centex Posted July 31, 2019 Share Posted July 31, 2019 2 hours 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. It would be insane on a three- or four-year loan...it is bat-guano crazy to do it for eight years. They need to have a family member petitioning the Court for an involuntary commitment... hegemony and MarvBear 2 Quote Link to comment Share on other sites More sharing options...
DPB Posted July 31, 2019 Share Posted July 31, 2019 2 hours ago, hegemony said: at least a couple commentators "over there" point out what a terrible deal this is If even the comments there are telling the OP that it’s a bad deal, you know that it’s terrible. At 11% for 8 years they will be stuck with the car for a long time. centex, MarvBear and hegemony 2 1 Quote Link to comment Share on other sites More sharing options...
DPB Posted July 31, 2019 Share Posted July 31, 2019 28 minutes ago, centex said: It would be insane on a three- or four-year loan...it is bat-guano crazy to do it for eight years. They need to have a family member petitioning the Court for an involuntary commitment... Agreed. If you have to pay 11% for any length of term you shouldn’t be buying the car. This is a case of someone wanting to say they own a Tesla and being dumb enough to pay any amount for that vanity. Quote Link to comment Share on other sites More sharing options...
CTSoxFan Posted July 31, 2019 Share Posted July 31, 2019 (edited) 4 hours ago, hegemony said: 70k income... 47k auto... 96 effing months!!!!! How long before auto loans become as long term as mortgages? 8 years is insane, especially on a car that has only 2 years of historical reliability data. Who the hell knows if these things will all fall apart after 5 years (I am not suggesting they will, but merely that have taken on a loan that is slated to last 4 times as long as the currently available reliability data just adds to the initial craziness of taking on an 8 year car note) Doing quick math, they will pay ~71K for this car, or an almost 50% markup due to interest costs...holy crap! Edited July 31, 2019 by CTSoxFan hegemony and MarvBear 2 Quote Link to comment Share on other sites More sharing options...
StantheMan Posted July 31, 2019 Share Posted July 31, 2019 1 hour ago, CTSoxFan said: How long before auto loans become as long term as mortgages? 8 years is insane, especially on a car that has only 2 years of historical reliability data. Who the hell knows if these things will all fall apart after 5 years (I am not suggesting they will, but merely that have taken on a loan that is slated to last 4 times as long as the currently available reliability data just adds to the initial craziness of taking on an 8 year car note) Doing quick math, they will pay ~71K for this car, or an almost 50% markup due to interest costs...holy crap! As I mentioned in a previous post...unless you put heavy duty miles on your car lease it. The same car can be leased for ~ 700 a month on a three year lease. Take another lease at the end of the current one. Always have a new car minus the repairs. Do the math and you come out way ahead at the end of 8 years. 11% is beyond insane and in the end you will have very little resale value with the relatively new tech involved so who knows what bugs will come out after long term use. Quote Link to comment Share on other sites More sharing options...
Admin MarvBear Posted July 31, 2019 Admin Share Posted July 31, 2019 Ouch.........the money factor on a Tesla lease is higher than a giraffe's butthole! Quote Link to comment Share on other sites More sharing options...
StantheMan Posted July 31, 2019 Share Posted July 31, 2019 29 minutes ago, MarvBear said: Ouch.........the money factor on a Tesla lease is higher than a giraffe's butthole! Agreed but better than the terms as stated by the poster. Even with the acquisition fees and down payment required if you wanted a Tesla with the tax credits available it would still be cheaper than the case presented. No? Quote Link to comment Share on other sites More sharing options...
centex Posted July 31, 2019 Share Posted July 31, 2019 1 hour ago, StantheMan said: As I mentioned in a previous post...unless you put heavy duty miles on your car lease it. "heavy duty miles" is very locale dependent...I have seen very few REASONABLE leases that gave more than 12K miles per year. That isn't even daily driver miles for a lot of people... MarvBear 1 Quote Link to comment Share on other sites More sharing options...
Admin MarvBear Posted July 31, 2019 Admin Share Posted July 31, 2019 32 minutes ago, StantheMan said: Agreed but better than the terms as stated by the poster. Even with the acquisition fees and down payment required if you wanted a Tesla with the tax credits available it would still be cheaper than the case presented. No? Not trying to argue. I don’t want a Tesla, and even if I could afford one I wouldn't get one. You got to really want that vehicle to pay that kind of money either way. hegemony 1 Quote Link to comment Share on other sites More sharing options...
