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Want a car dec. 2022

simplegirl
Valued Contributor

Want a car dec. 2022

The car that i want is a Hyundai palisade brand new and i know people say don't exceed your income etc. But while i have no rent or mortgage and have the privilege to stay with my mom i want to get exactly what i want. So if you need any information let me know but i want to apply through either Hyundai themselves, USAA, Penfed, Texas bay credit union, and can't think of any other ones but anyways can anyone tell me if they have been approved by them with a repo? I have a repossession still reporting a balance with NFCU and I'm trying to see if i need to pay it first or can i be approved with it still reporting. I plan on paying in full either later on or if i have to start now then i will.








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14 REPLIES 14
sccredit
Valued Contributor

Re: Want a car dec. 2022

Get the repo taken care of. It is going to be hard to get a loan for a $40k-$50k+ car with a repo reporting, especially through a CU when the Repo lender was a CU.

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Message 2 of 15
Loquat
Moderator

Re: Want a car dec. 2022

I agree that it'll be hard to get approved with a repo reporting. That is a hurdle that's hard to overcome even more so if the repo is recent.
Message 3 of 15
simplegirl
Valued Contributor

Re: Want a car dec. 2022

The repo was in 2018.








Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


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Message 4 of 15
GlennvilleGA
Regular Contributor

Re: Want a car dec. 2022

I believe your income at the time of purchase as well as how much money you're will to put down will influence this mostly. 
I agree to pay the repo off... and we always recommend 3 revolving credit cards. Use these wisely and your scores will grow! Best wishes 

 

I asked my brother-in-law who works at Billion Hyundai and he said a lot of times Hyundai Finance won't approve someone for a Palisade but will approve them for a new Santa Fe if they have blemishes on their credit. 

Message 5 of 15
simplegirl
Valued Contributor

Re: Want a car dec. 2022


@GlennvilleGA wrote:

I believe your income at the time of purchase as well as how much money you're will to put down will influence this mostly. 
I agree to pay the repo off... and we always recommend 3 revolving credit cards. Use these wisely and your scores will grow! Best wishes 

 

I asked my brother-in-law who works at Billion Hyundai and he said a lot of times Hyundai Finance won't approve someone for a Palisade but will approve them for a new Santa Fe if they have blemishes on their credit. 


I already have my 3 revolvers and all of my collections will be removed by the time i apply for the car. Also the only balance left on my report is that repo and the down payment would be 5-8k. But that is good to know about the Santa Fe.








Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


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Goals:

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Message 6 of 15
4sallypat
Frequent Contributor

Re: Want a car dec. 2022

The Palisade is a very sought after and difficult to get crossover.

You may want to arrange financing with a 3rd party lender like Capital One Auto Navigator...

 

I spoke to a friend who works for Hyundai corporate in Orange County and he said not even himself can he get the Palisade below MSRP.

 

All the dealers around us are charging $2K-$5K over sticker and they still sell even before they land in the dealer showroom!

Message 7 of 15
simplegirl
Valued Contributor

Re: Want a car dec. 2022


@4sallypat wrote:

The Palisade is a very sought after and difficult to get crossover.

You may want to arrange financing with a 3rd party lender like Capital One Auto Navigator...

 

I spoke to a friend who works for Hyundai corporate in Orange County and he said not even himself can he get the Palisade below MSRP.

 

All the dealers around us are charging $2K-$5K over sticker and they still sell even before they land in the dealer showroom!


Yeah I did the pre-qual with capital one and was approved for that. I just wanted to try different lenders to see. I've only seen it for a couple hundred over MSRP but that is good to know. I have seen that it is very popular. Also I stay in Texas so not sure if the pricing different would be the same but trying to prepare now so I know for sure.








Starting Score: 494 503 521
Current Score: 503 507 507 2/19
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Message 8 of 15
4sallypat
Frequent Contributor

Re: Want a car dec. 2022

Capital One Navigator has been my go to finance tool as I am looking for a used car for my college bound son.

 

I spoke to Cap 1 many times about how they quote finance rates and they say it's about confirming your income, DTI,  down payment, and credit score after the dealer does a HP.

 

If Texas dealers are only charging a few hundred over MSRP, then I would jump on it!

 

Get to the Internet sales manager and give them your pre-qual.

Ask them if they think they can beat Cap 1.

Message 9 of 15
mmajer4211
Regular Contributor

Re: Want a car dec. 2022

My advice would be to take care of the previous repo first. You want to start off on the right foot when getting into a new vehicle. Having a new vehicle is nice and fun but I can tell you first hand that having a clear report is WAY better. I had a repo on my report for a long time, along with other negative information, and there's nothing worse than being rejected of purchases your would like to make or paying an arm and a leg because of high financing rates. 

 

I am free and clear of all negative information on my report now and when I went and purchased my new vehicle it felt great. I had the upper hand in the negotiations the entire time because I already had the check in my hand from my credit union.

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Message 10 of 15
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