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Used Car Swap Help!!


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I currently have a 02 Lincoln LS that I'm desperately trying to get rid of. It was financed by my mom about a year and a half ago along with another car from the same dealer. The two loans were made through two different lenders so there are two different car notes. About seven months ago my car was in a bad accident but instead of being totaled my insurance paid out about 10,000 to fix it. The only problem with that is the car has ran like crap every since then and the only reason that I still have it to this point is because my extended warranty has been taking care of the problems.

Unfortunatley, my warranty is almost up and I still owe alot of money on this car. My mom wants to help me get another car but since she financed these two she has another car due to an accident and her score has dropped a bit. I want to sell this car for what I can and pay the balance of the loan out of pocket so that I can get another one. I would like to know what is the best approach my mom can take to make sure she can get a auto loan before I try to sell this one. Does anyone have any suggestions?

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try capital one online..... should give you an idea of what to expect for an intersest rate... they're usually realistic to upwards of generous.

Many will chime in with their favorites... I don't have one, but you're likely to get some sort of approval from them.

P.S. it's best to do this within 2 weeks of when you're going to make your move, so the additional inquiries will still only count as 1, towards buying a car.

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From what I understand of your post, your car is in your mom's name and on her credit report, and not on yours?

Though I'm not sure the time table will be fast enough to benefit from, selling off the Lincoln and paying it off, will greatly reduce your mom's outstanding debt, just not sure how long that will take to show up in her score, but at least any potential lender would see it if they *look* at her reports, (all this considering the lender you are paying off, updates to the bureaus in a timely manner.

You might also consider the option of her using it as a trade in on another vehicle, even if you have to put a little money with it (for example the money you would have used to pay it off after selling it) atleast you would have another vehicle and no down time in between trying to sell this one and your mom get financed for another one.

Is there a reason why you feel you wouldn't be able to get financing for a car?

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Is there a reason why you feel you wouldn't be able to get financing for a car?

Since she financed the last two cars her score has dropped from about 620 to the mid 500's. I actually have a couple potential buyers for my Lincoln so it would probably show as paid anywhere from 2 to 3 months. She is going to subscribe to a credit monitoring site in the next week or so and then we'll be able to make a couple inquiries without hurting the score to much. What would help me the most at this point would be any suggestions regarding online lenders. Do you know any lenders that deal with scores in these areas.

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