I've become a victim of Spot Delivery Scam.
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Originally Posted By: SkyActivG
You sound extremely pretentious. The reason for my low credit score is due to the financial crisis that occurred in 2007/2008. I don't think anyone went unscathed from the financial crisis.
Many people took hits, but I've fully recovered from the hit to my portfolio and recovered a bit and then some. When the S&P 500 was up over 30% a couple years ago, that was a huge boost. My credit score however never tanked.
But 2008 is over 7 years ago at this stage. Bad credit falls off after 7 years. Yours kept going for a while and you're still over leveraged. I read credit reports all the time, things that were 3-5 years old doesn't affect you as much as stuff that happened in the last year or two. A 574 fico is still a bad score and I'm guessing it's actually worse because car fico scores don't always use the same scoring model that mortgage companies use. If you paid off your outstanding bills, that would improve your fico score and you wouldn't be stuck paying 10%. I've seen credit scores tanked over a few hundred dollars and people don't seem to realize that they end up paying thousands more in interest over a few hundred dollars.
You sound extremely pretentious. The reason for my low credit score is due to the financial crisis that occurred in 2007/2008. I don't think anyone went unscathed from the financial crisis.
Many people took hits, but I've fully recovered from the hit to my portfolio and recovered a bit and then some. When the S&P 500 was up over 30% a couple years ago, that was a huge boost. My credit score however never tanked.
But 2008 is over 7 years ago at this stage. Bad credit falls off after 7 years. Yours kept going for a while and you're still over leveraged. I read credit reports all the time, things that were 3-5 years old doesn't affect you as much as stuff that happened in the last year or two. A 574 fico is still a bad score and I'm guessing it's actually worse because car fico scores don't always use the same scoring model that mortgage companies use. If you paid off your outstanding bills, that would improve your fico score and you wouldn't be stuck paying 10%. I've seen credit scores tanked over a few hundred dollars and people don't seem to realize that they end up paying thousands more in interest over a few hundred dollars.
Not sure why you're in such a huff. Deal with the person you originally dealt with. You didn't buy an onion at the grocery store. For most people it's the second largest purchase they make. Now you're going to muddy the waters with two different people. Also not sure why you're dealing with the sales mgr when they usually want you to deal with a sales rep. The lady is probably the finance manager who is trying to increase their profit.
I "think" you only gave them $1k and needed to return with the additional funds to total $2k and not $3k. This in addition to the trade in? Gramps was on the old loan but is he on the new one as well?
I "think" you only gave them $1k and needed to return with the additional funds to total $2k and not $3k. This in addition to the trade in? Gramps was on the old loan but is he on the new one as well?
There are a but load of car salesmen burning below our feet.
Anyone with a low credit score, has ZERO business buying or owning a BRAND NEW car. Pull your head out.
Originally Posted By: SatinSilver
Not sure why you're in such a huff. Deal with the person you originally dealt with. You didn't buy an onion at the grocery store. For most people it's the second largest purchase they make. Now you're going to muddy the waters with two different people. Also not sure why you're dealing with the sales mgr when they usually want you to deal with a sales rep. The lady is probably the finance manager who is trying to increase their profit.
I "think" you only gave them $1k and needed to return with the additional funds to total $2k and not $3k. This in addition to the trade in? Gramps was on the old loan but is he on the new one as well?
This loan is supposed to be all on my own.
Not sure why you're in such a huff. Deal with the person you originally dealt with. You didn't buy an onion at the grocery store. For most people it's the second largest purchase they make. Now you're going to muddy the waters with two different people. Also not sure why you're dealing with the sales mgr when they usually want you to deal with a sales rep. The lady is probably the finance manager who is trying to increase their profit.
I "think" you only gave them $1k and needed to return with the additional funds to total $2k and not $3k. This in addition to the trade in? Gramps was on the old loan but is he on the new one as well?
This loan is supposed to be all on my own.
Originally Posted By: Joe_Power
Anyone with a low credit score, has ZERO business buying or owning a BRAND NEW car. Pull your head out.
A responsible dealership would have told him that rather than ripping him off. Kids will pay ridiculous money for cars. You can't get a decent deal on a mustang gt because young guys will give their left nut to own one.
Anyone with a low credit score, has ZERO business buying or owning a BRAND NEW car. Pull your head out.
