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havanahjoe

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  1. Good luck on the process Cactus. I'm trying to learn as much as I can to start my home buying process this year. I just wanted to chime in and throw in a tip that might help you get some more money right now. Have you thought about changing your tax whithholding so that the IRS withholds less tax from your paycheck? Use the IRS Withholding calculator: http://www.irs.gov/individuals/article/0,,id=96196,00.html Since you will be getting the $8,000 credit next year, you can start getting some of that money now (by getting more money on your paychecks) and you will not incur any penalties since the credit will cover the tax that was not withheld. I am doing that to get some more money for the down payment and I'm not even close to closing yet. I have to be careful and make sure that if nothing happens by the last months of the year I have to get a lot of money withheld to cover my tax liability. If you do decide to do this do some research on what you need to do to make sure that your state withholding is not affected and you don't incur any penalties due to not enough state tax being withheld. Good luck!
  2. That's what I wasn't very clear about. Since the dealer hasn't secured financing my understanding is that we can apply for a New Vehicle Loan through Penfed and then have them deal with the dealer. What I'm not sure is if it has to be a refi loan or a new vehicle loan. We need to check that with the dealer I guess.
  3. Hey guys. I've read about this before and I pretty much know what we need to do but wanted to get some feedback. We bought a new Civic SI last Wednesday and they ran the credit and came back and said the scores were great at 728 (I thought it was odd since FAKO is 728). SO signed paperwork and transferred old car to dealer and we left the dealer that night with the new car. I have been a little worried about the loan so we've been keeping an eye at Credit Reports to see it pop up. I noticed a bunch of credit inquiries on the date we took delivery, but thought they were just because they run everything when they give you options. We opted for the Honda promotional fincancing at 3.9% APR for 60 months. Papers were signed with that rate and everything was great until today when the sales guy called to say that Honda had not approved the loan. They shopped around and came back with a 5.5% APR for 60 months and say that's the best they can get. Now, I know 5.5% is pretty good (and his previous loan was at 11.7%), but 3.9% is even better. The 3.9% APR is what pretty much helped pull the trigger since he would pay less interest with a new car than finishing the 4 remaining years on the trade-in. No other bank or CU has better rates as far as I can tell, except for Penfed (if anyone knows any others, suggestions are always welcome). So, what I'm thinking is to try and get pre-approved by Penfed and see if they will finance the car. Of course this depends on the score that Penfed sees when pulling SO's scores. They should be good, but I think having him as an AU on some of my accounts helps his score a lot. There are no baddies in his CRs, but there are few credit lines owned just by him that have not been open for long and don't have very high limits. My question is. How do I get this done through Penfed? The trade-in's negative equity was covered with a down payment, so the car loan will be for less than MSRP, that should be no problem since Penfed will finance 100% of the car's value. The sales guy asked to hear back on Friday to see what is going to be done. Since the car has been titled and everything has been signed, how is this handled? Get approved through Penfed, give them dealer information and they pay the dealer? Is there anything special that I might not be considering that has to be done to get financing through someone else? What kind of paperwork does the dealer need to provide to get this done? Seems to me I am not missing anything but if I am please let me know. The 1.5% APR difference is $20 more a month and about $700 more paid in interest after 5 years. It's not a lot, only $140 per year in interest, but $0 is better than $140. Thanks!
  4. Is that in pesos, or in USD? Pesos of course I make a lot of purchases in Mexico. It's useful because almost all airlines in Mexico will offer 12 months no interest on their flights (they just divide the total by 12 and charge your card that amount each month, you pay no interest as long as you pay your card in full each month). It's also a great way to get people from Mexico to send me money or to pay me for things I buy for them when I go back home. This makes paying the Annual Fee a good investment. And of course I NEVER carry a balance on this card. I actually have a negative balance on it right now. They should be paying me interest for that
  5. I have a Mexican American Express with a variable rate that is currently at its lowest in a while: 43.99% edit: Oh! And it has an annual fee of about $100 USD. And this rate is of course with a perfect payment history. I totally understand the need for them to raise the APR. Luckily I was able to get another company that offered something better. Competition at its best. Gotta love that.
