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  1. Thanks very much to you both for the advice; much appreciated.
  2. Fully qualified for a Conventional mortgage. Loan amount is $360K. I want to put $200K down so that I can pay it off in 5-10 years and own it outright. My loan officer is discouraging me from doing so. Not in a mean way but in a there are better ways to invest your money way. He's a good guy who's not trying to screw me over. Question for this group - is putting a large amount down a bad thing?
  3. Bottom-Line Upfront: I had an excellent buying experience through Carvana. I made first contact 4/15; they had me approved and scheduled for delivery on 4/23. Cap One Auto Finance delayed delivery of my lien release. (They were very difficult to deal with.). Carvana reps worked with me to get the release expedited and forwarded. They rescheduled my delivery and it was very smooth. They dropped off the new truck, gave me time to test drive it alone. While I was test driving they validated the condition of my trade-in. The delivery rep came to my kitchen table; we signed all docs and he shook my hand and left. I had 7 days (no questions asked) to return the vehicle if I didn't like it. Per recommendations from this board, I took the truck to my local dealer and it received a glowing bill of health. Still skeptical, I took it to a trusted, certified mechanic. He also gave it a very strong bill of health. Carvana took care of registering the vehicle in my home state and they Fedex'd the new stickers to me within two weeks. I received excellent financing (2.1% for 5 years -- I plan to pay it off in 90-days but want the tradeline on my report). I highly recommend this service. No muss - no fuss.
  4. So I bit the bullet and paid everything off … credit cards, auto loans. Zero’d everything out. My scores DROPPED … lol. I get that the algorithm likes to see some debt but this is ridiculous. Proof positive that this entire system is designed to keep people back. I’d rather be debt free; F the CRAs.
  5. Gotcha; thanks Marv. Great article cv – I was looking at a Range Rover until I read a few horror stories about durability and the cost of repairs.
  6. Thanks MK – I did check the recalls; good reminder. Marv – I’m in MD.
  7. Thanks Marv. It has $46K miles. Carvana has an extended warranty plan that carries a $50 deductible and looks to be extensive. I’ve read nearly 100 posts and it looks to be credible (I’ve heard all the stories about how fraudulent these plans can be.)
  8. I was in the same boat. The loans were past the seven year reporting period so they dropped off of my credit report. Contact your lender to rehab. You have to pay 9 months of on-time payments then a new lender is assigned. I’m at my 9th month now. With this new lender it is a do over with all the rights of your original loan – deferments and forbearances. My advice – get together a plan because this is your last “rehab” bite at the student loan apple. There is a great attorney Josh Cohen (The Student Loan Attorney) who is excellent. He helped me out big time to get this thought through. You can do the legwork your self but it’s worth a convo with him to get your ducks in a row.
  9. Hi – I’m buying a used SUV (2016 Chevy Suburban) through Carvana. They offered me a very competitive rate and their 7 day no questions asked return is attractive to me. My question: I plan to take the truck to have it inspected as soon as it gets delivered. Do you recommend that I take it to a dealership or to a private, certified mechanic? GMs are always plagued with recalls and I get good and bad reviews on the Suburbans but it’s the truck I want. I find the carfaxes all relatively useless but for one bit of info: the record of who serviced the car last (if available). I found that and contacted the service department of the dealership directly. The rep was good enough to pull up the service history and tell me what they serviced the car for over the four times that it was brought to them for service. Thanks
  10. First, a sincere “Thank You” to the mortgage experts here who take the time to answer questions from folks seeking answers. After climbing from the 400s to the 700s and paying off several thousand in debts, I’ve been qualified for an FHA mortgage with a very competitive rate. I’m looking at buying new construction from Ryan Homes. Per the Ryan sales rep the home won’t be complete until Dec/Jan. My realtor is calling BS; she doesn’t think they’ll be done until Feb/Mar. I went ahead and leased an apartment closet to that area (my current lease is us in July anyway) for a year. I’m buying a condo from Ryan and they won’t break ground until 75% of a building is sold and sales are lagging. Ryan is pressing me to sign a construction contract with $5K down; I’m fine with that. The question that I have for the experts is this: am I correct to assume that the pre-approval letter that I have now will expire by the time the home is built? If so will I have to go through the entire underwriting process again? Thanks
  11. Got it; thanks very much Marv. Much appreciated.
  12. Thanks. Really high interest rate with Cap1 Auto (16%); that's driving the $630 monthly payment. I had to jump on it at the time. Do you think I can trade in and get something else (new or used) at a lower rate?

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