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Posted: 7/7/2015 7:58:45 PM EDT
[#1]
Quoted: I have the liquidity to just buy the truck but that's besides the point. then I find it tough to believe that they wouldn't finance it... especially being a homeowner |
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Posted: 7/7/2015 7:59:48 PM EDT
[#2]
Quoted:
Preface being I'm in my mid 20s, no debt ever except for a $23k truck note four years ago and my current house. I make between 60-85k a year. I want to buy a new F150. I want to finance $41k of it. My credit union will only finance 35k, and that was after rejecting their initial 25k offer. The reason? My last auto note was only 23k and I haven't worked my way up. If I had another note in there, say 35k, they would have approved me, but a $18k jump is just too much. I have the liquidity to just buy the truck but that's besides the point. /woe is me thread. You don't play the game the way they want you to so they don't want to give you their money. Their money, their rules. |
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Posted: 7/7/2015 8:01:35 PM EDT
[#3]
That sucks!!!
I waited to long to get credit cards and use credit to buy things. I paid cash for stuff thinking it was the responsible thing to do(no credit cards, and cheap used vehicles). I could not get a loan to buy a more expensive car at 27 as I did not have enough credit history. Luckily my parents were willing to co-sign. Once that was done, I have not had any issues. |
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Posted: 7/7/2015 8:02:05 PM EDT
[#4]
Quote HistoryQuoted:
then I find it tough to believe that they wouldn't finance it... especially being a homeowner Quote HistoryQuoted:
Quoted:
I have the liquidity to just buy the truck but that's besides the point. then I find it tough to believe that they wouldn't finance it... especially being a homeowner Exactly. Ford will finance me at some outrageous rate and give me $1000 off the truck to do it, but not my CU that I've been dealing with for 4 years. I guess they see that money and want me to use some of it? Or are stuck that I'd be going from a 23k auto loan to a 41k. Who knows. |
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Posted: 7/7/2015 8:03:27 PM EDT
[#5]
Quote HistoryQuoted:
Exactly. Ford will finance me at some outrageous rate and give me $1000 off the truck to do it, but not my CU that I've been dealing with for 4 years. I guess they see that money and want me to use some of it? Or are stuck that I'd be going from a 23k auto loan to a 41k. Who knows. Quote HistoryQuoted:
Quoted:
Quoted:
I have the liquidity to just buy the truck but that's besides the point. then I find it tough to believe that they wouldn't finance it... especially being a homeowner Exactly. Ford will finance me at some outrageous rate and give me $1000 off the truck to do it, but not my CU that I've been dealing with for 4 years. I guess they see that money and want me to use some of it? Or are stuck that I'd be going from a 23k auto loan to a 41k. Who knows. Just curious, what rate is Ford offering you? |
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Posted: 7/7/2015 8:03:47 PM EDT
[#6]
Credit union doesn't want to see you screwed over on the too high truck price,,maybe idk
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Posted: 7/7/2015 8:06:58 PM EDT
[#7]
Quote HistoryQuoted:
Just curious, what rate is Ford offering you? Quote HistoryQuoted:
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Quoted:
Quoted:
I have the liquidity to just buy the truck but that's besides the point. then I find it tough to believe that they wouldn't finance it... especially being a homeowner Exactly. Ford will finance me at some outrageous rate and give me $1000 off the truck to do it, but not my CU that I've been dealing with for 4 years. I guess they see that money and want me to use some of it? Or are stuck that I'd be going from a 23k auto loan to a 41k. Who knows. Just curious, what rate is Ford offering you? 4.9% for 60+ is the base rate according to the sales guy. |
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Posted: 7/7/2015 8:07:04 PM EDT
[#8]
Maybe they just don't like fords?
