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MyFako Condones this Crap

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Posted (edited)

The other thing no one realizes about 72 and 84 month car loans is that they are nearly impossible to refinance. Sure, the dealer's captive lender will approve a loan like this to sell you an overpriced vehicle. But 6 months later when you realized they jacked the rate up significantly and want to refinance, it ain't gonna happen because your loan-to-value ratio is way over the real value of the car. 

 

Sadly, one of my elderly relatives took part in one of these dealership tragedies in 2018. They financed in like $4k of negative equity from her old car, put her at 75 months, an APR of 9.99%, sold her a BS $500 "key club" membership, and sold her a car for way more than she should have paid. She ended up with a $19k loan for a $12k vehicle, which will now likely take her the remainder of her time on this earth to pay off. And refinancing it out of the question, considering the car is now worth close to $9k, making her LTV ratio like 175%.

Edited by RehabbingANDBlabbing

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"The average person can't afford them and their options are slowly dwindling."

 

No they are not, the average intelligent person buys USED! 

 

Yeah that site will give you head aches. 

 

Why did I use average and intelligent in the same sentence there. 

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22 hours ago, kaylee34 said:

I can not wrap my head around the logic behind these car loans. I just can’t. 

They want shiny buttons and have been brainwashed that "Used cars break down" "Used cars aren't safe" blah blah blah

 

A vehicle is a tool to get you from point A to point B. Now you may require certain additions, like more seats, a truck bed to do what's needed. I can't wrap my head around it either. 

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Posted (edited)
2 hours ago, scott31337 said:

"The average person can't afford them and their options are slowly dwindling."

 

No they are not, the average intelligent person buys USED! 

 

 

Categorize me as you will, but I've made known my conviction to buy new.  I'm well aware of the negatives imbued in that practice.  But, bottom line, I don't trust the TLC anyone gives a vehicle that they part with with less than 20k miles on it, and I'm even suspicious of a car being sold at 50k.

 

I hold a car for the long term and care for it accordingly.  The older of our two cars is a 2006 Lincoln Zephyr, that runs beautifully and looks the part too.  It's no exaggeration to say that it runs better and smoother now than it did through the first 30k miles (140k now).

 

It may be no more than a security blanket, but I take great comfort in knowing the exact manner in which it was "broken in" (not really a thing with new cars, of course) and the lifelong care it's received.

 

But, yeah, even with anticipating car ownership for 10+ years, I look to buy with a decent down payment (no less than 10%) and preferably finance over 4 years.  (If that means I'm driving a Versa or Fiesta to stay within my means, so be it.)

Edited by hdporter

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Posted (edited)
1 hour ago, hdporter said:

 

Categorize me as you will, but I've made known my conviction to buy new.  I'm well aware of the negatives imbued in that practice.  But, bottom line, I don't trust the TLC anyone gives a vehicle that they part with with less than 20k miles on it, and I'm even suspicious of a car being sold at 50k.

 

I hold a car for the long term and care for it accordingly.  The older of our two cars is a 2006 Lincoln Zephyr, that runs beautifully and looks the part too.  It's no exaggeration to say that it runs better and smoother now than it did through the first 30k miles (140k now).

 

It may be no more than a security blanket, but I take great comfort in knowing the exact manner in which it was "broken in" (not really a thing with new cars, of course) and the lifelong care it's received.

 

But, yeah, even with anticipating car ownership for 10+ years, I look to buy with a decent down payment (no less than 10%) and preferably finance over 4 years.  (If that means I'm driving a Versa or Fiesta to stay within my means, so be it.)

there are too many smokers in LAS for me to buy used (only exception is if the car is over 30 years old). My last new purchase prior to my current daily driver I drove for 9 years. My current daily driver I've had 2.5 years and it has less than 10k miles on it. Yesterday I drove my Reagan-era 4x4 out to the desert to self isolate.

Edited by hegemony

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Posted (edited)
17 hours ago, hegemony said:

there are too many smokers in LAS for me to buy used (only exception is if the car is over 30 years old). My last new purchase prior to my current daily driver I drove for 9 years. My current daily driver I've had 2.5 years and it has less than 10k miles on it. Yesterday I drove my Reagan-era 4x4 out to the desert to self isolate.

When I was car shopping people kept trying to convince me to buy new, I bought an ex-rental car this time around anyway 😆

 

After I bought it someone on a car FB group was telling me how dumb it was because I could drive a new car for $50 more a month as a lease. 

 

My car is 2019, and I also put hardly any miles on it a year- I teleworked before Sharonavirus. I think I put 2,000 miles tops on my car from September 2018 to January of this year. 

 

My car was super low priced for the make/model and it's the top trim, it has everything. Ultimately what made my decision was that I had the same model in 2014, kept it for 4.5 years, my lease payment was slightly lower (like $20-30 lower) with $3K down, and I had to give it back.

