Please help !

[Anonymous]

Thank you for reading this and taking the time to answer my question !

I am currently 19 years old going on 20 in 11 months. I have defaulted on my auto loan because I had been diagnosed with tonsillitis and had been in the hospital 5x all being. 3 days length (pretty severe) for 4 months, parents been helping me. I also fall behind the payments on my American Express Rose Gold account (4,234) and American Express EveryDay Card (1,340) I have 7 collections that’s on my credit report all of them have no more than $700 balances those will be paid for by October 2020. My credit was at 759 FICO when I was 18 now it’s currently 459☹️ I need help ! I really want to buy a Tesla Model 3 standard Range $35,000. But I want to know if there’s any way or chance that I’ll get approve from my credit union for a loan in 2021? My parents are going to be paying $260 of the $561 payment. As I mentioned earlier I was behind 4 months on my auto loan with my current credit union. Credit union loan amount ($13,500) My parents just want me to pay the collections off because it was my responsibility! And I understand that . But I’ll be off to college in fall of 2021 and I just need help. I don’t even know if I’ll get approve ! I also have another vehicle in mind. A 2015 Mercedes Benz with a price of 27k ! If I can’t get a loan for the Tesla do you think I can get a Lease from Tesla in summer 2021 with the recent baddies ? If not what about the Mercedes Benz ? Or a Mercedes Benz new Lease ? Anything will help ! Thank you 💞

Btw my mom gave me $2200 for the big Amex card!

Btw 2 those balance was not by me, but me helping someone that threw me under the bus.

[Anonymous]

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@Anonymous wrote:
... I have defaulted on my auto loan because ...

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... you didn't make your auto loan payments, as agreed. 

The rest of it is your concern, not the lender's. They just want their money back, plus a little extra. Life happens = not their problem. 

The sooner you accept that premise (the buck stops with you), the sooner you will get your credit straightened out. The sooner that happens, the sooner your profile might become attractive to a lender. 

Good luck. 

[Gladius]

You need to not think about buying/leasing a car of that magnitude in your situation.  A Tesla Model 3 will be more than $35K in 2021, I gurantee it.  And where did you come up with that $561/month payment amount?  And a 2015 Benz is out of factory warranty age.  Will you have the $$ to get it fix when something breaks?  You need to get a beater for a few years and build your credit back up.

[Anonymous]

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@Anonymous wrote:
Thank you for reading this and taking the time to answer my question !

I am currently 19 years old going on 20 in 11 months. 

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So, you're 19. 

And here goes the "tough love" part that adults often offer to kids: You are thinking like a kid. You're making excuses, looking to your parents to fix your problems, and making decisions that have no root in logic. 

You can't pay the bills you have now and you want to throw an irresponsibility large auto payment into that?  And you want to rely on your parents to help you with the payment. Haven't they given you enough support over the course of your childhood? 

Time to put on the big person pants and act like an adult. 

[Anonymous]

Thank you so much !

[Anonymous]

Honestly your right ! Thank you so much for the info !

[Anonymous]

Exactly. That’s why I’m on here looking for adults to help me know how to think and make wiser decisions. I appreciate your post and I’m gonna take into a account for what all of you had said ! Thank you

[Boragard]

If you really truly need a car you need to buy a used one for $2-3k because you honestly can not afford it. You will be looking at bankruptcy by the time you're 30 if you don't change your ways now.