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Posted: 7/7/2015 8:07:22 PM EDT
[#9]
you say you have the cash to buy the truck outright, so why not just put enough down to get you to the $35k your CU has you capped at? it doesnt seem too hard to understand why a bank would be leery of giving someone your age, with a light credit history, $41k
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Posted: 7/7/2015 8:10:15 PM EDT
[#10]
Quote HistoryQuoted:
4.9% for 60+ is the base rate according to the sales guy. Quote HistoryQuoted:
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Quoted:
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I have the liquidity to just buy the truck but that's besides the point. then I find it tough to believe that they wouldn't finance it... especially being a homeowner Exactly. Ford will finance me at some outrageous rate and give me $1000 off the truck to do it, but not my CU that I've been dealing with for 4 years. I guess they see that money and want me to use some of it? Or are stuck that I'd be going from a 23k auto loan to a 41k. Who knows. Just curious, what rate is Ford offering you? 4.9% for 60+ is the base rate according to the sales guy. I got 1.79% for four years with $1500 off my Fiesta ST. They knocked it down without me even asking, just to match my Credit Union's rates (which I told them) |
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Posted: 7/7/2015 8:11:21 PM EDT
[#11]
Quote HistoryQuoted:
you say you have the cash to buy the truck outright, so why not just put enough down to get you to the $35k your CU has you capped at? it doesnt seem too hard to understand why a bank would be leery of giving someone your age, with a light credit history, $41k Because I'll be reimbursed for the truck through work and it doesn't make sense to put 6k down. Time value of money and all that. Looks like what I will need to do though. |
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Posted: 7/7/2015 8:16:01 PM EDT
[#12]
The reward for not having debt is not having debt. |
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Posted: 7/7/2015 8:17:00 PM EDT
[#13]
Credit can be really stupid at times. I have an Acura lease on a $40,000 car and finance an Acura through them as well for $27,000. I also have some low credit limit cards and always pay everything in time, but can't get approved for a decent card at all. Just doesn't make sense sometimes.
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Posted: 7/7/2015 8:21:31 PM EDT
[#14]
Quote HistoryI got 1.79% for four years with $1500 off my Fiesta ST. They knocked it down without me even asking, just to match my Credit Union's rates (which I told them) This. Ford can do much better than they are offering. |
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Posted: 7/7/2015 8:22:55 PM EDT
[#15]
Quote HistoryQuoted:
4.9% for 60+ is the base rate according to the sales guy. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
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I have the liquidity to just buy the truck but that's besides the point. then I find it tough to believe that they wouldn't finance it... especially being a homeowner Exactly. Ford will finance me at some outrageous rate and give me $1000 off the truck to do it, but not my CU that I've been dealing with for 4 years. I guess they see that money and want me to use some of it? Or are stuck that I'd be going from a 23k auto loan to a 41k. Who knows. Just curious, what rate is Ford offering you? 4.9% for 60+ is the base rate according to the sales guy. I'm willing to bet you they'll drop the shit out of the interest rate (assuming you have stellar credit) if you tell them you'd 'rather go through ford than the credit union'. I got a 1.5% loan for 60 months a couple years ago when the original offer was 4.5%. Someone will play ball - even if it's not ford it'll be chevy. I notice you're in texas. I have a spectacular sales guy if you want his name - he'll hook you up and even bring the truck to you. You won't even have to go into the dealership to sign the paperwork. Just tell him exactly what you're looking for (and tell him if you found it at another lot) or have him order it. It's the best damn way to shop for a truck.. |
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Posted: 7/7/2015 8:25:38 PM EDT
[#16]
Quote HistoryQuoted:
I'm willing to bet you they'll drop the shit out of the interest rate (assuming you have stellar credit) if you tell them you'd 'rather go through ford than the credit union'. I got a 1.5% loan for 60 months a couple years ago when the original offer was 4.5%. Someone will play ball - even if it's not ford it'll be chevy. I notice you're in texas. I have a spectacular sales guy if you want his name - he'll hook you up and even bring the truck to you. You won't even have to go into the dealership to sign the paperwork. Just tell him exactly what you're looking for (and tell him if you found it at another lot) or have him order it. It's the best damn way to shop for a truck.. Houston area? |
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Posted: 7/7/2015 8:27:21 PM EDT
[#17]
I find that hard to believe, unless your income doesn't support the debt load. Underwriting looks at the amount in regards to that, your debt to income ratio. It has nothing to do with going from one amount to the other "on your record." Someone is bullshitting you.
