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Fred030

App for Marv

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Credit Application:

 

WE have been offered 27k by DCU at 5.49%. I would like to as if it is the best we can get or we should explore other options.

Your Age: 30

Your Equifax Credit Score: 647
Your Experian Credit Score:671
Your TransUnion Credit Score:650

How long have you been on file with the CRA?s?4

Previous Automotive Credit History: 
Do you have an open auto loan? Yes, 18 months history
Will this loan be a trade-in? No
Number of late pays within the last 12 months on the currently open loan? 0
Number of late pays within the last 13-24 months on the currently open loan? 0
Current open auto loan is financed with? DCU
Current open auto loan payment is? 442
Estimated amount you may be upside down in this vehicle? $1000
Rate your payment history on this open auto loan from 1-10 (10=BEST) 10

 

I have read and understand the original pinned "No Credit Check Required" topic. Yes

Revolving Credit History: Yes
Total number of revolving accounts? 6
Total percent utilization overall? 80

Your Information: 
How long at residence? 5
Rent/Homeowner/Live with relative? Own 
How long at current job? 5
Total Provable MONTHLY GROSS INCOME?
Provable via computerized paystub or what method? 

Your Downpayment in CASH: 0
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

Does any credit repository contain any Public Record? No
Is so, please describe.

Does any credit repository contain any Collection Account(s) No
If so, please describe.

New or Used Vehicle you are considering; please describe: Used

Your creditworthiness on a scale of 1-10 with 10 being the best: 10
OVERALL credit: 10
Installment Credit History: 10
Revolving Credit History: 10

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If you had an income that would keep your total DTI in line then I would say 0AK2Eei.gif 

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16 hours ago, Fred030 said:

 

Your Equifax Credit Score: 647
Your Experian Credit Score:671
Your TransUnion Credit Score:650

Revolving Credit History: Yes
Total number of revolving accounts? 6
Total percent utilization overall? 80

[snip]

16 hours ago, Fred030 said:


Your creditworthiness on a scale of 1-10 with 10 being the best: 10
OVERALL credit: 10
Installment Credit History: 10
Revolving Credit History: 10

You really need to work on getting that utilization percentage down.  From what you describe, that will be the biggest factor killing your score right now.  The impact is even greater if you have more than one card that is reporting with a balance.  Get it to one card with a balance that is less than 10% and you likely pick up 40-60 points, if not more...

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9 hours ago, centex said:

[snip]

You really need to work on getting that utilization percentage down.  From what you describe, that will be the biggest factor killing your score right now.  The impact is even greater if you have more than one card that is reporting with a balance.  Get it to one card with a balance that is less than 10% and you likely pick up 40-60 points, if not more...

Thank you, we are working on bringing it down. Our target is to pay off a low balance first. Is it the right approach you think?

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14 hours ago, MarvBear said:

If you had an income that would keep your total DTI in line then I would say 0AK2Eei.gif 

He has 60k/ year. Since we will be paying for the vehicles as a household, our joint income is more than 130k.

We went to few dealers in NJ today. We liked a vehicle at a dealer but his price is too high.

 

Vehicle is marked at $26500. We tried negotiating the price but he stated that he could offer us discount on add on and warranty etc. and marking the price up to $31685. We asked that he take off add on and warranty etc. He then came up with $29,750. 

 

When I asked for breakdown, this is what he had listed,

       Price       $26500

       Tx            $1856

       Doc Fee  $399

       Reg Fee  $596

       Prep Fee $399

Total              $29,750

 

I wanted to ask how can I negotiate these fees?

Because vehicle has cosmetic damage, it is slightly overpriced, our target was to buy the vehicle at $26500 out the door. Are we being unreasonable on the price etc, what is your suggestion?

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Well taxes are taxes, we all gotta pay them.

Personally I will never zap the doc fee as long as it is legal in the state of delivery.

Tag and titles and all the registration paperwork has a cost to it.  It is usually state mandated so no arguing that one.

 

Don't know about a prep fee.

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12 hours ago, Fred030 said:

He has 60k/ year. Since we will be paying for the vehicles as a household, our joint income is more than 130k.

