sarxworks:
Credit is hovering at 671 with FICO.
Yes, I got insurance back on the car again the second I found out it was suspended. Since then it’s been insured.
You will want Tier 1 financing to pull this off, being under ~720 on a FICO Auto score is going to severely limit which brands you can even target.
This is still a great resource for learning about your credit score and how it affects leasing/insurance
Every month there is at least a handful of posts here that include erroneous perceptions, opinions or information about credit.
This thread is intended to address questions and facilitate discussion about credit reporting, credit scoring, and any other general credit-related matters.
All credit questions, and all informed opinions and answers, are welcome.
To get the thread started, here are a couple of items that come up on LH from time to time.
How does my income impact my credit score?
I…
sarxworks:
the car was financed at a principal of $17,426 with the 21% interest rate at purchase.
As of right now the balance is $13,330 at the same interest however looking at their “payoff quote” via the bank’s app, they state if I pay it off today, it’s $13,528 and if I pay in let’s say 15 days, I now owe $13,628
Ok
If you don’t belong to a credit union, join one after checking their auto loan programs.
Sometimes it can be better to finance a car rather than lease it! Some of the reasons this may be true include:
Federal EV credit - some lease originators may not pass the full Federal EV credit or state credits. Through financing or balloon loans (another type of financing, you can take advantage of these credits if you have the tax liability)
High Lease Money Factor - some lease originators have a very high money factor, higher than what it would cost to lend from another bank! Combined …
Here’s the situation:
Looking to purchase a 2021 Ford F-150. There is a $1,000 rebate if financed through Ford Credit. The rate offered through Ford Credit is higher than the rate offered by PenFed. However, there’s that $1,000 rebate. If I take the Ford Credit financing then refinance the truck (as soon as I can) will the refinanced APR be higher than a non refinance?
For example, If Penfed is offering 2.99% on a brand new truck, if I go to refinance that truck with them 90 days later (is tru…
You ideally want to refi this ASAP, if you had to bring a modest amount to get the LTV right to secure the refi, consider that. Give the new loan 60 days to report on time and see what happens to your score.
You also can’t rush your search because whatever you insure will be worth more and likely cost to insure more. A high MSRP vehicle with lots of incentives can still cost a lot to insure (plenty of posts if you search). You need to check that each step of the way, and you can start shopping for the best coverage now:
(Work in insurance product/pricing)
There is a pretty clear relationship between credit & likelihood of filing a claim, and it varies enough across the credit range that it’s not just a “if below xx then no, otherwise yes” - 550 vs 600 vs 650 vs 700 all show different claims frequency. It’s actually one of the most predictive variables.
It’s also a controversial rating factor as you’d expect - not allowed to use it in California or Massachusetts, Washington tried banning it last year too, and…
Just curious how much car insurance has changed for most people since the car supply shortage/covid/electronic shortage/inflation/something else
Hi,
Can someone please help me and recommend me some Insurance companies for leased cars?
I was about to leave the country and go on a trip and all my plans got cancelled before I left and I cancelled my policy for my previous car and it was pointless keeping it and making payments without having the car.
I’m struggling to find auto insurance companies, I’m trying to lease a brand new car and they’re asking for proof of insurance, I can’t even get the lease without the insurance. What am I s…
Hello,
I live in Brooklyn, NY and leased a Volvo XC40 6 weeks ago. I have Geico auto insurance and I pay $170/month. Someone rear ended my car a month ago. They admitted their fault and paid for the damages of my car.
At the same time, Geico flagged my account as suspicious and requested copies of my driver license, registration and two utility bills. They are making things extremely difficult. They don’t accept email and I have to mail these documents to their PO box. It’s been over 2 weeks I…
I understand not wanting to put more into this car, but if it’s not imminently going to incur a multi-thousand repair I would ride it until your credit can fully support whatever replaces it.
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