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MyFako Condones this Crap

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So I submitted a prequal with Capital One Auto Navigator and it came back with a prequal approval up to $40,500 from 4.5% - 6.5% APR. Quite a bit better than I was expecting, to be honest.

 

I like the idea of putting 2-3 down and putting the rest towards the principal. I do want to pay it off relatively quickly. Thanks for the insight.

 

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They're not as discounted as a GMC but there's still plenty of discount. On a $75,000 Ford truck you should get AT LEAST $6,000 off sticker price.

 

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On 8/23/2020 at 8:42 PM, hegemony said:

 

And THAT  is the prime target from the movie SUCKERS! 

 

I would link one of the clips but the language might have offended someone...

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My closing date is scheduled for 9/18.  The appliances I am looking at have a $300 rebate if purchased by 8/30.  I was told by the rep that my card will not be charged until the appliances are actually received, but it will take away from the available balance.  Do UW look at the available balances? or just the reported balance?  Am I safe to order them on 8/30, knowing they wouldn't be received until 10/13?

(Statement posting day is also the 30th of each month)

 

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question:

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Diversifying - To Mexico, Metals, Bitcoin, and Solar

Alright - I saw COVID coming early.

 

I refinanced at the beginning of COVID - and closed a 209K loan on a 270K house for 3.5%.

I'm not upset about it - I could have gotten lower rate - but i'm carrying a fair amount of student loan debt. 

Mortgage payment is 1100.

 

I am looking to invest and diversify.

 

I only have about 1000 worth of bitcoin - but i'm looking to increase my position to 2-3K.

 

I have about 1000 worth of precious metals - but looking to increase to 2-3K worth of silver, and hopefully try to buy some cheap gold.

 

I'm not looking at LAND in MEXICO - 50K for a nice lot by the beach.

follow-up:

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i've been trying to follow the Dave Ramsey method and get rid of all debt. 

 

The reality is -- in a Post COVID world, where the possibility of another economic collapse in the US is right around the corner - retiring in Mexico is more desirable to me. 

 

I'm not too concerned about falling behind on student loans, auto loans, etc. 

I'd rather default on those - and have a fully paid off house in Mexico and be able to live off minimal income.

 

 

best reply:

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Which Dave Ramsey baby step is fleeing to Mexico to get out of paying your debts? I must have missed that one!

 

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Tesla Cybertruck. GIVE ME, GIVE ME, GIVE ME!

Put down $100 deposit today. So in love with this thing. Even though it looks exactly like the way I used to draw vehicles when I was in Kindergarten. LOL

 

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another aspiring Gorden Gecko getting the 6 year special on a four year old car that is expensive to service!!!! What is a down payment from trade in?

 

 

APPROVING BANK: BB&T
BUREAU PULLED: EQ
CREDIT SCORE: 720 Auto

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: USED
YEAR OF VEHICLE: 2017
MAKE: MB
MODEL: E-Class Sedan
MILEAGE: 28,000
FINANCE/LEASE: FINANCE

PURCHASE PRICE: ~$29,000
AMOUNT OF LOAN: $30,844
TERM CONTRACTED: 72 MONTHS
APR/LEASE RATE: 3.24%
MONTHLY PAYMENT: 472
ANNUAL INCOME: 65,000
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: Bought dealer Gap as they price matched what I pay through my car insurance. Down Payment was ~$2,220 from trade in.

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1 hour ago, hegemony said:

What is a down payment from trade in?

I'm going to guess they had some positive equity in the trade-in and used that as the down payment. 
Based on what’s posted over there, I’m not surprised that the poster didn’t know the term “positive equity.”

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On 8/20/2020 at 9:01 PM, hegemony said:

For me the questionable decision is about taking on that level of debt and then going into an academic career. Even in STEM, unless you're a rock star you're not making bank. They state their HHI is 133K which means they are not in STEM or even a Business school. Next they'll be posting about how they want to have 5 kids too.

 

I've worked with some real dolts with Ph.Ds from top places. Intellect is not coterminous with education. The person in my program who has done the best financially is head of an investment arm of a major international bank. Of course he also works 90 hours a week even now in his 50s.

Most stem Ph.D.s come with tuition waivers and stipends.  Even many social science programs are the same.  They probably went to a low tier social science or humanities program with out a stipend. They may also have gone to an over priced, small private liberal arts college with six figures each for college. 

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On 9/14/2020 at 6:44 PM, hegemony said:

another aspiring Gorden Gecko getting the 6 year special on a four year old car that is expensive to service!!!! What is a down payment from trade in?