We went to few dealers in NJ today. We liked a vehicle at a dealer but his price is too high.

 

Vehicle is marked at $26500. We tried negotiating the price but he stated that he could offer us discount on add on and warranty etc. and marking the price up to $31685. We asked that he take off add on and warranty etc. He then came up with $29,750. 

 

When I asked for breakdown, this is what he had listed,

       Price       $26500

       Tx            $1856

       Doc Fee  $399

       Reg Fee  $596

       Prep Fee $399

Total              $29,750

 

I wanted to ask how can I negotiate these fees?

Because vehicle has cosmetic damage, it is slightly overpriced, our target was to buy the vehicle at $26500 out the door. Are we being unreasonable on the price etc, what is your suggestion?

The doc fee and prep fees are pure additional profit on the dealers part.  They can be negotiated just like the price.  The reg fees and taxes are set by the state, so no room to move there.  As far as the vehicle price, without knowing what the car is can't say if it is a good price.  I can say that more than likely he has room to move, just isn't inclined to at this point for whatever reason (especially since you are declining other profit making areas like financing and add-ons).  For you to get to $26,500 OTD you are asking him to take another 12%, which may be a stretch.

 

Don't fall in love with a car, and don't buy a car where you will regret the purchase.  If you can't get this one at the right price, move on to the next one...there are plenty of cars on the market.

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3 hours ago, CTSoxFan said:

The doc fee and prep fees are pure additional profit on the dealers part.  They can be negotiated just like the price.  The reg fees and taxes are set by the state, so no room to move there.  As far as the vehicle price, without knowing what the car is can't say if it is a good price.  I can say that more than likely he has room to move, just isn't inclined to at this point for whatever reason (especially since you are declining other profit making areas like financing and add-ons).  For you to get to $26,500 OTD you are asking him to take another 12%, which may be a stretch.

 

Don't fall in love with a car, and don't buy a car where you will regret the purchase.  If you can't get this one at the right price, move on to the next one...there are plenty of cars on the market.

Vehicle is Lexus GX 460 2014. It has 60K on it. Vehicle has cosmetic damage as well. 

We did not want them to feel like we are desperate for this vehicle, so we decided to walk away. 

From research, it appears that vehicles is $2000 overpriced. 

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29 minutes ago, Fred030 said:

Vehicle is Lexus GX 460 2014. It has 60K on it. Vehicle has cosmetic damage as well. 

We did not want them to feel like we are desperate for this vehicle, so we decided to walk away. 

From research, it appears that vehicles is $2000 overpriced. 

great you walked... if price really matters why not buy the equivalent Toyota?

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1 hour ago, Fred030 said:

Vehicle is Lexus GX 460 2014. It has 60K on it. Vehicle has cosmetic damage as well. 

We did not want them to feel like we are desperate for this vehicle, so we decided to walk away. 

From research, it appears that vehicles is $2000 overpriced. 

:clapping:

 

Smart move.  Buying a 5 year old SUV out of warranty is not a good decision.  Agree with Hege, get a Toyota or Honda SUV that is a CPO a couple of years old (maybe an off lease vehicle) that has a warranty with it.  Your goal should be procuring reliable transportation at the best value, not thinking a (false) status symbol is important (if "Lexus" is even considered that).

 

When you have fixed your credit, have a 9 month emergency fund, are fully funding your retirement, etc. then you can worry about the emblem on the grill.

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16 hours ago, Fred030 said:

When I asked for breakdown, this is what he had listed,

       Price       $26500

       Tx            $1856

       Doc Fee  $399

       Reg Fee  $596

       Prep Fee $399

Total              $29,750

 

I wanted to ask how can I negotiate these fees?

Because vehicle has cosmetic damage, it is slightly overpriced, our target was to buy the vehicle at $26500 out the door. Are we being unreasonable on the price etc, what is your suggestion?

Any vehicle price CAN be negotiated.  Whether the dealership wants to haggle is another matter.  I have no idea about realistic market for any five-year old Lexus, but I would not be wanting to pay that for a damaged vehicle that is out of warranty. 

