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SPEC-V 11-11-2010 02:36 PM

Purchasing a new car again after just a couple of months questions
 
I JUST RECENTLY BOUGHT A 2010 JEEP WRANGLER RUBICON FROM JEEP (OCTOBER 2010) ITS UNDER MY NAME BUT SOME ONE ELSE PAYS FOR IT I JUST SIGNED FOR IT. BUT NOW IM PLANNING ON GETTING A NEW TOYOTA COROLLA FOR MY MOTHER THIS I WOULD BE PAYING FOR OUT MY INCOME. I HAVE GREAT CREDIT SO NOT WORRIED ABOUT THAT I WANT TO JUMP ON THE 0%APR.
MY QUESTION IS WOULD I BE ABLE TO GET ANOTHER CAR OUT SO EARLY?
WOULD I HAVE TO PRESENT TO THEM THAT SOMEONE ELSE PAYS THE OTHER CAR NOTE?
WHAT IMPACT WOULD IT HAVE ON MY CBR?

What should i expect or need?

N39-W120 11-11-2010 02:58 PM

If your credit is good and your earnings/debt ratio is low shouldn't be a problem.

TheGG54 11-11-2010 03:17 PM

^^ Yep, what he said. Also, sometimes I know if you show proof that the other person pays for it, they will go ahead with the loan (show them the cleared checks).

BTW, you should totally buy your mom a Jeep! She's be driving in style :)

SPEC-V 11-11-2010 03:27 PM

Quote:

Originally Posted by TheGG54 (Post 871031)
^^ Yep, what he said. Also, sometimes I know if you show proof that the other person pays for it, they will go ahead with the loan (show them the cleared checks).

BTW, you should totally buy your mom a Jeep! She's be driving in style :)


lol yea i would but my mom wants a small car. I on the other hand and my lady drive the heck out the 4dr Rubicon its a beast!! She got me into the "Jeep thang" I might get me one some day also

SPEC-V 11-11-2010 03:29 PM

Quote:

Originally Posted by N39-W120 (Post 870991)
If your credit is good and your earnings/debt ratio is low shouldn't be a problem.


The new jeep purchase will show in my debt ratio. So would I have to show proof that my lady pays for it? Cuz w/o that then yea I have great income/debt ratio.

Luckdog 11-11-2010 03:39 PM

If your credit is good you probably won't have a problem. I bought my jeep within a year of buying my wife's car and had no questions asked.

I think you'd be surprised how easy it is to get credit. The system will probably lend u more money than you're comfortable borrowing.

Kate 11-11-2010 04:05 PM

The thing to remember is that no matter WHO makes the payments, if you are the person who signed the contract, you are liable for the debt. It's in your name.

IE: Your gal could make every payment on the note, but if she misses JUST ONE, YOU are the person they would come after. If she defaults on the loan altogether, YOU are the one who will have a repo on your credit history.

That's what they will be looking at when it comes to making you another loan.
So, yes, it will affect your debt to income ratio but all you can do is ask.
Talk to the finance people and see what they say. Worst case scenario, they will say "No."

SPEC-V 11-11-2010 05:30 PM

Quote:

Originally Posted by Kate (Post 871094)
The thing to remember is that no matter WHO makes the payments, if you are the person who signed the contract, you are liable for the debt. It's in your name.

IE: Your gal could make every payment on the note, but if she misses JUST ONE, YOU are the person they would come after. If she defaults on the loan altogether, YOU are the one who will have a repo on your credit history.

That's what they will be looking at when it comes to making you another loan.
So, yes, it will affect your debt to income ratio but all you can do is ask.
Talk to the finance people and see what they say. Worst case scenario, they will say "No."



Yea I no im the one on the note and my respblty and all that. I have no problem with that. Trust me she wont miss or its mine cuz Ill take over lol. My thing is do they just look at credit cuz I have around 755 and am wondering how much or if any hit will it take with this new jeep or if my score will go up?

Kate 11-11-2010 06:31 PM

What I was trying to do was explain what THE LENDER is going to look at.
I wasn't suggesting that there was going to be a problem, but they don't know that.

On a purchase as large as a vehicle, it's a good possibility that they will look at your debt to income ratio. Again, let me strongly suggest that you just call the finance manager and ask him or her.
Hell, call a different dealer if you're worried about it. The best source of reliable information is straight from the horses mouth.

JKGirl 11-11-2010 07:39 PM

Another thing to remember is when you applied/got approved for your loan your credit score took a hit. That is why alot of financial advisors suggest that you don't make big purchases back-to-back.

But like everyone else has said, your debt to income ratio plays a big part.

SPEC-V 11-12-2010 02:56 AM

Quote:

Originally Posted by Kate (Post 871304)
What I was trying to do was explain what THE LENDER is going to look at.
I wasn't suggesting that there was going to be a problem, but they don't know that.

On a purchase as large as a vehicle, it's a good possibility that they will look at your debt to income ratio. Again, let me strongly suggest that you just call the finance manager and ask him or her.
Hell, call a different dealer if you're worried about it. The best source of reliable information is straight from the horses mouth.


Oh yea its kool, I didn't take the wrong way. I got what you said. Yeah well I guess your right I'll have to get it from all the horses mouth around DFW see whats up.

Thanks for yalls responds


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