Car Credit Issues

[Anonymous]

geyoung -- your post and mine crossed -- that is, I was writing my last post (about putting down more/borrowing less) before your last post posted.  Anyway, I think you get everyone's drift ... buy whatever you can, and trade up as soon as you have *auto credit*.  It won't take long if you play by their rules.

[Anonymous]

geyoung wrote:

I'm a sports agent.  i currently drive a $50k car, and deal with athletes that drive $100+ vehicles.  I've been at my job for over 7 years and if i were to purchase a vehicle, what would you suggest I purchase?

You make the kind of money that you can purchase any car you want.  You don't have to explain or justify to anyone (especially on this forum) why you are choosing to purchase an $80k vehicle.  If I made the kind of money you do, I'd probably want a nice vehicle too and would not feel obligated in the least to explain my decisions to anyone (except maybe the banker, if he/she inquired).  You earn the money and have the right to spend it any way you wish. 

....hate the game not the player.

[Tuscani]

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HouseHunter wrote:

geyoung wrote:

I'm a sports agent.  i currently drive a $50k car, and deal with athletes that drive $100+ vehicles.  I've been at my job for over 7 years and if i were to purchase a vehicle, what would you suggest I purchase?

You make the kind of money that you can purchase any car you want.  You don't have to explain or justify to anyone (especially on this forum) why you are choosing to purchase an $80k vehicle.  If I made the kind of money you do, I'd probably want a nice vehicle too and would not feel obligated in the least to explain my decisions to anyone (except maybe the banker, if he/she inquired).  You earn the money and have the right to spend it any way you wish. 

....hate the game not the player.

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Well said.

OP: More info on auto scores: http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=1231

[Boswd]

I don't know if this was addressed or not but are you having trouble getting financed through the dealership?  and If so have you tried your bank?    I would think that with your salary and your wife salary  and I'm sure your accounts are the type of accounts that Banks dream of, why not finance through them?

Also as smallfry pointed out,  with your and your wife's income, your Auto Fico is absolutly meaningless, he's right,  FICO scores are for debt challenged.   

[Anonymous]

I said (twice) that the OP didn't need to answer my question of why he needed an $80k car.  I thought "don't answer that" was pretty clear. 

[Anonymous]

your ballin man! Show them your income and see if they consider giving you an auto loan or not. If not, like somebody said above, try to get an auto loan thru your bank.

[Anonymous]

Boswd wrote:

I don't know if this was addressed or not but are you having trouble getting financed through the dealership?  and If so have you tried your bank?    I would think that with your salary and your wife salary  and I'm sure your accounts are the type of accounts that Banks dream of, why not finance through them?

Also as smallfry pointed out,  with your and your wife's income, your Auto Fico is absolutly meaningless, he's right,  FICO scores are for debt challenged.   

I actually am having a hard time financing thru used car dealers, they are going thru banks and are pulling my bureau too many times. I actually havent gone directly to my bank and my bank might be the next step.  I just hate that the dealer has pulled several inquiries on me to get financed and has not come up with a good deal.  

I think that regardless of how much cash you make, you do really need credit. I found that in business ventures - like when you are going to purchase a home (in my income bracket) you still need credit because you're not gonna put $3 million down on a $3 million home, you have to finance it, etc.  So at one point of another you need credit.  I used to think I would never need credit (like you guys said), thats why I'm in this situation now and for me its frustrating because I'm used to just paying for what i want and getting it.  Now, people are actually saying "I dont care how much money you have - you have no this or that type of credit." 

Thanks however, I will try my bank and see.  I have most of my cards with them - BOA.  i heard they are not good for auto loans however.  

[Anonymous]

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geyoung wrote:

I think that regardless of how much cash you make, you do really need credit.

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Correct.  And it's completely counterintuitive -- just like you can't get a loan until you prove you don't need the money.  But it looks like credit is here to stay, so we all have to learn to play the game.  Who knows, you might decide to open your own sports agency and your state/city may require some type of business license or surety bond.  In order to grant the license or bond, they may want to check ... your credit, of course. 

One suggestion: when you go to your bank, bring your hard copies of reports and scores.  Tell them to look them over (BEFORE they do their own hard pulls) and give you a good indication of whether you can expect to be approved.  Explain that you don't want to add more inqs if you don't have to (even though auto loan inqs w/in a 14-day period count as a single inq).  So good luck, and hang in there!

[Anonymous]

So now, dreaming of hitting the lottery isn't enough...still the FICO monkey on my back...

Please update this thread with any new details as I am officially addicted.

Staying tuned and popping popcorn.

[reily28]

Man with that kind of money on deposit go to your main bank if they wount do it tell them your closing you acct. Take you cash and put it in a new bank with a big deposit in your acct they should be able to help!!!!!!!

Good Luck.

It sound like you got some!