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09-21-2017 12:09 AM - edited 10-11-2017 10:16 AM
So after 299987 miles on a 1994 Chevy Silverado the motor Hydrolockec just after work . The amazing 😉 Wifey and I together have been saving up for are first house . We have since September 2016 Saved up $10000 . We looked everywhere for a vehicle that showed good signs of lasting through are savings period . The truck we had was nothing but problems and over 3k just to keep it running was a money pit we do not want to go throug with the next vehicle . We settled on a 2017 Nissan Versa SV Limited CVT Labor Day Sale Myself being the primary & The Wifey as a co-signer .The constant problems the truck had we signed up for the 72mo 100k warranty ( which surprisingly lowered my apr by 3.9) We have never purchased a new vehicle so we put down $77000 W/ $1000 dealer cash offer sale. The loan total is $17580 through Chase ( Dealer Financing @4.69%) my payments are $225.66 .What is the from a Fico standpoint the most advisable practices to raise our ficos? My fico score from boa 725 , Wifeys 681 boa. I wanted any opinions on what you ladies & gentleman think 🤔. We plan on in 2 Years purchasing our own home close to Valentine’s Day 😊 . Is is advisable to pay the $225.61 a month then it will keep are credit mix happy & greatly help put $ back into are savings to put a nice down payment? Thank you 🙏 my credit history is 1 year 11 months old & my wifey’s is 1 Year old
09-21-2017 10:22 AM
09-21-2017 05:57 PM
Thanks for the reply tydawg . I agree i do want to check a lower rate out but am unfamiliar with the process does it hurt your score to refinance ? Or does it help with the mix of credit for fico ?
It wouldn't help your fico score, only your wallet. When you apply for a Refi they will hard pull your report which will result in an INQ which *may* lower your score temporarily. If you did refi then a new account would be added lowering your AAoA for a little bit, but if you are able to lower your rate it is always worth checking out!
09-21-2017 07:18 PM - edited 09-21-2017 07:19 PM
If you are 2 years out from purchasing, you have time to get things done. A refinance if it saves you money is great. Your AAoAs will haver time to increase as well.
After looking at your deal I believe that the dealer made a lot of money on your deal. Please read the following with the view that I am attempting to help you and others save money when buying a car. Personally I have bought more cars than I should have for a few life times and truly had some bad deals when I was younger. I am not meaning to offend with my rough calculations below. (If you can provide actual numbers it will allow people on this site to give some additional advice).
I do have a questions about your extended service contract. Please review how much you paid for the contract, what the deductible is and the time frame you have for cancelling the extended service contract. Also, is the warranty for the car through Nissan or an after market compan?.The lowering of your finance rate when purchasing a car is a sales ploy and a way to make you feel like you were getting a deal. Look closely at the contract you signed for the car to see if there is language stating that you received a lower rate for purchaing the extended warranty. (Go ahead and look, but you will not find this language).
I am only bringing this up because you usually have a window of 30 days to cancel the contract on the extended warranty for 30 days for a full refund and should be able to cancel it after 30 days for a pro-rated warranty (this varies by state).
Looking at your deal: Loan amount of $17,580 + $7,700 down + $1,000 dealer cash = $26,280 total price you paid
Max MSRP on 2017 Nissan Versa SV I found was $19,125 if I added every accessory. 10% tax $1,912 = $21,037 leaving at least $5,000 for dealer extras. I know there was a dealer fee that was added onto the car. They vary from $199 to $500 depending on the dealership.
Like I say, if you provide some of the actual prices paid for the Versa we may be able to give advice that will save you money. And the car sales people will do everything they can to not let you cancel you additional dealer products.
09-21-2017 09:33 PM - edited 09-21-2017 09:40 PM
I have some pics it’s saying they are to big to upload ... I rechecked a letter that I received today from chase auto loans . I was super confused and went to the dealership today to resolve all the numbers games as to why I can get a final number to add up from them(as all the paperwork from the dealer they misspelled my wife’s name at first then had to change all the paperwork at the last minute to correct it wow!) . The letter I received from chase today the loan I was approved for from the dealership this was a legit Nissan dealership said I owe $14110.19(Chase Auto Finance) so I was very confused at first I was told it was 14000 finances originally ( it says on the paperwork alright more ) but I want to be as accurate as possiable this is my first loan and it is very difficult for me to understand . The extended warranty was through Nissan 72months / 100k miles for $2995 . I picked the Gold Package through Nissan .I believe the first numbers I stated would be if I made all the minimums and paid interest . So if I put down $7700 financed $14110.19 I would be @. $21810.19
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