The 7 year USED car loan
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These places do serve a legitimate purpose. For folks who need a car, and can't get a loan, but really, really want to clean up their rating these places can be the 'gift' that gets them back on track.
What price is an improved credit score worth?
Gary, you or your son have nothing to be ashamed of. Stock market speculators 'gamble' on what the value of a stock should be, and we hold them as honest workers. Your son simply uses his judgement to 'gamble' on who can make the payments....
What price is an improved credit score worth?
Gary, you or your son have nothing to be ashamed of. Stock market speculators 'gamble' on what the value of a stock should be, and we hold them as honest workers. Your son simply uses his judgement to 'gamble' on who can make the payments....
I like the idea of the two year auto loan limitation. It keeps prices in check as well as encouraging better overall car care. Credit ratings are overrated. If people forgo financing they can afford more. It is possible to pay cash for new cars and homes if you get out of the credit scam.
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Originally Posted By: Pop_Rivit
Originally Posted By: Pablo
The government should do something about that!!
About what?
The topic!
Originally Posted By: Pablo
The government should do something about that!!
About what?
The topic!
I didn't understand how bad some people's credit was until I sold cars, back in '02. one woman came in, needed a 4dr sedan, husband had told her "get a V6". we didn't have anything large enough on our lot, so I took them up to our sister store (we were encouraged to do that).
the sleezy mngr there put her into a plymouth breeze w/ a 4cyl. he sold her on the monthly pymnt (how much can you afford per month?)she fell for it.
only when the husband came in to sign the papers did he ask what the interest rate was. I forget if it was 12% or 16%, but it was HIGH. the husband goes, "that's a good rate".
I had another guy, from Trinidad, had a '92 saturn (remember, this was in '02) that he still owed $6K ON! he had bought it like 2 yrs earlier from a toyota dealer. it was financed through toyota financial for like 16 or 18%, can't remember. there was NO WAY to get him into a new car.
one month I had lost like 5 people because we couldn't get them bought.
the sleezy mngr there put her into a plymouth breeze w/ a 4cyl. he sold her on the monthly pymnt (how much can you afford per month?)she fell for it.
only when the husband came in to sign the papers did he ask what the interest rate was. I forget if it was 12% or 16%, but it was HIGH. the husband goes, "that's a good rate".
I had another guy, from Trinidad, had a '92 saturn (remember, this was in '02) that he still owed $6K ON! he had bought it like 2 yrs earlier from a toyota dealer. it was financed through toyota financial for like 16 or 18%, can't remember. there was NO WAY to get him into a new car.
one month I had lost like 5 people because we couldn't get them bought.
Originally Posted By: Gary Allan
With a new car dealership held as some ideal template to model after ..how far to you have to drop to be in sleaze??
You got me there!
With a new car dealership held as some ideal template to model after ..how far to you have to drop to be in sleaze??
You got me there!
Originally Posted By: mrsilv04
If you can't afford to buy on a three year loan (four years at the *absolute* most), you're going in over your head.
It's that simple.
agreed
If you can't afford to buy on a three year loan (four years at the *absolute* most), you're going in over your head.
It's that simple.
agreed
Yes I have and I got the job with the background investigation despite my poor credit score! I supposse if I worked in finance or banking an employer could hold it against me but I have withdrawan from the credit market completely with no open accounts and no liability within the bounds of the law. It is much better to have a score in the 400's and no debt at all than in the 700 or 800's and a bunch of debt.
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Originally Posted By: addyguy
Sometimes you have 'go in over your head' a bit further to get out....Credit ratings are NOT overatted - they affect everything, even non-financial issues. Ever tried to get a job with a lousy credit rating.....? Good luck!
that is one thing I still have never been able to understand. what does a person's credit rating have to do with their job performance, or even as an indicator of what kind of employee they might be?
Somebody with a bad credit score, does it make them more risky to hire? I can understand the financial risk of loaning that person money but don't see the connection with employment.
Sometimes you have 'go in over your head' a bit further to get out....Credit ratings are NOT overatted - they affect everything, even non-financial issues. Ever tried to get a job with a lousy credit rating.....? Good luck!
that is one thing I still have never been able to understand. what does a person's credit rating have to do with their job performance, or even as an indicator of what kind of employee they might be?