A responsible dealership would have told him that rather than ripping him off. Kids will pay ridiculous money for cars. You can't get a decent deal on a mustang gt because young guys will give their left nut to own one.
Originally Posted By: hattaresguy
Yep and they threw him the keys over the holidays so now everyone is like "kewl Mr Sky has a hot new car". Now he is hooked, even if the bank comes back at 18%.
Please.... No I'm not hooked. I have one of the transmitters to the trade and it's still on their lot because I can hear the car beeping. I've already spoken to a Lemon Law attorney to get out of this deal. This dealership has so many court cases against it in the court database.
Yep and they threw him the keys over the holidays so now everyone is like "kewl Mr Sky has a hot new car". Now he is hooked, even if the bank comes back at 18%.
Please.... No I'm not hooked. I have one of the transmitters to the trade and it's still on their lot because I can hear the car beeping. I've already spoken to a Lemon Law attorney to get out of this deal. This dealership has so many court cases against it in the court database.
Originally Posted By: dishdude
Best advice would be to forget the FTC and AG stuff, unravel this entire transaction and try again in a year or two once OP has cleaned up his credit.
^^^ This; I didn't buy a new car until I had been out of school for twelve years(and married for nine). And it's still in my garage twenty years later. Even so, I usually buy 2-3 year old CPO cars.
Depreciation is my friend.
Best advice would be to forget the FTC and AG stuff, unravel this entire transaction and try again in a year or two once OP has cleaned up his credit.
^^^ This; I didn't buy a new car until I had been out of school for twelve years(and married for nine). And it's still in my garage twenty years later. Even so, I usually buy 2-3 year old CPO cars.
Depreciation is my friend.
Having bad credit, and a new car dealership is always ripe for being taken advantage of. Back in 2011 my friend traded in his pile of junk camry for a guaranteed state subsidized $3500. His new mustang qualified for $2000 in rebates. Lo and behold his junk credit allowed the F&I team to lie and basically say that the bank requires $2000 in penalty financing (on top of the original price) in order to buy the car.
The idiot agreed, and I then washed my hands of helping others buy cars, and/or get involved in how they spend money.
OP, return the car and enjoy the fact you got a somewhat free rental, and fix your credit, it should have already been repaired by now so stop making further stupid decisions.
The idiot agreed, and I then washed my hands of helping others buy cars, and/or get involved in how they spend money.
OP, return the car and enjoy the fact you got a somewhat free rental, and fix your credit, it should have already been repaired by now so stop making further stupid decisions.
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I'm sorry man, but all your current problems are not the fault of others, they are your own fault, yet you don't want to admit this truth to yourself.
Let's start with this:
Originally Posted By: SkyActivG
I went to a Honda dealership to purchase a 2016 Accord.
The sales manager pulled my credit which was 574, but due to my good standing with Honda Financial, they were supposedly able to get me approved with 2k down at 10%. I drove off the lot that evening in a new car.
I just needed to come back with the trade title signed by the co owner which was my grandfather and an additional 1k.
If your current vehicle works well, and is only a couple of years old, there is no reason why you should even be thinking about trading it in for an average family sedan. If you needed a minivan because of a larger family, that would be one thing, but for a family sedan? No.
Originally Posted By: SkyActivG
The reason for my low credit score is due to the financial crisis that occurred in 2007/2008. I don't think anyone went unscathed from the financial crisis.
Ummn, no, on both of your points.
First off, your low credit score is because you didn't learn anything from your credit issues over the past 8/9 years. Your investment portfolio performance isn't directly tied into your credit score.
Second, most of the planet were completely unaffected by the financial crisis.
My credit score is better today than it was in the summer of 2008, and that was the year I bought my Ducati 848.
Originally Posted By: SkyActivG
A Honda Financial contract with the loan term, the APR and payment was created in the LieNance office, then on Monday Honda Financial called me to verify some information on my credit reports.
What are your current car loan details?
What car, how many miles on it? What is your APR%?
Why are you trading it in the first place?
What is your current car's payoff amount?
If I was in your situation, I would be working on paying off the current car, and then thanking my grandfather for helping me buy this car back when I needed a car, and asking him to sign the title over to me as sole owner.
Then, I would put the car payments into paying off any other debts that I have, which will cure that 574 credit score. Nothing increases a credit score quicker and easier than paying off debt, having a good payment history, and decreased credit usage.
Get your old car back, cancel this vehicle purchase, and pay off the current loan.
