Post BK Auto Financing

[Dj4Money]

 And the beat goes on....

 It took until a few weeks ago to get the price I want on a 2019 Fiesta ST = $16,378 which comes out to $19,012 OTD (TTL). 

 I had taken the last 60 days off because it was just becoming to burdensome to spend $40-$50 before leaving the house. But several other factors meant that if I make $100 that night, knock off $40-$50 for the rental and another $20-25 for returning the car full of gas.

 My net profit would be $20-$30, maybe after 12 hours or so the trips would cycle and I'd make another $15-$20 but hardly as profitable as it was when I owned a vehicle.

 I bring this up because that dealer now says because of that they won't work with me with the financing. Of course if I had known a dealer in Denver,CO ( live in Los Angeles) would give me such a price without a ton of dealer add-ons then my Westlake pre-approval would stil be valid.

 Not only that I also lost my Ford $1000 private cash offer. Its does recycle but I don't know when the Ford Marketing refreshes a series of zip codes every so often and your offer will come back up. It hasn't yet, it ended on Oct 30th.

 That dealer has 4-5 Fiesta ST's left, two at that price. The next least expensive car cost $1,488 more, then $1,700 more so I'd really like to jump on these deals.

 I am going to hope that one is still available at the end of the year. In the meantime we'll see if a one or two weeks of recent proof of income satisfies the sales person because I was unable to get ahold of the woman who handles special finance at the dealership. 

 Maybe this would be handled better in-person than over the internet. 

[twono]

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@Dj4Money wrote:

 And the beat goes on....

 It took until a few weeks ago to get the price I want on a 2019 Fiesta ST = $16,378 which comes out to $19,012 OTD (TTL). 

 I had taken the last 60 days off because it was just becoming to burdensome to spend $40-$50 before leaving the house. But several other factors meant that if I make $100 that night, knock off $40-$50 for the rental and another $20-25 for returning the car full of gas.

 My net profit would be $20-$30, maybe after 12 hours or so the trips would cycle and I'd make another $15-$20 but hardly as profitable as it was when I owned a vehicle.

 I bring this up because that dealer now says because of that they won't work with me with the financing. Of course if I had known a dealer in Denver,CO ( live in Los Angeles) would give me such a price without a ton of dealer add-ons then my Westlake pre-approval would stil be valid.

 Not only that I also lost my Ford $1000 private cash offer. Its does recycle but I don't know when the Ford Marketing refreshes a series of zip codes every so often and your offer will come back up. It hasn't yet, it ended on Oct 30th.

 That dealer has 4-5 Fiesta ST's left, two at that price. The next least expensive car cost $1,488 more, then $1,700 more so I'd really like to jump on these deals.

 I am going to hope that one is still available at the end of the year. In the meantime we'll see if a one or two weeks of recent proof of income satisfies the sales person because I was unable to get ahold of the woman who handles special finance at the dealership. 

 Maybe this would be handled better in-person than over the internet. 

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You are definitely doing your due diligence and working with what you have.  kudos.  

I don't see myself in the market for a new anything, but threads like these give some insight as to what's available.

[Dj4Money]

 Update -

 Still haven't purchased. I believe my FICO scores are the hindrance now. So I contacted Great Lakes and I still have some forbearance left, so I used one for January and that will remove much of then negatives attached to that account.

 I hope that and paying the cards down to 8.9% will bump my scores which haven't reflected the 3rd card I got just the 2nd one, along with the first one I got back before my BK was final.

 Current scores as reported by EX 517 and Transunion via Credit Wise TU 488

 Modeling has my FICO score go up as high as 650 in six months but I need a car much sooner than that. Hopefully this will come to an end finally around mid-February. 

[Dj4Money]

 Not much to report -

 My FICO scores have improved 54-75 points in the last 10 days now that Great Lakes is reporting my account on-time. I knew that was having a good impact on my score since my BK my credit file is thin, though I do now have 3 cards reporting.

 Unfortunately they are 85% of the $900 credit limit(s). I will pay them down to 29.8% by March 2nd. I hope my scores will go to 580-600 and finally do some car shopping. 

[Dj4Money]

 Some good news -

 I have been pre-approved by Capital One.

 Submitted all the required documentation and cleared to spend up to $25,300. That's an adjustment (formerly $26,600) I will assume from the additional two months of statements they requested via email.

 Anything I buy will be in the Auto Loan Approval thread and I will provide as many data points as I can.