2003 Expedition loan approved! 7.4%

Too Much:

I don't think what a person pays for rent means anything until you know where they live. $2000 may seem high to you compared to where you live but it might be average for that persons city. I personally live in NYC and $2000 is not alot of money to pay for a decent apt. The standard of living is so much higher here than most other places.

 

Or, you could live within your means.

My gosh, you sound like an advertisement for a 2nd mortgage lender. It's all about me me me. "I deserve it, and I want it now..."

All you're doing is trading your future for an immediate gratification. You might feel good today, but you're going to pay for it in the future. Unless, of course, you win the lottery.

Your ancestors probably made the same mistakes as you are... that's why you weren't left with an inheritance and a family property, right? If your parents were good savers, they would have left you with a property and some money to get a head start in life. Wouldn't you like to do that for your children? Or, would you prefer to have them buried in debt so they can have "everything" too?

Good financial sense is something that should be passed down from parents to children. If you teach your kids to spend all they have, and to go into debt to buy what they want, they're going to be even worse off than you are.

No matter how you try to spin it, you're not going to be able to justify going into debt for things you clearly cannot afford.

And yes, being impatient and financing a "want" instead of waiting to pay cash IS a bad financial decision. You simply do not have the intelligence to understand why it's a bad decision. That's not an insult--- it's just a commentary on your upbringing and social status.

There are people who are perfectly happy to go through life ignorant of the responsible way to do things. They have poor impulse control, and pass those traits on to their children, who repeat the cycle. Those are the people who are abused by lenders. Lenders sell them the rope, and they proceed to use it to hang themselves.

Getting angry at the messenger isn't the solution. If you want a bright future, free from debt and credit problems, you need to do something different than what you've been doing. Your current plan doesn't seem to be working too well, no?

 

The point is that, if you're living in an area where rent is $2000, you probably cannot afford to live there, and you need to move somewhere where rent is more affordable. Not everyone can live in a nice town, near the ocean, etc. If you want to live in one of those places, you live somewhere cheaper, save up some money, and THEN move to your dream location.

$2000 is an insane price to pay for an apartment. You can live in San Francisco, or San Diego for that kind of money.

It's all about realizing your place in the pecking order. Most people think that they're at the top, and they try to live like they are. Unfortunately, their income doesn't allow it for long. That's when they come here and look for help with debt.

 

I don't think you understand what I am saying. $2000 is alot of money to pay for rent if you live in Idaho. The standard of living is so much lower there than it is in New York City. It's all based on the standard of living. The standard of living is so much higher in NYC than it is in Idaho. I talked to someone from Texas(I forgot the city) and she stated she pays half of what I pay for rent for a huge house with land. The thing is I probably make 2-3 times more than she does in wages. Now I don't pay anywhere near $2000 in rent but its still alot. I could pay cheaper rent but I would be risking my life going to and from my apartment. You can't judge whether someone is living beyond their means based on the rent they pay. It may seem high to you, but in all reality it might be normal.

 

Re: Re: 2003 Expedition loan approved! 7.4%

Bingo - everything is black and white w/ too much its either his way (the right way) or our way (the wrong way). He's not here to help, he's here to lecture and belittle the 6,600+ members of cnet.

 

Re: Re: 2003 Expedition loan approved! 7.4%

Like I said before, lenders & others are not stupid.

It isn't a question about paying rent vs. not paying rent, or living in a decent apt. vs. living in a substandard one.

Even if you have alot of cash stashed away & invested, you have to qualify to buy a house based on income & credit. You also have to qualify to rent an apartment. No landlord will allow someone with a household income of less than $100,000 a year to rent an apartment that is $2,000 a month.

Lending standards for Mortgages, & autos have been tightened. Many people just do not qualify, plain & simple, so they really don't have much of a choice.

 

Re: Re: Re: 2003 Expedition loan approved! 7.4%

Ever heard of a no doc or stated income mortgage? ANYONE can get a mortgage, even one day after bankruptcy. It all comes down to downpayment and the interest rate.

If you put 30% down, you don't even need to have a credit file or SS number, but you'll pay 8% for the mortgage.

Most landlords go by the 33% rule. Your rent cannot exceed 33% of your household income. Therefore, someone with a $100,000 income could easily rent a $3300/month unit. Call any local apartment complex to verify.

Individual landlords won't even care, as long as you have cash.

 

Re: Re: 2003 Expedition loan approved! 7.4%

Certain parts of the US cost more to live in. If you choose to live in one of them, and you don't make the money to support that lifestyle, you're going to struggle.