  6. I have several cards with Chase as well as my Subaru Loan. I had only carried a balance on my Sony Card for a while, first taking advantage of the initial 0% APR and then kept it there because their APR was decent. Since the fed has cut the rates the card had a very nice 10.24% APR (not my lowest but still not bad for a high limit card). I had just paid off the remaining $1300 last month and I got a letter in the mail from Chase telling me that in order to "keep profitability on my account" , they were making changes to the APR. They were changing the variable APR terms to add a higher percentage to the prime rate, taking the current APR up to 14.4%. 4 percentage points more, just like that. I had just put $4000 on the card a few days earlier. I wasn't too happy about it so I looked for any balance transfer offers available at this time (very few available of course) and applied for a Discover card. I got approved, got the money transferred at 0% APR for 12 months and 10.24% (the old Chase rate) after that. It cost me $120, but that's less than what would have been paid in interest alone in the first year with Chase. I know credit card companies are out to make money, but this just felt like a low move. Citi has not done this and I have very low APRs on my Citi accounts at the moment. Hopefully this is not a trend Citi will follow. What I think is crappy is that when the prime rate goes back up, they are not going to amend the terms to get me a lower APR, so this means that if the prime rate goes back to what it used to be a year ago, my APR on this Chase card will be around 18%
  7. APPROVING BANK Honda Financial BUREAU PULLED Experian CREDIT SCORE 727 (According to salesman. I was impressed since FAKO is 728) CUSTOMER STATE OF RESIDENCE CA NEW/USED New YEAR OF VEHICLE 2009 MILEAGE 26 RETAIL/LEASE Retail AMOUNT OF LOAN $26894.00 ADVANCE PERCENTAGE I don't know how to calculate this :S Car's invoice price was 22834 and that's what we paid plus taxes and fees. TERM CONTRACTED 60 APR/LEASE RATE 3.9% MONTHLY PAYMENT 460 MISCELLANEOUS COMMENTARY: Trade in was $4,000 upside down. Put $4,000 down to cover the negative equity. Qualified for the promotional financing Honda was offering. Bought trade-in (a 2004 jetta) as a CPO vehicle with an 11.7% APR. Credit is now so much better thanks to the information on this site. Got a good deal on a usually hot selling car. The dealer had their best day in a long time. They sold 5 cars yesterday. We were the last one.
  8. Hopefully this is the right thread to post this question in. If two people were to buy the same house for the same time, would the credit apply to both or only one person could claim it? From what I've read so far the rules talk about a single person and a married person filing jointly, and if both people are buying the same house the rules as they are would tell me that both could claim it. Anyone have an idea? I guess the best place to ask would be the IRS directly.
  9. Thanks Marv! Credit Application: Your Age? 29 Your Equifax Credit Score? 700 Your Experian Credit Score? 700 Your TransUnion Credit Score? 700 How many years have you been on file with Equifax?11 How many years have you been on file with Experian?11 How many years have you been on file with TransUnion?11 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? yes Will this open auto loan be a trade-in? yes How many late pays within the last 12 months on the currently open loan? 0 How many late pays within the last 13-24 months on the currently open loan? 0 Your current open auto loan is financed with? VW Credit Your current open auto loan payment is? 292 Estimated amount you may be upside down in this vehicle? 2500 Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10 YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 4 Total percentage utilized overall? 45% How many of your revolving accounts are store cards? 0 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 3 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 1 YOUR PERSONAL INFORMATION How long at your current residence? 1 Do you Rent or have a Mortgage, or Live w/Relative or Other? other Your Monthly Rent or Mortgage payment? 0 How long have you held your current job? 4 Your total provable monthly gross income is? 2500 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) computerized paycheck stub Is there additional monthly income? What amount monthly? Describe the source. Is the additional monthly income provable? Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) 0 Does any credit repository contain any Public Record? no If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? no If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 9 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 10 New or Used vehicle you are considering: Please very briefly describe. 2009 Civic EX-L about $22,000
  10. Just wanted to let you guys know that I went back to another dealer that pulled EX for me and I had an Auto Enhanced FICO of 732 so I was approved for 3.9% financing for 60 months. I got the car today I also got a great price on the car. Had already negotiated for all rebates and incentives totalling about $5,000. I also sold my previous car on autotrader and got $2,500 more for it than the first dealer had offered. Yaaay. Pics
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