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gotta get out of a car loan to be approved, how do I do this


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The lender probably needs to lower your DTI (Debt to income ratio) and that is how he is suggesting that you do it. The deal with your FIL wont work, as that situation will have you as a co-borrower, and it will still be figured into your DTI. You need to sell it to him, then you could rent it back from him. And every month you are late, he just repo's the car....


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OK. I think I've got it going.

Yeah, I new that's what they were doing, but I just wanted to know if there was a way to do this (besides the obvious) that I didn't know about.

I've got it in the works now. The only problem is if I owe more than the vehicle is worth. He has PERFECT credit though.....

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  • 2 weeks later...

hello everyone,

i really need help.

i need to buy a home in the next 3 months or sooner if possilbe

i do have a down payment about 10000 and make about 60000 a yr. but i have a bad credit history. :(

my fico is 530

i am currently trying to settle these old debts.

i was going to get this one place on a lease to purchase:

12000 down

2000 monthly

after first year then purchase @ 432000

but this is alot more then what i want to purchase for and there is no guarntee that i would qualify for the loan at the end of that first year, so that it too risky for me.

i can't find a lender who will take a chance on me.

what can i do?

any advise would be greatlty appreciated.

thanks everyone,


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  • 3 weeks later...

Did you try a broker? I think you might want to be working on a letter to the mortage company explaining your debts and how they occured. Also how you are going to fix them. Basically, make it a bleeding heart letter (i.e. My dog died with heavy vet bills, divorce, etc...) this letter could make or break your mortage, especially with those scores. I wouldnt get discouraged nor would I stop trying to improve my credit.


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