could I get an auto loan with this

My car is dying once a week now. And I am almost up against a brick wall to get a newer one. my car has almost 200K miles (keep in mind this is a 1980s Ford sedan), and the mechanic whom I trust says not to count on it much longer.
I have set my mind to the reality that yes I need a newer car. I have a couple kids and have been stranded with them more than once. not good. I refuse to any lnger deal with cut throat finance companies.. at least the real nasty ones. transouth. wells fargo, cap 1, etc.
I have the money to be able to afford a nicer car. When my reo and other credit misfortune happened I was paying a rediculous west coast rent. all said and done with utilities I was paying about $2200 a month and that wasnt for anything special. large 2 bedroom.
Now my rent is $495 (small 2 bedroom) and utilities are much more reasonable in OK. I think $75+ per month between gas and electric.
I have the ability to comfortably make a good $500 car payment. a little more even if I need to.

Strikes against me are many:
a dozen chargeoffs (med bills and sub prime CCs) spanning from 96-late 2001.
A lovely repo of over 20,000 (not an outragous price for a car to me, but dont do it when your hosehold expenses alone for a month hit well over $2200).

A nice 20 grand chargeoff on top of this.

I have 2 auto trades that are good though not proving extended pay history. in 98 I had a 7800 auto loan that i paid for in 18 months. a year later I had a 31K auto loan that was paid off in about 6 months. got out of that car while the getting was good and saved the acct. it wasnt the inability to pay, i just hated the car. so basically two auto accts with those short histories. some credit rports also reflect a couple petty installment loans paid off and on time, but they were both under 2 grand each and were paid off again in a period of months.

Knowing those nasty things. and at last check my Equifax was laughing at me at to the lovely tune of 440. My TU is god knows where since 95% of the trades arent showing up. just a couple med bills and the report that says its only 6 months old and giving me a 560 TU score.

What are the average odds of getting a loan from a non cut throat with that criterea? Of course I understan the odds are they may want some cash to prove I am not trying to start a record club with the repo man.
The most I think I could come up with if I really HAD to would be about $5,000 down. I dont really hld much hope out since a few years back when my credit wasnt near this bad I was getting turned down for deals when I offered as much as $10,000 down. So my faith in 5K doing anything with much worse credit doesnt seem to be too hopeful. I will not buy another junker. I dont want the hassel of even buying a possibly safe $5k car. I want something with a decent warranty and I dont really see getting the job done with only $5k.
I am thinking I will just keep having to band aid the present car but it is breaking down more steadily.
If anyone has gotten a car deal done with either scores in the 400s or with 5 grand down and a repo on the file please let me know.
Id like to think I could hold out until after i patch up some of this extensive credit damage, but the time it will take for that with these kind of trades doesnt equal a quick fix. I also need to start building back some credit because if I ever do get the majority of the derogs removed I wont have much of anything left that reflects current credit worthiness. Any suggestions Id appreciate them. thanks

 

I never filed for BK. I might not be in such dire straights had I done that. But I am resisting the urge knowing that despite that credit is given for autos in a reasonable period following and its apparently easy to gain Some credit cards. Id just rather try to dig out of this if possible first. But thus far No BKs for me.

I dont take offence at the obvious notion I am classed as a deadbeat. I couldnt handle west coast cost of living and having a car loan handed to me with another hefty loan that same month. spelled disaster. But I have never not paid utilities, rent and things of that nature. paying the outrageous rent is what ultimately cost me my credit. I wouldnt say I lived beyond my means. I just wanted a safe and decent car at the time.
I dont neccessarily mind paying the 19% loan, and realize I might as well have to go this route and refinance at some point down the road.

I guess i will see how it goes. I may have to come up with more money which is possible. But I am getting raked over the coals on repairs and I dont want anything like it again. if financing a decent car at 20% is the price I have to pay, then I guess so be it.
I am really trying to avoid BK as despite the fols who are touting how little it is effecting their credit life, there is always an individuals situation and Id likely end up with having half the trades remain as not included or some such and be basically in the same boat as I am now. wont rule it out for sure, but am going to do my best to remove things first.

