[Jonny550]

Hay guys my Mother needs and a new car .About 1 year ago She had leased a 528i demo for 39 grand and change she was approved with a FICO of 650 her credit since than had drop almost 100 points from credit cards (not from paying the her mortgage or car).She is looking to get a car for my father for his b-day and does not know what she will get approved for shes not looking for anything fancy VW,Honda you get the idea just an extra car.Anyone have experience in this field that could give me some advice to pass on.




Thanks,Jon

[bsamoul]

She's not paying her car payment and wants to buy another one?

[Jonny550]

Originally Posted by bsamoul

She's not paying her car payment and wants to buy another one?

she has been paying her payment and mortgage and wants a new car

she hasnt paid a 500 dollar credit (that she forgot to pay off) and it has messed up her credit.

[jimf15e]

Originally Posted by Jon335iFL

drop almost 100 points from credit cards (not from paying the her mortgage or car)....Anyone have experience in this field that could give me some advice to pass on.

I'm sorry but the level of education and common sense on this board never ceases to amaze me. Your mother obviously has shown she can't manage debt well - regardless of the source. So my advice, along with probably everyone else's here - don't finance another friggin' car. Duh. If he needs a new car go buy a well-kept used car for cash. Or here's a novel idea: save some money! Sorry, rant over but people like this are one of the biggest reasons for the recent credit crisis and downturn.

[jj thumper]

With a 550 score only with a co-signer, good luck

[Jlomb436]

Originally Posted by Jon335iFL

Hay guys my Mother needs and a new car .About 1 year ago She had leased a 528i demo for 39 grand and change she was approved with a FICO of 650 her credit since than had drop almost 100 points from credit cards (not from paying the her mortgage or car).She is looking to get a car for my father for his b-day and does not know what she will get approved for shes not looking for anything fancy VW,Honda you get the idea just an extra car.Anyone have experience in this field that could give me some advice to pass on.




Thanks,Jon

Just to help the OP, I work in retail banking. Depending on the lender, 660+ is required for us to accept any loan. By all means, we are a extremely conservative, but a low 620-660 score is a industry standard for most lenders. 700+ is mid, 740+ is high. I think regardless your going to find a high interest loan with that score typically.

Hope that helps.

** Edit, I was thinking the OP mother had a score of 650 not 550. If it is indeed a 550, I'd say co-signer as well**

[Jonny550]

Originally Posted by jimf15e

I'm sorry but the level of education and common sense on this board never ceases to amaze me. Your mother obviously has shown she can't manage debt well - regardless of the source. So my advice, along with probably everyone else's here - don't finance another friggin' car. Duh. If he needs a new car go buy a well-kept used car for cash. Or here's a novel idea: save some money! Sorry, rant over but people like this are one of the biggest reasons for the recent credit crisis and downturn.

Theirs plenty of people out their that could afford to pay off a car like me or my mother for instance we both have leased cars and pay both of them on time and have plenty of money left over to pay bills Etc.Nobody asked for your opinion on the the stupidity of this website, if it bothers you this much than go make a thread about it and dont chime in to post information that does not help anyone.


Back on topic. Shes looking to lease another car and not finance if anyone has missed that.



With 1 39K BMW on her name payed on time every month and 2 mortgages paid off

1 for 300K and 1 for 90 k

[Ron1n]

Really depends on the lender, but with a FICO score in the mid 500's, it's going to be a problem. She's going to be considered secondary most likely, no matter how many car loans/mortgages she's paid off. Get that R9 off for that CC and then work back towards a good score.

Additionally, it's harder to lease than it is to buy, because of the burden that inherently comes with the Lease (they tend to trust people with higher scores, because they assume they'll take care of the cars).

[John 070]

Originally Posted by jimf15e

I'm sorry but the level of education and common sense on this board never ceases to amaze me. Your mother obviously has shown she can't manage debt well - regardless of the source. So my advice, along with probably everyone else's here - don't finance another friggin' car. Duh. If he needs a new car go buy a well-kept used car for cash. Or here's a novel idea: save some money! Sorry, rant over but people like this are one of the biggest reasons for the recent credit crisis and downturn.

I agree. Rather than have a car payment, pay down the mortgage. I haven't had a mortgage payment nor car payment for two months (mortgage was refi'd and car paid off @ 34 mos.), and I feel dinged from unexpected expenses. $600 for exhaust, $170 for locksmith, and $150 for vet. For an avg. Joe that's a lot in one month that's unexpected. Imagine if I could barely afford my house and car on top of that? I suppose I feel pressure because I don't carry a balance and that s*** is due on the 21st.

[200Duece]

BMW FS will NO longer carry anyone that is BELOW a 575 score. PERIOD.

[DVDA]

Originally Posted by jj thumper

With a 550 score only with a co-signer, good luck

Co-Signer...aka a FOOL with a pen

[Jonny550]

Originally Posted by DVDA

Co-Signer...aka a FOOL with a pen

Lol i guess iam the fool .