Jump to content

bigpoppa09

MyFako Condones this Crap

Recommended Posts


I really like finding instances when people post the same question/situation to mmf and here... almost always "over there" the feedback is all about continuing stupid behavior while the advice here is much more orthogonal and less generic.

Share this post


Link to post
Share on other sites

NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: Ford
MODEL: Mustang GT
MILEAGE: 15
RETAIL/LEASE:Retail
AMOUNT OF LOAN: $41,330
TERM CONTRACTED: 84
APR/LEASE RATE: 2.99%
MONTHLY PAYMENT: $552.36
ANNUAL INCOME: $0
DEBT TO INCOME RATIO: ? 
MISCELLANEOUS COMMENTARY: I had to put 2k down, Due to negative equity (Was still under even after the 2k) I used my father as a co-signer since this was a bigger loan than my previous one (Approved for 25kish @ 3.29% on my own with the previous loan)

 

 

hopefully dad makes sure the loan has remained paid on time...

Share this post


Link to post
Share on other sites

NEW/USED: Refinance Late Model
YEAR OF VEHICLE:2017
MAKE: RAM
MODEL: 3500 HD LONGHORN DUALLY
MILEAGE: 14500
AMOUNT OF LOAN: 65K
TERM CONTRACTED: 72
APR/LEASE RATE: 4.09%
MONTHLY PAYMENT: 1049
ANNUAL INCOME: 83000+
DEBT TO INCOME RATIO: 25

Share this post


Link to post
Share on other sites
1 hour ago, hegemony said:

NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: Ford
MODEL: Mustang GT
MILEAGE: 15
RETAIL/LEASE:Retail
AMOUNT OF LOAN: $41,330
TERM CONTRACTED: 84
APR/LEASE RATE: 2.99%
MONTHLY PAYMENT: $552.36
ANNUAL INCOME: $0
DEBT TO INCOME RATIO: ? 
MISCELLANEOUS COMMENTARY: I had to put 2k down, Due to negative equity (Was still under even after the 2k) I used my father as a co-signer since this was a bigger loan than my previous one (Approved for 25kish @ 3.29% on my own with the previous loan)

 

 

hopefully dad makes sure the loan has remained paid on time...

Good move on 84 months on a used Ford.  :good: 

Share this post


Link to post
Share on other sites
Posted (edited)
4 hours ago, cv91915 said:

Good move on 84 months on a used Ford.  :good: 

 

I never put anything past the stupidity levels over there, but something seems off there.   A 2015 that only has 15 miles and still selling for $41k.  Seems like a typo somewhere.

 

Point definitely still stands on the idiocy on going 84 months on the loan (for any car for that matter).

 

I don't frequent that forum (for the reasons outlined in the ~50 pages of this thread, but has this thread ever been mentioned over there?  I would love to see the justification/retorts of the crap sources.

Edited by CTSoxFan

Share this post


Link to post
Share on other sites
1 hour ago, hegemony said:

The poster appears to be all sorts of fiscally-impaired.

 

but in the process of a home loan but I want the 2019 Lincoln Navigator Black Label for lease income over 200k how does ford credit go need experienced answers by the way the Lincoln is 100k retail

 

Trying to buy a home AND wants an overpriced Expedition...but later tells the MF'ers that they 'want the truck first' and THEN the home.  Where do these people come from? 

Share this post


Link to post
Share on other sites
On 7/21/2019 at 9:49 PM, CTSoxFan said:

I don't frequent that forum (for the reasons outlined in the ~50 pages of this thread, but has this thread ever been mentioned over there?  I would love to see the justification/retorts of the crap sources.

When I first started reading in this area, I actually found myfico before CB. IIRC, this website was one that shall-not-be-named over there--maybe even to the point where the mods would edit posts that named CB if it was a post advocating anything besides GW letters? But that was years ago. 

Share this post


Link to post
Share on other sites
1 hour ago, Second Chances said:

When I first started reading in this area, I actually found myfico before CB. IIRC, this website was one that shall-not-be-named over there--maybe even to the point where the mods would edit posts that named CB if it was a post advocating anything besides GW letters? But that was years ago. 

That is why we have 58 pages in this thread, because of all the great "advice" given over there...

 

Scumbag CAs will use every lie in the book to try to extract money out of people, many of which are against the law and credit reporting agencies have a high rate of inaccuracy.  They get mad over there when we arm consumers with knowledge and techniques for using the rules to their advantage and give them a fighting chance against these behemoths.  

Share this post


Link to post
Share on other sites

In 40 years I've never dumped a car before it was paid off.  If people tire of their car "prematurely", I suggest they make poor buying decisions.

 

Afraid you might total a car before it's paid off?  Keep some liquid resources around to cover the contingency and budget accordingly (don't blow all your savings on the car itself!).

 

myFICO has cornered the market on "Stupid People Tricks".  Maybe Letterman can feature a short on his "Needs No Introduction" production.

Share this post


Link to post
Share on other sites

It’s really a DA move to finance a vehicle under the conditions mentioned. He will have spent close to $50k at the end of the contract with little residual value assuming he keeps it the entire length.

 

If traveling less then 12k miles annually  it’s better to lease for 3 years and trade in with another lease at that time. About the same cost or even less without the worry of new tires, repairs etc. plus having a relatively new vehicle all that time.

Share this post


Link to post
Share on other sites
1 hour ago, hdporter said:

In 40 years I've never dumped a car before it was paid off.  If people tire of their car "prematurely", I suggest they make poor buying decisions.

