sometime after I get the BK done.  The guy even said the rate I'm at is really good especially with how bad my credit report is.  He said its usually a lot higher.  Which is true, the only other place that would finance me had it at 19%.  Literally an absolute breeze at the dealer.  When I went in Monday he already had the car detailed and inspection done.  It was pending my trade so I said I wasn't sure so he said no problem let me know later (I was originally only going to put $4500 down).  Went in today after telling him I wasn't going to do the trade but I was putting $5500 down instead and took care of the insurance online before I got there and emailed him the cards, registration sticker and plates were on it, sat down for 5 mintues and signed the papers and was out the door.  They had no "extra fees" or anything.  Price of the car, NY 8.75% taxes (ugh), title, and other NY fees.  Nothing else.  Didn't ask if I wanted extended warranties or anything.  Super smooth and I'm happy.  

Starting/Current Score: TU:sub 600 EQ: sub 600 EX: sub 600
Message 8 of 8
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