Operation Lamborghini Aventador approval

[lambomoonboy]

Hey everyone, been lurking here a while and been a while since I joined such a juicy forum in terms of knowledge.

I resided outside of America for a big pary of my life but 10 years ago at 23 I started building credit here and staying close to half the year.

Pretty rapidly I had built up enough credit to be at a 730 score and I got approved from Santander for a $65,00 Bentley, and several large cards like BofA 5k, Chase 4k, Chase 3.5k, Affinity 9k Amex 8k.

I made perfect payments and traded the Bentley for a $128,000 rolls royce ghost, I started 72 months with Bank of America, and even had a 2nd 20k loan for a jeep with space coast.

In 2018 things got rough for me and I went late on everything. They closed all my credit card accounts. Here's the kicker- I went late on the rolls royce 8 times but they never repo'd it. Fast foward to 2020 I start trying to rebuild. I end up making perfect payments on the rolls (10 months later), have 2 small credit cards and I have someone on the dispute side of things, they've only been succesful with Equifax, and someone told me it doesnt really ever get deleted. Now:

Equifax -701 everything removed

Experien - 567 all the closed r9 accounts there

Transunion 593 most accounts on there

I owe 48k on the 128k with bank of america but its showing so many lates, I wasn't able to get any sort of large approval, only 50k, plus my 50k- seems like I've plateaued at the 128k. For now, since I got no approvals, I went on a spree and opened 7 more accounts (Discovery, capital one, cred ai, reflex, one financial, grain financial, grow credit) that will all report soon. I'll probably get to 740 in 90 days with equifax but only ones I know of only HP Eq are pennfed and they max at 100k) What would anyone recommend as an action plan to get back to a level where I could get +200k approval, with the car being 260-300k? The aventador would be a 2012 so would need very specific lender so Id like to focus on those requirements but I dont know much on that .

Would I have a better shot if I closed the Bank of America car loan with all the lates or would keeping this line helps matters?

[lambomoonboy]

Hello? Is there anything I'm missing here? What's the best way to post my credit report to seek help?

[Mjhall85]

Time is going to be your friend with those lates, you could try writing good will letters and see about getting them removed and they may or may not do them.I would focus on paying everything on time for quite awhile and work on your other reports that have mid 500 scores. Aventador is a great goal but if you get an approval with current scores odds are your interest will be high. I am no expert though.

[Anonymous]

---

@lambomoonboy wrote:

Hey everyone, been lurking here a while and been a while since I joined such a juicy forum in terms of knowledge.

I resided outside of America for a big pary of my life but 10 years ago at 23 I started building credit here and staying close to half the year.

Pretty rapidly I had built up enough credit to be at a 730 score and I got approved from Santander for a $65,00 Bentley, and several large cards like BofA 5k, Chase 4k, Chase 3.5k, Affinity 9k Amex 8k.

I made perfect payments and traded the Bentley for a $128,000 rolls royce ghost, I started 72 months with Bank of America, and even had a 2nd 20k loan for a jeep with space coast.

In 2018 things got rough for me and I went late on everything. They closed all my credit card accounts. Here's the kicker- I went late on the rolls royce 8 times but they never repo'd it. Fast foward to 2020 I start trying to rebuild. I end up making perfect payments on the rolls (10 months later), have 2 small credit cards and I have someone on the dispute side of things, they've only been succesful with Equifax, and someone told me it doesnt really ever get deleted. Now:

Equifax -701 everything removed

Experien - 567 all the closed r9 accounts there

Transunion 593 most accounts on there

I owe 48k on the 128k with bank of america but its showing so many lates, I wasn't able to get any sort of large approval, only 50k, plus my 50k- seems like I've plateaued at the 128k. For now, since I got no approvals, I went on a spree and opened 7 more accounts (Discovery, capital one, cred ai, reflex, one financial, grain financial, grow credit) that will all report soon. I'll probably get to 740 in 90 days with equifax but only ones I know of only HP Eq are pennfed and they max at 100k) What would anyone recommend as an action plan to get back to a level where I could get +200k approval, with the car being 260-300k? The aventador would be a 2012 so would need very specific lender so Id like to focus on those requirements but I dont know much on that .

Would I have a better shot if I closed the Bank of America car loan with all the lates or would keeping this line helps matters?

---

I am a little confused here on some aspects. Your new CC's are with sub prime lenders which I understand with the exception of Discover and Capital One. However, I am sure those CL's are very low. Sub prime cards will help your scores but it will take at least 2 years of solid on time payments with the accounts never going over the CL etc. When you go for a large loan for an expensive car they are most probably going to pull two or even three credit reports. Capital One will pull two no matter how much the loan or credit card is for so to try and hide dead bodies just wont work. 

We are only getting partial info here.

Do you reside in the USA now or in another country?

What is your pre tax income, many lenders on large loans or CC's will do a 4506 to verify your income with the IRS.

What is the interest rate on your current car loan? how many payments are left and how much are each payment?

To buy a car of that price you will probably need a FICO score of 620 and even then the interest rate will be very high.

Unless your income is so high that the interest rate does not matter to you.

Let us know so we can start to help figure out your best way to move forward.

Thanks

Mark

[Dadof31978]

Your best bet is to buy cars you can afford.

[Creditplz]

Largest lease/auto loan I have had is $170k but I'm sure I could push that up to 220-240k on a 992 Turbo S. 

best bet is to make on time payments for a few years... with the status of your current items I don't see a Lamborghini in the near future.. simply put it isn't a easy approval with decent credit... and the car will be aged 10 years if it is a 2012. 

BUTTTTT if you want to try and have VERY good income and would consider a closed end lease, there's PUTNAM leasing and Premier leasing, and Amazon leasing.. they all do exotic closed end leasing... a buddy of mine got a F12 TDF through PUTNAM a few years ago, they will verify income and if your income is good (think DTI 15% & under) and you have a good DP they will approve regardless of credit.