I have. Many times. I’ve never kept a car for more than two years, with the exception of my current track car. But I’m not looking at a car as an investment. Cars are the only thing I really spend my money on. Most of my vacations are weekends spent on the track. Is it a “poor buying decision” on my part? Maybe. It depends on how you look at it. If you’re only considering the financial side, then yes. Hobbies generally don’t make financial sense. But based on enjoyment per dollar spent, for me it’s worth every penny. 

 

That said, the OP on that thread is clearly not asking as a car enthusiast and doesn’t seem to be able to make sound financial decisions. They probably have a 60 or 72 month loan at a terrible interest rate. 

Share this post


Link to post
Share on other sites
38 minutes ago, DPB said:

I have. Many times. I’ve never kept a car for more than two years, with the exception of my current track car. But I’m not looking at a car as an investment. Cars are the only thing I really spend my money on. Most of my vacations are weekends spent on the track. Is it a “poor buying decision” on my part? Maybe. It depends on how you look at it.

I'll fess up ... I'm looking at the topic from far too narrow a perspective and it's unreasonable to hold others to it.

 

I look to be engaged in a love affair with any car I own, and for it to serve me reliably until I part with it. And while I'm certainly subject to a bit of lust for a new car occasionally, I get a bit of a thrill every time I sit down behind the wheel of my own vehicle:  at 120k and 13 years, the engine performs better than new, the ride is smooth and quiet ... the car retains most everything that I loved about the car when new (though there's most definitely a modest wart or two to be found).

 

Bottom line, I'm astounded by the number of decisions that clearly run counter to the greater objectives of owners when it comes to car ownership/leasing.

Share this post


Link to post
Share on other sites
39 minutes ago, hdporter said:

I'll fess up ... I'm looking at the topic from far too narrow a perspective and it's unreasonable to hold others to it.

 

I look to be engaged in a love affair with any car I own, and for it to serve me reliably until I part with it. And while I'm certainly subject to a bit of lust for a new car occasionally, I get a bit of a thrill every time I sit down behind the wheel of my own vehicle:  at 120k and 13 years, the engine performs better than new, the ride is smooth and quiet ... the car retains most everything that I loved about the car when new (though there's most definitely a modest wart or two to be found).

 

Bottom line, I'm astounded by the number of decisions that clearly run counter to the greater objectives of owners when it comes to car ownership/leasing.

I definitely see your side of it. For most people a car is a way to get places (work, school, dinner, etc.). In that case, my way of doing things would absolutely be a poor choice. I’ve known many people that buy a new car because they see it as a status symbol. Their vanity drives them to have the newest model. And that often leads to financial turmoil. 

 

If owning a 13 year old car allows you to do something else that makes you happy, then that’s the correct decision for you. That’s probably the correct decision for a large percentage of people. Many people would be better off padding their rainy day fund, or a child’s tuition, or paying off their mortgage rather than having an endless car payment. 

 

I feel that if you can’t afford to finance for 48 months or less, you can’t afford the car. And many of the posts on MyFICO lean in that direction. 

 

I usually do 30-36 month leases. And I feel that I’m skilled enough at negotiating to get a very good deal. But when a dealer knows that I buy a car as often as I do, they want the chance to earn repeat business from me. And many have. I also have the luxury of walking away if I don’t like the deal because I don’t need the car. It’s always just something I want if the price is right. That gives me a lot of leverage in negotiating for a new car. 

 

Although many of the cars I’ve owned get attention, I’ve never bought a car because of its status or how I’d be perceived for driving it. And even though cars are a true passion for me, I’d never risk my financial well-being for one.

Share this post


Link to post
Share on other sites
Quote

APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 612

SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: NV
NEW/USED: used
YEAR OF VEHICLE: 2018
MAKE: Tesla
MODEL: Model 3
MILEAGE: ???
FINANCE/LEASE: Finance

PURCHASE PRICE: 47k???
AMOUNT OF LOAN: 45k
TERM CONTRACTED: 96mths
APR/LEASE RATE: 11%
MONTHLY PAYMENT: 711
ANNUAL INCOME: 70k
DEBT TO INCOME RATIO: 23%
MISCELLANEOUS COMMENTARY: no collections, 2 charge offs. DONT BE DISCOURGAED, KEEP CLEANING YOUR FILES AND GIVE IT A TRY!!!

70k income... 47k auto... 96 effing months!!!!!

Share this post


Link to post
Share on other sites
1 hour ago, hegemony said:

70k income... 47k auto... 96 effing months!!!!!

Yikes! Is that car even work $47k? Did they not know you can negotiate the price with the dealer? 11% APR is insane. And I didn’t know that 8 year loans were a thing. 

Share this post


Link to post
Share on other sites
37 minutes ago, DPB said:

Yikes! Is that car even work $47k? Did they not know you can negotiate the price with the dealer? 11% APR is insane. And I didn’t know that 8 year loans were a thing. 

at least a couple commentators "over there" point out what a terrible deal this is

Share this post


Link to post
Share on other sites
2 hours ago, hegemony said:

70k income... 47k auto... 96 effing months!!!!!

 

No reference to your recent post citation?

 

Your Car Reveals Your Credit Score

Quote

How do drivers' credit scores correlate to the model of car that they drive? LendingTree data from used auto loan applications tend to follow the stereotype, but there are significant differences.

Tesla drivers have the highest credit scores, with an average of 740 on the 300-850 scale – just breaking into the very good credit range (740-799). Used Teslas have the highest average value ($54,234) of the models studied, but Tesla drivers generally have a higher income. They can afford higher payments.

 

Why does it feel like this aspiring Tesla-owner read the same article and was inspired to be the floating turd in that data pool?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.





  • Today's Birthdays

  • Member Statistics

    • Total Members
      177,751
    • Most Online
      1,528

    Newest Member
    Sammariam2008
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines