Re: Re: Re: Re: could I get an auto loan with this I'll let her read this thread and I'll tell her she either walks the chalk or the Saturn gets sent to you, and you can send her the van...LOL
myndi, Sorry to be blunt, but you're nuts and a disaster waiting to happen. You should consider the example of the person who told you about his/her daughter's $5900 Saturn, or something else within your means. My 96 Honda Civic has 132K miles & only had routine maintenance. I purchased it in 97 for $12K. You don't need an expensive car for reliability, and in any case, it's much easier to recover from a $5K mistake than a $20K mistake. You responded in another thread that being late a few times doesn't make you a bad person, and while that is true, that isn't the basis of your creditworthiness. You seem too cavalier after having had $40,000+ worth of repo & chargeoffs, and thinking nothing of paying 20% interest. Here's what would really happen to you with that scenario: Selling price $20,000 6% state tax $100 doc fees $5,000 down payment Financing $16,300 for 60 months @ 19%. You'd have a monthly payment of $422.83, and total interest paid would amout to 9,069.80. You will have repaid over 25,369.80 Interest/amount financed = 55% effective interest rate!!!
Nothing wrong with being blunt. As to be being nuts, you never know. I simply donb't want the headache of buying a piece of crap for 5 grand. more times than not, you will ultimately end up with one for that much. NOT always, but am not really in the mood to play that game of hunting one out. Im pretty much apathetic about those two big trades from my past. I had a pretty drastic change of life after buying that car and my cost of living went up about 500% hence taking it in the rear for on the car. Should I really be sitting here weeping with frieght and/or remorse ofver it? No. we make mistakes. they happen. Hopefully next time around we are at least a little smarter. I have no desire to throw away $5k on a car that will be questionable at best. If I put 5K down on a 10-12K car I am willing to eat some interest. goes with the territory it would seem. Sure I could go beat the bushes and maybe come up with a good solid car for 5 grand. I am just not that interested in doing so. Im not saying at all that I couldnt get screwed on a 10-12K car just the same. the odds are not near as bad though. I wasnt saying definitely that you need a 20K car. But even today 20K isnt anything special. Also as I previously posted I will not buy a car from a Japanese motor company. This narrows their field when finding a more reliable car. The mentality that a good Japanese car with 175K miles on it and will last is indeed accurate in most cases. An American car with the same milage isn't as clear a statement. Since I desire a decent American car, it is prudent to not buy a vehicle that may not hold up at a $5k price as opposed to a Japanese car which has a better record for endurance. Good performance and relaibility aside, the base point is I wont consider buying one. So in the pool I have established to fish in, it is more prudent to not just go throw 5 grand at any American vehicle you see that may or may not be reliable. I assure you I am never going to repeat some things Ive done. I think some folks here seem to think based on the numbers provided.. much like a bank. they dont necessarily care how a situation arrived, they just see whats there. I can promise you that when I bought my last car it was not my intent to just pick up and say Im going to go live on the west coast where my cost of living will gove up five times over. I had little choice in the matter. So whats done is done. I will have to pay the price for my mistakes. And if its 20% for awhile, so be it. I will walk that road and then never walk down it again having known what it was like.
Re: Re: could I get an auto loan with this You must live in MI, or some other hardcore "American cars only" place. You're right about $5K not going far for an American car. I wasn't suggesting that you do. But if you have $10K to put down, buy a $15K car. I just cringe when people spend so much money on cars, especially when they have a low down payment which forces them to be upside down on the loan. But that's just me. Now that I'm debt free, I much prefer the "stress" of figuring out how to grow my financial net worth rather than worrying about bills.
Re: Re: could I get an auto loan with this I have to add something else here. We are also very american only car buyers. My husband has a pontiac grand am and I have a buick lasabre. My car is a 1990 with 123000 miles and runs great! I was told that the 3.8 engine was the best engine made and that they are hard to kill. Now aside from normal maintinance which you will have no matter what you buy, the only odd thing I have had to replace on my car is the hub assemblies in the front and less than $100. My husband on the other hand his car is 4 years younger and we have had to replace the transmmision, wheel hub assemblies, ball joints and lots more. His car has about 125000 miles on it. So you can not say newer is better. I have proof. Also I owned a ford mercury and it was the worst piece of crap ever. I will never again buy a ford product. Just some insight from someone who has been there with old cars. I feel your statstics are a little off. A seasoned engine is usually better behaved because you have for the most part worked out the kinks.
Then later said: HUH??? I'm with Rina! Myndi, You seem bent on getting that new car and big interest loan no matter what anyone has said so go enjoy it. Common sense doesn't seem to rule in your world. I guess "keeping up with the Jones" is truly more important than getting out of the big hole you're in and getting ahead of the game. Lots of luck!
