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MyFako Condones this Crap

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6 years on a truck built in 2014????? and 5.79%?

 

APPROVING BANK: TD Bank
BUREAU PULLED: All 3
CREDIT SCORE: 750 Middle Score (Auto 😎

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: GA 
NEW/USED Used
YEAR OF VEHICLE: 2015
MAKE: Ford 
MODEL: F-150 Supercab

Trim: XLT
MILEAGE: 20,000
FINANCE/LEASE: F

PURCHASE PRICE: 18,000
AMOUNT OF LOAN: 18,000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.79
MONTHLY PAYMENT: 297
ANNUAL INCOME: $82,000
DEBT TO INCOME RATIO: 28%
MISCELLANEOUS COMMENTARY: Wife and I signed together as her Auto 8 is slightly higher than mine. I would not normally finance something 5 years old but with that mileage (it was an older man who just never drive it much other than a trip to the store and kept it in a garage) and at that price, plus the fact it is literally in mint condition, I thought I would be stupid not to avoid the depreceation on something that still has another 15 years left in it. We paid for a 2 year/24,000 mile warrenty out of pocket with the Ford Dealership just to cover us.

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8 hours ago, hegemony said:

We paid for a 2 year/24,000 mile warrenty out of pocket with the Ford Dealership just to cover us.

Imagine what they agreed to pay for this.

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5 hours ago, cv91915 said:

Imagine what they agreed to pay for this.

Exactly...if they had been smart, they would have realized that there are a small handful of Ford dealers in fly-over country that make bank selling discounted factory extended warranties on new and used vehicles...which puts the price at probably 60-70% of what they got gouged for.  And how do we know they were gouged?  Because they acknowledge all three bureaus being pulled for a rate that makes no sense.

 

Oh wait...they got a payment under $300 per month.  $18K loan should have been financed for no more than two years.  And still be paid off earlier than expected discharge date...

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Some people should never finance... and nice of him/her to screw over a co-signer...

 

 

APPROVING BANK: Capital one
BUREAU PULLED: experien
CREDIT SCORE: 559

SOFT PULL/HARD PULL: hard pull
CUSTOMER STATE OF RESIDENCE: Florida 
NEW/USED used
YEAR OF VEHICLE:2019
MAKE: Ford 
MODEL: explorer 

Trim: Limited
MILEAGE: 17,506
FINANCE/LEASE: finance

PURCHASE PRICE: 30999
AMOUNT OF LOAN: 32,000

TERM CONTRACTED: 72
APR/LEASE RATE: 10.36
MONTHLY PAYMENT:589
ANNUAL INCOME:$26,000
DEBT TO INCOME RATIO:?
MISCELLANEOUS COMMENTARY: I did have a co signer her credit score was 646, and income of 56,000. I recently opened a credit union account, and after building history with them, and aggressively tackling my credit I plan to refinance. My car payment will come out of that account. My original apt offered was 11.36, so although not a lot of difference we were able to get it down 1%

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meanwhile...


 

Quote

 

Approved with my best interest rate yet!

My previous car was being financed at 17.59% (yikes!) and yesterday I traded it in and financed a much nicer vehicle at 7.9% I know it's not the best rate but I did not owe negative equity and I'll be saving thousands!

 

 

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1 hour ago, hegemony said:

I did have a co signer her credit score was 646

:lol:  

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On 3/12/2020 at 9:32 AM, hegemony said:

 

6 years on a truck built in 2014????? and 5.79%?

 

APPROVING BANK: TD Bank
BUREAU PULLED: All 3
CREDIT SCORE: 750 Middle Score (Auto 😎

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: GA 
NEW/USED Used
YEAR OF VEHICLE: 2015
MAKE: Ford 
MODEL: F-150 Supercab

Trim: XLT
MILEAGE: 20,000
FINANCE/LEASE: F

PURCHASE PRICE: 18,000
AMOUNT OF LOAN: 18,000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.79
MONTHLY PAYMENT: 297
ANNUAL INCOME: $82,000
DEBT TO INCOME RATIO: 28%
MISCELLANEOUS COMMENTARY: Wife and I signed together as her Auto 8 is slightly higher than mine. I would not normally finance something 5 years old but with that mileage (it was an older man who just never drive it much other than a trip to the store and kept it in a garage) and at that price, plus the fact it is literally in mint condition, I thought I would be stupid not to avoid the depreceation on something that still has another 15 years left in it. We paid for a 2 year/24,000 mile warrenty out of pocket with the Ford Dealership just to cover us.


Just how easy is it for a dealer to spin the odometer?   It's difficult to buy the "little old lady who only drove to church on Sunday" crap.  

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3 hours ago, hegemony said:

Some people should never finance... and nice of him/her to screw over a co-signer...

