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eazy_money

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Wednesday night 10/26  I took delivery on a 2012 Tahoe. 17k sales price. 1k cash down. 2 trades. 2009 equinox 2006 crown victoria. 

530 FAKO. Financed 15.5k $530 per month 54 months. 29.9% interest.

 

Nervous lender underwriting is going to reject my deal.

 

 

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37 minutes ago, eazy_money said:

Wednesday night 10/26  I took delivery on a 2012 Tahoe. 17k sales price. 1k cash down. 2 trades. 2009 equinox 2006 crown victoria. 

530 FAKO. Financed 15.5k $530 per month 54 months. 29.9% interest.

 

Nervous lender underwriting is going to reject my deal.

 

 

I'm very confused by your post given the date provided?

With that said, if you already signed the contract at that rate underwriting likely already approved and green-lit the deal.  Dealers aren't guessing/projecting an approval on a 29.90% rate.  With that said, you should make cleaning up your credit a priority and get it to the low 600's so you can refi ASAP with a local credit union.  That payment/rate is crazy high on a car loan.  That 15.5k financing is going to cost you nearly $29k if you let it mature is contracted.

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24 minutes ago, gerray said:

I'm very confused by your post given the date provided?

With that said, if you already signed the contract at that rate underwriting likely already approved and green-lit the deal.  Dealers aren't guessing/projecting an approval on a 29.90% rate.  With that said, you should make cleaning up your credit a priority and get it to the low 600's so you can refi ASAP with a local credit union.  That payment/rate is crazy high on a car loan.  That 15.5k financing is going to cost you nearly $29k if you let it mature is contracted.

wrong date it was 10/16. 

 

I was in the 600's last month, then opened a new card and let maxed out cards report. lost 80 points. As soon as my score bounces back I'll be looking into refinancing. I will also work on cleaning up my report. 

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12 minutes ago, eazy_money said:

wrong date it was 10/16. 

 

I was in the 600's last month, then opened a new card and let maxed out cards report. lost 80 points. As soon as my score bounces back I'll be looking into refinancing. I will also work on cleaning up my report. 

OK, that date makes more sense!  haha, I should have figured out what you meant.

 

And best of luck to you on getting the score back up - utilization will make a huge impact.  Given the score, don't be surprised if the lender had multiple companies pull your credit as they were seeking an approval, and while the inquiries hurt the score their impact pales in comparison to what the utilization and/or any lates on your report are having on your score.   

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I hope you filed a police report for them having held you hostage at gunpoint to sign an Agreement with THOSE terms...

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$1500 for both the Equinox and the PoPo Cruiser? Did they have to tow both of those cars to the car lot?

 

As @centex pointed out the nastiness of that deal .... the underwriters just popped some champagne corks because they just signed a P.T. Barnum kind of loan.

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On 10/21/2019 at 4:50 PM, IndyPoolPlayer said:

$1500 for both the Equinox and the PoPo Cruiser? Did they have to tow both of those cars to the car lot?

 

As @centex pointed out the nastiness of that deal .... the underwriters just popped some champagne corks because they just signed a P.T. Barnum kind of loan.

The worst part is I paid $11,000 for the equinox. Got it from Car Hop in 2017. Paid it off a little early.  Both cars were in decent shape.

 

 

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14 hours ago, eazy_money said:

The worst part is I paid $11,000 for the equinox. Got it from Car Hop in 2017. Paid it off a little early.  Both cars were in decent shape.

 

 

Why on earth would you let yourself get bent over like that on trade-in/interest rate? You had a perfectly good paid off car.

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3 hours ago, oldblue said:

Why on earth would you let yourself get bent over like that on trade-in/interest rate? You had a perfectly good paid off car.

I'd been trying to sell both cars on offer up and CL. Turns out market is not strong for either of these two cars nearing 200k miles. I might have gotten an extra $1500 out of it. 

 

Interest is only a problem if I go full term. I called them until they had my account set up, once I could setup my online account access I made the first payment. That was on 10/28. I'll make another today and every two weeks until my disputes are done and my score is high enough to refinance.  

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So two paid in full vehicles that apparently had little wrong other than higher mileage and you just gave them away...you would likely have done better to donate them to an organization that could actually have gotten some use out of them...or traded quid pro quo for the mental health treatment to address whatever condition let you believe this was a good deal to sign off on. 

 

CraigsList is NOT a good place to try and actually SELL a vehicle.  Have no idea about OfferUp since I have never even LOOKED at the site. 

 

You got hosed.  You made someone's monthly commission check.  You HAVE been pegged as a 'mark.' And yes, the next place you shop will be able to see the payment and KNOW you signed a horrible deal...

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37 minutes ago, centex said:

traded quid pro quo

 

🤣🤣🤣

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1 hour ago, centex said:

So two paid in full vehicles that apparently had little wrong other than higher mileage and you just gave them away...you would likely have done better to donate them to an organization that could actually have gotten some use out of them...or traded quid pro quo for the mental health treatment to address whatever condition let you believe this was a good deal to sign off on. 

 

CraigsList is NOT a good place to try and actually SELL a vehicle.  Have no idea about OfferUp since I have never even LOOKED at the site. 

 

You got hosed.  You made someone's monthly commission check.  You HAVE been pegged as a 'mark.' And yes, the next place you shop will be able to see the payment and KNOW you signed a horrible deal...

When I go to sell my next car, where should I do it? I've been using facebook marketplace, CL, and offer up.

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I have used Cars.com; AutoTrader and even used KBB and Edmunds to receive offer from Dealer.  Right now I am considering selling a car via Carvana, as it appears to offer the most $$$.  Of course until the money is in hand, I won't know for sure.

