Home Loan Modification and Buying a New Car…

Posted: April 2, 2013 in Car Shopping, Finance Companies
Tags: ,

Really it should have been obvious…do one before doing the other…finish the home loan modification BEFORE car shopping…our sales man at the dealership called me today, minutes ago actually, and told me the max amount of a loan I can get while we are in the middle of the loan modification is $7,500 which will give us a payment of just a couple hundred dollars a month without being able to trade in our Focus.  AND, they are requiring a $1,500 down payment, which would render about $6,000 in financing…well that’s not gonna happen…BUT there is a light at the end of the tunnel…finish the modification, come out on the other end of that and then we can talk.  He told me once the modification is done then our options are much wider…

So perhaps this is fate intervening on our behalf, not allowing us to take on more than we need to right now…I just hope they don’t need to re-run the credit, but they probably will.  The benefit is that perhaps we will have more options for vehicles in a month’s time – two months – who knows.  I do know that I don’t want to wait another 4-5 months for this to happen.

I have followed-up with our Rep at Citi to find out where we’re at in the process, it’s been roughly two weeks since the paperwork was sent to him, and now with this change I am going to have to find a way to make the payment to Credit Acceptance this weekend…they’ll get said payment next week…for April’s payment.  Now we have to really work to remain in their good graces so that somewhere new will be willing to finance something for us.

Now I need to stash the down payment monies into our Saving’s Account so we don’t spend it!

Lesson Learned: Finish One Process BEFORE Beginning Another.


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