Somebody with a bad credit score, does it make them more risky to hire? I can understand the financial risk of loaning that person money but don't see the connection with employment.
Originally Posted By: LoneRanger
Raised my son right. I offered to help him slightly with a new car for college and we would Cash for Clunkers the old Dakota, with stipulation it would need to be an economical car like a G5, Cobalt, Focus, or (gulp) Caliber. He turned me down, saying he didn't want a car loan and instead wants to save up through college and get a car he really wants upon graduation. Can't argue with that. The boy doesn't like the concept of going into debt.
I'm going that route too - but I am looking at a loan then which shall be paid off ASAP. I've learned my lesson with credit as well, but luckliy 3 cards will be paid off soon - I'm also a firm believer that credit is a necessary evil but I certainly think there are a few things not worth going into debt for.
Raised my son right. I offered to help him slightly with a new car for college and we would Cash for Clunkers the old Dakota, with stipulation it would need to be an economical car like a G5, Cobalt, Focus, or (gulp) Caliber. He turned me down, saying he didn't want a car loan and instead wants to save up through college and get a car he really wants upon graduation. Can't argue with that. The boy doesn't like the concept of going into debt.
I'm going that route too - but I am looking at a loan then which shall be paid off ASAP. I've learned my lesson with credit as well, but luckliy 3 cards will be paid off soon - I'm also a firm believer that credit is a necessary evil but I certainly think there are a few things not worth going into debt for.
Originally Posted By: nthach
LoneRanger said:
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Bought the Forester for trade + cash, but did take out a 4 yr 2.9% on the Beetle TDI back in '05. But I put $12,000 down on it. Just paid it off two months ago. 42,000 miles so far on an engine that ought to go 400,000... maybe. If the car around it doesn't disintegrate in half that mileage. We would not even have bought the Beetle TDI if her '02 Taurus SEL had not gotten totaled. Insurance settlement on Taurus was just under $12,000 at the time.... which is why that amount was put on the TDI.
But I won't rip on people for getting into too many car payments. Early in our marriage we had high payments on two new cars a camaro Z28 (1991) and an SUV (1991) plus a mortgage and credit card bills. Needless to say we learned a lesson. Oh,we didn't get behind on any payments, we paid everything on time and eventually got out from under the cars, but we realized the folly of our actions and how much were sacrificing in other areas just to make payments. No more. But it gets tempting. I just recently had to talk myself down after I made the mistake of "just looking" at a new 2009 Volvo S60. $10,000 off sticker,5 yrs free sched maintenance, 5 yr free wear & tear covrage, 5 yr warranty and 5 yr free road side asst. Silver, loaded and looking very sexah (to me). I actually started thinking about "just getting it" because "you deserve it". Fortunately, someone else jumped on it. I now am over it. LOL.
But I won't rip on people for getting into too many car payments. Early in our marriage we had high payments on two new cars a camaro Z28 (1991) and an SUV (1991) plus a mortgage and credit card bills. Needless to say we learned a lesson. Oh,we didn't get behind on any payments, we paid everything on time and eventually got out from under the cars, but we realized the folly of our actions and how much were sacrificing in other areas just to make payments. No more. But it gets tempting. I just recently had to talk myself down after I made the mistake of "just looking" at a new 2009 Volvo S60. $10,000 off sticker,5 yrs free sched maintenance, 5 yr free wear & tear covrage, 5 yr warranty and 5 yr free road side asst. Silver, loaded and looking very sexah (to me). I actually started thinking about "just getting it" because "you deserve it". Fortunately, someone else jumped on it. I now am over it. LOL.
I too was at one time under "3" car payments a mortgage a bank loan on a pool and at one time over 20k in credit card debt..paying everything on time got me nothing but cash poor. I prefer being able to buy a 2-3 year old used vehicle with cash, and eventually a home with Cash. I don't think the interest deduction on a mortgage is worth having to play credit games.
I am off the books and have been since January. It is amazing how fast you can save when you have minimal bills such as utilities sattelite, phone and internet. At that point you realize that I see no need to worry about credit. I am a veteran and can get a 0 down loan on a home... I have had a few..Not interested at this time. I have no respect for the financial industry and I am out to prove I don't need themm.. and I have found it is easier than I thought.