StantheMan Posted July 31, 2019 Share Posted July 31, 2019 29 minutes ago, centex said: "heavy duty miles" is very locale dependent...I have seen very few REASONABLE leases that gave more than 12K miles per year. That isn't even daily driver miles for a lot of people... You’re correct however I believe the average amount of miles is approx 13k put on any given car. So maybe heavy duty was the wrong term. Without knowing the details it is hard to gauge. The only sure thing is the with terms presented there are much better options. Quote Link to comment Share on other sites More sharing options...
hegemony Posted August 1, 2019 Share Posted August 1, 2019 APPROVING BANK: PNC BANK BUREAU PULLED: Experian CREDIT SCORE: 715 FICO 8 SOFT PULL/HARD PULL: Hard Pull CUSTOMER STATE OF RESIDENCE: NY NEW/USED: Used YEAR OF VEHICLE: 2015 MAKE: BMW MODEL: M4MILEAGE: 40,000 FINANCE/LEASE: Finance PURCHASE PRICE: 38,498 AMOUNT OF LOAN: 37000TERM CONTRACTED: 72 Months APR/LEASE RATE: 5.64% MONTHLY PAYMENT: $607ANNUAL INCOME: 52-55k DEBT TO INCOME RATIO: 2% MISCELLANEOUS COMMENTARY: Instant approval online, overnighted the check. Very easy to deal with especially doing this for the 1st time and not having a dealer or broker do the work. borrow 71% of your income for a 5 year old car that was probably beat to crap... and pay for it over 6 years... priceless. Quote Link to comment Share on other sites More sharing options...
tmkats Posted August 1, 2019 Share Posted August 1, 2019 APPROVING BANK: PNC BANK BUREAU PULLED: Experian CREDIT SCORE: 715 FICO 8 SOFT PULL/HARD PULL: Hard Pull CUSTOMER STATE OF RESIDENCE: NY NEW/USED: Used YEAR OF VEHICLE: 2015 MAKE: BMW MODEL: M4MILEAGE: 40,000 FINANCE/LEASE: Finance PURCHASE PRICE: 38,498 AMOUNT OF LOAN: 37000TERM CONTRACTED: 72 Months APR/LEASE RATE: 5.64% MONTHLY PAYMENT: $607ANNUAL INCOME: 52-55k DEBT TO INCOME RATIO: 2% MISCELLANEOUS COMMENTARY: Instant approval online, overnighted the check. Very easy to deal with especially doing this for the 1st time and not having a dealer or broker do the work. borrow 71% of your income for a 5 year old car that was probably beat to crap... and pay for it over 6 years... priceless.Don't let CV see this. He will have a heart attack. That makes no financial sense whatsoever but then again no one over there does. I would never buy one outright. Lease one yes, but not buy. Let alone a 5 year old one with 40k miles on it. And lets not even talk about the purchase price versus the loan price. Sent from my SM-G930T using Tapatalk hegemony 1 Quote Link to comment Share on other sites More sharing options...
StantheMan Posted August 1, 2019 Share Posted August 1, 2019 1 hour ago, hegemony said: APPROVING BANK: PNC BANK BUREAU PULLED: Experian CREDIT SCORE: 715 FICO 8 SOFT PULL/HARD PULL: Hard Pull CUSTOMER STATE OF RESIDENCE: NY NEW/USED: Used YEAR OF VEHICLE: 2015 MAKE: BMW MODEL: M4MILEAGE: 40,000 FINANCE/LEASE: Finance PURCHASE PRICE: 38,498 AMOUNT OF LOAN: 37000TERM CONTRACTED: 72 Months APR/LEASE RATE: 5.64% MONTHLY PAYMENT: $607ANNUAL INCOME: 52-55k DEBT TO INCOME RATIO: 2% MISCELLANEOUS COMMENTARY: Instant approval online, overnighted the check. Very easy to deal with especially doing this for the 1st time and not having a dealer or broker do the work. borrow 71% of your income for a 5 year old car that was probably beat to crap... and pay for it over 6 years... priceless. Cringe worthy. One should never use over 10% of actual income for vehicle expense. This poster will be using double that on a 5 year Bimmer that was most likely ridden very hard. wingwalker 1 Quote Link to comment Share on other sites More sharing options...
hdporter Posted August 1, 2019 Share Posted August 1, 2019 People who are determined not to let facts get in the way of what they want to do make the world an "interesting" place (let there always be LOTS of popcorn!!). And on that note, RIP, dearest Mother! (can you say that of cremated remains?? ... maybe it should be "stir in peace" ... Quote Link to comment Share on other sites More sharing options...