 

PURCHASE PRICE: 30999
AMOUNT OF LOAN: 32,000

TERM CONTRACTED: 72
APR/LEASE RATE: 10.36
MONTHLY PAYMENT:589
ANNUAL INCOME:$26,000
DEBT TO INCOME RATIO:?
MISCELLANEOUS COMMENTARY: I did have a co signer her credit score was 646, and income of 56,000.

 

Maybe there's no significant difference, but I have to think this was a co-applicant, not a co-signer. 

 

A car payment of 27% of gross income left me thinking that this guy must live under a rock.  Then palm hit forehead ... co-signer is his mother, with whom he lives.  We can only trust that her SS and pension checks are safe from being attached when this loan goes belly up.

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On 3/12/2020 at 3:02 PM, hegemony said:

Some people should never finance... and nice of him/her to screw over a co-signer...

 

 

APPROVING BANK: Capital one
BUREAU PULLED: experien
CREDIT SCORE: 559

SOFT PULL/HARD PULL: hard pull
CUSTOMER STATE OF RESIDENCE: Florida 
NEW/USED used
YEAR OF VEHICLE:2019
MAKE: Ford 
MODEL: explorer 

Trim: Limited
MILEAGE: 17,506
FINANCE/LEASE: finance

PURCHASE PRICE: 30999
AMOUNT OF LOAN: 32,000

TERM CONTRACTED: 72
APR/LEASE RATE: 10.36
MONTHLY PAYMENT:589
ANNUAL INCOME:$26,000
DEBT TO INCOME RATIO:?
MISCELLANEOUS COMMENTARY: I did have a co signer her credit score was 646, and income of 56,000. I recently opened a credit union account, and after building history with them, and aggressively tackling my credit I plan to refinance. My car payment will come out of that account. My original apt offered was 11.36, so although not a lot of difference we were able to get it down 1%

 

A 32 grand car making 26k? What are they smoking?

 

Whats the cosigner smoking too?

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On 3/12/2020 at 8:58 PM, PotO said:

Just how easy is it for a dealer to spin the odometer?   It's difficult to buy the "little old lady who only drove to church on Sunday" crap.  

One would need to hack the ECU to do that. 2015 F-150 odo's are digital.

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7 hours ago, hegemony said:

You didn’t even quote the best part (disclaimer: I only read 6 comments before giving up, so there is probably more). OP says they’d pay off their CC debt. They have a countdown timer in their sig for when their BK drops off. More than eight and a half years left! So they filed BK less than 18 months ago and already back in debt. Brilliant!

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8 hours ago, hegemony said:


I'd invest it.

 

Buy surgical masks here for $0.50 each and sell them to suckers on eBay and Amazon for $49.99 each.   🤣
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** Seriously, just joking.  I'd use the money to hire cheap hitmen to go after all the idiots price gouging.  

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winning@@@!!!

 

Quote

Anyhoo, my Discover It has a 0% apr  promo expiring next week so i figured what the fico, lets see if i can get another one  Called in, suprisingly wait time not too bad. Got handed over to an agent who was working from Home. Because it was a recent 0% promo, couldnt offer me one right now, but was happy to announce he could drop my 19.74% apr to 17.74%😃 Ill take it!. 

 

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7 hours ago, hegemony said:

'but was happy to announce he could drop my 19.74% apr to 17.74%😃 Ill take it!. "  

:

... winning@@@!!!

 

2nd prize.  ala Fields':  First prize was a week in Philadelphia. Second prize was two weeks.”

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17 hours ago, hegemony said:

The only reason that a loan of that length should exist is for some of the vehicles out there which sell for north of $150K.  If you have to drag out a domestic POS for seven years to afford a $40K vehicle, then you are buying too much car relative to your ability to pay...they always ALSO seem to forget that the warranty will often have expired before the payments have expired.  And then to think of seven years of gap insurance *shudder* -that vehicle would be upside down for probably six and a half years...

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I would rather go through chemotherapy (again) then later get divorced(again) all while slowly piercing my retina with a warm needle..... than recommend anyone visit myfico

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On 3/25/2020 at 2:25 PM, hegemony said:

 


 

Quote

 

C'mon... 84 months is bad how?

 

 The car might be worth less at the end of the term, so private sale value or trade-in value is lower than it would be at the 60 or 72 month term.

 

 Big deal there are worst things you can do with your money.

 

 Modern cars last 10 years at least with proper maintenance. Hyundai/Kia goes out to 10/100,000 on powertrain. Today's carrots of 0% and 84 months is quite good if you ask me.

 

 You'll see more next month, the problem is 0% helps those who don't need it, not the people who actually need it. Credit is meritocracy based, the better you do with it, the more you're rewarded for it.

 

 But like 2008, this is not normal and most economic activity has stopped. Every captive lender will use the 0%/84 carrot to get you into the showroom next month.

 

 I feel like these questions are philosophical discussions not financial.

 

 

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1 hour ago, hegemony said:

 


 

 

Try adding general motors supplier discount 

6k in rebates

And 2.49....still won't do it....

Prices are going to drop drastically within the next 3 months

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