Need Help Figuring Out Hellcat Approval

[timshifty]

Ok I will list my info

So my credit scores are  : Experian 553  Equifax 542  Transunion 545

My cosigners scores are: Experian 595  Equifax 571  Transunion 591

Annual income combined is $47,688

Let me tell you what Carvana has me approved for so this would be my last resort

2020 Challenger SRT Hellcat asking price $71,990 and they want $57,100 down

[Remedios]

@timshifty  I think what's happening here is that everyone is avoid telling you that this isn't happening and that this shouldn't happen but they aren't saying it because it might be viewd as somehow stepping on FSR   

There isn't a chance a person with repo will be able to cosign. Think about it, they couldn't satisfy their obligations but somehow will be able to do it for you.

You already had a repo, so you already bit more than you can chew. 

Save money, buy what you can afford.

If and when you can afford to this on your own, go for it. 

[madmann26]

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@timshifty wrote:

Ok I will list my info

So my credit scores are  : Experian 553  Equifax 542  Transunion 545

My cosigners scores are: Experian 595  Equifax 571  Transunion 591

Annual income combined is $47,688

Let me tell you what Carvana has me approved for so this would be my last resort

2020 Challenger SRT Hellcat asking price $71,990 and they want $57,100 down

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I'm betting your payment is in the $320-380 range isn't it? That puts your interest rate at 17-22% depending on where your payment is.

I'll be real for a few minutes........

I get it. I used to be that kid that wanted the newest, the shinest, fastest thing on 4 wheels. Sadly, growing up in the foster care system, I lost out on a lot of life lessons. Here I am, I'll be 47 this year and I'm rebuilding my own credit for the 2nd time. It's my fault 100%.

You're not going to do yourself any justice by buying this car, none. The fuel alone per year will be enough for most people to cry over. Then there is the insurance.

Cars will be there when the time comes. For now, focus on fixing what you have and building on top of it.

[Gladius]

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@timshifty wrote:

Ok I will list my info

So my credit scores are  : Experian 553  Equifax 542  Transunion 545

My cosigners scores are: Experian 595  Equifax 571  Transunion 591

Annual income combined is $47,688

Let me tell you what Carvana has me approved for so this would be my last resort

2020 Challenger SRT Hellcat asking price $71,990 and they want $57,100 down

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Like a couple of posters above, to put it bluntly, you need to concentrate on cleaning up your credit first and then try and find a car that is within your budget.  The insurance and gas alone will be astronomical.  Even financing $14900.00, your interest rate will be in the double figures considering your credit file and income.  

[timshifty]

Ok guys, thanks for the answers. Not what I was hoping to hear but appreciate the honesty.

I was not aware there was anything else I could do to help my credit. I have since found out that there is and will do that.

[CCrew]

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@pizzadude wrote:

Not sure what you're currently driving but this will be a very expensive car to insure, so you should also consider this in your budget.

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Hit this nail on the head. Younger driver, high performance car, and the Challenger/Charger have a super high theft rate in a lot of areas of the country. Personally I'd get a Hellcat VIN and get an insurance quote. 

[dize]

Another thing people don't realize is cost of ownership on that car. Brakes last 20k miles. They're $3000 up front and $1800 in the rear. You can't resurface 2 piece slotted rotors, and they're $1000 a piece. Tires last 15k-20k miles. The rears even less if you drive it like a hellcat. That's another $2000. 

are you prepared for those expenses? If all of those things land at the same time, that is almost 20% of your combined income if you include sales tax. If you're 48k combined income is pretax income, it's even more than that. 

the DTI calculation on this doesn't seem to work.