General => Lounge => Topic started by: blain_gatterdam on December 18, 2010, 09:13:40 PM
Title: Tried to buy a lexus today
Post by: blain_gatterdam on December 18, 2010, 09:13:40 PM
I was going to use my credit union for the loan, but they said for sure "naw brother, we will get you the lowest rate!"
So the manager comes over, says my credit isnt bad, but there isnt enough history either. I ask how much down would you want to finance it, he says $10,000....
Now I dont know about you guys, but I cant think of that many people who have that much to put DOWN on a car, young or old.
And messed up part is I was trying to get a 2008 IS 250 for $25k?:punchballs:
Oh well, I guess I should have just followed my first instinct and saved the hit for my credit report.
Ohwell, Ice finally went away I can start doing some stuff to the bird.
Title: Tried to buy a lexus today
Post by: jpc647 on December 18, 2010, 09:27:52 PM
Sorry buddy. That sounds like a bad day. I've been looking into a 2010/11 camaro ss, It retails for like 34k, the one I want. I'm saving till I hit about 22k or so, and hopefully we can make a deal.. Car's are sooo expensive.
On a side note, you sure you want a Lexas? They are almost impossibly expensive to fix.
Title: Tried to buy a lexus today
Post by: blain_gatterdam on December 18, 2010, 09:45:28 PM
Eh, I'm not too heartbroken about it. I really like the car, but dont need it. If the CU comes through then I will buy it, if not then I'll find other options to raise my credit.
I too was looking to buy a SS or even a v8 convert, but that is impractical to buy since I have (4) 2 door cars lol (and like you said, bloody expensive)
The lexus would raise my ins rates $90 a month, Im sure a new SS would be triple that lol
Title: Tried to buy a lexus today
Post by: 86XR7project on December 18, 2010, 10:14:44 PM
Trust your bank over the dealership. Always trust your bank over the dealership. Trust me man.
Title: Tried to buy a lexus today
Post by: Thunder Bantam on December 18, 2010, 10:21:44 PM
wow that sucks, those are nice cars ! but you can do without the payments it almost christmas man.
Title: Tried to buy a lexus today
Post by: CoogarXR on December 18, 2010, 11:06:48 PM
I have only wanted a car bad enough to make payments once. It turned out to be the biggest POS I ever owned. I vowed never to make payments again, and I never have.
I understand that most people don't feel that way, but when I see somebody decide to walk away from a bad deal, I applaud. Many people get in trouble because they have to have this-or-that no matter what the cost, interest, etc.
Good job. Walk away ;)
Title: Tried to buy a lexus today
Post by: blain_gatterdam on December 18, 2010, 11:16:32 PM
Ultimately I would pay it off early with my wedding profits and the credit I would build from it would help buy my first property. Other than that I have no need to get a car with payments.
But I thank the applause, he actually wanted to appraise my explorer to see what he could do with the down payment, but I was already b-lining the door haha
Title: Tried to buy a lexus today
Post by: 20thanniver-ls on December 18, 2010, 11:54:10 PM
Just a suggestion here, but if you're trying to build credit by buying a car, why not start off with something a little less expensive, like say a $10-15,000 car? I have heard a lot of the Lexus radio commercials, especially when they have the "Certified Pre-Owned Sales Events", and they make it pretty clear that if you don't have -near perfect credit, not to bother. That 10,000 dollar down payment was most likely meant to scare you away.
Title: Tried to buy a lexus today
Post by: Ductape91 on December 19, 2010, 12:03:47 AM
Quote from: blain_gatterdam;346190
Ultimately I would pay it off early with my wedding profits and the credit I would build from it would help buy my first property. Other than that I have no need to get a car with payments.
this is pretty much what im trying to do right now, finance something so i can have an "established" credit history and go house hunting. what im being told is that they need long term payment history, not just 6 months and stuff with no contract, to be able to qualify for some of the loans with low interest rates as im not looking to pay 100k in interest for a 50k ghetto crackhouse and be buried in insane monthly payments for 30 years just to have a roof over my head. i do not want to rent if i can own for less, ya know. i actually when to a new car dealer today but bitched out on settling on something new(a lease, not to own), was interested in something older they had but they wont finance older cars so soo much for that.
anyway, with what they are asking for you to put down no wonder youll get a "low" rate, you would probly qualify for a benz or bimmer. the credit union at my job sucks unless you want a gm mobile from a specific dealer they specify. i kindly tuned them down.
