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MyFako Condones this Crap

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I wish I could still find the one over there with the guy claiming to talk Sync into giving him $55k on the Wally Card a year or so ago.  

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APPROVING BANK: PNC
BUREAU PULLED: Experian
CREDIT SCORE: Fico 8 679

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE: MO
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Tesla
MODEL: Model 3 LR w/FSD
MILEAGE: 25k
FINANCE/LEASE: Finance

PURCHASE PRICE: 43k
AMOUNT OF LOAN: 41k
TERM CONTRACTED: 72 months
APR/LEASE RATE: 6.3%

MONTHLY PAYMENT: 624
ANNUAL INCOME: 120k

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this one is just wacko...

 

 

APPROVING BANK: Toyota Financial
BUREAU PULLED: Experian
CREDIT SCORE: 665 (30 points lower than my FICO 😎
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: MO
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Lexus MODEL: LC 500
MILEAGE: 9
FINANCE/LEASE: Lease
PURCHASE PRICE: 101k
AMOUNT OF LOAN: 83k (negative equity from 2 trades)
TERM CONTRACTED: 48 months
APR/LEASE RATE: Don't remember MF
MONTHLY PAYMENT: 1737
ANNUAL INCOME: 140k
MISCELLANEOUS COMMENTARY: Traded in two vehicles. Toyota Financial auto approval, no stips. 106k MSRP.

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30 minutes ago, hegemony said:

this one is just wacko...

 

 

APPROVING BANK: Toyota Financial
BUREAU PULLED: Experian
CREDIT SCORE: 665 (30 points lower than my FICO 😎
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: MO
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Lexus MODEL: LC 500
MILEAGE: 9
FINANCE/LEASE: Lease
PURCHASE PRICE: 101k
AMOUNT OF LOAN: 83k (negative equity from 2 trades)
TERM CONTRACTED: 48 months
APR/LEASE RATE: Don't remember MF
MONTHLY PAYMENT: 1737
ANNUAL INCOME: 140k
MISCELLANEOUS COMMENTARY: Traded in two vehicles. Toyota Financial auto approval, no stips. 106k MSRP.

:dntknw: What a idiot. $83,376 down the drain over the term.

Edited by bigpoppa09

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WTF?

If he had negative equity on two trade-ins, how is the loan less than the purchase price? And he only got $5k off of a $106k vehicle? Some salesman has a really nice check coming.
Also, approved for an $83k loan/lease with that score, the rate has to be terrible. Probably why he “[doesn’t] remember MF.”

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Allocating 15% of gross to the lux car payment ... did the loan include funds for a trailer mounted port-o-potty? 

 

If so, the payment, along with the lease on a spot in a trailer park, is well within the income guideline for a housing payment (getting a tax deduction on the interest might be axxxx, however).

Edited by MarvBear

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1 hour ago, hdporter said:

Allocating 15% of gross to the lux car payment ... did the loan include funds for a trailer mounted port-o-potty? 

 

If so, the payment, along with the lease on a spot in a trailer park, is well within the income guideline for a housing payment (getting a tax deduction on the interest might be a bitch, however).

He will need a hitch but most of these fools will need a trailer at some point.  

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10 hours ago, hegemony said:

this one is just wacko...

 

 

APPROVING BANK: Toyota Financial
BUREAU PULLED: Experian
CREDIT SCORE: 665 (30 points lower than my FICO 😎
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: MO
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Lexus MODEL: LC 500
MILEAGE: 9
FINANCE/LEASE: Lease
PURCHASE PRICE: 101k
AMOUNT OF LOAN: 83k (negative equity from 2 trades)
TERM CONTRACTED: 48 months
APR/LEASE RATE: Don't remember MF
MONTHLY PAYMENT: 1737
ANNUAL INCOME: 140k
MISCELLANEOUS COMMENTARY: Traded in two vehicles. Toyota Financial auto approval, no stips. 106k MSRP.


With this guy's obvious IQ, I'm wondering if he is even smart enough to be on the roads in any motorized vehicle.  He should stick to bicycles.  And no 10-speeds.  

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made me giggle

 

Quote

As a car guy (previously owned Porsche 911.2, BMW X5, Audi A6, LR Range Rover & Mercedes). And just leased a Aston Martin DB11...