CTSoxFan Posted August 1, 2019 Share Posted August 1, 2019 18 hours ago, StantheMan said: As I mentioned in a previous post...unless you put heavy duty miles on your car lease it. The same car can be leased for ~ 700 a month on a three year lease. Take another lease at the end of the current one. Always have a new car minus the repairs. Do the math and you come out way ahead at the end of 8 years. 11% is beyond insane and in the end you will have very little resale value with the relatively new tech involved so who knows what bugs will come out after long term use. Considering he was getting an 11% APR from NFCU I shudder to think what the MF would've been on that lease, IF he even qualified for a lease. From a quick search it seems that people with good credit are getting leases in the $700 range, I am guessing his was probably $900+. Any way you slice it, an absurdly stupid decision. centex 1 Quote Link to comment Share on other sites More sharing options...
hegemony Posted August 2, 2019 Share Posted August 2, 2019 hahahahaha!!! after a couple people pointed out reasonable -- NOT bashing -- concerns about the kid with the terrible BMW choice this is how MFF powers react... Quote CreditCuriosity Moderator 08-02-2019 06:53 AM Re: Auto Loan Approvals! I had to remove alot of posts from this post as they weren't adhering to the FSR standards of the forum which can be found here: http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/m-p/2797115 This thread was meant as a data share and not meant to judge people whether you think they made a good or bad decision, etc. If one does choose to say something use some taste on how it is worded. It is near impossible for the moderators to read every thread as there are only a handful of us. So please report any inappropriate responses in the future and it will be addressed by someone on our team. Please keep conversations friendly or one might find them having some free time on their hand with a time-out from the forum. Thanks for your cooperation. --CC myFICO Moderator wingwalker 1 Quote Link to comment Share on other sites More sharing options...
CTSoxFan Posted August 2, 2019 Share Posted August 2, 2019 1 hour ago, hegemony said: hahahahaha!!! after a couple people pointed out reasonable -- NOT bashing -- concerns about the kid with the terrible BMW choice this is how MFF powers react... Another reason why their mod team doesn't like our members over there...we aren't afraid to call people out when they are making bad decisions...the type of decisions that many times led them here in the first place. Those who do not learn from history are doomed to repeat it. hegemony, TheVig and centex 3 Quote Link to comment Share on other sites More sharing options...
hegemony Posted August 4, 2019 Share Posted August 4, 2019 what kind of mental illness does the OP of this thread suffer from????!!! and the congrats replies!!!????! wingwalker 1 Quote Link to comment Share on other sites More sharing options...
DPB Posted August 5, 2019 Share Posted August 5, 2019 5 hours ago, hegemony said: what kind of mental illness does the OP of this thread suffer from????!!! and the congrats replies!!!????! What the hell did I just read? That was a lot of words for what amounted to a $3k CLI from Discover. hegemony and wingwalker 2 Quote Link to comment Share on other sites More sharing options...
hegemony Posted August 5, 2019 Share Posted August 5, 2019 56 minutes ago, DPB said: What the hell did I just read? That was a lot of words for what amounted to a $3k CLI from Discover. the congrats are even more embarrassing wingwalker 1 Quote Link to comment Share on other sites More sharing options...
hdporter Posted August 5, 2019 Share Posted August 5, 2019 New advisory when visiting myFICO.com ... "Don't drink the water!" (they're clearly imbibing some "substance" collectively over there ...) hegemony 1 Quote Link to comment Share on other sites More sharing options...
hegemony Posted August 6, 2019 Share Posted August 6, 2019 very sad news about the OP's penis Quote Link to comment Share on other sites More sharing options...
hegemony Posted August 7, 2019 Share Posted August 7, 2019 Quote Clit Established Contributor 08-06-2019 04:36 PM Re: New Apple CC So I just tried to apply for the Apple card, and went through the process. My TU credit is 816 and yet they only offered me $8.5k SL with 17.99% APR.. Still on the fence if I should get it or not.. I already had 2 hard pulls this year (mortgage hunting and got a new car lease). apple card is now a SL!!!! Quote Link to comment Share on other sites More sharing options...
DPB Posted August 7, 2019 Share Posted August 7, 2019 I’m confused. If he knows the CL, APR, etc, hasn’t he already committed? How can he choose to not get the card? And wouldn’t there have already been a HP? Or is the Apple card magical and you can change your mind and that erases the HP and data sent to the CRAs? hegemony 1 Quote Link to comment Share on other sites More sharing options...
cv91915 Posted August 7, 2019 Share Posted August 7, 2019 9 hours ago, hegemony said: I already had 2 hard pulls this year Two in one year???? What color shovel is THAT? hegemony 1 Quote Link to comment Share on other sites More sharing options...
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