Repossession help

[peako216]

Today I tried to get pre-approved for a auto loan today at the dealership but I had did everything over the phone, really I had wanted to see where I stand as far as getting approved for a auto loan, the loan amount would be around 29,000 with tax included. For starters I have my moms car in my name that was repoed in 2008 but the bank that she got the loan from never put her account in collection or stated that it was repoed so on my credit it still shows a balance of 4714 and still is in good standing. Plus I have another repo that was from my sister in 2006 it was taken and shows a balance of 7188 but that is in repo status as of 2009. And then I had my car repo due to a accident in 2006 but mines was paid off because there was only a balance of 243 left to pay. But anyways the dealer said I would get denied by the banks because it would be too much of a loan to handle being that my moms car is still showing in good status on my account. So I had asked him about the repos and how bad they are hurting he had said pretty bad but all he was talking about was my moms car. He insisted on me get a co-signer but that not something a really want to do, but apparently I can get approved for a auto loan with a lower loan amount. What I am asking is should I call the creditors because they have not reported anything in a while, nor have they been calling me. But either I do plan on buying a car 6 months from now. BOTH CARS ARE ONLY ON MY EX REPORT, so if I am able to get a dealer are bank to only report TU or EQ I would be in good shape, currently my credit score are TU:593 EQ:608 (FICO)and EX:585 (FAKO)

MUNICIPAL E CU BALTIMORE

BALANCE DATE: 05-2008

BALANCE AMOUNT: 4714

DESCRIPTION: AUTO LOAN

TYPE: INSTALLMENT

STATUS: this account is in good standing

CRESCENT BANK AND TRUS

BALANCE DATE: 07-2008

BALANCE AMOUNT: 7188

DESCRIPTION: AUTO LOAN

TYPE: INSTALLMENT

STATUS: Merchandise was taken back by credit grantor; there may be closed

  

[llecs]

Welcome to the forums!

I noticed you had made a post in Mortgage Loans, and I'll bump that in a sec to get more eyeballs looking at it, but if you are looking for a mortgage, do not buy a car. Wait until you close on a home to finance a car. Lenders look at FICOs as you know, but they'll also look at your debt-to-income ratio. Adding a new car could knock you out of contention for a home if the monthly obligations push that ratio too high (45% or less typically w/ FHA). I should be posting over there, but you'll also likely have to PIF both cars (even if not yours) before being approved for a mortgage. Unsolicited advice: don't cosign for anyone.

[peako216]

Ok that clears it up for me thanks I will surely focus more on the mortgage as that is much important to me, besides I'm only 25 so I have plenty of time to get another car in the future

[Anonymous]

Not to be mean, but at 25 you do not have any business trying to buy a 29,000 car, especially with every car that you had, or co-signed on went on to be repossed. Work on a house (well below your means) and drive a cheap used car. Easy money has led many a person to buy cars, that always seem to be such a great deal, until the reality of massive payments for a car and insurance come due. Never ever just rely on what a finance person for either a car or mortgage says you can afford. You know how much money you realistically can regularly pay monthly for something. We all forget to factor in LIFE when buying that big house or fantastic new car. Live below your means and give yourself several years of making a big payment to a savings account. That would let you know if you can really afford what you want to buy, with the added benifit of having saved a nice chunk of money for down payments. But hey that's just me. I do have a daughter who is in her early 20's though.