Title: Tried to buy a lexus today
Post by: jcassity on December 19, 2010, 04:58:30 AM
Be sure not to have too much available credit either, called revolving credit.
-too much available credit even on accounts you have not closed is bad. -Credit card co's send you junk mail but i suggest you read it cause they can "notify" you that your new credit account is active. GE sent me one and now it shows on Equifax. Pissed me off. -Doing a credit check reflects negatively on your credit score as well because that tells the system your looking for free money. How often it happens that you do these checks further inflames the way they score you. -One credit card is all one needs and constantly call to have your credit line increased. -once your in a house though, take out an equity loan as soon as you can for about 10k. let that sit in the bank and dont touch it unless you want to buy something. A bank compounds interest montly unlike a credit card compounding daily. My bank requires me to pay 50$ a year to have the money available,,to keep the equity loan open. Ive used a small part of it twice and paid it off both times. I dont even have a checking or savings account with them either. Always use your equity loan before taking out a bank loan. It convienent and they cut you a check right there on the spot. -to learn what is on your reports, FCRA or Fair Credit Reporting Act was built during the Bush Jr admin to give everyone access to their report. the web site is annualcreditreport.com. When you go there, you can get your report through the gov site and then review it. You better darn sure know your past information including the address and time frames you lived there. Experian and TransUnion are difficult and Eqifax was the only one i could get into. I suspect the other two had bad information or mis-spellings on my previous addresses. My point is that if you know the mistakes on thier records, then enter them incorrectly so the information shows up then send them the corrections. Be warned now (and everyone else reading this) that you better darn well have all your info ready. You can only do this once a year and if you fudge up the data inputs, it will reject you and you cant easily get back in. good ph#'s below. * Experian – (1-888-397-3742) * TransUnion – (1-800-888-4213) * Equifax – (1-800-685-1111)
OR,,,,, call this number and you will get all three agencies above sent to you. This is a once a year thing you have a right to and you must get it mailed to you within 15days. It should contain your score as well. The below number is a part of the FCRA. Once a year you can get this info for free. However, remember that anyone who has done a credit check on you recently may have stolen your opportunity by using your freebee, yes its possible. 1-877-322-8228
Title: Tried to buy a lexus today
Post by: Scott D on December 19, 2010, 12:43:18 PM
What gets me are WHO they lend to.
I've always paid my stuff on time, pay what I owe, and stuff like that. I went looking for a F-150 a couple of years ago. Nothing special, just a basic basic from point-a to point-b vehicle. The dealer pissed me off with offering things I didn't want, but that's beside the point. Point is, I'd only had my '86 Cougar as the most expensive thing financed. So, I was told, "No."
Now, you take somebody that's had three, or four, cars repossessed, living in a house they can't afford, and working a minimum wage job, and they qualify for financing every time?
Whiskey Tango Foxtrot, man????
Title: Tried to buy a lexus today
Post by: CoogarXR on December 19, 2010, 01:28:46 PM
Same goes when buying a house. I wanted to buy a house that was only 20k. That is a terrible number. It's too high for a signature loan, and too low for a mortgage. There is no help for somebody who just wants an inexpensive house. They kept asking me why I wanted such a cheap house when I qualified for so much more. Because I hate debt! Ugh, I could go on and on. I had been trying for years to buy a cheap house and nobody would help me. I ended up giving up, and saving up. I am glad I did, because in the mean time, the housing market fell apart, and I got an awesome house for 18k last year. I bought it cash. Screw the banks.
Title: Tried to buy a lexus today
Post by: blain_gatterdam on December 19, 2010, 03:11:47 PM
I dont want a 10-15k car, I dont need a 5th car, but if I was going to get one i think 25 is a good compromise between what is new and what I can afford.
The credit union will come through for me, it will be just the right amount of loan to give me credible credit for getting a mortgage once the payments are over.
