Eventhough some lenders will probably used an auto-enhanced FICO score, which may be higher than your 504 & whatever your other scores are, I doubt you're going to get a zero down or sign & drive deal.
I don't know much about how the 2nd chance/high risk auto financing works, but I do know that it will come with ridiculously high interest rates. And, probably a down payment. And possibly co-signer.
Are your only baddies the two credit cards in collection? Are these unpaid collections? I'm assuming that they're recent, because you note that you tried to get a CLI last year. If they're recently delinquent or charged off, I think you're really going to need to work on those baddies before you're able to move forward. Otherwise, you're going to pay a premium (money down & high interest) for an auto loan.
Have you already visited the Rebuilding Forum? If not, hop over there and give more detail about your baddies. There's a huge pool of knowledge there that might be able to help.
Good Luck!
Message Edited by LilMirth on 07-11-2009 09:11 AM
