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MyFako Condones this Crap


bigpoppa09
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15 hours ago, hegemony said:

 

That one has future member of CB written all over it...they will be so upside down that they won't even be able to make payments six months down the road even if they somehow came up with the down payment.

 

When all of the scores begin with a five, the lenders will run as far and as fast as possible to get out of the room...and the one who MIGHT stay will NOT be giving pretty terms.  As Kevin O'Leary likes to discuss on Shark Tank, when there is only one, the shark wants more because they have become more valuable. 

 

And the Hellcat individual likely has not ever even bothered to check out the insurance on that beast...

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It looks like this was discussed in this thread a few years back, but I'm late to the party and just noticing the chaos over what they are referring to as "Early Exclusion."  A bunch of people are getting confused when they contact the CRA to request this, and the CRA then enters a dispute for them.

 

That sounds like a dispute to me too.

 

In a pinned topic, an admin explains that while the forum isn't a fan of disputing with CRAs in general, requesting "Early Exclusion" is different because it's like asking for goodwill from the CRA.

 

:rofl:

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On 2/15/2022 at 10:36 AM, Repairerer said:

It looks like this was discussed in this thread a few years back, but I'm late to the party and just noticing the chaos over what they are referring to as "Early Exclusion."  A bunch of people are getting confused when they contact the CRA to request this, and the CRA then enters a dispute for them.

 

That sounds like a dispute to me too.

 

In a pinned topic, an admin explains that while the forum isn't a fan of disputing with CRAs in general, requesting "Early Exclusion" is different because it's like asking for goodwill from the CRA.

 

:rofl:

Well you know credit bureau disputes are not advertiser friendly! Duh! Our morals and values should be governed by the whims of advertisers and the almighty FICO! 😂😂😂🤣

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loan for a >10 year old turd???

 

Quote

 

New auto loan

2011 Escalade

 

Have a pre-qualified offer from PenFed for 3.14%.  Considering NFCU and what the dealer may offer.

 

My biggest "concern" - have been waiting the past few months for my middle score to get to/past 740, so I can refinance my mortgage.  Trying to keep pulls to a minimum, as not destroy my opportunity to refinance.

 

Is there a way to do a soft pull with NFCU? Should I just stick with PenFed and consider refinancing later? Or try NFCU as well as the dealership? Are there others CU I should consider?

 

I have my FICO 8 scores but slightly worried about my auto-enhanced.  Co-signed a loan and little over 2 years ago, person paid late, 30 days.

 

Looking at a vehicle tomorrow and talked with mortgage broker about running running a report ASAP.  Looking for suggestions how to get all of this done.

 

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  • 1 month later...

not april fools...

 

 

Quote

APPROVING BANK: Capital One
BUREAU PULLED: EX
CREDIT SCORE: 644

SOFT PULL/HARD PULL: Hard
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Dodge
MODEL: Challenger R/T Scat Pack Shaker Widebody - 6.4L 485hp V8
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: $72,064.88 (Vehicle, TTL, Extended warranty)
AMOUNT OF LOAN: $56,089.99
TERM CONTRACTED: 84 months

ANNUAL INCOME: $100,000
APR/LEASE RATE: 4.81%
MONTHLY PAYMENT: $789.35

 

MISCELLANEOUS COMMENTARY:  I was discharged from my Ch 13 last week....

 

scat? as in jazz or as in turds?

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On 4/1/2022 at 4:54 PM, hegemony said:

not april fools...

 

 

 

scat? as in jazz or as in turds?

dumb gets dumber...

Quote

The Scat Pack 0-60 in the low 4's is really all I need for $30k less than the Hellcat.

 

JFC, low expectations... my 5,800 pound pick-up does 0-60 in 5.3... and I can pull this guys turd scat dodge home when it breaks down.