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Posted: 7/7/2015 8:33:33 PM EDT
[#18]
Quote HistoryQuoted:
Credit can be really stupid at times. I have an Acura lease on a $40,000 car and finance an Acura through them as well for $27,000. I also have some low credit limit cards and always pay everything in time, but can't get approved for a decent card at all. Just doesn't make sense sometimes. Are you asking to have your limits raised on your current cards or applying for new ones? |
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Posted: 7/7/2015 8:35:52 PM EDT
[#19]
Somethings not right
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Posted: 7/7/2015 8:36:54 PM EDT
[#20]
Quote HistoryQuoted:
I find that hard to believe, unless your income doesn't support the debt load. Underwriting looks at the amount in regards to that, your debt to income ratio. It has nothing to do with going from one amount to the other "on your record." Someone is bullshitting you. Absolutely true, I bank(have done so for the past 25+ years) at a small locally owned bank that doesn't report to the credit agency's. I can call THEM on the phone, tell them I need $75K to purchase some equip, bank president says " write the check , come in within the next week we'll have the paperwork ready for you to sign". Done it several times in the last 10 years. Yet I can't get a home refi, from any other lender - as I don't have a credit rating 
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Posted: 7/7/2015 8:37:00 PM EDT
[#21]
Quoted:
Preface being I'm in my mid 20s, no debt ever except for a $23k truck note four years ago and my current house. I make between 60-85k a year. I want to buy a new F150. I want to finance $41k of it. My credit union will only finance 35k, and that was after rejecting their initial 25k offer. How much of your monthly take home goes out with the mortgage? |
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Posted: 7/7/2015 8:37:01 PM EDT
[#22]
How much does an F150 cost if you need to finance 41k of it?
That seems like a lot of coin for a half ton. |
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Posted: 7/7/2015 8:38:02 PM EDT
[#23]
Can we get the specs on this truck please? You may be overpaying on the front side.
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Posted: 7/7/2015 8:38:55 PM EDT
[#24]
Quoted:
Preface being I'm in my mid 20s, no debt ever except for a $23k truck note four years ago and my current house. I make between 60-85k a year. I want to buy a new F150. I want to finance $41k of it. My credit union will only finance 35k, and that was after rejecting their initial 25k offer. The reason? My last auto note was only 23k and I haven't worked my way up. If I had another note in there, say 35k, they would have approved me, but a $18k jump is just too much. I have the liquidity to just buy the truck but that's besides the point. /woe is me thread. I have only ever bought vehicles in cash. Loans are for those bad at math. |
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Posted: 7/7/2015 8:42:40 PM EDT
[#25]
Quote HistoryQuoted:
How much does an F150 cost if you need to finance 41k of it? That seems like a lot of coin for a half ton. Yep truck prices are foolish these days. Especially diesels. I have an 07 duramax I paid 27k for new and the same thing now is in the 50s. |
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Posted: 7/7/2015 8:47:07 PM EDT
[#26]
I had a problem qualifying for my mortgage because I didn't use credit for years. I ended up getting a loan using things like my utilities an cell phone bill to establish payment history but I got a shitty rate despite no debt load, stable employment, and a very comfortable living for my area.
It sucks but it's their shitty game and their shitty rules. |
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Posted: 7/7/2015 8:48:57 PM EDT
[#27]
Quote HistoryQuoted:
How much does an F150 cost if you need to finance 41k of it? That seems like a lot of coin for a half ton. The prices on trucks these days are crazy. The new F150 Platinums have hit $60k+ sticker price. |
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Posted: 7/7/2015 8:49:16 PM EDT
[#28]
Quote HistoryQuoted:
I have only ever bought vehicles in cash. Loans are for those bad at math. Quote HistoryQuoted:
Quoted:
Preface being I'm in my mid 20s, no debt ever except for a $23k truck note four years ago and my current house. I make between 60-85k a year. I want to buy a new F150. I want to finance $41k of it. My credit union will only finance 35k, and that was after rejecting their initial 25k offer. The reason? My last auto note was only 23k and I haven't worked my way up. If I had another note in there, say 35k, they would have approved me, but a $18k jump is just too much. I have the liquidity to just buy the truck but that's besides the point. /woe is me thread. I have only ever bought vehicles in cash. Loans are for those bad at math. Statements like that are for those who think they are good with money. |
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Posted: 7/7/2015 8:51:14 PM EDT
[#29]
Quote HistoryQuoted:
The prices on trucks these days are crazy. The new F150 Platinums have hit $60k+ sticker price. Quote HistoryQuoted:
Quoted:
How much does an F150 cost if you need to finance 41k of it? That seems like a lot of coin for a half ton. The prices on trucks these days are crazy. The new F150 Platinums have hit $60k+ sticker price. To hell with that. I just bought a one ton diesel for 6 grand and put about 2k more into it. Runs and drives like a low miles vehicle. |
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Posted: 7/7/2015 8:53:32 PM EDT
[#30]
Current FICO score?
