Chances of approval with Acura Financing on the new TLX?

[Anonymous]

I'll try and keep this short while giving a snap shot of my credit worthiness. 

Debt -

$12,432 out of $48,xxx - student loans

Collections - 

paid in full, 2017 T-Mobile account. Refuse to take off CB. $0 of $780 balance.

Revolving Accounts -

$0 balance on $13,500 credit limit. Used monthly and paid in full before reporting. 6 accounts, newest of which is less than a year old (~6 months).

Yearly Income - $68,500 and bonuses of roughly ~$5,000.

No mortgage, $1,100 rent monthly.

I have had 2 prior auto loans: 

2017 Toyota Yaris for $16,750 paid in full in 14 months. No balance on account, car given to sister. 

2019 Volkswagen Passat SEL for $28,670 and owe $14,300. 60 month loan, will have this below $5,000 by time to purchase.

Current Average of Credit Scores - 721 FICO

FICO 8 Auto Score of 686. 

Prior to the purchase of the Passat I applied for a 2019 Alfa-Romeo Guilia Ti for $41,361 but they requested $12,000 down. Since then my credit has improved from a 632 Fico 8 to a 686 Fico 8 and about 50~ overall on my Experian Fico. I know the T-Mobile account holds me back, a lot, but what are the chances of Acura financing me with the Passat as a trade in for the new TLX Type-S in 2021? The car should be around $50,000. 

[Anonymous]

Wish I had answer but I think it will be a stretch for approval without a significant down payment. At 50k car on 70k a year is insane.  My vote is pay off the Passat and keep driving it.  Seems like you are repeatedly sinking a large chunk of your income into depreciating assets. 

[southernblueeyes]

I was an idiot several years ago and got a $77,000 auto loan on less than $50K salary. It can be done. I'm planning on getting an Acura TLX at the end of the year but I will be making a large down payment. If I had known then what I know now. 

[Anonymous]

perhaps, I have no kids and no other responsibilities.

My company moves me around a lot and therefore have no mortgage.

On top of this my company offers me a housing allotment of $1,000 per month. I live in a state with no income tax so most of my income is free. I live in the middle of no where country right now... so driving to each of my locations is probably the most fun I have in my day and there is a severe lack of fun in driving a Passat. 

I am only 28. I pay the maximum match every year into a 401k and have a healthy savings. I'm failing to see the point of making money if the only idea is to grow your wealth and never spend it... maybe I'm ignorant. 

[Anonymous]

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@Anonymous wrote:

... My vote is pay off the Passat and keep driving it ...

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The OP didn't ask for opinions on whether the loan is advisable -- only whether it is attainable. So I don't think you don't get a vote. 

[Anonymous]

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@Anonymous wrote:

... driving to each of my locations is probably the most fun I have in my day and there is a severe lack of fun in driving a Passat ...

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Yup, go for it. 

I expect you won't have a terrible time finiding lenders for the 50,000 -- it's just a matter of how much you'll have to pay to borrow it. I'd start looking at some FCU's that are known to offer good terms for auto loans: Penfed, DCU, NFCU, etc. Also, maybe see if you're pre-qualified with Cap One.

Good luck & be sure to post-up a photo of the sweet ride. 

[Anonymous]

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@Anonymous wrote:

... Collections -  paid in full, 2017 T-Mobile account. Refuse to take off CB. $0 of $780 balance ...

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Btw, you might want to do a GW campaign to get this off. No reason that one blemish should remain another 4 years.