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Ok, in the rebuilding stages. Never took credit really as seriously as I should have. I currently have an auto loan of 26k from 2019 when my credit was probably low 5s (idk) and never paid attention. Single mom then, robbing Peter to pay Paul. Since then, exceptional payments of 715(!!!) monthly. Hardly a dent in the principal. Don't want to refinance. Equity probably only 1k bcs of high interest. Want a loan of 70k for Macan. Credit scores 704 tu, 716 ex, 722 eq. 109k salary. 18 yrs on job. 2 credit cards only 7 mos. old with 2% utilization. 1 late payment from 2018. Who would be my best chance of getting financed, if at all? Help please!! 

 

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5 hours ago, centex said:

A $26K loan that is roughly three years old and STILL being paid upon?  And they think they will manage a $70K note? 

 

This promises such a spectacular crash and burn that there's a voice in the back of my head crying out, "OH THE HUMANITY !!"

 

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claim high 9income but you need a 7 year loan on a 5 year old vehicle with a spotty at best reliability record!

 

 

Quote

APPROVING BANK:  1st Tech Federal CU
BUREAU PULLED:  Experian
CREDIT SCORE:  747 - Me, 673 (spouse/co-owner)

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE:  Oregon
NEW/USED:  Used
YEAR OF VEHICLE:  2018
MAKE:  Land Rover
MODEL:  Discovery
MILEAGE:  17,362
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $58,993
AMOUNT OF LOAN:  $47,493
TERM CONTRACTED:  84 Months
APR/LEASE RATE:  4.17%
MONTHLY PAYMENT:  $652.90
ANNUAL INCOME:  $211,000
DEBT TO INCOME RATIO:  27%

 

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  • 2 weeks later...

 

 

 

Quote

APPROVING BANK:  Atlantic Financial Federal Credit Union (Maryland)
BUREAU PULLED:  Equifax
CREDIT SCORE:  656

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  MD
NEW/USED:  Used
YEAR OF VEHICLE:  2018
MAKE:   Land Rover
MODEL:  Discovery Sport HSE Lux
MILEAGE:  24,000
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $39,950
AMOUNT OF LOAN:   $47,200
TERM CONTRACTED:   84 months
APR/LEASE RATE:   4.24%
MONTHLY PAYMENT:   $656
ANNUAL INCOME:   $175,000
DEBT TO INCOME RATIO:   17%
MISCELLANEOUS COMMENTARY:  This is the second auto loan with AFFCU. The first one was for 2018 Land Rover Range Rover Evo 

 

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3 hours ago, hegemony said:

CREDIT SCORE:  656
NEW/USED:  Used
YEAR OF VEHICLE:  2018
MAKE:   Land Rover

PURCHASE PRICE:  $39,950
AMOUNT OF LOAN:   $47,200
TERM CONTRACTED:   84 months

MISCELLANEOUS COMMENTARY:  This is the second auto loan with AFFCU. The first one was for 2018 Land Rover Range Rover Evo 

 

Digesting this data, along with envisioning 6 years down the road where the OP is funding maintenance and repair on two 10 year old vehicles along with the loan payments, has likely blown out my "circuits".

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11 hours ago, hdporter said:

 

Digesting this data, along with envisioning 6 years down the road where the OP is funding maintenance and repair on two 10 year old vehicles along with the loan payments, has likely blown out my "circuits".

JLR quality HAS improved in the time that began with the Ford acquisition.  Two of my Jags are coming up on 20 years in age and are both north of 180K miles.  The F-Type has about 78K miles.  Maintenance has been pretty much limited to standard fluid changes.  The X-Type did get a new clutch six or seven years ago, but otherwise, it was pretty much in for oil and tires.  Oh, and I have done plugs once and I put a new battery in it last year.

 

The concern with ANY newer vehicle isn't the standard powertrain issues but rather when all the computer-chip nonsense starts dying off.  And that sort of part a decade down the road tends to be made of expensive-to-replacium or difficult-to-obtainium.  It isn't limited to JLR, although THOSE issues may make some pine for the days of Lucas, Prince of Darkness. 

 

I just cannot fathom the whole dragging out of a sub-$50K loan for seven years.  THAT blows my mind...especially being that upside down before the car even left the lot...

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  • 2 weeks later...

recent BK goes for a long-term car loan for something almost equal to annual income. smh

 

also, it seems the Altima SR VR-T is not a base model so clearly just getting transport is not part of the equation.

