In a pickle, what to do?

Anonymous · ‎08-16-2008

Hello all.

I currently have a 2000 Chevy Tahoe (fully loaded with leather, moon roof, heated seats, etc) and the aproximate private part sale on this vehicle is only around 3k! Not to mention it has almost 200,000. I have the title free and clear (no payment). Its about to give up the ghost as well so I couldn't sell with a clear conscious. Its running bad, burns oil, etc. (its costing me 600+ month in gas alone!)

I drive 35 miles one way to work (I am a registered nurse making $21/hour) My husband and I have 2 kigs, no mortgate or rent payment (was passed down an old ranch house to live in that we fixed up) and we don't have car payments either.

We have the typical house hold expenses, a student loan payment of $225 and some small cc debt (2500).

I also work occasionally at a near by hospital for $27/hour and I put in for a position where I currently work that would give me a $5/hour raise.

MY Credit is questionable. I have a repo that reports on Experian and TU that will come off in 9 months. My equifax credit report is basically cleaned up except for a 30 day late student loan payment that is in the works of being taken off as well. My equifax score is 708, TU-615 (last I checked) and EX is 587! (last I checked.) I have been disputing some errors on there, but not sure how much of an impact that will make on my scores.

so my questions are these:

1.) How do I get financed for a new car?

2.) What kind of car should I get?

3.) How new of a car should I get?

4.) Whats a realistic car payment I could afford?

My husband makes a decent living though self employed and income not garunteed at any given time, though it seems to be ok. I bring home about 4k a month. (that is consistent and always there)

Anonymous · ‎08-17-2008

tebs78 wrote:
Hello all.

I currently have a 2000 Chevy Tahoe (fully loaded with leather, moon roof, heated seats, etc) and the aproximate private part sale on this vehicle is only around 3k! Not to mention it has almost 200,000. I have the title free and clear (no payment). Its about to give up the ghost as well so I couldn't sell with a clear conscious. Its running bad, burns oil, etc. (its costing me 600+ month in gas alone!)

I drive 35 miles one way to work (I am a registered nurse making $21/hour) My husband and I have 2 kigs, no mortgate or rent payment (was passed down an old ranch house to live in that we fixed up) and we don't have car payments either.

We have the typical house hold expenses, a student loan payment of $225 and some small cc debt (2500).

I also work occasionally at a near by hospital for $27/hour and I put in for a position where I currently work that would give me a $5/hour raise.

MY Credit is questionable. I have a repo that reports on Experian and TU that will come off in 9 months. My equifax credit report is basically cleaned up except for a 30 day late student loan payment that is in the works of being taken off as well. My equifax score is 708, TU-615 (last I checked) and EX is 587! (last I checked.) I have been disputing some errors on there, but not sure how much of an impact that will make on my scores.

so my questions are these:
1.) How do I get financed for a new car?
2.) What kind of car should I get?
3.) How new of a car should I get?
4.) Whats a realistic car payment I could afford?

My husband makes a decent living though self employed and income not garunteed at any given time, though it seems to be ok. I bring home about 4k a month. (that is consistent and always there)

Suggest a CU for their ability and willingness to work with members.

Suggest a 1-2 year old vehicle, so as to let someone else pay the depreciation up front.

Working on your negative/inaccurate info will get your scores up. Having a repo... if you could wait for it to fall off, or GW it off, you'd have MUCH better chances.

You have no mortgage/rent, $225/mo in SL, $2500 CC, but you need to put together a monthly budget to determine what payment you can afford. You might qualify for some ungodly amount, but that doesn't mean it will fit your budget. You also have to consider you should get something that get better mileage than you get now, less maintenance costs, but most likely higher auto insurance.

Start with a budget and talk to a CU.

Don't go to a dealer until you have a 'blank check' from a CU. Dealers are tough sells, and that repo will kill you with them.

Anonymous · ‎08-17-2008

I would say that with your scores and income you are safe going with dealership financing. The reason that I say that is because, the car business is really stuggling right now. They are lloking to get deals from anywhere they can and the "Captive" lenders are pretty loose if your scores are that good. You should still do your research.