Carmax?

[Unplug]

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@Creditaddict wrote:
I'm actually shocked you at someone's better offers from the dealership sold three cars to Carmax it's simply a black wholesale off base on the last seven or 14 days at auction in your radius of area

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Hi again CA, there can be other variables involved. Such as the dealers intended to refurbish/resell , Carmax was taking them TO auction. There's the rub.  Factors such as mileage, age ,cost to refurbish ,ect  all get factored in. And no ,these weren't beaters but low production specialty vehicles. As with any transaction the "right price" in the end is what two parties agree on 

[Dj4Money]

 I went buy one of the dealers that Truecar hook me up with. At first they wanted income verification, but they are going to see if Ford will accept the initial deal without it.

 Don't worry this is Car Max related...lol

 If it goes through, I am preferred to take my business to another dealer who will give me a better price. Right now they have me at some $440 a month number with $1,000 down. 

 If I can get the interest rate I believe I can get, I should be able to get that number without a penny out of my pocket. So either the interest rate is higher than 5% or they are charging MSRP on the car.

 If they want income verify, it won't be enough to justify a $390-$400 car payment or they'll definanly want dp, either which I can provide but we'll see. $1,000 down only knocks off about $15-20 anyway.

 I can get the same car from Car Max, one in Oxnard and the other in Torrance. So I may be awake bright and early tomorrow and be ready to apply at Car Max as soon as I know.

 If I can work them down however, it will be cheaper to buy new.

 Wish me luck.

[Unplug]

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@Dj4Money wrote:

 I went buy one of the dealers that Truecar hook me up with. At first they wanted income verification, but they are going to see if Ford will accept the initial deal without it.

 Don't worry this is Car Max related...lol

 If it goes through, I am preferred to take my business to another dealer who will give me a better price. Right now they have me at some $440 a month number with $1,000 down. 

 If I can get the interest rate I believe I can get, I should be able to get that number without a penny out of my pocket. So either the interest rate is higher than 5% or they are charging MSRP on the car.

 If they want income verify, it won't be enough to justify a $390-$400 car payment or they'll definanly want dp, either which I can provide but we'll see. $1,000 down only knocks off about $15-20 anyway.

 I can get the same car from Car Max, one in Oxnard and the other in Torrance. So I may be awake bright and early tomorrow and be ready to apply at Car Max as soon as I know.

 If I can work them down however, it will be cheaper to buy new.

 Wish me luck.

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AS it's said "Sounds like a plan!"  -  whichever way it goes, the best to ya

Onward.....

[Anonymous]

I've been without a car since Decmeber 10.  it's been hell and I've been throwing money away on rentals...but my credit union won't touch me and once I saw my credit report and score (510) I understood why.  I got on the internet looking for financing and discussions about Carmax kept popping up.

Went up there a few days ago and got approved through Exeter, which more Googling is telling me they are pretty bad.  They're giving me an 18.25% rate which really sucks but i don't think i have too many options and I don't have the time to wait for my report to get better (just started rehabbing some student loans, like, today).

However, someone told me if I dispute some of the items on my report, a lender will not be able to see them when they pull my report...or rather, the disputed iems cannot be taken into consideration.  Is this true?

I really do not want a car loan at 18.25%....but I am really stuck.  Perhaps I can hurry up and refinance once these rehabs hit.

[Creditaddict]

1. With 510 that's a fantastic rate
2. Disputing does not mean creditors won't consider them but certainly could get them removed if not validated.

If you take this loan just rehab these student loans and rebuild some credit and refi it in 12 months once student loans update rehabbed

[Anonymous]

Ok, thanks for the response.  510 is dismal so I should be grateful anyone is willing to take a chance on me.  Just wondering if making the disputes would be worth it.

Hate to be stuc with 18.25% for 12 months but considering I'd be committed to the rehab for 9 months, I wouldn't be able to refi sooner anyway.

[Creditaddict]

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@Anonymous wrote:

Ok, thanks for the response.  510 is dismal so I should be grateful anyone is willing to take a chance on me.  Just wondering if making the disputes would be worth it.

Hate to be stuc with 18.25% for 12 months but considering I'd be committed to the rehab for 9 months, I wouldn't be able to refi sooner anyway.