 

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LOL MyFako removed one of my posts the other day. They couldn't handle the truth about how the bureaus really treat inquiry disputes. I was just informing the people there that unless you dispute an inquiry as unauthorized and potentially fraudulent, then your inquiry disputes are going straight into the circular file. I also shared my recent experience with Equifax, where I have been disputing a fraudulent inquiry for months and they refuse to remove it. I even have a letter from Wells Fargo (who pulled my report) agreeing to remove it, and Equifax still won't delete it. So how are regular, legitimate disputes treated? They are treated to the circular file.

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44 minutes ago, RehabbingANDBlabbing said:

LOL MyFako removed one of my posts the other day. They couldn't handle the truth about how the bureaus really treat inquiry disputes. I was just informing the people there that unless you dispute an inquiry as unauthorized and potentially fraudulent, then your inquiry disputes are going straight into the circular file. I also shared my recent experience with Equifax, where I have been disputing a fraudulent inquiry for months and they refuse to remove it. I even have a letter from Wells Fargo (who pulled my report) agreeing to remove it, and Equifax still won't delete it. So how are regular, legitimate disputes treated? They are treated to the circular file.

That’s because you’re not posting the correct information there. 
You need to let them know that 84 month car loans at 9% are good. Lower APR is better than PIF. All disputes are to be done online. And Discover is not subprime. 
Put that all in one post and you’ll be their new god. 

Edited by DPB

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1 hour ago, RehabbingANDBlabbing said:

LOL MyFako removed one of my posts the other day. They couldn't handle the truth about how the bureaus really treat inquiry disputes. I was just informing the people there that unless you dispute an inquiry as unauthorized and potentially fraudulent, then your inquiry disputes are going straight into the circular file. I also shared my recent experience with Equifax, where I have been disputing a fraudulent inquiry for months and they refuse to remove it. I even have a letter from Wells Fargo (who pulled my report) agreeing to remove it, and Equifax still won't delete it. So how are regular, legitimate disputes treated? They are treated to the circular file.

352ima.jpg

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34 minutes ago, DPB said:

That’s because you’re not posting the correct information there. 
You need to let them know that 84 month car loans at 9% are good. Lower APR is better than PIF. All disputes are to be done online. And Discover is not subprime. 
Put that all in one post and you’ll be their new god. 

I'm just waiting for them to start touting a 96-month loan with a double-digit rate...negative equity...sheeeeeeet! You ain't seen nuthin' yet

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1 hour ago, DPB said:

That’s because you’re not posting the correct information there. 
You need to let them know that 84 month car loans at 9% are good. Lower APR is better than PIF. All disputes are to be done online. And Discover is not subprime. 
Put that all in one post and you’ll be their new god. 

Perhaps add a little about buying $hit you don't need in order to get 2% cash back.

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APPROVING BANK: MAPS CREDIT UNION
BUREAU PULLED: EXPERIAN
CREDIT SCORE: 728

SOFT PULL/HARD PULL: HARD
CUSTOMER STATE OF RESIDENCE: OREGON
NEW/USED: USED/REFINANCE
YEAR OF VEHICLE: 2017
MAKE: CHEVROLET
MODEL: CAMARO
MILEAGE: 30,000
REFINANCE LOAN AMOUNT: $21,088

ORIGINAL PURCHASE PRICE: $34,000
AMOUNT OF LOAN: $21,088
TERM CONTRACTED: 72 MONTHS
APR/LEASE RATE: 3.75%
MONTHLY PAYMENT: $330
ANNUAL INCOME: $56,000
DEBT TO INCOME RATIO: 58%/37% (JOINT MORTGAGE/ONLY INCLUDING MY HALF)
MISCELLANEOUS COMMENTARY: I have a joint mortgage with my brother, but even though I only pay 50% they calculate my DTI using the full payment. Took some negotians and additional documentation, but I convinced them to use the 37% DTI figure (which is the reality). I have banked with them for almost 10 years and my brother and I have a joint account there, so I told him that I have 10 months of bank statements showing transfers of 50% of the payment from our individual accounts to the joint account and the full payment going out to the mortgage company to prove that I truly do just pay 50%. Super stoked about this as the next best rate that I received was from NFCU for 5.29%! I'm supposed to sign on this either today or Monday depending on when UPS delivers the copy of my title!

