Greetings everyone! I have a lease that will be turned in next month where I was late 2 times (30 days) over the 36 month span. On top of that, my credit has been destroyed recently due to a sudden temporary loss of income. I am currently about 550 down from 700. Ouch, I know.
Over the last few months, things have stabilized financially where I can show a good amount of disposible income and starting to bring accounts back to current. My wife has a mid to upper 600's score, but works as a bar manager where her tips have not been allocated on her pay check despite turning in the proper forms at the end of the month. She can show income by bank statements, but other than that - we just have the signed forms. We are not sure why her employer has chose to hide back the reporting (lazy, tax problems, etc etc), but he has and we must move on with a decision on what to do.
My score hurts, plain and simple. Her score helps, but lacks documentation other than bank records and unfiled IRS forms. Our income is good, but my auto enhanced score may hurt due to the 2 lates on her lease. My automobile was paid off last year with no lates over the 48 months. Should she go it alone or should I co-sign? Where is a good place to look for the best chances for approval?
I was hoping someone could share a similar experience where they had success or information that would help us secure a loan for the upcoming auto. We were looking at a similar vehicle around the $30-40K price range and need to possibly roll in negative equity due to the lease being over mileage thus needing the dealer to do a buyout rather than a turn-in.
Any suggestions? I thank you in advance.
