Well, to start I have awful credit. 660 Ex 631 Eq 585 TU...just had them pulled by mortgage broker. I have a ton of charge offs from 2005 (layoff and death in family). I've got 3 smaller car loans on my current report for about $15,000 each (all paid) then 1 have one large one for $36,000+. I purchased it in 2003 and then in 2005 when I got laid off, I immediately called and told them that I wanted to voluntarily surrender the car. They came out within a week and picked it up (and miraculously) sold the Lexus SUV for what was owed on it. About 2 months later I got a letter stating they tacked on a cleaning charge of about $350 to the price of the car and that is the amount still owed to this day for my car. I was so mad I just let the amount sit on my credit with the other charge off's and now I'd like to get a new vehicle but I'm afraid what this voluntary surrender has done to my "car credit".
I would like to trade in a 2006 Toyota Avalon that my father has let me use for the last few years but it will have about $4000 in negative equity probably. It's the least I can do since I've been driving it. My mother died at 59 years old and he doesn't drive this car. I can put down about $7-$8K on the car (some covering the negative equity) but does anyone know what I should do first to get a decent rate? I won't do a rate that is over 8% or so...I know me...I will just drive the Avalon, although I don't want to.
Here's my information: I've been at my current job 4-1/2 years, make $70,000/year, don't pay rent or anything else (I take care of my father), so my dti ratio is practically nothing...My company pays for my Blackberry, I do pay $95 per month for insurance on the Avalon and I have a ton of those tiny CL credit cards (sub rate) and I usually keep the balances paid off.
I could have my father co-sign if that is acceptable, and I can't get anyone to approve me by myself. His FICO is close to 800.
Does anyone have any ideas or thoughts on my current situation? Especially the voluntary surrender part???
Thanks!
