Most of the subprime car dealership can get anyone approve, they deal with hundreds of subprime bank specifically dealing with approvals. Usually Nissan, Infiniti, Ford they usually deal with limited banks that require pretty much excellent credit. Now your asking for a 52k auto loan with 20% down payment which isn't a bad down payment...but with 21 late on a previous auto loan doesn't look good for you. That proves to the bank that your a high risk off being late or a repo. I believe to balance that risk, the bank would want to have alot of equity in that 52k vehicle so with at least 30-35% down payment would catch their attention. They would more likely to approve with more equity and lower risk to the bank.
I would either have more down payment or look for a less expensive vehicle. With your history of being late on pass auto loans, you have to prove to the bank that your serious with more down payment. Good luck and keep us updated!!
Thanks forvthe reply, currently I am playing my credit cards down, so far I have 11k to put down on a vehicle, but am going to save more and hopefully by may I will have 15-20k which should be sufficient.
ps excuse the typos I'm on my cellphone
Since an auto-enhanced score will definitely be dragged down by late payments, working on and sending goodwill letters is crucial. Not that my suggestions have any value but here's the $0.02; go to the rebuilding forum and search for success stories of goodwill deletions, adjustments, miracles, or whatever with the former auto lender. Maybe you'll get lucky and find a sympathetic ear or possibly it was a case of your basically getting and staying a month behind due to misunderstanding something.
As posted earlier, it looks like a really high risk profile. Only someone really smart with credit could definitely say if the $11K would be better spent towards CC debt.