Then after you payoff the loan, pay off your other credit obligations.
Then, start building up your savings account.
I did this a long time ago, when I also had a score in the high 500's (back in 2000).
My credit was ruined because I had a massive motorcycle accident (lady blew a stop sign) that left me with a broken hip, and out of work for a year, where I couldn't pay back any of my (small) credit obligations, and moved in with my sister.
Once I started working again, I payed off my old creditors, asked my sister to cosign a small motorcycle loan, which I paid off early, and that was the beginning of my credit rebuilding.
By the time I moved from NYC to Colorado for a real good job in the summer of '06, my credit score was 803. My credit score hasn't been lower than 750 since.
BC.
Let's start with this:
Originally Posted By: SkyActivG
I went to a Honda dealership to purchase a 2016 Accord.
The sales manager pulled my credit which was 574, but due to my good standing with Honda Financial, they were supposedly able to get me approved with 2k down at 10%. I drove off the lot that evening in a new car.
I just needed to come back with the trade title signed by the co owner which was my grandfather and an additional 1k.
If your current vehicle works well, and is only a couple of years old, there is no reason why you should even be thinking about trading it in for an average family sedan. If you needed a minivan because of a larger family, that would be one thing, but for a family sedan? No.
Originally Posted By: SkyActivG
The reason for my low credit score is due to the financial crisis that occurred in 2007/2008. I don't think anyone went unscathed from the financial crisis.
Ummn, no, on both of your points.
First off, your low credit score is because you didn't learn anything from your credit issues over the past 8/9 years. Your investment portfolio performance isn't directly tied into your credit score.
Second, most of the planet were completely unaffected by the financial crisis.
My credit score is better today than it was in the summer of 2008, and that was the year I bought my Ducati 848.
Originally Posted By: SkyActivG
A Honda Financial contract with the loan term, the APR and payment was created in the LieNance office, then on Monday Honda Financial called me to verify some information on my credit reports.
What are your current car loan details?
What car, how many miles on it? What is your APR%?
Why are you trading it in the first place?
What is your current car's payoff amount?
If I was in your situation, I would be working on paying off the current car, and then thanking my grandfather for helping me buy this car back when I needed a car, and asking him to sign the title over to me as sole owner.
Then, I would put the car payments into paying off any other debts that I have, which will cure that 574 credit score. Nothing increases a credit score quicker and easier than paying off debt, having a good payment history, and decreased credit usage.
Get your old car back, cancel this vehicle purchase, and pay off the current loan.
Then after you payoff the loan, pay off your other credit obligations.
Then, start building up your savings account.
I did this a long time ago, when I also had a score in the high 500's (back in 2000).
My credit was ruined because I had a massive motorcycle accident (lady blew a stop sign) that left me with a broken hip, and out of work for a year, where I couldn't pay back any of my (small) credit obligations, and moved in with my sister.
Once I started working again, I payed off my old creditors, asked my sister to cosign a small motorcycle loan, which I paid off early, and that was the beginning of my credit rebuilding.
By the time I moved from NYC to Colorado for a real good job in the summer of '06, my credit score was 803. My credit score hasn't been lower than 750 since.
BC.
OVERKILL
$100 Site Donor 2021
Originally Posted By: MCompact
Originally Posted By: dishdude
Best advice would be to forget the FTC and AG stuff, unravel this entire transaction and try again in a year or two once OP has cleaned up his credit.
^^^ This; I didn't buy a new car until I had been out of school for twelve years(and married for nine). And it's still in my garage twenty years later. Even so, I usually buy 2-3 year old CPO cars.
Depreciation is my friend.
Yup. My SRT-8 is my first new car. Bought the M5, Expedition and the '06 Charger all used. I only bought the SRT-8 because the deal was phenomenal and I could turn around and sell it right now for a profit based on what I paid for it.
Originally Posted By: dishdude
Best advice would be to forget the FTC and AG stuff, unravel this entire transaction and try again in a year or two once OP has cleaned up his credit.
^^^ This; I didn't buy a new car until I had been out of school for twelve years(and married for nine). And it's still in my garage twenty years later. Even so, I usually buy 2-3 year old CPO cars.
Depreciation is my friend.
Yup. My SRT-8 is my first new car. Bought the M5, Expedition and the '06 Charger all used. I only bought the SRT-8 because the deal was phenomenal and I could turn around and sell it right now for a profit based on what I paid for it.