 

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Last one I sold privately I sold to a company called WE BUY ANY CAR DOT COM. Took about 8 minutes till done.  I don't know if that company is anywhere else but in SE United States.

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13 hours ago, eazy_money said:

When I go to sell my next car, where should I do it? I've been using facebook marketplace, CL, and offer up.

I very rarely sell anything...the last one I gave a title to someone else on was a one-ton that had been totaled.  I generally buy and drive until they die.  The only site I keep an eye on for fun vehicles to add to the collection is typically autotrader...its appeal for me is the ability to search with specific criteria that include such simple things as finding offerings with a third pedal (you know...manual transmission). 

 

Facebook listings would eliminate the olds like me who refuse to even GET a FB account.  CL listings are something I only see if something hits NPOCP on Jalopnik.  When trying to sell privately, you want to go somewhere to list that people actually LOOKING for vehicles is apt to use...

 

And, in your case, with a CrownVic, especially if it had been a P71, there are often local groups which can be found through make-specific message boards.  I hope it wasn't a P71 that you gave away...in decent shape, those easily fetch $1500-$2K to the people specifically looking for them.  200K miles is just being broken in on something like that...and if it wasn't a P71, then it had an even easier life.  

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We recently sold our 2010 Prius (which officially made that day the happiest day of my life).

 

Sold ourselves:   $9,000

Carmax offer:     $7,000 (-22%)

Carvana offer:    $4,750 (-47%)

 

Buyer found us on Autotrader.  

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7 hours ago, MarvBear said:

Last one I sold privately I sold to a company called WE BUY ANY CAR DOT COM. Took about 8 minutes till done.  I don't know if that company is anywhere else but in SE United States.

That company just started advertising in this market.

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6 hours ago, centex said:

I very rarely sell anything...the last one I gave a title to someone else on was a one-ton that had been totaled.  I generally buy and drive until they die.  The only site I keep an eye on for fun vehicles to add to the collection is typically autotrader...its appeal for me is the ability to search with specific criteria that include such simple things as finding offerings with a third pedal (you know...manual transmission). 

 

Facebook listings would eliminate the olds like me who refuse to even GET a FB account.  CL listings are something I only see if something hits NPOCP on Jalopnik.  When trying to sell privately, you want to go somewhere to list that people actually LOOKING for vehicles is apt to use...

 

And, in your case, with a CrownVic, especially if it had been a P71, there are often local groups which can be found through make-specific message boards.  I hope it wasn't a P71 that you gave away...in decent shape, those easily fetch $1500-$2K to the people specifically looking for them.  200K miles is just being broken in on something like that...and if it wasn't a P71, then it had an even easier life.  

It was a p71. The inventory sticker from the county sheriff is still in the door jamb. I bought it for $150. Wouldn't upshift after 2nd gear. I took it to a transmission shop for the free estimate. Had it rebuilt for $2706. (more mark behavior). It had less than 100 miles on the rebuild, I hardly drove it once I got it back. I started at $3500 and reduced the price by $500 every few weeks trying to sell it. Lots of showings, test drives, no offers. 

 

mV78E6A.jpg

 

 

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It was a p71. The inventory sticker from the county sheriff is still in the door jamb. I bought it for $150. Wouldn't upshift after 2nd gear. I took it to a transmission shop for the free estimate. Had it rebuilt for $2706. (more mark behavior). It had less than 100 miles on the rebuild, I hardly drove it once I got it back. I started at $3500 and reduced the price by $500 every few weeks trying to sell it. Lots of showings, test drives, no offers. 
 
mV78E6A.jpg
 
 

FWIW

I donated my old Accord with 180k miles via NPR. They gave me a $1500 tax deduction.


Sent from my iPhone using Tapatalk

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4 hours ago, damba said:


FWIW

I donated my old Accord with 180k miles via NPR. They gave me a $1500 tax deduction.
 

If you still have any pull over there, could you get them to cancel Wait, Wait, Don't Tell Me?

 

That show really gets on my tits.

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On 11/1/2019 at 12:50 PM, eazy_money said:

I'd been trying to sell both cars on offer up and CL. Turns out market is not strong for either of these two cars nearing 200k miles. I might have gotten an extra $1500 out of it. 

 

Interest is only a problem if I go full term. I called them until they had my account set up, once I could setup my online account access I made the first payment. That was on 10/28. I'll make another today and every two weeks until my disputes are done and my score is high enough to refinance.  

Even with the low actual value seems like a paid for equinox with a back up car if it breaks is way better than an overpriced loan at a ridiculous interest that you may or may not refi for a better rate.

 

20 hours ago, damba said:


FWIW

I donated my old Accord with 180k miles via NPR. They gave me a $1500 tax deduction.


Sent from my iPhone using Tapatalk

You can only write that off if you itemize though right? With the new tax code not many people itemize anymore unless they make a lot of money.

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Seeing the Washington address helps explain why the P71 would have benefited from targeted efforts to sell...that part of the Country is averse to anything with an internal combustion engine, especially one that gets anything under 50 miles per gallon. 

 

A P71 with that few miles, especially with the work you describe would have gone for $2K all day long and likely more, at least as long as the bumper wasn't zip-tied together like agencies did for a while.  Call if $3K if it still had the bull-bar and the tear-drop...

 

Hopefully you can get out from under that horrendous contract as quickly as possible.  NEVER EVER again agree to terms like that...and remember that you WILL be targeted as a mark for the next decade or so unless you can get the note off of the reports before the maximum reporting window (ten years after last activity).

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17 minutes ago, centex said:

Seeing the Washington address helps explain why the P71 would have benefited from targeted efforts to sell...that part of the Country is averse to anything with an internal combustion engine, especially one that gets anything under 50 miles per gallon. 

 

 

you're in the wrong place to puke out snowflake texass politics.

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