Now if I bought it under my business.... thats a different story, I could have it tomorrow, but I keep that credit open for new cameras/ etc
Title: Tried to buy a lexus today
Post by: Thunder Chicken on December 19, 2010, 04:05:12 PM
I know there are many who say there are valid reasons for borrowing money to buy a car (such as establishing credit) but I am thoroughly against it. Regardless the greedy banks trying to shove loans down our throats, it makes no sense to borrow money for something that loses value at a faster rate than you're paying it down. I only ever borrowed money to buy a car once when I was young and stupid (my '91 T-Bird) and I hated the car payments even more than I hated the car. Thankfully I've gotten out of the "owing the bank your soul" loop. I've no debt, so my pay doesn't go to banks, which means I actually have the means of saving up money if I want to. I would rather go without until I can afford it than borrow money to buy something I can't afford. That's what I did with my 300 - I wanted one, waited until used ones became relatively affordable, and saved up the money to pay the $10,500 cash I paid for mine. Not having $300+ sucked out of my bank account every month more than makes up for the instant gratification a loan would've gotten me.
It was the fact that I was debt free, by the way, that allowed me to do the TC Electronixx thing for so long without making any money. I had very little actual income after the costs of materials, shipping, eBay/Paypal fees, etc were paid, but I survived because I also had very little outgoing expenses. I also went without a lot (can I afford this $20 worth of gas?) and occasionally, during a particularly busy week, I'd even have some extra money (WooHoo! Now I can do that oil change!). It amazed me when I closed up TC Electronixx and started working again how much money I had now that I actually had reliable income and still few expenses.
The above post was not intended as a gloat or show-off, by the way. I was in debt for years and at one point was a short and curly away from bankruptcy. I promised myself that when I dug myself out of that mess I'd never fall in the trap again. And it is a trap. Once banks have you hooked, they generally have you hooked for life. And that's just the way they like it.
Title: Tried to buy a lexus today
Post by: shame302 on December 19, 2010, 07:29:53 PM
Quote from: blain_gatterdam;346176
I was going to use my credit union for the loan, but they said for sure "naw brother, we will get you the lowest rate!"
So the manager comes over, says my credit isnt bad, but there isnt enough history either. I ask how much down would you want to finance it, he says $10,000....
Now I dont know about you guys, but I cant think of that many people who have that much to put DOWN on a car, young or old.
And messed up part is I was trying to get a 2008 IS 250 for $25k?:punchballs:
Oh well, I guess I should have just followed my first instinct and saved the hit for my credit report.
Ohwell, Ice finally went away I can start doing some stuff to the bird.
Never, never, never let the dealer put the financing together for you. Always get it yourself. Credit unions are usually the way to go.
Title: Tried to buy a lexus today
Post by: FLSTCI71 on December 19, 2010, 11:55:37 PM
Quote from: shame302;346269
Never, never, never let the dealer put the financing together for you. Always get it yourself. Credit unions are usually the way to go.
Unless the dealer can beat the credit union by over 2%. Than always use the dealer. lol.
Title: Tried to buy a lexus today
Post by: shame302 on December 20, 2010, 06:51:22 PM
They can't and won't. If they can. it's time to find another cred. union. Period.
Title: Tried to buy a lexus today
Post by: FLSTCI71 on December 20, 2010, 08:16:18 PM
Quote from: shame302;346330
They can't and won't. If they can. it's time to find another cred. union. Period.
There are a lot of dealers offering 0% financing on many cars. It's tough to beat zero.
Title: Tried to buy a lexus today
Post by: shame302 on December 20, 2010, 08:20:17 PM
Not on used.
Title: Tried to buy a lexus today
Post by: Haystack on December 20, 2010, 09:35:57 PM
My goal for the new year is to get a hold on my finances, and maybe buy a house. Not sure how plausable that is. Before I was married, I never owed the bank any money, and had never gotten a loan out. Now I have $6-500 left on my 1K signature loan for the crown vic.
Title: Tried to buy a lexus today
Post by: 20thanniver-ls on December 20, 2010, 09:53:24 PM
Quote from: blain_gatterdam;346243
I dont want a 10-15k car, I dont need a 5th car, but if I was going to get one i think 25 is a good compromise between what is new and what I can afford.
The credit union will come through for me, it will be just the right amount of loan to give me credible credit for getting a mortgage once the payments are over.
Now if I bought it under my business.... thats a different story, I could have it tomorrow, but I keep that credit open for new cameras/ etc
Well if you already have 4 cars and are thinking about buying a 25k fifth car, (no offense here - I don't know your whole situation, just what I have read) but it seems like you may have more money (or credit) than sense. I know if I had 4 cars already (again, I don't know your situation, or the condition of your other cars, this is based solely on what I have read in this thread) I wouldn't think of going 25k into debt just to have a 5th car. Now that's just me, and I know said you are doing this to build credit, but right now you don't have to have a perfect credit score to buy a home, unless you plan on buying a 400k+ home. This is just my observation, and opinion, of course it really means nothing, but it kind of seems like a waste to me.
