SmorgasBoard

[FrugalRican]

Frugality is the name of my game, so I'm hard-pressed to understand people's stories on how they couldn't afford a Nissan, got it repo-ed, but would really love the newest Infiniti. Can they get approved with a 530?

[drkaje]

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FrugalRican wrote:

Frugality is the name of my game, so I'm hard-pressed to understand people's stories on how they couldn't afford a Nissan, got it repo-ed, but would really love the newest Infiniti. Can they get approved with a 530?

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Those threads are a warning sign for me to slowly back away, LOL!

Cars are more of a functional thing, for me. Basically, it sits outside all day while you work inside to pay for it. I don't even enjoy driving anything but a Jeep but can't afford one, LOL! Technically, I could figure out a way but wouldn't want the extra expense.

For low score (bad payment history) buyers, I guess the prevailing mentality is it'll be possible to refinance later on.

[marty56]

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drkaje wrote:

Those threads are a warning sign for me to slowly back away, LOL!

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LOL threads that start of with comparing FAKO to FICO scores are about to be off limits to me. 

[drkaje]

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marty56 wrote:

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drkaje wrote:

Those threads are a warning sign for me to slowly back away, LOL!

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LOL threads that start of with comparing FAKO to FICO scores are about to be off limits to me. 

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Considering how slowly ScoreWatch updates; I can barely tell the difference between them.

[Dadaluma83]

Wow, I just looked into the auto loan forum and see what some of you are talking about. I never even noticed that place really because it is my goal to never buy a new car, and never take out an auto loan my entire life. Always buy a relatively new used car, and pay cash for it so I have no need to concern myself with auto loans. Cars are just a tool to get me around town, so I go for a combination of fuel efficiency, price, and reliability.

I see stories in there of people who are obviously going through a tight spot in life right now (behind on mortgage, ever increasing credit card util, collections or other baddies on CR, etc) and they want a brand new car and continue to seek advice from the forum on how to make the dealer or bank work with them. They refuse to listen to reason that they need to get caught up and stabilize their finances because they currently look extremely risky to a lender, but they will have none of it because for whatever reason they need a brand spanking new 50k car because their current one is completely unusuable anymore for whatever reason and really believe the lender will somehow overlook their current problems.

Wow.

[FrugalRican]

Banana sandwich, it drives me.

[webhopper]

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Dadaluma83 wrote:

Wow, I just looked into the auto loan forum and see what some of you are talking about. I never even noticed that place really because it is my goal to never buy a new car, and never take out an auto loan my entire life. Always buy a relatively new used car, and pay cash for it so I have no need to concern myself with auto loans. Cars are just a tool to get me around town, so I go for a combination of fuel efficiency, price, and reliability.

I see stories in there of people who are obviously going through a tight spot in life right now (behind on mortgage, ever increasing credit card util, collections or other baddies on CR, etc) and they want a brand new car and continue to seek advice from the forum on how to make the dealer or bank work with them. They refuse to listen to reason that they need to get caught up and stabilize their finances because they currently look extremely risky to a lender, but they will have none of it because for whatever reason they need a brand spanking new 50k car because their current one is completely unusuable anymore for whatever reason and really believe the lender will somehow overlook their current problems.

Wow.

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My warped belief is that auto finance companies created auto loans and vehicle extended warranties in order to strip the middle class of as much money as possible. They keep finding more and more creative ways to do it! 

[Booner72]

Taboo Response That I've Wanted To Say:  "Have you even read one single post here yet?"

[drkaje]

Oftentimes, I feel people would have been be better off finishing credit repair before house/mortgage hunting. It's just better to deal with creditors, old debts, or almost any other situation from a position with a little leverage instead of being deperate.

[marty56]

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drkaje wrote:

Oftentimes, I feel people would have been be better off finishing credit repair before house/mortgage hunting. It's just better to deal with creditors, old debts, or almost any other situation from a position with a little leverage instead of being deperate.

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+1