Here is my scenario, I am currently looking at a Sequioa 03 or 04 in Houston, Tx. Below is the information I have, if you need more let me know and I will gladly provide you with more information.

Actual income : 50k almost 2 years on the job about 4 years in related field

Privacy guard EQ score : 608

Other source of income per month : about $750 or more

Clean record on prior car loan : GMAC

Current debt : about 80K with 75k being student loans.

What do you recommend, I am thinking maybe I should go to my CU, CU said they can do a manual underwriting for the loan, but I am also thinking maybe the best bet will be the dealer, please provide me with a professional opinion on how to best approach this. Thanks

I am gonna recommend the CU. F&I Guy is in Texas, I am not. So he may know more about who Toyota uses with regularity.

With a good prior auto loan, and a clean report, I would not imagine you should have problems.

If you credit union offers you X% and approves you, You can always see if the dealer can beat it. I am able to do that a lot here.

Can anyone else please provide more information.

IMO it depends who your credit union is. most credit unions in texas (use EQ) and are score driven. a 608 should bring around a 8%-9% rate. Also keep in mind that your 608 is not auto-enhanced. I would call your credit union first and ask a few questions. now if toyota is offering special rates on the car (which i do not think they are) then toyota is the way to go.

Alright, I finally pulled EQ Fico yesterday, score was at 600 even. Below are other information I got,


Type of Account Number of Accounts Total Balance of Accounts

Mortgage 1 $0

Installment 25 $78,558

Revolving 8 $2,344

Other 0 $0

Total Accounts 34 $80,902

Number of Open Accounts 7

Number of Closed Accounts 27

Total Accounts in Good Standing 28

Accounts Currently Past Due 0

Total Negative Account History 0

Inquiries in Last 12 Months 1


Of the figure above $77,118 is from student loan.

Here is the problem, I need help please.... I tried to going to a Toyota dealer and a GMAC dealer, gave them both my report and here is what the Toyota dealer said.

Put down 13K down payment and I give you a rate of 13.99%, but you can not get only a used car ?

Went to GMAC, he said put down 8k downpayment and I give you a 15.99% and possibly beg the banks for a 14.99% and you can get whatever you want. He tried having me take the vehicle yesterday and hold on to it for 3 days, I gladly rejected the offer, thanks to the information I picked up here about scam tactics.


Here are my questions.


I make more than 60k which is verifiable, I used to have a GMAC car loan that was paid in full with no blemish, clean spotless record. I am being told I can not jump from 13k note to a 39k note. For crying out loud, I got my first car as an undergrad, this is about 7years ago. Am I missing something here. Can Marvbear or F & I guy please tell me what is going on. F & I guy I am in Houston, can you please tell me what I am missing. Right now I just need to know what is going on, I dont necessarily have to get a Toyota, I think their attitude stink, maybe it is just that particular dealer location. I dont mind I will come to Austin and do a deal if that is the best option. SOMEONE PLEASE HELP ME.......is like all my working hard and this and that is for nothing...




The following rates are purely score driven and apply to your “auto enhanced” score using the Equifax bureau. This is NOT a sub-prime Bank.

A+ Requires beacon of 720+ New is 4.25%
Used is 4.75%
A Requires beacon of 680-719 New is 5.25%
Used is 5.75%
B Requires beacon of 640-679 New is 6.25%
Used is 6.75%
C Requires beacon of 600-639 New is 9.25&
Used is 9.75%
D Requires beacon of 599-550 New is 11.25%
Used is 11.75%
E Beacon <550 Unavailable thru this lender.

Where do I fall.....I feel very miserable.... someone please take me out of my misery....please I beg you.

Something is not quite right here I suspect.

I usually take student loans out of consideration when customer applys for loan and EXPECT my banks to do the same.

1. Is your overall credit good?
2. are there blemishes on your credit file, if so, what are they?
3. did you try your credit union, if so, what response?

I will make this observation, If you had a prior auto loan for 13K most of the captives will double without much grief. So you should get 26K withougt too much trouble. I personally think a 39K loan is a bit extravagant in light of what we know about you.

Let me know and we will continue from here.

1. Is your overall credit good?
Saying good, I dont have any repos, collections, or anything I can consider as derogatory. No lates for the past 2 years. Only lates on my account which is more than 2years old is just for 30days.


2. are there blemishes on your credit file, if so, what are they?

No blemishes I can think of, If you have of.

3. did you try your credit union, if so, what response?

How about when I went to the CU, the lady sat me down and started lecturing me on how to have credit, and she even said I should cancel all my cards. Right there and then, I knew she does not know what she was talking about. All she did was lecture me, even though I gave her my report to look at my current report, but I guess she did not understand the whole thing. Like she said they only pull your report and sent it to someone who will decide whether to approve the loan or not. Ahhhg this is very frustrating...

Sounds like you got an idiot at the CU. Here in Florida any score below 600 is auto declined and I have to rehash direct with the CU.

I really dont belive you should have any trouble around the 25-26K mark, since you have one paid off good loan.

I know with what you have posted, and just what I know so far I could get your transaction handled.

Perhaps FMCC might be more lenient in your area.

you just gotta find the right dealer.

IMO

You see my problem is how do I know when I have found the right dealer, I dont want anyone to pull it the report and start giving me BS.....also it is very easy to be lied to. What do you think I should be looking for.

Check your PM

This is harder than I expected. It is like you have to strategize and all sort of things.

I was wondering, is it possible to buy a car in a state that is not my state of residence. What are the pros and cons of such a situation?

You can purchase a vehicle where you wish.

Sometimes if that vehicle is financed, it may make it more difficult to provide financing.