Credit Cards Center Credit cards from our partners
Reply
Frequent Contributor
Posts: 292
Registered: ‎02-05-2012
0

I just bought a car...

I just bought 13` Chevy Cruze LT,.I think I just got ripped off with all the optional stuff they said I had to get or else the ltv would mess up my intrest rate.

 

I was approved for 25k @ 11.9 through GM. The MSRP was 17k with a dealer rebate of 1000. I put 1500 down, they bought my old car which was negative in equity... 5k car was worth 2500... They paid it off.. but I ended up with a 24k car loan... WHAT DO I DO Smiley Sad

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.
Frequent Contributor
Posts: 292
Registered: ‎02-05-2012
0

Re: I just bought a car...

I love the car don't get me wrong, but in my case I plan on to keep this car.. should I keep the warranty?

 

I got the warranty, gap and paint and interior.. if its worth it ill keep it but I need you guys opinion! I want to refi later with navyfed but I don't wanna get rejected.

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: I just bought a car...

I think extras are a bad idea.

 

You can always find them cheaper elsewhere.

 

The dealer told you that you had to buy the extras? That is not at all the case, that just throws off the LTV.

 

Get LTV in check to the point that you don't need Gap.

 

Make payments over the minimum, then refi with navy once your scores get a bit better.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Frequent Contributor
Posts: 292
Registered: ‎02-05-2012
0

Re: I just bought a car...

and the car came out to 22k...

 

I think I want to cancel the gap and paint and fabric .. lol and should I cancel the warranty??? or negociate it? since these were optional do I have any rights to cancel?

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: I just bought a car...

[ Edited ]

ihatemyscore wrote:

and the car came out to 22k...

 

I think I want to cancel the gap and paint and fabric .. lol and should I cancel the warranty??? or negotiate it? since these were optional do I have any rights to cancel?


I think you should cancel everything and put more money down. Did you negotiate the price of the car at all? I posted about a chevy cruze the other day. Was I talking with you? I said how much off MSRP the price should be.

 

The lowest price MRSP for that car is $18k, and you should be able to get it for $15k. Actually, looking at your score and recent BK. You are lucky to be driving a new car Smiley Happy Congrats on the approval.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Valued Contributor
Posts: 1,507
Registered: ‎09-14-2012
0

Re: I just bought a car...

DO NOT CANCEL GAP!

 

With all of the extras added on PLUS the negative equity in your trade your LTV is out of whack and if something happens to the car you will be paying out of pocket!  Trust me, GAP is most always a good idea, especially when you have had to pay out of pocket on a totaled car! 

Never take credit personally

NFCU cashRewards $25,000; BofA Business Cash Rewards $20,000; Amex Business Platinum; Chase Sapphire Preferred $24,200; Chase Marriott $20,000; Discover It $18,600; Citi DC $12,900; Capital One Venture $15,000; Penfed Platinum Sig $5,000; Barclay Arrival Plus WEMC $15,000; Barclays Hawaiian Air Biz $20,000; US Bank PLOC Overdraft $1,500; PenFed PLOC $20,000

Established Member
Posts: 13
Registered: ‎10-22-2012
0

Re: I just bought a car...

I'm pretty sure if you got a loan your bank requires you to have gap....but ya those warranties almost always work out in their favor which is why they push them so hard.

Frequent Contributor
Posts: 292
Registered: ‎02-05-2012
0

Re: I just bought a car...

Well the credit manager @ GM did a double look and denied me so I have to take the car back anyways!

 

WOW...

 

I have a pre approval through roadloans for 21k @ 20 % but in a yr I could refi with navy... what should I do?

 

I want to take this car back and just start over..

 

Can anyone help me? Before I get into a mess again! lol 

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: I just bought a car...


ihatemyscore wrote:

Well the credit manager @ GM did a double look and denied me so I have to take the car back anyways!

 

WOW...

 

I have a pre approval through roadloans for 21k @ 20 % but in a yr I could refi with navy... what should I do?

 

I want to take this car back and just start over..

 

Can anyone help me? Before I get into a mess again! lol 


Do not take the 20% loan.

 

Take your $1,500 bucks and buy a cheap car with cash on craigslist.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Frequent Contributor
Posts: 292
Registered: ‎02-05-2012
0

Re: I just bought a car...

Best advice all year. I guess I will continue to use my vehicle until my credit significantly improves.

 

hope your around in a yr and a half lol.

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.