That is why I am so adamant that people just don't do it. It is a trap that can be avoided .
I am off the books and have been since January. It is amazing how fast you can save when you have minimal bills such as utilities sattelite, phone and internet. At that point you realize that I see no need to worry about credit. I am a veteran and can get a 0 down loan on a home... I have had a few..Not interested at this time. I have no respect for the financial industry and I am out to prove I don't need themm.. and I have found it is easier than I thought.
That is why I am so adamant that people just don't do it. It is a trap that can be avoided .
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7 year loans on used cars...wow! Does the last payment come with a coupon for a free tow to the junkyard?
I wish I would have gotten a 7 year loan. Paying back over time with inflated dollars, when we go hyper, I will be able to keep more in my pocket. Would be nice to have a 40 year home loan too. With the left over, I'll be commodities!
Originally Posted By: froggy81500
Originally Posted By: addyguy
Sometimes you have 'go in over your head' a bit further to get out....Credit ratings are NOT overatted - they affect everything, even non-financial issues. Ever tried to get a job with a lousy credit rating.....? Good luck!
that is one thing I still have never been able to understand. what does a person's credit rating have to do with their job performance, or even as an indicator of what kind of employee they might be?
Somebody with a bad credit score, does it make them more risky to hire? I can understand the financial risk of loaning that person money but don't see the connection with employment.
If you don't keep your word about paying your bills, what are you going to do to your employer?
Also, if you are in debt up to your eyeballs, you are more of a risk to liberate work materials or other tactics to help you get by, pay bills, etc.
If you are in the military or working defense contracts, it affects your security clearance.
All sorts of reasons. It's an indicator of risk, and not just risk regarding the repayment of your debts.
Some companies may even be concerned about corporate espionage, and if you are in debt, a bribe may look tempting.
Originally Posted By: addyguy
Sometimes you have 'go in over your head' a bit further to get out....Credit ratings are NOT overatted - they affect everything, even non-financial issues. Ever tried to get a job with a lousy credit rating.....? Good luck!
that is one thing I still have never been able to understand. what does a person's credit rating have to do with their job performance, or even as an indicator of what kind of employee they might be?
Somebody with a bad credit score, does it make them more risky to hire? I can understand the financial risk of loaning that person money but don't see the connection with employment.
If you don't keep your word about paying your bills, what are you going to do to your employer?
Also, if you are in debt up to your eyeballs, you are more of a risk to liberate work materials or other tactics to help you get by, pay bills, etc.
If you are in the military or working defense contracts, it affects your security clearance.
All sorts of reasons. It's an indicator of risk, and not just risk regarding the repayment of your debts.
Some companies may even be concerned about corporate espionage, and if you are in debt, a bribe may look tempting.
Maybe I should spend all my liquid cash before it is worth less?
Originally Posted By: froggy81500
Originally Posted By: addyguy
Sometimes you have 'go in over your head' a bit further to get out....Credit ratings are NOT overatted - they affect everything, even non-financial issues. Ever tried to get a job with a lousy credit rating.....? Good luck!
that is one thing I still have never been able to understand. what does a person's credit rating have to do with their job performance, or even as an indicator of what kind of employee they might be?
Somebody with a bad credit score, does it make them more risky to hire? I can understand the financial risk of loaning that person money but don't see the connection with employment.
People with poor credit are seen as risky and irresponsible, even if the problem was not created on purpose. Trust me, it does cause problems.
Originally Posted By: addyguy
Sometimes you have 'go in over your head' a bit further to get out....Credit ratings are NOT overatted - they affect everything, even non-financial issues. Ever tried to get a job with a lousy credit rating.....? Good luck!
that is one thing I still have never been able to understand. what does a person's credit rating have to do with their job performance, or even as an indicator of what kind of employee they might be?
Somebody with a bad credit score, does it make them more risky to hire? I can understand the financial risk of loaning that person money but don't see the connection with employment.
People with poor credit are seen as risky and irresponsible, even if the problem was not created on purpose. Trust me, it does cause problems.
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