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I really need a new car. How is my credit profile?

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Member

Re: I really need a new car. How is my credit profile?

What car are you currently driving?

 

What brands are you open to considering?

Message 21 of 39
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New Contributor

Re: I really need a new car. How is my credit profile?


@Kevin5974 wrote:
This is a repo in 4 to 6 months. Sad. But we have heard this story before. As an FnI Mgr, I laugh at people financing cars for 5, 6 or even 7 years but decline the warranty. Most common reason for repo is the car broke down.

No offense but this is where this one is going. If you were smart, you'd sell this vehicle that "doesn't fit your dog" and get your cosigner out from this mess. Lease a Kia or cheap car for a bit. You obviously aren't in control if you're in this terrible situation.

The car does have an extended warranty. The extended warranty is a joke though. They won't cover the timing chain until it snaps. At that point, the car would be a total loss. Mercedes-Benz says a new OM642 is $21k, down from $36k a year or two ago. We were never able to find coverage for the emissions system because it is a diesel. Mercedes-Benz warrantied the emissions until 80k miles, but the AdBlue problems started a few thousand after that. Smiley Mad

 

My father does not care (my co-borrower). He thinks it should be fixed, but I told him that I am not paying another $300 for another diagnostic that will say the same darn thing—minimum $10k+ in repairs. He will sign off on a trade-in, but it's going to be so annoying when he starts mouthing off about whatever lease agreement I sign (He's very opposed to leasing as he's gotten older). Smiley Frustrated

 

The car is not going to be repossessed. I am not broke.

25 years old

Wells Fargo Platinum - $1500
Chase Sapphire Preferred - $8500
Discover it® Card - $9600
AMEX EveryDay - $8000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $750

Lease - Audi Financial Services - $47,148 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $20,617, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $370
Equifax - 729
TransUnion - 740
Experian - 752
Message 22 of 39
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New Contributor

Re: I really need a new car. How is my credit profile?


@881 wrote:

What car are you currently driving?

 

What brands are you open to considering?



I think I am probably going to try to go with the Land Rover Discovery if the residuals continue to be this high. I am also looking at the Volvo XC90, Land Rover Range Rover Velar, and I was thinking about the Mercedes-AMG GLC43, but I think it might be a tad too small. I have had a GLC300 loaner before, and I think I thought it was too small for my dog who is 143lbs. The MSRP discounts on XC90s are hefty and they make up for the lower residual. I looked at a late model GL550 last winter, but I thought the prices were too high and I did not want to put $20k down and then have it fall apart. We also already have an older GL450 anyway, but someone else uses it most of the time.

 

All of those cars use too much fuel. I am used to getting 25 miles per gallon and going almost 600 miles per tank. That little engine also produces 400 ft-lb of torque. The other Mercedes sedan that I have only gets 13 miles per gallon and it's annoying. It is very fast with a 5.0L V8, but that's way too inefficient.

25 years old

Wells Fargo Platinum - $1500
Chase Sapphire Preferred - $8500
Discover it® Card - $9600
AMEX EveryDay - $8000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $750

Lease - Audi Financial Services - $47,148 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $20,617, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $370
Equifax - 729
TransUnion - 740
Experian - 752
Message 23 of 39
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New Contributor

Re: I really need a new car. How is my credit profile?

 
25 years old

Wells Fargo Platinum - $1500
Chase Sapphire Preferred - $8500
Discover it® Card - $9600
AMEX EveryDay - $8000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $750

Lease - Audi Financial Services - $47,148 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $20,617, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $370
Equifax - 729
TransUnion - 740
Experian - 752
Message 24 of 39
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New Contributor

Re: I really need a new car. How is my credit profile?


@SoundoftheSuburbs wrote:

My utilization is about 70%, but it is about 82% in my most recent report.

 


My UTIL is down to 53% right now.

25 years old

Wells Fargo Platinum - $1500
Chase Sapphire Preferred - $8500
Discover it® Card - $9600
AMEX EveryDay - $8000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $750

Lease - Audi Financial Services - $47,148 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $20,617, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $370
Equifax - 729
TransUnion - 740
Experian - 752
Message 25 of 39
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Valued Member

Re: I really need a new car. How is my credit profile?

For what you paid for a 6 year old car with features, you could have bought a new Toyota Camry. You could have paid a whole lot less for a 2 year old Camry that would run for 10 years +, and only need oil, a starter and some tires. But you needed those features. Gtfoh.
**trying to garden**
MYFICO 8 scores as of 1/5/19 EQ 661 TU 655 EX 659
CARDS
CAP1 QUICKSILVER - 9K
CAP1 QUICKSILVER ONE - 1000 (finally grew, still cant wait to quit you)
DISCOVER IT CASHBACK - 3.1K
MIL STAR - 7.2K
TREK CREDIT CARD - 16.5K
PENFED POWERCASH - 5K (My new daily driver, cuz 2% cashback)
PENFED PLATNIUM REWARDS -5K
NFCU CASH REWARDS - 8.1K
USAA RATE ADVANTAGE - 6K
USAA PREFERRED CASH REWARDS - 6K
Message 26 of 39
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Member

Re: I really need a new car. How is my credit profile?