 

As others noted, taxes are what they are as are the registration fees.  Doc fee is typically the costs associated with the dealership doing the paperwork with the county or State as it relates to the registration.  There may or may not be overlap in this instance with the registration fees since I have no clue about what your State charges to register a vehicle.  I also don't know whether they base taxes on gross or net price...

 

Prep fee is basically something that, at least around here, is the costs of whatever detailing they did on the vehicle...and if they are hitting you for $400, that better be one hell of a detailing job.  That being said, unless the vehicle has been in their used vehicle inventory for a while, I don't see them coming down enough to drop your out-the-door price by slightly more than $3K. 

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Thank you, everyone for much need guidance. Family finally decided to move on to a 2019 CPO Highlander with 41k miles. They are asking 29k, we want to get it for 26k. So number are still in the process. Going back tomorrow to talk more.

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14 hours ago, Fred030 said:

Thank you, everyone for much need guidance. Family finally decided to move on to a 2019 CPO Highlander with 41k miles. They are asking 29k, we want to get it for 26k. So number are still in the process. Going back tomorrow to talk more.

Much better option, but the car has 41k at it is a 2019?  I would question what that car had been used for to rack up that many miles in a year...

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3 hours ago, CTSoxFan said:

Much better option, but the car has 41k at it is a 2019?  I would question what that car had been used for to rack up that many miles in a year...

 

It's got to be a rental.................

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4 hours ago, CTSoxFan said:

Much better option, but the car has 41k at it is a 2019?  I would question what that car had been used for to rack up that many miles in a year...

Or the only car used in a place like here...I've routinely logged 40-50K miles on an annual basis.  There was a point in time where it was done mostly on one vehicle.  When I sold my Mustang, it was ten years old and had about 400K miles...

 

Even now, lake house to the Houston office is about 110-120 miles round trip...toss in travel from Houston to Austin and back for another 300 miles round-trip, and just the basic driving adds up in a hurry. 

 

Good thing about that many miles is that you know (reasonably) that they were highway miles...and I would rather have something with 40K highway miles in a year than 10K that came from sitting in the stop-and-go conditions. 

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10 hours ago, CTSoxFan said:

Much better option, but the car has 41k at it is a 2019?  I would question what that car had been used for to rack up that many miles in a year...

 

7 hours ago, tmkats said:

 

It's got to be a rental.................

 

7 hours ago, hegemony said:

or a dealer loaner

Being its in NJ, could have gone back and forth to the Sixth Borough a few times.

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Here we are with a report!

Highlander with 41k miles was a one owner vehicle. Dealer had no idea how this vehicle had so many miles. On a mechanical side, vehicle had Rear Main Seal repaired because it was broken at some point. salesman claimed that vehicle is in good health despite that work but we were not impressed. So we scratched off. 

 

 

 

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Meh...done properly, a rear main seal isn't a big deal IMO.  HOWEVER, the concern would be that it DID fail at such a low mileage.  That is something that I generally don't see until a vehicle is north of 100K miles.  I don't know if the early failure of the seal (it literally is a small rubber seal) is an issue that Toyota had been known for or if that would have been a fluke.  It could also be that the tranny was out for work and they went cheap in not replacing the seal at that time (most shops recommend the replacement since the seal is easiest to replace while the tranny is out of the vehicle...and if there was tranny work, then again, it died a young death. 

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4 hours ago, centex said:

Meh...done properly, a rear main seal isn't a big deal IMO.  HOWEVER, the concern would be that it DID fail at such a low mileage.  That is something that I generally don't see until a vehicle is north of 100K miles.  I don't know if the early failure of the seal (it literally is a small rubber seal) is an issue that Toyota had been known for or if that would have been a fluke.  It could also be that the tranny was out for work and they went cheap in not replacing the seal at that time (most shops recommend the replacement since the seal is easiest to replace while the tranny is out of the vehicle...and if there was tranny work, then again, it died a young death. 

Our concern was why the vehicle had that issue so early on. While Highlanders are known to have this issue ideally after 130k, we suspect that there was more to it that prompted this repair. 

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