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for sure do disputes if other stuff on credit report besides the rehab and whatever doesn't come off with disputes work on during that 9 months and add a month after the final payment for them to get the credit reports updated and you should be in a good position to refi.

HOWEVER if you go buy some high depreciating car at 18% for 72 months with no or little money down and try to refi in 10 months you won't even be close without serious cash... consider what your buying.... find under 5 years old, under 75k miles... even way less if you drive a lot... and buy toyota, honda, nissan, etc... something that can hold onto as much value as possible to give you a chance to refi.

I read all the time about someone buying a 6 year old Ford with 110k miles on it on a 72 month loan and they get a year or so later and are trying to refi and they are $10k upside down and they blame the loan... The loan didn't tell them what to buy!

[Anonymous]

Great pointers creditaddict!  I was researching refi info today.  i think i'm going to move forward with the Exeter offer but I really want to refi... so I'll be well equipped now.  Thanks

[Dj4Money]

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@Unplug wrote:

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@Dj4Money wrote:

 I went buy one of the dealers that Truecar hook me up with. At first they wanted income verification, but they are going to see if Ford will accept the initial deal without it.

 Don't worry this is Car Max related...lol

 If it goes through, I am preferred to take my business to another dealer who will give me a better price. Right now they have me at some $440 a month number with $1,000 down. 

 If I can get the interest rate I believe I can get, I should be able to get that number without a penny out of my pocket. So either the interest rate is higher than 5% or they are charging MSRP on the car.

 If they want income verify, it won't be enough to justify a $390-$400 car payment or they'll definanly want dp, either which I can provide but we'll see. $1,000 down only knocks off about $15-20 anyway.

 I can get the same car from Car Max, one in Oxnard and the other in Torrance. So I may be awake bright and early tomorrow and be ready to apply at Car Max as soon as I know.

 If I can work them down however, it will be cheaper to buy new.

 Wish me luck.

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AS it's said "Sounds like a plan!"  -  whichever way it goes, the best to ya

Onward.....

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 Thanks, I got the surprised I wasn't expecting from Car Max, I will share details in a bit as I have a plan in place but it's completely off-topic.  It's likely I won't be using CarMax... more to come.

[Dj4Money]

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@Creditaddict wrote:

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@Anonymous wrote:

Ok, thanks for the response.  510 is dismal so I should be grateful anyone is willing to take a chance on me.  Just wondering if making the disputes would be worth it.

Hate to be stuc with 18.25% for 12 months but considering I'd be committed to the rehab for 9 months, I wouldn't be able to refi sooner anyway.

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for sure do disputes if other stuff on credit report besides the rehab and whatever doesn't come off with disputes work on during that 9 months and add a month after the final payment for them to get the credit reports updated and you should be in a good position to refi.

HOWEVER if you go buy some high depreciating car at 18% for 72 months with no or little money down and try to refi in 10 months you won't even be close without serious cash... consider what your buying.... find under 5 years old, under 75k miles... even way less if you drive a lot... and buy toyota, honda, nissan, etc... something that can hold onto as much value as possible to give you a chance to refi.

I read all the time about someone buying a 6 year old Ford with 110k miles on it on a 72 month loan and they get a year or so later and are trying to refi and they are $10k upside down and they blame the loan... The loan didn't tell them what to buy!

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 The only problem with this is that Toyota, Honda and Nissan don't make anything fun to drive at low price point anymore.

 The Corolla is about as close to driving an appliance as anything out on the road it might as well say say Oyster on it.

 You can touch a Civic Si with low mileage for less than about $19K, yes I looked.

 Nissan stop building the Sentra SE-R a few years ago as it was selling poorly. There a few on Car Max's lots but not in Manual Trans and in California, closest is Las Vegas.

 Plus I am just done with normally aspirated cars, they are just slow unless they have big engines, say like a Mustang GT. 

 At the interest rate the quoted me there is no way I am going to entertain such a loan when the threshold for Ford Credit is only showing proof of income above a certain point.

 Like I said, I won't drag it off-topic any more than that, but Car Max for me was a non-starter. I may try to re-submit with something more reasonable than I tried with tonight to see if that makes any difference.

 If not, CA I sent you an email with what I have in mind. I much rather do that than have an albatross around my neck for several years.