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Joint Auto Loans?


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Yeah....I didn't know where to put this question...sorry. :p

My SO and I have been wanting/needing a new car. Her credit is pretty good, though lower scores (low 600s) because of a lot of mortgages (long story, but she doesn't pay them..they're just in her name). She has a perfect history with auto loans. She'd also be trading in an excellent condition 2000 truck, if that matters.

As you all know, MY credit and scores are bleh. Mine are in the low 500s, EQ being the highest at 545. I have an old reposession, which was paid off 2 years ago.

This sounds bleak, I know. But my actual question is....does anyone know how a joint account would be looked at? Would my part of the application kill hers or would her part of the application help out mine?

Any ideas at all? We would love to go in this together, but are kinda shaky about it right now because of my past crap. I figured I would ask the people who I put the most trust in. Any suggestions or past experience would be awsome.

Thanks guys! 8)

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The cutoff for a lot of programs is 640 (it's either National City or Huntington, I forget which now) to lease a new vehicle. With scores in that range, someone like Cap1, Household, or Americredit may take you on with your SO as the primary and you as a co-signer as long as she doesn't have any serious damage to her credit.

You'll probably end up with a higher APR and may have to produce a down payment, but it can be done. Just be protective - a lot of dealerships contract "specialists": companies that will get you financed, but they love to take advantage of people with less than perfect credit.

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I had an awesome experience with Household!!

I was trying to trade in my car for the longest time with no luck, NOBODY would even look at me once they pulled my credit!!!! I must have went to at least a dozen dealerships and was treated like crap!!! It sucked big time.

I decided to take matters into my own hands and apply online with HH, not expecting much either. I went ahead and applied and about an hour later I get an email saying that I was approved!!! :D:D:D I had to call the 800# and get the specifics but when she told me I was approved for $28k, I bout fell outta my chair!!!! That was alot more than I was expecting!! She told me to print out the approval and take it to the dealership....which we did.

I have to say, once the salesmen found out we didnt need financing they were alot nicer to me, and just knowing that they were at my beckon call so to speak....just to make the deal. It was a WONDERFUL feeling!!!

Anywho, we ended up test driving 2 SUVs and we ended up buying a Toyota 4 runner, which I absolutley love!!!

The interest rate wasnt that great....11% :? But the finance guy got us a little better one 10.9 so........

I know they mainly pull EQ, and I had some unpaid collections and some late pays on that CR.

Its worth a shot, and even if you get denied you can just call up EQ and have the inq removed! :D

Good luck to you and let us know how it goes!!!! :wink:

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Household is http://www.householdauto.com

Ok, here's the deal. I took everyone's suggestions (THANK YOU!!!) and applied with both of us. We got a preapproval! So when I called to find out how much, in talking, they said that her mortgages were making her/us go over the debt to income ratio...even though someone else pays for them and she has NOTHING to do with them except that her name is on them. It's with her ex (GRRRRRR!) and there's nothing she can do about that.. She can't count them as rentals (which I did on the app) unless her taxes show she has rental property.

So anyway, our d/i ratio is too high now and we don't get a car. :( :( :(

But THANKS for the push in the right direction...we'll try again once the stupid ex is taken care of. I have nasty names I could call her, but for the sake of being nice..... :twisted:

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Household is http://www.householdauto.com

Ok, here's the deal. I took everyone's suggestions (THANK YOU!!!) and applied with both of us. We got a preapproval! So when I called to find out how much, in talking, they said that her mortgages were making her/us go over the debt to income ratio...even though someone else pays for them and she has NOTHING to do with them except that her name is on them. It's with her ex (GRRRRRR!) and there's nothing she can do about that.. She can't count them as rentals (which I did on the app) unless her taxes show she has rental property.

So anyway, our d/i ratio is too high now and we don't get a car. :( :( :(

But THANKS for the push in the right direction...we'll try again once the stupid ex is taken care of. I have nasty names I could call her, but for the sake of being nice..... :twisted:

If you can show proof that the payments are not being made by her (usually 12 months worth of statements), maybe they'll reconsider. That issue came up when I looked into a mortgage. Not sure if it's the same with a car, but worth a shot. Just make sure you discuss that with someone other than customer service and their supervisors. Take it to corporate! (PlanetFeedback?)

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thanks for the link we were deined i did a joint application

this is amazing we got a mortage but cannot get a loan for a car

so i guess im off to the use car dealer down the street on monday he has a old truck for 1200 its a 1990.

Sorry to hear that. An auto loan is harder to get because you can't skip town with a house.... :?

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