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Posted: 7/7/2015 8:53:38 PM EDT
[#31]
Quote HistoryQuoted: Somethings not right |
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Posted: 7/7/2015 8:57:19 PM EDT
[#32]
past credit history?
definitely something does not add up. Plus making 60-85 is a huge variance in income. Is your job commission based? |
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Posted: 7/7/2015 8:59:37 PM EDT
[#33]
I'd probably take my business and accounts elsewhere.
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Posted: 7/7/2015 9:01:01 PM EDT
[#34]
I like the Ramsey rule. You can buy a new car, provided you can pay for it with cash and have $1,000,000 left over in your bank account. Otherwise I look for the sweet spot of depreciation -- 5 years old 75K miles. Works every time.
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Posted: 7/7/2015 9:02:17 PM EDT
[#35]
Have you tried another credit union or bank? How about another Ford dealer?
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Posted: 7/7/2015 9:02:52 PM EDT
[#36]
Last year I paid off $70k in student loans, a mortgage, and a truck. The result was a 125pt hit to my credit score. It's a fucking racket.
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Posted: 7/7/2015 9:03:55 PM EDT
[#37]
Quoted:
Preface being I'm in my mid 20s, no debt ever except for a $23k truck note four years ago and my current house. I make between 60-85k a year. I want to buy a new F150. I want to finance $41k of it. My credit union will only finance 35k, and that was after rejecting their initial 25k offer. The reason? My last auto note was only 23k and I haven't worked my way up. If I had another note in there, say 35k, they would have approved me, but a $18k jump is just too much. I have the liquidity to just buy the truck but that's besides the point. /woe is me thread. It's the bank's way of telling you that you're fucking mentally unstable for wanting to pay $40K+ fucking dollars for a fucking FORD pickup truck, dude. Be glad that they did you a favor. 
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Posted: 7/7/2015 9:04:09 PM EDT
[#38]
What are your FICO scores?
I was in my late 20s and after I had fixed my finances, my FICO scores from all 3 CRAs was 785+. I was making around $30k and 2 different credit unions approved me for a $40k loan with no previous loans. What credit union, I would try another. |
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Posted: 7/7/2015 9:04:30 PM EDT
[#39]
Quote HistoryQuoted: How much does an F150 cost if you need to finance 41k of it? That seems like a lot of coin for a half ton. No kidding. Better than half your yearly income for a fucking truck? That's some crazy priorities, but whatever makes you happy. |
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Posted: 7/7/2015 9:04:57 PM EDT
[#40]
Quoted:
Preface being I'm in my mid 20s, no debt ever except for a $23k truck note four years ago and my current house. I make between 60-85k a year. I want to buy a new F150. I want to finance $41k of it. My credit union will only finance 35k, and that was after rejecting their initial 25k offer. The reason? My last auto note was only 23k and I haven't worked my way up. If I had another note in there, say 35k, they would have approved me, but a $18k jump is just too much. I have the liquidity to just buy the truck but that's besides the point. /woe is me thread. I'm with ya OP. When I bought my first "adult car" in 2010 I was told something similar. I just bought it outright lol, only reason I wanted to finance was to build credit 
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Posted: 7/7/2015 9:08:05 PM EDT
[#41]
Quote HistoryQuoted: Statements like that are for those who think they are good with money. Quote HistoryQuoted: Quoted: Quoted: Preface being I'm in my mid 20s, no debt ever except for a $23k truck note four years ago and my current house. I make between 60-85k a year. I want to buy a new F150. I want to finance $41k of it. My credit union will only finance 35k, and that was after rejecting their initial 25k offer. The reason? My last auto note was only 23k and I haven't worked my way up. If I had another note in there, say 35k, they would have approved me, but a $18k jump is just too much. I have the liquidity to just buy the truck but that's besides the point. /woe is me thread. I have only ever bought vehicles in cash. Loans are for those bad at math. Statements like that are for those who think they are good with money. |
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Posted: 7/7/2015 9:08:18 PM EDT
[#42]
Who did you talk to at the CU?