 

 

APPROVING BANK: BB&T
BUREAU PULLED: EQ
CREDIT SCORE: 720 Auto

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: USED
YEAR OF VEHICLE: 2017
MAKE: MB
MODEL: E-Class Sedan
MILEAGE: 28,000
FINANCE/LEASE: FINANCE

PURCHASE PRICE: ~$29,000
AMOUNT OF LOAN: $30,844
TERM CONTRACTED: 72 MONTHS
APR/LEASE RATE: 3.24%
MONTHLY PAYMENT: 472
ANNUAL INCOME: 65,000
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: Bought dealer Gap as they price matched what I pay through my car insurance. Down Payment was ~$2,220 from trade in.

Maybe they will come out ahead with the eventual buyback? 😮

https://www.bbc.com/news/business-54153126

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sorry not sorry but 60 months for a 7 year old turd?

 

 

APPROVING BANK: NFCU
BUREAU PULLED: TU
CREDIT SCORE: Auto F8s upper 690s; the DH's no clue 

SOFT PULL/HARD PULL: HP Pre-approval
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Chevy
MODEL: Suburban LTZ
MILEAGE: 157K
FINANCE/LEASE: Finance

PURCHASE PRICE: $12,500
AMOUNT OF LOAN: $13,500 (including TTL+)
TERM CONTRACTED: 60 months
APR/LEASE RATE: 5.49%
MONTHLY PAYMENT: $276
ANNUAL INCOME: ~$75K combined
DEBT TO INCOME RATIO: 🤷
MISCELLANEOUS COMMENTARY: The DH is the primary, I'm the secondary on this loan as I'm still paying off my SUV. (This is for the DH to haul the oldest to school and the youngest to daycare.) We were initially approved up to $19K, when I asked for only $14K. We may refinance with RBFCU at a later date, as they tend to try and out do NFCU on that front. We did everything over the phone and were done in less than 10 minutes. I picked up the check at a local branch to take to the dealership. 

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1 hour ago, hegemony said:

sorry not sorry but 60 months for a 7 year old turd?

 

MILEAGE: 157K
FINANCE/LEASE: Finance

PURCHASE PRICE: $12,500
AMOUNT OF LOAN: $13,500 (including TTL+)
 

WORSE...five years for $13.5K.  Something that little should never be going more than two years, especially since they would likely be putting money into the repairs by that time...

 

 

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1 hour ago, centex said:

WORSE...five years for $13.5K.  Something that little should never be going more than two years, especially since they would likely be putting money into the repairs by that time...

 

 

You're being uncharacteristically gentle.  I think it's inadvisable to finance any vehicle with 150k+ mi on it, short of a true "classic".  (Still, to buyer's credit, I came across a statistic that reports Chevy Suburbans account for 4.9% of the cars on the road with 200k+ miles on them.  That's impressive)

 

fwiw, the best standing is the Toyota Land Cruiser, at 15.7% (!)

 

https://www.iseecars.com/longest-lasting-cars-study

 

All I can offer is that I hope the buyer intends to set aside another 50% of each car payment aside for the first repair visit, that could come at any time.  I presume that the buyer has limited idea of how the vehicle was operated or maintained, beside cursory visual review and (hopefully) a mechanic inspection.

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Another Fingerhut 2x CLI!

From 900$ when I posted in February 2020 about that 2x cli to 1,800$ today! Here is my history. 

 

post includes screen shot of a year's worth of fingerslut purchases... SMFGDH!!

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this has to be fake????

 

 

 

APPROVING BANK: Toyota Fin
BUREAU PULLED: Exp Auto 8
CREDIT SCORE: 657

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Lexus
MODEL: GX 460 
MILEAGE: 10 
FINANCE/LEASE: finance 

PURCHASE PRICE: ~53,000
AMOUNT OF LOAN: ~62,000 (rolled 3k negative, tx made us pay TTL, purchased ext warranty, service plan and gap) 
TERM CONTRACTED: 72 (only because it was same rate as 60)
APR/LEASE RATE: 6.64
MONTHLY PAYMENT: $1136
ANNUAL INCOME: $103k
DEBT TO INCOME RATIO: ~30
MISCELLANEOUS COMMENTARY: I was unsure about this loan as we had to turn in our over milage lease to lexus. We had about 15 30 day lates on a 4 year lease. We have made all payments ontime for past 18 months with them and they took care of us. This is our 3rd Lexus GX.  Finance manager said they moved us up to tier 2 because of Lexus loyalty. Also told me if I had a 670 he could've talked them into 0%. 

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7 hours ago, hegemony said:

this has to be fake????

