Tried to buy a lexus today

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Tried to buy a lexus today

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.

Tried to buy a lexus today

Reply #1 – 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.

Tried to buy a lexus today

Reply #2 – 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

Tried to buy a lexus today

Reply #3 – December 18, 2010, 10:14:44 PM

Trust your bank over the dealership. Always trust your bank over the dealership. Trust me man.

Tried to buy a lexus today

Reply #4 – 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.

Tried to buy a lexus today

Reply #5 – 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

Tried to buy a lexus today

Reply #6 – 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

Tried to buy a lexus today

Reply #7 – 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.

Tried to buy a lexus today

Reply #8 – 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.

Tried to buy a lexus today

Reply #9 – 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

Tried to buy a lexus today

Reply #10 – 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????

Tried to buy a lexus today

Reply #11 – 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.

Tried to buy a lexus today

Reply #12 – 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

Tried to buy a lexus today

Reply #13 – 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.

Tried to buy a lexus today

Reply #14 – 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?

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.