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Need to purchase car: Subprime credit high income have co-signer with excellent credit fixed income

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Re: Need to purchase car: Subprime credit high income have co-signer with excellent credit fixed inc

If it's one or the other then my inclination would be to pay off the current car as you had planned.

Message 11 of 13
New Contributor

Re: Need to purchase car: Subprime credit high income have co-signer with excellent credit fixed inc

I would purchase something nice but inexpensive. Even if you are looking for a luxury car, you can find a reliable W211 Mercedes-Benz E-Class (MY2003-2009) for under $10k. The V8s are more reliable and in better condition. You can also find some Lexus models which are even more reliable. I think going for a new car payment when you are worried about existing debt payments is misguided.

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 12 of 13
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Established Member

Re: Need to purchase car: Subprime credit high income have co-signer with excellent credit fixed inc

While lenders use your actual credit scores they also have internal custom scores those are the scores determining the terms of your loan those take into account the actual structure of the deal ie. down payment , the type of vehicle , the mileage ,Ltv and believe it sometimes used cars score better because New cars depreciatiate significantly.
Message 13 of 13
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