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I've got two chargeoffs from crap1 and a collection, and my FICO is 640; I applied for a joint auto loan with my SO, who has excellent credit (770's) along with another relative who has great credit (high 700's), at Wells Fargo Financial. I was denied; they said that even though my two co-applicants had excellent histories, and either of them would be approved on their own, my collections made me a liability they didn't want to take. :(

The loan amount is for $21,000, and I put $11,000 down. My past poor credit choices are coming back to haunt me; both chargeoff are about to fall off in a year. Any recommendations for a subprime lender where I may have a good chance of being approved?

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Why do you want a $33k car? I'm sure it's not the answer you were looking for, but have you at least thought about it? I just don't see the wisdom in suffering a subprime note for a luxury vehicle. It would be different if you were talking about needing a $4k subprime car loan in order to buy a reliable beater to get back and forth to work with.

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Why do you want a $33k car? I'm sure it's not the answer you were looking for, but have you at least thought about it? I just don't see the wisdom in suffering a subprime note for a luxury vehicle. It would be different if you were talking about needing a $4k subprime car loan in order to buy a reliable beater to get back and forth to work with.

I appreciate your concern, and I understand what you're getting at. It is something I have thought over. My credit blemishes are from over 6 years ago, stemming from my sudden disability caused by military service. I'm in a much better position now than I was 6 years ago. I mean, I could just pay the whole amount cash, but I wanted to keep money in reserve. I had planned to take out a loan and pay it off in just under a year so that I could build my credit some more.

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Have you tried other financing sources? Unless one of your blemishes is a repo, I see no reason you'd be struggling so hard to get financing with negatives over 6 years old. Of course, maybe the luxury car market is just stricter with regards to those things.

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I was in the 500s with 3 judgements and a few open collections when I got my loan. It's 13% (sucky), but I have a car that gets me around.

Unfortunately for you, my loan's with Crap1, so I doubt they'll give you one if you're already in chargeoff with them.

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Just out of curiosity, why does it have to be *THAT* car?

If you are trying to finance a car because you need one and want to work on your credit, talk to a credit union. Ours will fund just about anyone with sufficient income and a 25% down.

11k is a lot to put down. Are you sure that, with negatives on your score, you're doing the right thing?

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I am a finance manager at an auto dealership in Ga. There are several reasons why they declined the ap but based on what I read it seems crazy that they couldn’t get you financed with that much down and the scores you have. Most banks require you live at same address, if you have established credit co app must be spouse, and have a dti below 50%. Those are just a few. It has gotten more difficult to get financed. I had a cust last week that was retired from union boil makers with high 700 fico replacing truck. His payment would have went down $40 a month and got turned down because his dti was 65%. A real shame great customer with excellent credit history. DTI was 80% and if you had over a 720 they didn’t even care. A lot has changed. The bad thing is must dealerships wont give you specific reasons for decline. But if you have a question and think I can help let me know.

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