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Automotive Financing

Discussion of Automotive Financing

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  • Our picks

    • I just wanted to share my nightmare/success story.  My credit was in the toilet many years ago.  It took me a while but last year I finally made it into the FICO 800s across the board no lates and low utilization.  Happy as ever.  Then I bought a gift for a wedding on my Macys card online in April.  Forgot all about it as I rarely use that card.  Long story short, my bill is emailed but goes to my promotional gmail folder that I never look at and somehow they had a very old phone number for me so I had no clue.  I got a notification from myfico.com stating your score dropped 69 points due to 30 day late.  WTF???
       
      I was in a panic pacing tears in my eyes,  Me late?  Not in over 15 years have I been late on anything.  I called Macys twice...sorry your fault you need a valid reason etc.  I paid my bill in full immediately ($119) then decided to write letters which I never had the chance to send.  I kept getting credit notifications and refused to look at them because I felt sick.  I finally looked yesterday and ......WHAT??????  Credit scores jumped up 69/65/63 on all 3 bureaus and stated my status went from 30 day late>pays as agreed!  OMG!  Not sure how or why but I will NEVER let that happen again and signed up for auto payments on everything.  I thought getting late removal was very low chance but it can happen!  
      • 6 replies
    • I have an Amex blue cash credit card with zero introductory  plan it feature that helps you finance anything over 100$.
       
      What happens to credit utilization rate if I have 1000$ credit limit and I finance a 1000$ purchase for 10 months? Is it gonna be %100-%90-%80 or %10-%10-%10?
      • 8 replies
    • My son in college, playing baseball was injured and sent for an MRI. They used my insurance information. I never received a bill. I was expecting the school to cover the bill since the baseball coach and AD sent him for the MRI. Anyway, we recently pulled his credit file and its showing as a collection on his reports. I disputed as "not mine" but it came back as confirmed.
       
      How do I proceed????  contact the school 1st? Why Chat do I just follow your procedure?
      • 9 replies
    • Here's where I am.  My goal is to get my credit score to 650 for a mortgage and I currently have a 620 (after initial disputes).
       
      Opt Out Done Dispute Addresses Done Initial Dispute Done I did not dispute any medical accounts (i don't have the money to pay them offc  
      The initial dispute went fairly positive I would say 50% of all accounts that I have were deleted. I guess where I'm stuck is what do to next for thr accounts that were validated.  They where things like utilities and credit cards.  I'm far outside my initial 30 days and some accounts are within their SOL.
       
      Thanks!
      • 12 replies
    • I got a letter back in June of 2015 from Weltman, Weinberg & Reis out of Ohio  saying they were trying to collect a debt for Progressive insurance in the amount of $2700. This was related to a motor vehicle accident that I wasn't even involved in. Someone was using my license plate on a motorcycle that I sold him without my permission and he had no insurance or registration. It was a pretty standard debt collection notice but I hadn't yet started writing my own letters so I hired a local attorney to send them a request for validation. They never responded to his letter but they did try and collect a couple months later. The attorney called them and advised them they were way outside the 30 days and were in violation of the FDCPA. 4 years go by and I get a certified letter saying I'm being sued by the same debt collector except now they have tacked on another $3000 making it $5700. The original incident took place in October of 2013 so we are only a couple months away from the 6 year statue of limitations. If they are trying to scare me its working and I am more than pissed off that this is coming back around again. I am going to talk to a new attorney on Wednesday but this seems to me like a clear cut violation. Then I realized the debt collectors address is now Philadelphia and that is where I have been getting dozens of calls from over the last couple months, also violations of the FDCPA. I'm also considering contacting the FTC and the BBB but I wanted to talk to the lawyer first. I kept all the correspondence from 2015 also. Does anyone have any input or advice for me?
      • 31 replies
  • Posts

    • A million will see a "comfortable" retirement, especially once SS  and possible pension benefits are taken into account, and assuming a house is owned "free and clear".   But, if you're talking pre-tax savings (401-k, etc), the typical annual withdrawal is about 4% (or $40k).  With suggested ample set asides for possible health care expenses, even with SS, you're not likely to be taking week long island vacations every year    
    • The time of play required to expect that you'll closely achieve the expected return of a given game (or all your gaming over time) is indeed a prospect that generally extends well over 10 million hands of video poker.  For a fast player such as myself (1000+ hph), that still entails over 10,000 hours of play.   Short of that, a player is at risk of deviation from expectation that can be bankroll threatening.   However, a related concept brings a huge amount of rationality into play and dramatically shortens the concept of the "long term" into something that's far more tangible for someone playing at an advantage in the casino.  The shorthand for the math concept is N(0) (and don't ask me to translate directly ;) ).    The short of it is to not look at how much play is required before you're assured of closely achieving play expected return/profit.  Instead, the target is how much play is required before you have a very strong probability of showing at least a marginal profit.  (In other words, strong confidence that you won't have bet the farm ...)   The point is that over 2 or 3 million hands, it's quite likely for results to deviate substantially from the expected profit of play.  However, it turns out that provided that you play with respectable promotions and stick largely to "lower variance" games (translate as less return tied up in infrequent "mini-jackpot" payouts, and more return anchored into frequent modest wins). 2 million hands is more than a sufficient run for a 67% win likelihood (i.e. twice as likely that you'll win rather than lose over that time).   I stress lower variance games in my play options and average an advantage of approx 0.7%.  When I last ran the numbers, my "long term" was a little under 1 million hands (about 1000 hours).  fwiw, I play about 400-500 hours/yr.   With 20 years of play under my belt (admittedly, only about 14 "avid" years), I'm well into the "long term".
    • According to US Census Bureau: Median Income:  $120,701 Median Value of Homes: $335,900 Median Mortgage Payment: $2,360   This was in 2010. It's much more affluent now. Lots of million dollar mcmansions.  How affluent is the community? It is so affluent that when the downtown area was designated by EPA as a non-attainment area for lead pollution due to the presence of the Exide lead smelter/car battery recycling plant, the community decided to buy Exide out, demolish the plant, and remediate the property into a mixed-use live/work/play project. 
    • I spent four years in Dallas, 2011 - 2015.  Liked it a lot more than I thought I would.  I had an apartment in the Uptown neighborhood, which adjacent to and just north of downtown and near Highland and University Park cities.  The worst aspect of it was the weather, especially the scorching temps in July -- September. 

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