@SoundoftheSuburbs wrote:

@881 wrote:

What car are you currently driving?

 

What brands are you open to considering?



I think I am probably going to try to go with the Land Rover Discovery if the residuals continue to be this high. I am also looking at the Volvo XC90, Land Rover Range Rover Velar, and I was thinking about the Mercedes-AMG GLC43, but I think it might be a tad too small. I have had a GLC300 loaner before, and I think I thought it was too small for my dog who is 143lbs. The MSRP discounts on XC90s are hefty and they make up for the lower residual. I looked at a late model GL550 last winter, but I thought the prices were too high and I did not want to put $20k down and then have it fall apart. We also already have an older GL450 anyway, but someone else uses it most of the time.

 

All of those cars use too much fuel. I am used to getting 25 miles per gallon and going almost 600 miles per tank. That little engine also produces 400 ft-lb of torque. The other Mercedes sedan that I have only gets 13 miles per gallon and it's annoying. It is very fast with a 5.0L V8, but that's way too inefficient.


You should probably grab the XC90 - the other ones you've listed have a laundry list of issues (especially with the Velar, it's a first generation SUV, gonna be lots of downtime for dumb things)

 

If you have a large pet, I'd implore you to consider Subaru as well. The forester and Outback are pretty good for what they are, only trade off would be your dog would be getting the luxury treatment instead of you, ha.

Message 27 of 39
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New Contributor

Re: I really need a new car. How is my credit profile?


@miamivicemtb wrote:
For what you paid for a 6 year old car with features, you could have bought a new Toyota Camry. You could have paid a whole lot less for a 2 year old Camry that would run for 10 years +, and only need oil, a starter and some tires. But you needed those features. Gtfoh.

I'm not sure what I would do with a Camry, but I appreciate your input...

25 years old

Wells Fargo Platinum - $1500
Chase Sapphire Preferred - $8500
Discover it® Card - $9600
AMEX EveryDay - $8000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $750

Lease - Audi Financial Services - $47,148 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $20,617, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $370
Equifax - 729
TransUnion - 740
Experian - 752
Message 28 of 39
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New Contributor

Re: I really need a new car. How is my credit profile?


@881 wrote:

@SoundoftheSuburbs wrote:

@881 wrote:

What car are you currently driving?

 

What brands are you open to considering?



I think I am probably going to try to go with the Land Rover Discovery if the residuals continue to be this high. I am also looking at the Volvo XC90, Land Rover Range Rover Velar, and I was thinking about the Mercedes-AMG GLC43, but I think it might be a tad too small. I have had a GLC300 loaner before, and I think I thought it was too small for my dog who is 143lbs. The MSRP discounts on XC90s are hefty and they make up for the lower residual. I looked at a late model GL550 last winter, but I thought the prices were too high and I did not want to put $20k down and then have it fall apart. We also already have an older GL450 anyway, but someone else uses it most of the time.

 

All of those cars use too much fuel. I am used to getting 25 miles per gallon and going almost 600 miles per tank. That little engine also produces 400 ft-lb of torque. The other Mercedes sedan that I have only gets 13 miles per gallon and it's annoying. It is very fast with a 5.0L V8, but that's way too inefficient.


You should probably grab the XC90 - the other ones you've listed have a laundry list of issues (especially with the Velar, it's a first generation SUV, gonna be lots of downtime for dumb things)

 

If you have a large pet, I'd implore you to consider Subaru as well. The forester and Outback are pretty good for what they are, only trade off would be your dog would be getting the luxury treatment instead of you, ha.


The tech in the Velar seems to be a little troublesome. I can't remember what it was, but I was on one test drive and something went wrong. It could have been the salesman doing something wrong, but Doug Demuro had a problem with it in his video review.

25 years old

Wells Fargo Platinum - $1500
Chase Sapphire Preferred - $8500
Discover it® Card - $9600
AMEX EveryDay - $8000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $750

Lease - Audi Financial Services - $47,148 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $20,617, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $370
Equifax - 729
TransUnion - 740
Experian - 752
Message 29 of 39
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New Contributor

Re: I really need a new car. How is my credit profile?

I went to Carmax today and got it appraised for $7500. That's $2000 less than the appraisal from a few months ago. It's also significantly lower than the NADA rough trade-in. Rough trade-in on NADA was $10000. If I sell it to them right now, I'll have to pay $8000 to the finance company.

 

Would it be a terrible idea to open a credit card right now? I use my Capital One cash back card right now while working down the balances on the others.

25 years old

Wells Fargo Platinum - $1500
Chase Sapphire Preferred - $8500
Discover it® Card - $9600
AMEX EveryDay - $8000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $750

Lease - Audi Financial Services - $47,148 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $20,617, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $370
Equifax - 729
TransUnion - 740
Experian - 752
Message 30 of 39
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