 

 

Quote

APPROVING BANK:  State Dept FCU
BUREAU PULLED:  Experian
CREDIT SCORE:  677

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  GA
NEW/USED:  New
YEAR OF VEHICLE:  2022
MAKE:   Nissan
MODEL:  Altima SR VR-T
MILEAGE:  8
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $36,700
AMOUNT OF LOAN:   $36,000
TERM CONTRACTED:   72 months
APR/LEASE RATE:   3.99%
MONTHLY PAYMENT:   $596
ANNUAL INCOME:   $42,245
DEBT TO INCOME RATIO:   8%
MISCELLANEOUS COMMENTARY:

Discharged Ch7 BK in 11/20.  Was able to rebuild credit profile during that time. 

 

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3 hours ago, hegemony said:

recent BK goes for a long-term car loan for something almost equal to annual income. smh

 

also, it seems the Altima SR VR-T is not a base model so clearly just getting transport is not part of the equation.

 

I marvel at the quick recovery from BK and qualification for a 4% APR 7-yr auto loan.  The low debt leverage of 8% (debt payment to income) is very laudable (at least until loaded up with this new debt).  This guy appears to be making all the right moves, until now ...

 

... now he loads himself up with a monthly car and insurance payment that likely suck up about 40% of his take-home each month.  That's cool, so long as his parents pony up for the occasional redo of the basement apartment furnishings.  😧

Edited by hdporter
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1 hour ago, hdporter said:

 

I marvel at the quick recovery from BK and qualification for a 4% APR 7-yr auto loan.  The low debt leverage of 8% (debt payment to income) is very laudable (at least until loaded up with this new debt).  This guy appears to be making all the right moves, until now ...

 

... now he loads himself up with a monthly car and insurance payment that likely suck up about 40% of his take-home each month.  That's cool, so long as his parents pony up for the occasional redo of the basement apartment furnishings.  😧

Parents get new stuff, while their old furniture gets moved downstairs. 

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6 hours ago, hegemony said:

recent BK goes for a long-term car loan for something almost equal to annual income. smh

 

also, it seems the Altima SR VR-T is not a base model so clearly just getting transport is not part of the equation.

 

 

 

$596 car payment making 42k a year? I'm getting a headache just thinking about it. Then add insurance (Which they will pay monthly on, of course.)

 

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  • 2 weeks later...

50k miles on a 6 year old aspiration brand with a 6 year car note...

 

Quote

APPROVING BANK:  Chase Bank
BUREAU PULLED:  Equifax
CREDIT SCORE:  670

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  TN
NEW/USED:  Used
YEAR OF VEHICLE:  2017
MAKE:   Audi
MODEL:  A3 2.0T Premium
MILEAGE:  49,544
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $31,296.80
AMOUNT OF LOAN:   N/A - Financed at dealership
TERM CONTRACTED:   72 months
APR/LEASE RATE:   7.89%
MONTHLY PAYMENT:   $548.83
ANNUAL INCOME:   $43,200
DEBT TO INCOME RATIO: 1%
MISCELLANEOUS COMMENTARY: First car ever with single digit financing! Base price was $24,556 with about $5000 worth of warranties and extra $2000 in taxes and fees. I'm super proud of myself; I've come a long way!

 

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With the level of financial prowess over there, I'm thinking of offering them a group discount on my Master Class I'm teaching in a couple of weeks------ "Seven Ways to Eat a Costco Chicken"

 

Maybe offer Klarna or AfterPay for said course. I mean after all, I'm well known for helping and giving back to the community.

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This thread isn't very good for my ego because it cements the reality that I've been a low-aspiring loser my entire life ...

 

My first purchase of a car fresh from the factory, on an income of $26k, was a compact that had a sticker of just $8k (financed over 48 payments of $202/mo).  Apparently I should have sprung for no less than $20k for that set of wheels (which would bought some serious metal in 1981).

 

Of course, I wasn't relying on Mom to cater meals in my "man cave" ...

 

(Can't seem to help putting myself in "grandpa / I remember when" shoes)

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