What are the limitations to report to credit bureaus ? How do I make my financing company report ?

[AlwaysUp]

They told me they stopped reporting because a lot of their customers asked for it... I find that hard to believe.

[Anonymous]

@ Rev,

I couldn't get $44K of enjoyment from a vehicle. They don't give me the warm fuzzies. Paying that kind of money for a 5 minute drive to work, and then having it sit outside 8-10 hours/day wouldn't make financial sense, to me.

I'd apply for a hidden tradeline in a second, if it made numerical sense. Not in rebuilding mode and wouldn't derive any benefit whatsoever from a new tradeline.

@OP,

I believe companies like that will report if something goes wrong, LOL! Also, it's relatively easy to get information when it's time for a mortgage. 9.99% seems a little high but compared to bad credit places, it's pretty decent. Does stink that paying on time won't improve your credit score, though.

[AlwaysUp]

Yeah but I want to refinance in 6 months I'm not okay with paying 10% interest rate. I have a 710 FICO score. No one wanted to give me financing because I'm a 1st time buyer. I want it to show up on my credit in that way I can apply for good credit cards with decent limits...

I hate my life. I spent 22.5K down on that car.

[Anonymous]

@ AU,

I would have spent the $22.5K on a cheaper car and considered having no car payment an investment in peace of mind.

FWIW, building credit takes time, but we all hate to wait.

[AlwaysUp]

Everyone has his own goals in life. I'm 20, no kids, no wife. I should enjoy my life while I still can. I don't wanna be the 40 years old guy driving a 2 doors porsche that he couldn't afford when he was 20. I have no problems paying my installements, I have no problem putting money down. The only thing I have a problem with is time. I hate waiting.

[Anonymous]

@ AU,

Waiting is a part of life. It's not something a 20 year old is expected to get.

Enjoy the car! Having nice stuff is fun.

[Anonymous]

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@AlwaysUp wrote:

Everyone has his own goals in life. I'm 20, no kids, no wife. I should enjoy my life while I still can. I don't wanna be the 40 years old guy driving a 2 doors porsche that he couldn't afford when he was 20. I have no problems paying my installements, I have no problem putting money down. The only thing I have a problem with is time. I hate waiting.

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There have benn lots and lots of articals on the millium generation having that same issue in employment and other areas of life. The need for instant gratification can cause serious long term problems. I am 53 and would love to be that guy driving a two door porsche. I can even afford it at this point in my life. The 2013 redsign of the boxster (making it not a girls car finally) is tempting, but 60k for a car is so impossible for me to mentally justify. Anyway, good luck with driving and spending what you want at 20 because you deserve it. At 25 you will be back reading the how to rebuild boards. Not knocking you personally. My daughter is 23 and has to fight the urge daily. She tells me all of her friends are the same and most are already in over thier heads.

[Anonymous]

@ Chris123inTx,

I wish there were a humane way (that didn't leave physical scars or require years of therapy) to let younger people truly see/learn the effects of excessive debt on one's life.

OP's in good shape, can afford it, and should spoil himself a little if it's affordable.

I'm actually the opposite of FR and don't enjoy driving at all, unless in a Jeep. I'm too cheap for dropping $28K on a Jeep and then doing the 14 miles/gallon thing, LOL!

[Anonymous]

What sort of downpayment and interest rate are you in for on this unreported loan of 44k?

[Anonymous]

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@Anonymous wrote:

What sort of downpayment and interest rate are you in for on this unreported loan of 44k?

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Above he says $22.5 down and 9.99%.