If you are looking for auto financing based on your score & file, you need to find a dealer who does business with DRIVE financial services. You will need a minimum of $2500 cash down, $1600mo verifiable income, proof of land line, 8 references etc...The vehicle must be 2000 or newer, under 25k miles & automatic. Your apr will be in the mid 20's(unless your in a rate cap state) I have not read your whole thread, it looks like your still up in the air as what to do. I just thought I would let you know there are some finance options for your situation.
Re: Re: could I get an auto loan with this I have No desire to keep up with the Jones. I however will not buy a piece of crap. Why throw good money after bad?? I also said NOTHING about wanting a brand new car. In fact Ive posted to the contrary thats it's more prudent to buy a model 2-3 years old if you are going to finance. To me buying abrand new car would be an act of lunatic preportion. I prefer to buy one that has most of the stciker price already drained from it, hence my point from another post which mentioned the car I bought in 1998 was a 96 Lincoln Continental. Bought it for 12,500. low miles and extended warranty. 2 years before when it was new this car was $50K (car still had the original window sticker which was at $52K because it was loaded with everything). So in essence I got a 2 year old car for 40K off sticker. Hmm, don't reckon thats too shabby. Had I went for something new at 12,500 I might have ended up with a loaded Kia at best, probably not even that. I paid 6500 down on my Lincoln and had payments under $200 and paid the loan off in about a year and a half. probably half the term of the note. As to your confuson about my or my children's father filing taxes, I am sorry if you were confused. I personally don't pay income tax. My daughter gets disability. She gets SSI to the tune of $570 per month. State suplemental disability to the tune of $55 per month and she is a member of a federally recognized Indian tribe and she gets $475 a month disability from them as well as about $3,000 per year in tribal per capita payments. On the income from the tribe we are not obligated to report any of that income as it is exempt from needing to be included on any federal document (or any other document for that matter). Her father who does work for someone and gets paid on the books files taxes and includes her and her sister for the EIC. His income is usually pretty low so he gets back a hefty check at tax time with the EIC. I apologize if I come off casual or apathetic about having to pay high interest, but thats the boat Im in. I would never go the full term on any note at 20% interest. I would imagine if I put 5K down on a 10-12K car I would pretty much end up in a similar arrangement to what I had with my lincoln. good relaible car. very easy payments. It is certainly easier to be in at that amount. Id do as I did before and cut the term in half and pay considerably more each month. Now that I live in a very cheap area I have no fears at all about inability to pay. I live in OK by the way. did live in WA state, and also MO and NY way back when. I was raised in the 70s a little before the Japanese car boom of the late 70s to the 80s and beyond. You simply bought American. Hell you didnt even go to the big city to shop, you went to locally owned stores. paid a little more but kept your local economy from falling off the planet. Its obviously a lot harder to own such a business today in light of all the 'progress'. I also apologize for all the typos. ive always approached online typing as no need to be perfect style writing since its generally only a quick email or message board. I just feel more comfortable typing quick and getting it done in such a medium.
Re: Re: could I get an auto loan with this How do you find dealers that have bad credit auto programs. I need to buy a new car and I will pay the 20% interest also because while I am repairing my credit I also want to start building it. I have applied for those bad credit auto loans and have gotten denied for all of them. Does anyone know where I could get a loan in MA. I have a repo, a judgement, 7 chargeoffs, 20 collections(bad checks)? Any info would be great.
Re: Re: could I get an auto loan with this Hi Holly When we reach this level of problems with our credit, it is eaither hefty downpayment or buy a car for cash. Do you have downpayment to work with? I take it by the derogs you mentioned your scores are also in the lovely 440 range?
Re: Re: Re: could I get an auto loan with this Most dealerships right now are running programs for bad credit. Since 9/11 the economy has been so bad that they are grasping at straws. It is hurting the little guys, we have gone from selling 400-500 cars a year to selling 200-250 BECAUSE there are so many bad credit/no credit programs running through the larger dealerships since 9/11. As far as you being turned down, it is probably BECAUSE of the repo. The lenders at this point are ignoring ALL credit EXCEPT for previous auto loan history.