Mine tried that and I asked to talk to the senior loan office, got the he's tied up so told them to close my account, I want all my money in cash please. Bam VP was there, got my loan at a lower rate than the dealer. |
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Posted: 7/7/2015 9:08:36 PM EDT
[#43]
Quote HistoryQuoted:
I have only ever bought vehicles in cash. Loans are for those bad at math. Quote HistoryQuoted:
Quoted:
Preface being I'm in my mid 20s, no debt ever except for a $23k truck note four years ago and my current house. I make between 60-85k a year. I want to buy a new F150. I want to finance $41k of it. My credit union will only finance 35k, and that was after rejecting their initial 25k offer. The reason? My last auto note was only 23k and I haven't worked my way up. If I had another note in there, say 35k, they would have approved me, but a $18k jump is just too much. I have the liquidity to just buy the truck but that's besides the point. /woe is me thread. I have only ever bought vehicles in cash. Loans are for those bad at math. Do this math: You pay 80k for a BMW 550i in cash. I finance an 80k 550i with BMWNA for 24 months at 0.9%apr I put that 80k in an investment account and make an average of 1.8% per month selling puts. My top margina effectivel tax rate is 46%. Who wins? Hint:Failure to understand leverage isn't being financially smart no matter what Dave Ramsey told you. |
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Posted: 7/7/2015 9:14:14 PM EDT
[#44]
a new truck cost 41k? A F150?
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Posted: 7/7/2015 9:18:34 PM EDT
[#45]
Here's the result of me not having any debt.
A FICO score of 814 and what's hurting it: The largest credit limit on open bankcard or revolving account is too low. AND Total of all balances on open bankcards and revolving accounts is too high. I have no balance on anything, I have no debt. |
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Posted: 7/7/2015 9:19:21 PM EDT
[#46]
Quote HistoryQuoted:
a new truck cost 41k? A F150? Fully optioned top trim ford's sticker over 60k. I agree, it's ridiculous. |
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Posted: 7/7/2015 9:20:56 PM EDT
[#47]
Quote HistoryQuoted: My top margina effectivel tax rate is 46%. What kind of sick sexual fantasy is this? |
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Posted: 7/7/2015 9:21:35 PM EDT
[#48]
Quote HistoryQuoted:
Here's the result of me not having any debt.A FICO score of 814 and what's hurting it: The largest credit limit on open bankcard or revolving account is too low. AND Total of all balances on open bankcards and revolving accounts is too high. I have no balance on anything, I have no debt.
They're reporting the amounts due and % of limit. Get your limits raised and the problem goes away. I have the same problem because my business Amex routinely has 20k on it at the end of the month. |
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Posted: 7/7/2015 9:22:43 PM EDT
[#49]
Quote HistoryQuoted:
What kind of sick sexual fantasy is this?
Quote HistoryQuoted:
Quoted: My top margina effectivel tax rate is 46%.
What kind of sick sexual fantasy is this?
It's the bonus 18% unlubed fucking I get for being self employed. |
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Posted: 7/7/2015 9:26:19 PM EDT
[#50]
Quote HistoryQuoted: They're reporting the amounts due and % of limit. Get your limits raised and the problem goes away. I have the same problem because my business Amex routinely has 20k on it at the end of the month. Quote HistoryQuoted: Quoted: Here's the result of me not having any debt.A FICO score of 814 and what's hurting it: The largest credit limit on open bankcard or revolving account is too low. AND Total of all balances on open bankcards and revolving accounts is too high. I have no balance on anything, I have no debt. They're reporting the amounts due and % of limit. Get your limits raised and the problem goes away. I have the same problem because my business Amex routinely has 20k on it at the end of the month. How much higher can my FICO score go? |
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