 

 

not the worse posted over there but seems like a terrible idea to finance 6 years on a 3 year old POS chevy.

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4 hours ago, hegemony said:

APPROVING BANK: MAPS CREDIT UNION
BUREAU PULLED: EXPERIAN
CREDIT SCORE: 728

SOFT PULL/HARD PULL: HARD
CUSTOMER STATE OF RESIDENCE: OREGON
NEW/USED: USED/REFINANCE
YEAR OF VEHICLE: 2017
MAKE: CHEVROLET
MODEL: CAMARO
MILEAGE: 30,000
REFINANCE LOAN AMOUNT: $21,088

ORIGINAL PURCHASE PRICE: $34,000
AMOUNT OF LOAN: $21,088
TERM CONTRACTED: 72 MONTHS
APR/LEASE RATE: 3.75%
MONTHLY PAYMENT: $330
ANNUAL INCOME: $56,000
DEBT TO INCOME RATIO: 58%/37% (JOINT MORTGAGE/ONLY INCLUDING MY HALF)
MISCELLANEOUS COMMENTARY: I have a joint mortgage with my brother, but even though I only pay 50% they calculate my DTI using the full payment. Took some negotians and additional documentation, but I convinced them to use the 37% DTI figure (which is the reality). I have banked with them for almost 10 years and my brother and I have a joint account there, so I told him that I have 10 months of bank statements showing transfers of 50% of the payment from our individual accounts to the joint account and the full payment going out to the mortgage company to prove that I truly do just pay 50%. Super stoked about this as the next best rate that I received was from NFCU for 5.29%! I'm supposed to sign on this either today or Monday depending on when UPS delivers the copy of my title!

 

 

not the worse posted over there but seems like a terrible idea to finance 6 years on a 3 year old POS chevy.


This TBTPM is an accident waiting for a place to happen.  Around 18% plus of his net annual cash inflow is going to pay for transportation or 9 years.  
 

Even if -- and it's a BIG if -- the car were a babe magnet, he can't afford to bring them to a hotel.  He'd have to bring them home and let his brother have sloppy seconds.  Oh, wait a second ... it's *Oregon* -- that's where they invented throuples and cuadrouples. 

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4 hours ago, hegemony said:

I’d say 80% of this guy’s story is BS. And good luck finding a title company that takes a card. Even if he found one, they’d charge whatever their cost is in swipe fees, negating any point value/cash back.
 

Rehabbing using a card for points is doable. I build houses for a living and I use an AMEX for materials whenever possible as long as it doesn’t increase the purchase price. But my guess is PotO is spot on about this guy filing BK in the future.  

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11 hours ago, DPB said:

I’d say 80% of this guy’s story is BS. And good luck finding a title company that takes a card. Even if he found one, they’d charge whatever their cost is in swipe fees, negating any point value/cash back.

 

Have you never suffered insomnia, cycling through tv channels until you come across one of the "flipping houses for profit" infomercials?  Financing your "flips" consists of taking your stack of 0% promo rate cards into the bank and serially drawing cash advances on each one.  (This is related with manic glee by the presenter.)  It's that easy!

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15 minutes ago, hdporter said:

 

Have you never suffered insomnia, cycling through tv channels until you come across one of the "flipping houses for profit" infomercials?  Financing your "flips" consists of taking your stack of 0% promo rate cards into the bank and serially drawing cash advances on each one.  (This is related with manic glee by the presenter.)  It's that easy!

I’ve not seen the tv commercials, but I have heard them on the radio. They are constantly promoting some sort of “flipping how-to” seminar. I’ve always assumed that the fee is ridiculous and attendees would learn nothing. But they do always say that you can do it “using someone else’s money.” I guess using 0% cards for cash advances would qualify. But one miscalculation and someone doing it this way is probably going to be considering BK
 

I used to flip houses. I decided to switch to building new because I was tired of competing for properties with people with desk jobs that saw someone on tv flip a house and now they think they can do it too. I’m glad it worked out that way since I’m much happier now and the new house market is less volatile here. I constantly have people asking me what they need to do to start flipping houses. My answer is always, “Do you have $500k in cash?” When they answer no I tell them to wait until they do. 

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