Like I said, not everyone is in the upper class. Those who aren't can try to live like they are, but the long term effect is that they do without later in life, since they didn't save anything, and they paid too much in interest when they lived beyond their means.

Maybe Idaho isn't such a bad idea for such people. At least it's safe there, and you can live in a lower-class neighborhood without fearing for your life. Sure, the jobs don't pay as much, but at least the cost of living is lower, and the neighborhoods are safer.

Too many middle class Americans are trying to live where the wealthy live. They take out huge mortgages to make it happen, and it cripples their financial situation for years to come.

 

Re: Re: Re: 2003 Expedition loan approved! 7.4%

No, I'm not doing that at all.

If this was a dental help website, and someone came here and said they had pulled out their tooth with pliers because it hurt, would it be responsible to say "Congratulations! Keep up the good work?" Of course it wouldn't.

The same thing holds true for the original poster who made a bad financial decision. We're not doing them any favors by congratulating irresponsible financial decisions.

People may disagree with my opinion, but facts are facts. You don't gain financial freedom by blowing your income on things that are beyond your means.

People of wealth and means obtained them by being smarter than the general population. If you want the finer things in life, you have to do the same thing.

 

Re: Re: Re: Re: Re: 2003 Expedition loan approved! 7.4%

id just like to comment...CONGRATULATIONS! I for one know how crappy it is to have a 19% interest rate on a car...i would be as overjoyed as you are as well if I got a 7.9% interest rate on a new car. Even though even 7.9% isnt a good interest rate to lots of folks..I'd be damn proud to have it myself.

It would also be a blessing to be able to pick 'any car on the lot' instead of having the crappy salesman dictate which cars I can and cannot get based on my credit scores.

And yes, I've been flat out denied even with 50% down on a vehicle in the past...so I firmly believe those 'good credit/bad credit' advertisments are a scam.

GOOD JOB!

 

Re: Re: 2003 Expedition loan approved! 7.4%

Did I say that? My father just recently passed. The nice inheritance he has left me is 4th generation. I have chosen to continue that legacy for my children.

ROFL. Lack of intelligence? Social status???? upbringing????

I understand you perfectly now. When you pull the silver spoon out of your mouth, and quit digging in Mommy and Daddy's deep pockets to pay cash for everything in life, then come talk to me.


Sorry folks, I have NEVER done this before.

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Re: Re: Re: 2003 Expedition loan approved! 7.4%

Too much, you need to pick the wax out of your ears or go to the eye doctor or something. I think what people are getting so pissed off about is that you presume to ignore their implied value judgments and coldy spout financial ideals at them. Reminds me of watching a snake.

I think the principles you preach are sound. But, I think you fall down in applying them to everyone indiscriminately ! You're stepping on toes and poo-pooing people's value systems and just generally being a thorn in people's sides.

I know people like you, I get along with them OK but I much prefer to talk with, get help and advice from somebody who can relate to me in the subjective and help ME with that. So, if part of my problem is how I was raised and taught, don't put down my parents, but do suggest I exercise patience and discipline where possible.

If you don't know me, chief, you don't know diddly !

 

Re: Re: Re: 2003 Expedition loan approved! 7.4%

Would you believe that? Even went as far as insinuating that jlynn's parents didnt leave her an inheritance because they didn't save and weren't smart with their money. Ignoring the fact that he knows nothing about her whatsoever.. I... blah... I already said I'm not going to reply here anymore..

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I just wish CCN Steve would close this thread. Can't let a troll get to us

 

Iballs4u:

Congratulations ! We're about 4 months away from replacing our mini-van we've had for 12 years. We bought it new and I can remember that feeling like it was yesterday !

We (me and DW) are working hard to get our error riddled credit file straightened out, hoping we can get 5.5% at our credit union or whatever the going rate is in Aug.

I'm real happy for you ! };-)

 

Re: Re: Re: Re: Re: Re: 2003 Expedition loan approved! 7.4%

Well then you only had yourself to blame that you let a car dealer decide what car he wanted to sell to you, not a car that you wanted to buy even though you would be making the payments for the next 5 years.

If you had 50% in cash to put down, then you should have just bought from a private seller & arranged for a full mechanical inspection.

19% interest on a used car is insane, most credit cards don't even carry APR rates that high. But if your FICO is below 630, then you are looking at 15% and above on a 5 year old used economy car.

The only reason why this happens is because people are desperate & will do what ever it takes for some slick car dealer to get them into any vehicle.

Make no mistake about it, if your credit is less than perfect these days (below 630), you are looking at very high rates on auto & home loans (if you can obtain these at all) with large downpayments & very limited selection.