cancel
Showing results for 
Search instead for 
Did you mean: 

Seem to be stuck and can't get auto loan

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Frequent Contributor

Re: Seem to be stuck and can't get auto loan


@Hockeypnc1 wrote:

Can't you refinance that 10 percent KIA loan?

Ask Ally to help you. If you have an Audi with 4 percent, why not a KIA?

 


I actually posted a thread the other day about exactly that, haha. The Audi was bought when my scores were in the 700's, the kia was bought 4 years later when my scores were in the 500's/600's. Planning to refi soon!

    Total CL: $20,600
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
08/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 9/2019   750 by 12/2019
8 derog. (all settled 1/2019)     |     Inquiries: 10, 9, 6     |     AoOA: 10.0yr     |     AAoA: 5.2yr     |     AoYA: 0.3yr
Message 11 of 26
Frequent Contributor

Re: Seem to be stuck and can't get auto loan


@Cleaningitup2016 wrote:

You make "about" $170,000 a year?

That's 14,166 dollars a month.

Should not even need an auto loan!


I agree that sounds ridiculous to most people, but really it depends on where they live (and other factors). A $170k income in San Francisco means you'd need both an auto loan and an EBT card. Could also be paying $80k/year in Harvard tuition for their kids. Or maybe lost a really bad lawsuit. Ya never know.

    Total CL: $20,600
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
08/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 9/2019   750 by 12/2019
8 derog. (all settled 1/2019)     |     Inquiries: 10, 9, 6     |     AoOA: 10.0yr     |     AAoA: 5.2yr     |     AoYA: 0.3yr
Message 12 of 26
Established Member

Re: Seem to be stuck and can't get auto loan

 


@Cleaningitup2016 wrote:

You make "about" $170,000 a year?

That's 14,166 dollars a month.

Should not even need an auto loan!


 

 

There is a time when I would have said that same thing Smiley Happy 

Message 13 of 26
Community Leader
Super Contributor

Re: Seem to be stuck and can't get auto loan


@mrawatts wrote:

 


@Cleaningitup2016 wrote:

You make "about" $170,000 a year?

That's 14,166 dollars a month.

Should not even need an auto loan!


 

 

There is a time when I would have said that same thing Smiley Happy 


Mo money, mo problems ...right Smiley LOL

 

Anyway, I dont know if anybody touched on this yet, I tried reading but it's early and I've only had 9 cups of coffee....you may need to make a payment while you wait for insurance pay off

Even if car is totaled, lender expects payment on time till complete paydown. You will get refunded if there is a credit. 

 

I've learned that lesson many years ago the hard way 

EX 754 EQ 773 TU 752
Message 14 of 26
Senior Contributor

Re: Seem to be stuck and can't get auto loan

My niece earns almost $300k and has trouble getting by.  NYC is EXPENSIVE.  Depends on where you live.  

Message 15 of 26
Established Member

Re: Seem to be stuck and can't get auto loan

I wanted to give everyone an update and let off some steam. What I have learned is that it seems no lender, even credit unions, are willing to take into account the insurance payment Geico has made. What is frustrating is that Geico is sending a paper check via snail mail. 3-5 days to arrive, then Santander says it will take 3-5 days for them to process it. 

 

My bank is USAA and they said underwriting won't take into account the insurance payment unless it is through their insurance. So I am in a carless holding pattern waiting for Santander and Geico to get their stuff together so that a lender will stop seeing me as having high revolving balance.

 

Granted there is going to be 5k left on the note I am still owing, but because of very low DTI I am assuming this won't be a problem but we will see...

 

What a royal PITA though.

Message 16 of 26
Frequent Contributor

Re: Seem to be stuck and can't get auto loan


@fishbjc wrote:

My niece earns almost $300k and has trouble getting by.  NYC is EXPENSIVE.  Depends on where you live.  


I'm sorry, but NO.  If she can't get by on $300k a year anywhere in the USA that tells me she is living way beyond her means.  My wife and I have a combined income of $170k in the DC area, and we own our own home.  I also manage to save $26k a year in my retirement account plus $10k a year in short term savings.  When I was single (2012) I lived in San Francisco on $88k a year and "got by".  




Message 17 of 26
Valued Contributor

Re: Seem to be stuck and can't get auto loan

I realize I'm no mod, but can we keep the judgey-ness down?   




Garden goal: keep on keepin' on until 2020.
Message 18 of 26
Frequent Contributor

Re: Seem to be stuck and can't get auto loan


@calyx wrote:

I realize I'm no mod, but can we keep the judgey-ness down?   


Vague posts like this drive me crazy.  Who are you referring to? 




Message 19 of 26
Valued Contributor

Re: Seem to be stuck and can't get auto loan


@RobertJ wrote:

@calyx wrote:

I realize I'm no mod, but can we keep the judgey-ness down?   


Vague posts like this drive me crazy.  Who are you referring to? 


Most immediately yours, but also Cleaningitup2019 - 
I mean, I (internally) raise my eyebrows quite a bit on the board, but we're supposed to help with the issues asked about and keep it "FSR."

We don't know much about OPs life to decide whether or not they 'make enough'




Garden goal: keep on keepin' on until 2020.
Message 20 of 26
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.