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MyFako Condones this Crap

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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...

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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. 

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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. 

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Posted (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 by CTSoxFan

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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.

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Ouch.........the money factor on a Tesla lease is higher than a giraffe's butthole!

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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?

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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...

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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.

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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.

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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: M4
MILEAGE: 40,000
FINANCE/LEASE: Finance

PURCHASE PRICE: 38,498
AMOUNT OF LOAN: 37000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 5.64%
MONTHLY PAYMENT: $607
ANNUAL 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.

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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: M4

MILEAGE: 40,000

FINANCE/LEASE: Finance

PURCHASE PRICE: 38,498

AMOUNT OF LOAN: 37000

TERM CONTRACTED: 72 Months

APR/LEASE RATE: 5.64%

MONTHLY PAYMENT: $607

ANNUAL 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

 

 

 

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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: M4
MILEAGE: 40,000
FINANCE/LEASE: Finance

PURCHASE PRICE: 38,498
AMOUNT OF LOAN: 37000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 5.64%
MONTHLY PAYMENT: $607
ANNUAL 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.

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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" ...

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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.

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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

 

 

 

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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.

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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

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New advisory when visiting myFICO.com ... "Don't drink the water!"

 

(they're clearly imbibing some "substance" collectively over there ...)

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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!!!!

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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?

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9 hours ago, hegemony said:

I already had 2 hard pulls this year

Two in one year????  What color shovel is THAT?

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