Re: Re: could I get an auto loan with this 2000 Saturn. 22,000 miles. air, automatic, cd player, tilt blah blah blah Extended warranty 3 years/30,000 miles (52,000 miles). Clean car fax report, not a scratch or ding anywhere. Purchase price $5900.00. Click her to see this piece of crap http://hometown.aol.com/kathycmh/myhomepage/auto.html
Re: Re: Re: could I get an auto loan with this Im happy you found one that works for you. Many others aren't as lucky is all Im saying. I personally know two people with Saturns. One of them has problems constantly. the other just had to buy a motor. Im glad you didn't have to endure that problem~
Re: Re: could I get an auto loan with this To Myndi, you're best bet, in my opinion, would be to find a wholesaler and find a car. You'd be surprised at what you can get for 5k, now IS NOT the time though. It is tax season, right now most car dealers will make more in 3 months than they will make the rest of the year, the mark up is higher for us as well as it is for you, the consumer. If you can find a decent honest wholesaler you can find something dependable and reliable. Even better, if you know a car dealer, let them go get you something straight from the auction with the amount that you have. Honestly the best time to buy a car (consumer wise) is between Sept. and Dec. alot of dealers are 'giving' cars away at that time of the year just to turn their money, in other words, they will actually take a loss just to get some money in the bank.
Re: Re: Re: could I get an auto loan with this Thats certainly good advise. But how likely is one to find a dealer willing to take them to the wholesale auction? Id certainly try to hold out and put a few more $ away if I knew someone could get me access to the auto auction.
Re: Re: Re: Re: could I get an auto loan with this That's why I said if you know one, and it would have to be one that you trust because most auctions, you WILL NOT be able to get in. They are VERY strict about that for the simple fact they do not want dealers bringing potential customers in shopping for cars. So it would be someone that you trust enough and go in and purchase one for you that you would be happy with.
Re: Re: Re: Re: could I get an auto loan with this You make a good point. Trust is a key if following this approach. Still worth looking into however. thanks
Re: Re: Re: Re: could I get an auto loan with this I'm with spyguyjim..... Myndi...with all due respect dear I think you are more interested in having a lot of attention cast your way rather than truly being interested in and considering any of the advise anyone has taken the time and offered. Please, just do what you had planned on doing in the first place...whatever is may be. If you insist on putting 5 grand down and paying 25% on the balance just for the sake of a having a reliable ride then you truly have more dollars than "sense" ...especially in light of your current financial situation. Good luck to ya
Re: Re: Re: Re: Re: could I get an auto loan with this Er, yes. thats it. All along it was for attention. Just because we disagree theres no need for that. I simply stated what my ultimate view was. Some people have had good luck buying a car for five grand. But ultimately if I do just that I will not be getting any type of auto credit reestablished. In my dire straights there is no easy fix. I will have to pay to get my auto credit reestablished. Paying high interest appears to be the way it will have to be done. As much as Id like to never have to finance a car again, I don't see being able to do that realistically and ultimately having any consistently reliable transportation. Some people have no problems and good luck consistently going out and buying cars for cash. I personally don't. As much as Id like to be able to have a car at wholesale or any other idea that possibly gets the job done without financing it probably won't happen. I am aware that many wouldnt finance a car at 20+% if their lives depended on it. Thats great for you. Im happy you either have the credit to be able to get better financing or that you can just buy your cars for cash. Many Americans can do neither. So they either have to go pay the cut throats or buy a beater in hopes it will get them down the road. I don't think its wanting to keep up with the people next door or any other such superficial garbage if a person wants to drive what they want. People do get themselves in a trickbox for having taste beyond their means. I never did this. I bought a car for 19 grand and change. I was forced to move by a drastic change in the family that required moving immediately to an area which has a rather high cost of living. I got buried and descided to pay housing costs over car payment. Some people think because I had rent in the 2K a month area I was still living beyond my means. I think some people do know better that in certain parts of the US, 2K a month doesnt get you anything luxurious. It was a 2 bedroom house. from the 1960s. nothing overly wonderful about it. By the time we were able to move out of that area the damage was done but good. I went from paying around $1500 monthly living expenses to around $4000+. I couldnt cut that big of a shock. I bought it. I am hardly some little airhead who was out flagrantly blowing her husbands money and it just ran out and hit reality. when I finally got out of that area of the country and back into the reasonable area the damage was done. I knew damn well it would be pointless to start paying the cut throats at that point. The derogs were there and wernt going to go away because I paid up. I have had several good years of credit responsibility. Sadly, most of that data has expired from the credit file and not much that is good is left. I originally started the thread primarily to get a suggestion on which lenders specifically may have been a little less cut throat than the other. I knew I was pretty much in it for sub standard financing. It was mainly an inquirey about which compan may be beter than another. But I should have just assumed as it most likely the case they are all pretty much alike. I just have sensed that since my tastes or desire to purchase a car doesnt follow ultra frugal and risk taking lines in order to save interest that I am just some woman not wanting to be responsible but to go out and bury myself deeper. I live once again in an ultra cheap area. I have income from various sources (my work, other half and child's disability). I have no problems believing I cant make the payment I would intend on entering into. So thanks for the opinions from all, and thanks for the opinions from some others. they are so noted.
