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My car buying experience

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    #1

    My car buying experience

    We went shopping for car this weekend ,not fun. I reaffirmed my car as my life boyfriend was co owner on it. He paid it off this week. I was really upside
    down. 2003 Impala we owed 8000. kbb 4000. We plan to get new car as this one is about to die. He will be buying it.

    He has perfect credit no late pyments 4 yr mortgage no auto loan now. 80 yr job 14 yrs on job. 40 cc debt, They tried to tell him his score was 604 due to cc debt and he could only get loan for 15 interest. We checked and equifax was 669, just a few months earlier it was 725. They said it has to do with all the cc companies lowering credit lines. Also told us the car credit score is different than regular score. I had never heard that before.
    We told them we would put down 10000.00 cash. It did not matter. If he cannot get loan, how can anyone get one? We are still working on it.



    C 7 1-7-2009
    341 2-10-2009
    chpt 7 ,5-2009
    Tags: None
    #2
    What the car dealership told you is probably true.

    If all your husbands CC's lowerd the available balance, that would destroy his Debt to Balance ratio which would be a huge negative on the credit report. It is also true, that there are different scores for car buying, mortgage etc (they are industry specific) but for sake of comparrison, the dealer still usually looks at the FICO.

    Strictly speaking, that is a lot of debt, it is 50% of his gross annual income.

    Although I think the car dealership could do a little better than 15%, I am not surprised, based on the info you supplied, that he was not able to get anything under 10%.
    Last edited by HHM; 03-23-2009, 10:57 AM.

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      #3
      It doesn't sound like he can't get a loan. It reads like he can't get a favorable interest rate.

      We too were a bit surprised by the score our dealer had on us for a car loan as we had just seen our FICO scores as well. They were about 40 points lower and he indicated they used a different set of scores for auto loans.

      Every car salesperson I've talked with tells me there is plenty of credit available.
      Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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        #4
        He will not pay a 15% car loan, unless the car dies tomorrow. A mazda dealer called him a few mins ago said he could get him 8%, if we came down there. but who knows. We wanted a new Genesis coupe hyundai, So he has call into GTECu, see what they say, we had aloan there paid off a few yrs ago.
        chpt 7 ,5-2009

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          #5
          GTE CU is a good credit union. Just reaffirmed one of my cars thru them in the BK and they were reasonable. Good luck!
          Filed CH 7 9/30/2008
          Discharged Jan 5, 2009! Closed Jan 18, 2009
          I am not an attorney. None of my advice is legal advice in any way..

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            #6
            Originally posted by Floridagail View Post
            He will not pay a 15% car loan, unless the car dies tomorrow. A mazda dealer called him a few mins ago said he could get him 8%, if we came down there. but who knows. We wanted a new Genesis coupe hyundai, So he has call into GTECu, see what they say, we had aloan there paid off a few yrs ago.
            The new Mazda 6 is a great car!
            Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

            Comment

              #7
              Originally posted by Floridagail View Post
              He will not pay a 15% car loan, unless the car dies tomorrow. A mazda dealer called him a few mins ago said he could get him 8%, if we came down there. but who knows. We wanted a new Genesis coupe hyundai, So he has call into GTECu, see what they say, we had aloan there paid off a few yrs ago.
              If you put 10K down on a car you will find a lender that will give you a loan at a good rate.

              Just walk away and let them chase you.

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                #8
                If you put an additional $3,000 down on a 5 year car loan the payment at 15% is about the same as 8% if you hadn't put down the deposit.
                Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

                Comment

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