 

This time around it's $0 down (tax/title/license), 5%, 60 month loan, got it just under 40K miles, I will put probably 12K on it while I'm paying it off, and they had to pry the lease out of my hands last time around. So for not much more/similar monthly costs/similar term, I get to keep the very new better trim version of my old car I didn't wanna give up.

 

Also I know extending a lease is probably dumb, but my lease ended literally the month my husband died. I didn't want to make any financial decisions for 6 months and I didn't turn it in for another 7 months and it was a long lease.

 

Sorry that is my entire life story :) But people fixate so much on payments and stretching out the term and that's all anyone asked about it, not the cost or rate. My dad has rolled over negative equity like 3x into a brand-new Lincoln SUV and it drives me crazy. 

 

ETA: The last lease was from before I had credit (I used to be a pay cash for everything person) and it was in my dad's name. I didn't have credit sufficient to meet the terms of the Costco Auto thing, which is where I got it.

Edited by smartlypretty
continued babbling

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APPROVING BANK: Ally
BUREAU PULLED: All 3
CREDIT SCORE: 732

SOFT PULL/HARD PULL: So HARD
CUSTOMER STATE OF RESIDENCE: Cali
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Honda
MODEL: Accord Sport 2.0 T
MILEAGE:15,000
FINANCE/LEASE: Finance

PURCHASE PRICE: 25,714
AMOUNT OF LOAN:19000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 3.9
MONTHLY PAYMENT: 298

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$19K dragged out for more than two years is stupidity, perhaps three in the climate of the past month.  Six years is commitment-worthy...that shopper is the person around whom the four-box school of sales was modeled. 

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Posted (edited)
On 4/4/2020 at 5:28 PM, hegemony said:

PURCHASE PRICE: 25,714
AMOUNT OF LOAN:19000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 3.9
MONTHLY PAYMENT: 298

This what happens when you walk into a dealership and announce, "I need to keep my payment under $300."

 

 

Edited by cv91915

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from the same poster who gave you such hits as "How long and how will lates fall off " and "I have student loan accounts with fed loan 4 of them, still with balances 90 day late oct 2013 120+ day late november 2013-july 2014"

now gives you!

 
Quote

 

So frustrated with capital one

I just need to vent about capital one 

 

I have 4 capital one serviced cards

 

Quicksilver one opened April 6th 2019 started with 300 got cli to credit steps of 500 in 6 months today is 181 applied for cli 

 

Offered 100 dollar increase seriously?!?

 

Quicksilver opened sometime later in 2019 got my 500 limit on steps

 

Walmart non mc 300 dollar limit opened in September applied for cli multiple times again same thing 100 dollars offered

 

Kohls (I know this isn't really a cap one but they back it) this card has gotten two healthy clis in a year I'm assuming Kohl's controls the UW and cli on this one 300 to 1500 in a year

 

I've been burning that quicksilver one card up spending on it and pif  in anticipation of today to apply for cli and got offered 100 on it

 

Also irritating my card was opened April 6th capital one with no notice applied AF to my card on April second one day before my statement cut so I couldn't pay it.

 

I really just might SD all of their cards, I get the cards are bucketed, but I have multiple other cards with higher limits than 500, and im over here struggling and fighting with them over $100 clis

 

Frustrating to say the least

 

 

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14 hours ago, cv91915 said:

This what happens when you walk into a dealership and announce, "I need to keep my payment under $300."

 

 

OMGGGG this needs to be the title of the top Google results on mistakes people making buying a car.

 

So concise, so informative. 

On 7/13/2016 at 9:05 AM, TheVig said:

I may not have the best CC portfolio, but it's mine, and it's warm. Lol.

 

We all started from somewhere, however I refuse to congratulate anyone who apps anything from Credit One, First Premier, Fingerhut, etc.

 

Different lenders have different sensitivities, and any underwriter worth their salt will know you've had past problems.

 

You might live in the hood, a trailer park, or in the spare bedroom of you're inlaws house, but your wallet doesn't need to reflect that.

I know this is older than dirt but I just checked the mail, and my sister isn't getting hers hopefully so she doesn't give my house coronavirus, and there's a Credit One offer and a Fingerhut catalog in there for her. 

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from an established member

 


 

Quote

 

Re: Has anyone voluntarily lowered their credit card limit?

Yes this past weekend I lowered my Amex from 25k to 10k. And then Discover 22.5k to 11k. It wasn't for covid19. I don't really need the high limits. Navy is a good balance transfer card so I might not lower that card. I want all my cards to be 10k or 11k across the board.

 

 

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from an established member
 

 
 
Re: Has anyone voluntarily lowered their credit card limit?
Yes this past weekend I lowered my Amex from 25k to 10k. And then Discover 22.5k to 11k. It wasn't for covid19. I don't really need the high limits. Navy is a good balance transfer card so I might not lower that card. I want all my cards to be 10k or 11k across the board.
 
 
You can't fix stupid.

Sent from my GM1915 using Tapatalk

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Dumb question, why might someone do that on purpose? Is it just "I can't trust myself" or some sort of weird asceticism flex? Are there any benefits to doing that? (Not that I'm considering it, trying to understand their thinking.)