 

I really appreciate hearing the input. I am not crazy about the idea of filing bk. IF I can somehow manage to get the 2 big trades removed, the rest are peanuts and though I know peanuts still screwed your credit up, it would seem I would be in a better position as far as some latitude when someone looks at the file for lending purposes. Older medical write offs and a few sub prime cards with relatively small balances may be a bit easier to get beyond that the 2 deadly trades which hold about 45K between them. I have a job and income but they are off the books. The only thing official I get that is documentable is my daughters disability. She is 3 and gets about $1,100 a month. I have always worked for myself and am quite good at my job. I had a business bank account before and was able to make myself pay stubs for when I had to jump through hoops getting a car with wells fargo. I wasn't trying to be intentionally deceptive, but I think we all know with poor credit scores the finance companies make you submit your first born sometimes, so I had to improvise.
It just seems that in order to ultimately get into the less cut throat auto financing arena it will take some good repair and less fortunately the need to go through yet another finance company for a car loan and have some form of recent car credit in order to get a better company/bank to even look at me.
I suppose we all have our definition of standards and we see that others at times even driving a 10K and tag them as trying to live beyond their means.
I do impose certain levels upon my car taste not for vanity I assure you. And driving an 88 crown vic is hardly what I call trying to act affluent. I am now in a clear field to be able to afford a $500 car payment. I am netting an average of $1950 a month, PLUS the disability so we have basically free and clear income around 3 grand a month. I do not want anything flashy I assure you, just safe and highly reliable. Of course I personally complicate matters by refusing to buy anything from the Asian market, despite the fact that many of those factories are here in the US. Despite the track record of some of those cars which i personally deem impressive. But unfortunately in my family if you buy any vehicle that smacks of Asian original and your parents disown you.
I actually agree that Japanese cars from the late 70s to the late 90s were a much better car than American made. My personal opinion (and thats all it is), American auto makers made garbage from the late 70s to around 1990 give or take. Only into the 90s did American auto makers again start to build a decent car. There are obvious exceptions but per majority it's true. But of course I like older American cars from the late 50s to the early 70s. You simply couldn't kill some of these cars and they were still using real steel back then so go figure they made good cars.
Realistically I know its a crap shoot finding anyone who would think of throwing even 19% my way with 5K down. I am speaking of finding a 10-12K car, so one would think this is not out of the realm of possibility since I'm willing to bend over on interest.
I have zero tolerance anymore for even a car that hints of breaking down and if that means paying out the rear for it initially, so be it.



Again, not real fond of BK unless I totally get screwed over by these two big trades. Even with 20K at stake, getting a judgment may or may not do them any good. as I said, my income is basically invisible. They have had my current address well into deficiency and write off in the past. it seems if they were going to try to hit me with a judgment they may have already been in line for it. but that is of course another crap shoot. has anyone had wells fargo fin accept hit them with a judgment or know of them doing this to anyone? That in itself doesn't mean they will or they wont, but you have to play the odds.
I am much wiser than I was even a few years ago. I know what you do to a good extent, but more importantly I know what you DON'T do. Or at least I know a lot more of what you don't do. there's always a whole lot more to learn.
I suppose I will just have to set out to shop for a 10-12K car or less. and throw 5 grand down. 50% down give or take one would think should get a job done.

 

Re: Re: could I get an auto loan with this

Hmm, worked this way for over 15 years. I'm guessing he isn't comming. I know that if someone ever put the IRS onto my business practices I could in theory be made an example out of. But the odds suggest otherwise.
Since my daughter recently started getting disability that will go on the tax return of her father. He works on the books part time for about $5 per hour, so he will ultimately get paid a nice return and has our 2 children to claim for the EIC. It would be stupid for him not to file taxes.