Want to get a G, but just got out of a divorce and wife ruined credit...

Hey guys,

I don't expect any great revelations but I just figured someone has been through this too and can offer some decent advice. I am just finishing a divorce and my wife messed up my credit. What options do I have if I can put 20% down on a used Gallardo?

Have you asked that question to a dealer or bank/credit union? I don't know how the current economic crisis has affected auto lending (and particularly lending on exotics), but it can't have been good for it. And "messed up" isn't very specific. If your credit score is 6XX that's one thing, and 5XX or lower may be very different.

You're fucked.

Most likely = if you can't pay cash for the car, then, in this economic climate you will not be driving one in the immediate future.

I'd wait til I could buy one outright. Get yourself a used 911 turbo or something to tide you over if necessary. Don't overextend yourself.

I know of ones w/ over 7xx scores being turned down. I agree, wait. Especially in this uncertain economy. You don't want that debt looming over you right out of the gate again.

Hey guys,

I don't expect any great revelations but I just figured someone has been through this too and can offer some decent advice. I am just finishing a divorce and my wife messed up my credit. What options do I have if I can put 20% down on a used Gallardo?

 

 

Maybe I can make you a loan. The interest will be high but will be within usurping laws. I will of course retain title to th G.

You're fucked.

 

 

No youre not. I know people with 8xx credit scores right now that are being turned down! Where are you located? There are dealers that will finance cars for you with a 25 to 30% down payment. Your not going to get the greatest choice in cars, but you will be financable (albeit a high rate). If you want the car bad enough, you can get it.

No youre not. I know people with 8xx credit scores right now that are being turned down! Where are you located? There are dealers that will finance cars for you with a 25 to 30% down payment. Your not going to get the greatest choice in cars, but you will be financable (albeit a high rate). If you want the car bad enough, you can get it.

 

 

Is that not what I just said?.

Is that not what I just said?.

 

Unless you are a dealer who holds papers for his customers with below average credit, then no thats not what you said.

I financed 90k against my '04 last month with 7xx credit @ 7% thru Mercantile bank, had the decision and money in 24 hrs.

I financed 90k against my '04 last month with 7xx credit @ 7% thru Mercantile bank, had the decision and money in 24 hrs.

 

If you have a good relationship with your bank, I'd give them a shot, as you'd be surprised. Otherwise, if you don't take up one of the offers here, open up a Dupont Registry magazine and make a couple of calls to the exotic car financing institutions in there. I do agree though, things are pretty tough right now and if you can wait at least a few months, you'll get a much better rate. You also need to find a good "Credit Fixer" to get started on that, and perhaps you'll be back up in 6 months or so.

 

Check out this article that came out today in the Miami Herald front page:

 

http://www.miamiherald.com/457/story/722772.html

 

 

Income and debt are very important factors as well.

wait my friend wait. no point in rushing anything given your current situation.

Anyone got recs on credit fixers? Mine's not bad but I know it could/should be better. Heard a fixer could help but no referrals were given.

You can likely get it done, just matters what "she" did to your credit. Did she not pay anything for months on end? Did she force you, or both of you, to file BK? Do you have a strong income that is verifiable(via 1040's)? You have a more than reasonable down payment. What is your high car credit, comp auto is a big deal. Do you own your home, has all the stuff on your report that you actually have (the non Joint stuff on your credit) in good standing? How long has the aforementioned credit been "fucked"? Has your pay history been satisfactory since then? All questions that make a difference. Credit, at least to myself and most lenders of this caliber, is soooooo subjective. No one factor makes up a companies decision to lend.

Check out www.SpecializedAutoFinance.com. I know they can get you an 08 Gallardo only 25% down on a reasonable lease with absolutely NO CREDIT CHECK! Believe it. All you need is a valid DL, insurance on the car, proof of residency, 6 references and of course the downpayment and you take delivery. I got my Gallardo, F430, Phantom, BGT and S63 AMG from them and I have shitty credit due to a divorce from a Vegas stripper but have a "steady" income due to a monthly-dispersed trust fund. I never go to the Dealers anymore.

"divorce from a Vegas stripper " The story behind that must be interesting!

"divorce from a Vegas stripper " The story behind that must be interesting!

 

What can I say?!? I'm a sucker for tall, blonde, Eastern European strippers and exotic cars!

You should be really careful with those guys. Couple of those companies went under when they were fraudulently transferring leases and not making the payments. Big problem. Most leases are not assumable, period. If you read the language of the contract, you would see that printed and most of the time it is bold type. Swap a lease or something was the company. We actually had a lessee of ours participate in that, and the car was gone! Took us a while to find it and a lot of money, all of which falls on the sholders of the lessee. Great deal as long as the lease swapping company is paying the bills. That is likely where the 25% down comes in to play. Be careful, glad it has worked out for you so far. You have to understand, NO CREDIT CHECK and you get a loan, impossible. I would be interested to see what the contract looks like that you signed.

Check out www.SpecializedAutoFinance.com. I know they can get you an 08 Gallardo only 25% down on a reasonable lease with absolutely NO CREDIT CHECK! Believe it. All you need is a valid DL, insurance on the car, proof of residency, 6 references and of course the downpayment and you take delivery. I got my Gallardo, F430, Phantom, BGT and S63 AMG from them and I have shitty credit due to a divorce from a Vegas stripper but have a "steady" income due to a monthly-dispersed trust fund. I never go to the Dealers anymore.

 

Any thoughts on these guys? Has anyone dealt with them?

....

Seems to me that there are tons of G for sale, and thus some VERY motivated vendors.

 

You should have NO problem leasing one, since title remains with the leasing company. They have nothing to lose with your down. The car is theirs until you buy it at the end of the lease. Buying it may work against you, but who cares.

 

Leasing may be better for you since a) you will not be holding an asset, and since your credit is F'd, your % rate will be about the same or worse if you bought. So leasing at 7% interest will work for you.

 

Why wait, you could get hit by a bus tomorrow. Enjoy today. Reward yourself. Remember the next time you cozy up to a stripper, most expensive exotic may be cheaper than a divorce.

check with john at autoflex. 972-977-7087 if i remeber correctly they are pretty lient on credit if you put 20% down or more

Did not think people bought cars like this on credit. Not boasting but I buy all my cars cash with money I have already earned, I would hate a debt like that over my head for a hunk of metal. Save your money until you an afford it.