 

 

 

APPROVING BANK: Toyota Fin

BUREAU PULLED: Exp Auto 8
CREDIT SCORE: 657

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Lexus
MODEL: GX 460 
MILEAGE: 10 
FINANCE/LEASE: finance 

PURCHASE PRICE: ~53,000
AMOUNT OF LOAN: ~62,000 (rolled 3k negative, tx made us pay TTL, purchased ext warranty, service plan and gap) 
TERM CONTRACTED: 72 (only because it was same rate as 60)
APR/LEASE RATE: 6.64
MONTHLY PAYMENT: $1136
ANNUAL INCOME: $103k
DEBT TO INCOME RATIO: ~30
MISCELLANEOUS COMMENTARY: I was unsure about this loan as we had to turn in our over milage lease to lexus. We had about 15 30 day lates on a 4 year lease. We have made all payments ontime for past 18 months with them and they took care of us. This is our 3rd Lexus GX.  Finance manager said they moved us up to tier 2 because of Lexus loyalty. Also told me if I had a 670 he could've talked them into 0%.

 

I think I just blew a circuit trying to figure out what to comment on first ...   :sorry:

< This is really just one of those teasers called, "Can you find 15 things wrong in this picture?" ... right? >

 

eta:  I just decided on that "first comment":

 

We just replaced our 14 year old Lincoln with a car priced comparable to the Lexus discussed here.  I'm now having a "v-8 moment":  We could have allocated a smaller portion of our annual income (vs the hefty 50% allocation being tossed our here) and come away with an Aston Martin!

 

I think I need to replace the list of affirmations on my bathroom mirror with a list of suitable "aspirations" ...

Edited by hdporter

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10 hours ago, hdporter said:

 

I think I just blew a circuit trying to figure out what to comment on first ...   :sorry:

< This is really just one of those teasers called, "Can you find 15 things wrong in this picture?" ... right? >

 

eta:  I just decided on that "first comment":

 

We just replaced our 14 year old Lincoln with a car priced comparable to the Lexus discussed here.  I'm now having a "v-8 moment":  We could have allocated a smaller portion of our annual income (vs the hefty 50% allocation being tossed our here) and come away with an Aston Martin!

 

I think I need to replace the list of affirmations on my bathroom mirror with a list of suitable "aspirations" ...

I am going to use the MFF post for a final exam question.

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I have some questions... 6 or half a dozen?

 

 

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Down Payment Vs. Trade Value

I'll be trading in my current vehicle in approximately 3 years for a 2024 model year vehicle. I'll likely still owe some on it, which will be tacked onto the next loan. I have a car fund started that is collecting funds to go towards a down payment. However, I've been concentrating more on whittling down my current loan. What are your thoughts on what will give me the best bang for my buck to help keep my next loan as low as possible? Applying extra money to my current loan or saving extra money for a down payment?

 

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Credit cards credit limit increases

Are there any credit cards that give credit limit increases alot?

a lot

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On 9/16/2020 at 11:02 AM, hegemony said:

sorry not sorry but 60 months for a 7 year old turd?

 

 

APPROVING BANK: NFCU
BUREAU PULLED: TU
CREDIT SCORE: Auto F8s upper 690s; the DH's no clue 

SOFT PULL/HARD PULL: HP Pre-approval
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Chevy
MODEL: Suburban LTZ
MILEAGE: 157K
FINANCE/LEASE: Finance

PURCHASE PRICE: $12,500
AMOUNT OF LOAN: $13,500 (including TTL+)
TERM CONTRACTED: 60 months
APR/LEASE RATE: 5.49%
MONTHLY PAYMENT: $276
ANNUAL INCOME: ~$75K combined
DEBT TO INCOME RATIO: 🤷
MISCELLANEOUS COMMENTARY: The DH is the primary, I'm the secondary on this loan as I'm still paying off my SUV. (This is for the DH to haul the oldest to school and the youngest to daycare.) We were initially approved up to $19K, when I asked for only $14K. We may refinance with RBFCU at a later date, as they tend to try and out do NFCU on that front. We did everything over the phone and were done in less than 10 minutes. I picked up the check at a local branch to take to the dealership. 

A 157k mile turd.

 

 Because you need a suburban LTZ for two kids.

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Unfortunately, even "honest mistakes" can be used against us as consumers.   

I had a 30-day late for many years due to similar "honest misunderstanding."

 

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I requested an Amex CLI a few weeks ago and was told I'd get a response by mail.  I received the response and it said I was denied because I was declined for a CLI on one or more of my Amex cards in the last 90 days. 

 

First, I only have one Amex card.  Second, it was about 190-195 days since I last requested a CLI on it.  That was a decline, but not in the last 90 days.  Finally, since when does it matter with Amex if you get declined for a CLI?  Last I knew you could get declined one on (say) Day 179 because you requested too soon, but then request and get approved for it on Day 180.  Perhaps something with their policies has changed and I just missed it.

 

Anyway, it was only a $100 CLI that I requested, so no big loss in the denial.  It just seemed like a bogus denial reason, as it simply wasn't accurate.  I would have been fine getting a standard, "insufficient use of current credit limit."

 

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