Title: Tried to buy a lexus today
Post by: bigbada1 on December 21, 2010, 12:14:04 AM
I have now bought 2 brand new F150 trucks the first was a 2003 FX4 when I decided to leave Ford I went out and traded it on a 2006 FX4 now I do love my 2006 truck and with getting my A plan and 0% financing for 6 years it sounded like a win win but goddamit after 5 and a half years of making payments I dont think I will ever be buying a new truck and now for the last several years I keep thinking to my self do you know what I could have done to the bird with $650 a month. But on a high note it will be paid off by next june and will be finally all mine.
Title: Tried to buy a lexus today
Post by: jcassity on December 22, 2010, 12:12:39 AM
Ive often thought that owning a brand new car is hard to do unless you can pay for it in a year or two.
I think that the only way to keep up with and inline with depreciation is to pay triple payments per month in order to stay ahead come resell time. I may be off but thats what I see.
Title: Tried to buy a lexus today
Post by: thunderjet302 on December 22, 2010, 12:20:15 AM
I had enough business classes in college to realize this: never buy a new car. It's the worst investment you can make.
Title: Tried to buy a lexus today
Post by: FLSTCI71 on December 24, 2010, 10:53:27 AM
Quote from: thunderjet302;346484
I had enough business classes in college to realize this: never buy a new car. It's the worst investment you can make.
Lou, I totally agree with you, buying a brand new car is one of the worst investments you could ever make. It's funny though, it's like my buddy who does appraisals for a living says, "One variable you can never account for in an appraisal is EMOTION." When you see that brand new Mustang under the lights in the showroom, it's like the song of the siren.... Buy me, buy me.... lol
Title: Tried to buy a lexus today
Post by: shame302 on December 24, 2010, 03:04:08 PM
I don't know why people generally refer to cars as "investments" (poor or otherwise) anyway. They are a consumable commodity.
Title: Tried to buy a lexus today
Post by: Thunder Chicken on December 24, 2010, 08:25:13 PM
And since when are commodities not considered investments? Nitpicking aside, I think Thunderjet302's point is that there are far more sensible places to put your money. Most of the reasons people give for buying new cars are not logical, IE not wanting to pay for repairs, or wanting something reliable. When you add up the payments and higher insurance on a new car it would take a lot of repairs to make a decent used car cost more, and as for reliability, brand new cars are no more reliable than 3-year-old cars, in fact they're probably worse. And when they break they're generally harder to get running.
My point, on the other hand, is that it's more sensible to save up and buy a car (whether it be new or used) than it would be to get a loan for one. The money saved and the security (if you save up for a car you'll never end up with one you can't afford, and if you lose your job you won't have to worry about the repo man) far outweigh the instant gratification.
Title: Tried to buy a lexus today
Post by: blain_gatterdam on January 12, 2011, 11:26:41 PM
Quote
but it seems like you may have more money (or credit) than sense
Well its the fifth car on paper, once you set aside the tbird which is being painted, the camaro which is being restored, and the chevy van which has no floor... That leaves me with one car, which if it fails, I need a second car.
The lexus- Would be a nice presentable car for my WEDDING photography business, upscale and professional.
And I dont know where your "sense" is coming from, but I have just as good a chance at a $400k house as I do a $10k crack den, Nadda!
I ended up looking at a 2011 honda fit. It is lame as all get out and far from a lexus, but it is 18k out the door with 0.9 financing. As posted before pay that sucker off in a year or two, voila! credit!
Plus- things that I need are established credit, and previous loans... Now we could go to best buy and finance a TV which will be worth nothing in 5 years, get a signature loan and pay interest on my own money, or get a car loan, better reliability, and mpg while I am at it. That seems to make sense to me....
Title: Tried to buy a lexus today
Post by: 20thanniver-ls on January 12, 2011, 11:36:51 PM
Quote from: blain_gatterdam;349507
Well its the fifth car on paper, once you set aside the tbird which is being painted, the camaro which is being restored, and the chevy van which has no floor... That leaves me with one car, which if it fails, I need a second car.
The lexus- Would be a nice presentable car for my WEDDING photography business, upscale and professional.
And I dont know where your "sense" is coming from, but I have just as good a chance at a $400k house as I do a $10k crack den, Nadda!