Originally Posted By: SkyActivG
Originally Posted By: hattaresguy
Yep and they threw him the keys over the holidays so now everyone is like "kewl Mr Sky has a hot new car". Now he is hooked, even if the bank comes back at 18%.
Please.... No I'm not hooked. I have one of the transmitters to the trade and it's still on their lot because I can hear the car beeping. I've already spoken to a Lemon Law attorney to get out of this deal. This dealership has so many court cases against it in the court database.
This isn't a Lemon Law issue.
Originally Posted By: hattaresguy
Yep and they threw him the keys over the holidays so now everyone is like "kewl Mr Sky has a hot new car". Now he is hooked, even if the bank comes back at 18%.
Please.... No I'm not hooked. I have one of the transmitters to the trade and it's still on their lot because I can hear the car beeping. I've already spoken to a Lemon Law attorney to get out of this deal. This dealership has so many court cases against it in the court database.
This isn't a Lemon Law issue.
Amen. OP is all over the place.
Originally Posted By: turtlevette
Originally Posted By: Joe_Power
Anyone with a low credit score, has ZERO business buying or owning a BRAND NEW car. Pull your head out.
A responsible dealership would have told him that rather than ripping him off. Kids will pay ridiculous money for cars. You can't get a decent deal on a mustang gt because young guys will give their left nut to own one.
NO salesperson of any kind, car or otherwise, is going to tell someone they have no business buying a something because of their low credit score.
These life lessons begin at home.
Originally Posted By: Joe_Power
Anyone with a low credit score, has ZERO business buying or owning a BRAND NEW car. Pull your head out.
A responsible dealership would have told him that rather than ripping him off. Kids will pay ridiculous money for cars. You can't get a decent deal on a mustang gt because young guys will give their left nut to own one.
NO salesperson of any kind, car or otherwise, is going to tell someone they have no business buying a something because of their low credit score.
These life lessons begin at home.
Originally Posted By: SkyActivG
Originally Posted By: stevejones
Holy smokes...someone who presumably doesn't pay their debts complaining about how they're treated by a creditor. Lots of irony/karma is all I read.
BTW, I love & expect Spot Delivery - it's how I roll.
It's how you roll? Well expect that your stealership and LieNance department to be shut down. There's plenty of stories about stealerships being shut down because of Spot Delivery Fraud and Yo-Yo financing Scams. The FTC looks at it as crooked and the FTC is no entity that you want to mingle with.
lol....ok. Good to see you've got it all figured out.
Originally Posted By: stevejones
Holy smokes...someone who presumably doesn't pay their debts complaining about how they're treated by a creditor. Lots of irony/karma is all I read.
BTW, I love & expect Spot Delivery - it's how I roll.
It's how you roll? Well expect that your stealership and LieNance department to be shut down. There's plenty of stories about stealerships being shut down because of Spot Delivery Fraud and Yo-Yo financing Scams. The FTC looks at it as crooked and the FTC is no entity that you want to mingle with.
lol....ok. Good to see you've got it all figured out.
Read what Bladecutter has to say.
Financing $25,000 at 10% for 7 years will result in $35,000 of payments. That's $10,000 in interest you'll be paying, just for the privilege of borrowing that money.
You've got a lot to learn about finances, and that's why your credit score is so low, not because of economic problems from 2008.
Get your old car back. Pay off all of your debts before taking on more loans. Put money into an account for emergencies.
Find a mentor, someone with good financial literacy who can help you get back on track. Buying a new car is not the way to go about it.
Financing $25,000 at 10% for 7 years will result in $35,000 of payments. That's $10,000 in interest you'll be paying, just for the privilege of borrowing that money.
You've got a lot to learn about finances, and that's why your credit score is so low, not because of economic problems from 2008.
Get your old car back. Pay off all of your debts before taking on more loans. Put money into an account for emergencies.
Find a mentor, someone with good financial literacy who can help you get back on track. Buying a new car is not the way to go about it.
AZjeff
$50 Site Donor 2023
Guys. Mr Sky writes pretty well, he probably knows all of this. Lots of good sensible advice but what are the odds he'll take to heart any stuff from faceless Dudley Doo-rights on an oil forum?
Sometimes ya just gotta have a new car.
Sometimes ya just gotta have a new car.
I want it and I want it NOW, and I don't care what it costs me.
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