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Mod Squad
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About CTSoxFan

  • Birthday 05/04/1978

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  1. Agree...I would add that if you are trying to sell something like that you should try to sell it on your own as a dealer will never give you what private party will. They want cars for the masses they can flip quickly not for enthusiasts where it may take weeks or months to find the right buyer.
  2. KBB can be used as a reference, but not one I would put a lot of credence into for the reasons mentioned above. If you want to look just to have a data point, a fair condition trade will likely be your closest value. With places like CarMax, Carvana and KBB's own instant cash offer, those are places where you will get a much better idea of the value as they are cash offers. It is in your best interest in having a couple of those in your pocket before negotiating on the new car. As I said above, finalize the price of the car BEFORE you talk trade value.
  3. I would add...NEVER buy a car based solely on the payment, but it on the price of the car. Buying on a payment gives the dealership too many options to add profit into the deal. Know your numbers BEFORE you negotiate. - Know what the invoice price is on the car you're considering as well as any rebates and incentives. This should all be readily available online. Then check out what others are paying. I suggest the edmunds forums, model specific forums and leasehackr as good places. This will give you an idea of what price to expect before any incentives are applied. - If you are leasing, you should know the current money factors (again can be found in the places I mentioned above). The residuals are set by the bank and are fixed (at least I have never seen a case where they can be adjusted expect for Audi who adds 1% if you take their maintenance plan) - If you are financing know what rate the captive lender is offering (usually available on manufacturer's website) if not going with your own bank. - Often times there is cash allowances if you don't take special financing, sometimes the cash allowances are tied to taking financing with the captive lender. Be sure you factor those in if you are deciding between the captive and outside. - If there is a trade involved, before you even go to negotiate stop by a CarMax or do Carvana/KBB Instant offer online to get a value for your trade. You want to have something to compare it to. Negotiate the value of the trade separately from the price of the car. - Do your own math to calculate your payment. Verify that the dealer's numbers match yours.
  4. Those members of my family that I would actually consider lending money to would likely never be in a position to have to ask...
  5. A large down payment will overcome a low credit score a lot of the time when financing a car...it all comes down to minimizing potential loss.
  6. If they are willing to give you $22k for your car this means either that you could sell your car privately for at least a few thousand more, or they are making their money on the car they are selling you (likely both). They are out to earn money, bottom line (I don't mean that in a begrudging manner). They are going to make money on you somewhere. Instead of either overpaying for that car, or getting a lower value than what your car is worth, I would just hold where you are and keep paying extra to pay it off sooner. If you are dead set on getting rid of the payment then find something you can pay for 100% in cash. Don't trade one note for another.
  7. Agree - however an exception is if the lender allows you to make multiple security deposits (MSDs). In short you put down a multiple of your lease payment and for each one they lower the money factor (interest rate) by a set amount. The savings varies by lender, but it usually nets you an essentially risk free return in the high single or lower double digits (as an APR). The money is returned to you at the end of the lease, and should you total the car it is not factored in the calculation for GAP insurance purposes.
  8. I am probably in the minority in that I had a decent experience with my mortgage via my CU, HOWEVER that is likely because I had a long runway seeing as it was new construction and am a hawk about staying on top of shit. I don't know that I would take the chance in a traditional sale where time was a factor. My prior house purchase was done via a broker and was a fantastic experience. Unfortunately this go around their offering was not as enticing, but would certainly use in the future.
  9. As others have mentioned, could you get financed, yes. Should you take it, likely no. At least not until you go to a good indy mechanic you trust and get a full idea of what you are looking at in terms of repairs. If you do end up doing it, please do not take a 5 year (or longer) note at double digit interest rates. Keep it to something you can pay off in <36 months.
  10. Sunday's meal was Wagyu skirt steak which was marinated in a green chimmichurri then grilled (to mid-rare of course) with a smokey red chimmichurri to finish 9smokey with a bit of heat). Paired with roasted fingerling potatoes and a glass of cabernet.
  11. This should be an absolute must.
  12. Mortgage insurance is that bad. it is money you spend every month and get exactly 0 in return. You are better off lighting your cash on fire, at least you'll get a bit or warmth and a nice glow. You will have pay it until you have achieved 20% equity in your house (roughly 6 years with no extra payments). Given that, plus the fact that you'll not qualify for the best rates given your FICO scores, and that the Fed has indicated they plan to keep rates low for the next couple of years (of course no guarantee there), you would be better off holding off for a bit and see if you can get to the 20% mark and improve your FICO scores to 760+.
  13. Just a reminder to not let this discussion steer into politics or it will be closed. Thank you for your cooperation.
  14. Same advice I give in most cases. Talk to a couple of mortgage brokers that are licensed in your state to see what your options are. You should at least be able to get consensus on whether or not it'll be allowed. It may vary by lender as well.
  15. Opting out doesn't stop creditors from reporting, it stops you from appearing on lists given to potential creditors for sending you unsolicited offers for credit products. As for why it is the first step in repair, I believe it is to stop the JDBs and CAs from getting your information, but would want others to validate that.

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