I ended up looking at a 2011 honda fit. It is lame as all get out and far from a lexus, but it is 18k out the door with 0.9 financing. As posted before pay that sucker off in a year or two, voila! credit!
Plus- things that I need are established credit, and previous loans... Now we could go to best buy and finance a TV which will be worth nothing in 5 years, get a signature loan and pay interest on my own money, or get a car loan, better reliability, and mpg while I am at it. That seems to make sense to me....
Quote from: 20thanniver-ls;346378
(no offense here - I don't know your whole situation, just what I have read) but it seems like you may have more money (or credit) than sense. I know if I had 4 cars already (again, I don't know your situation, or the condition of your other cars, this is based solely on what I have read in this thread)
It's just the way you came off to me,,, as I originally stated, I wasn't trying to be offensive toward you, my post clearly states that, I was merely voicing my useless opinion. It's understandable wanting to have a presentable car for your business, I can't say I wouldn't want the same.
Title: Tried to buy a lexus today
Post by: jpc647 on January 13, 2011, 12:34:23 PM
Quote from: thunderjet302;346484
I had enough business classes in college to realize this: never buy a new car. It's the worst investment you can make.
I sort of have to disagree. While 300 a month is a lot for a car, when it is paid off, it is still worth quite a bit. A lot of you guys keep saying you could use that 300 a month for your Thunderbird or cougar. That is much more of a waste than a new car. Our cars aren't worth much, sadly. No matter what we do to them, they won't be worth anything near what a new car would be worth. For me, when my 88bird starts costing me 200+ a month for repairs, it's gone. I put a starter in it and I may need a new fuel pump. Now the fuel pump may be $100, depending. I might need a new sending unit, etc. It'd be better off putting that money towards a new car. Many of us have already put way more into our fox tbirds and courgars than they will ever be worth. At least a lexus, or a camaro in my case, will be appealing to someone in 5-6 years when maybe I want something new. And a warranty for 5 years? How can you go wrong. Many car companies offering free maintenance. So all you’d pay for is gas. I don’t know about everyone financial situations here, but that seems worth it, if you can swing it. That may be the key, many of us simply can’t afford it.
Quote from: Thunder Chicken;346981
And when they break they're generally harder to get running.My point, on the other hand, is that it's more sensible to save up and buy a car (whether it be new or used) than it would be to get a loan for one. The money saved and the security (if you save up for a car you'll never end up with one you can't afford, and if you lose your job you won't have to worry about the repo man) far outweigh the instant gratification.
So say a 2006 fusion would be harder to get running when its broke than a 2011 fusion? How so? Now while you may have to worry about the repo man, many of us don't have credit because we're young. The credit boost from a car would help, for say in 5-10 years when we decide to buy a house. Because no one is ever going to be able to pay for a house outright, you’d be saving till you were 50 before you could buy a house, and as housing prices go up while you are saving, you’d never get into one. I really like my bird, and it sort of breaks my heart to say it’d give up one it, but it’s not worth anything. I use it as a DD and probably would be hard pressed to find someone to pay $2,000 for it. And it’s a money pit. But if I spend $100 in repairs a month, that is still 200 in my pocket over a new car payment, and all those $200 do get put into a separate account for then the bird falls apart and I can’t drive it. Hell, the motor and tranny have like 70k on them, if the tranny let go, I would never ever spend 700 to get it rebuilt, and I’m certainly not going to buy a used one or a junkyard one, because who knows how long that one would last. If it wasn't for the forum here, the knowledge and the step by step instructions how to fix things, my car would have been gone long ago. But if I ad up the time I spend researching how to make this work, or how to fix that, every week, I could probably get a part time job and buy that new car. But I guess the troubleshooting, to this point, is sort of enjoyable, and thats why I do it. I've met a lot of good people, and learned a lot. But it all depends on where a person is. Again, I'm close to having to throw in the towel with my car, I can't always be troubleshooting everything. With all the little quirks it's got, unless I can fix them super cheap and easily, it comes a time when you gotta know when enough is enough. That's my situation, that's why I feel a new car would be nice. Yeah I could get a used car, and save 7-8k maybe a little more, and probably get it now, but there is something about knowing the car was made just for you, and you are the only one to have driven it. I mean the last owner of a used car could have beat it to death, and the dealer just covers it up. In two months it could explode, you don't know.