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2 hours ago, hegemony said:

from an established member

 


 

 

If only it were multi-colored...then we would know where a former member of CB had disappeared to...

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How often can I open credit union accounts?

Hey all, I'm starting the credit union interest chasing hobby in while I'm waiting for my 5/24 to fall off so I can open a sapphire. I opened DCU a few months ago and just got DECU last night. Plan to grab redstone, cu of new Jersey, premier members cu, patelco and St. Mary's. 

 

Two questions, how long (if at all) should I wait between apps?

 

Any high interest ones I've missed?

 

I have a small understanding of Chex systems so just looking for a little further knowledge.

 

Thanks! 

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43 minutes ago, cv91915 said:

 

How often can I open credit union accounts?

Hey all, I'm starting the credit union interest chasing hobby in while I'm waiting for my 5/24 to fall off so I can open a sapphire. I opened DCU a few months ago and just got DECU last night. Plan to grab redstone, cu of new Jersey, premier members cu, patelco and St. Mary's. 

 

Two questions, how long (if at all) should I wait between apps?

 

Any high interest ones I've missed?

 

I have a small understanding of Chex systems so just looking for a little further knowledge.

 

Thanks! 

And then:

 

 

Re: How often can I open credit union accounts?

Awesome, yeah I am not planning on getting any CC, just savings/checking/money market.

 

So it's gonna take a couple years... Ugh. 

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???

 

I keep seeing posts asking what the point is when you're still getting paid 'every two weeks' or whatever. But like, why would you NOT want to get paid early? Smiley Very Happy Personally I find it useful because my rent is usually due on a wednesday (I usually have a checking buffer, but still). I also like it when my coworkers say "it's friday, payday!" and I go "payday was wednesday..." Smiley Tongue

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1 hour ago, cv91915 said:

???

 

I keep seeing posts asking what the point is when you're still getting paid 'every two weeks' or whatever. But like, why would you NOT want to get paid early? Smiley Very Happy Personally I find it useful because my rent is usually due on a wednesday (I usually have a checking buffer, but still). I also like it when my coworkers say "it's friday, payday!" and I go "payday was wednesday..." Smiley Tongue

 

Re: NFCU early direct deposit

I sent a message this afternoon when I saw my DD was Pending.  No response yet, but we'll see.  I know when I first started sending a portion of my check to Navy it would hit a day before my local CU.  Then it started being the same day.  Now my wife gets paid a day after me, it would be nice to have those align.

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some selling AUs?

 

 

 
Quote

 

Furious... Cap1...

I feel very annoyed. Nearly angry. I need advice...

 

I received a call from Cap1 Fraud Department today. On my 3 year old QS. I have 5 authorized users on the account and have for about 3 months now.

 

They are requesting copies of SS CARD and DRIVERS LICENSE for ALL 5 users...

 

Excuse me? This is BEYOND stupid and intrusive... These people have ZERO responsibility or legal connection to this account.

 

I would NEVER feel comfortable asking 5 individuals to give me such personal documents -- NOR would I expect them to give me such if I did ask them!

 

So I said "Clear the users off". And she responded "EVEN THEN, THE ACCOUNT WILL REMAIN RESTRICTED UNTIL WE RECEIVE ALL 5 SETS OF REQUESTED DOCUMENTS."

 

Oh my gosh. I feel violated honestly... Now I have a permanently FROZEN account. Can't upgrade it OR EVEN CLOSE IT...

 

What do I do...?

 

 

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then claims it is a personal card with employee AUs...

 

Quote

No it's personal. However that was the reason I added the 5 users. They are my 5 most necessary employees. My assistant, GC, real estate agent, etc. I didn't want a HP to open a business card when I had an idle card laying around... So I designated it toward them using it for fuel, meals, expenses, etc...

 

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What a whiny bunch of drivel from someone that got caught.

I'm sure Cap1 feels the terms agreed to when the account was opened were violated. 

 

 

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SMFH... I want to perpetuate my terrible financial situation!!!!

 

 

APPROVING BANK: Ford Motor Credit
BUREAU PULLED: Experian, Equifax
CREDIT SCORE: 622, 625

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: AL
NEW/USED New
YEAR OF VEHICLE: 2020
MAKE: Ford 
MODEL: F-150 Supercab

Trim: XLT
MILEAGE: 27
FINANCE/LEASE: F

PURCHASE PRICE: 45,190
AMOUNT OF LOAN: 52,297
TERM CONTRACTED: 72
APR/LEASE RATE: 2.9
MONTHLY PAYMENT: 763
ANNUAL INCOME: $83,500
MISCELLANEOUS COMMENTARY: Filed Chapter 7 in August 2019 due to enormous medical bills. Purchased 2019 Nissan Altima in October 2019 prior to discharge in November 2019 with 20.83% APR. My scores prior to discharge were TU - 472, EQ - 485, EX - 492. Payments were $733/monthly.

 

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