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Posted: 7/7/2015 11:20:08 PM EDT
[#1]
Mid 20s. Making $60-$85k/yr, mortgage and you have over $40k in the bank?
Something doesn't add up. Let's say you make $85k... Your state tax is going to be about $4500 Your federal tax could be as high as $14.5k. Let's assume your mortgage is $1500/mo...$18k annual. You're down to $37k. Utilities annually...$6k Basic home repairs...$3k annually Gas to get to work...$2400 annually(I'm being generous) Food...$100/wk.(again, being generous)...$5200 Health ins...I'll give you a pass Buying random shit off Amazon that you don't need...$250/month...$3k annually Entertainment...$500/mo...$6k annually You're down to a little over $14k and we haven't paid any local taxes. And I'm sure I'm missing a bunch more expenses. I'm not seeing your math add up. |
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Posted: 7/7/2015 11:28:15 PM EDT
[#2]
Finance it with ford credit at the standard rate (not subvened) so you can get all of the rebates including the extra grand for using Fmcc, keep the loan open for 3 payments then refi with your cu which should no longer be a problem because now you'll have a larger balance credit history (from the Fmcc loan). If you score above 720 and are not financing any negative equity from a trade in you should be a tier 0 with fords scoring system and be in the mid 3's for a rate. There is no downside to this. Source: I am the F&I manager at a ford dealership.
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Posted: 7/7/2015 11:35:58 PM EDT
[#3]
Quote HistoryQuoted:
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 11:40:06 PM EDT
[#4]
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 you got the cash to buy it outright ...then lend yourself the money at a reasonable interest rate. |
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Posted: 7/7/2015 11:42:44 PM EDT
[#5]
Quote HistoryQuoted:
Mid 20s. Making $60-$85k/yr, mortgage and you have over $40k in the bank? Something doesn't add up. Let's say you make $85k... Your state tax is going to be about $4500 Your federal tax could be as high as $14.5k. Let's assume your mortgage is $1500/mo...$18k annual. You're down to $37k. Utilities annually...$6k Basic home repairs...$3k annually Gas to get to work...$2400 annually(I'm being generous) Food...$100/wk.(again, being generous)...$5200 Health ins...I'll give you a pass Buying random shit off Amazon that you don't need...$250/month...$3k annually Entertainment...$500/mo...$6k annually You're down to a little over $14k and we haven't paid any local taxes. And I'm sure I'm missing a bunch more expenses. I'm not seeing your math add up. It can be done without much trouble but not by the type of young kid dropping 40 g's on a pickup. That would mean saving 5 or 8 grand a year since being an adult. Hardly impossible if a guy has sense, which most dont. And also assuming the guy didnt spend a bunch on college. EDIT - ignore this. I just read the second page of the thread. Lots of bullshit in here and lies that dont add up. A vehicle loan where they give you an amount but never asked what vehicle you were financing? Yeah, okay. |
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Posted: 7/7/2015 11:45:33 PM EDT
[#6]
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 find this hard to believe. The amount of the truck has nothing to do with your approval as long as the value of the truck is worth what you are borrowing and your debt to income ratio is fine. If those 2 things are there with no delq history or collections on your credit report, you shouldn't have been declined. Especially if you have good payment history with them in the past. Somethings missing from this story or there is a misunderstanding. Sorry but you don't just work your way up to a better car loan, that's only for unsecured loans. BTW I did this for a living until I was promoted but still fill in on lending when needed at my CU job. |
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Posted: 7/7/2015 11:49:33 PM EDT
[#7]
Quote HistoryQuoted:
It can be done without much trouble but not by the type of young kid dropping 40 g's on a pickup. That would mean saving 5 or 8 grand a year since being an adult. Hardly impossible if a guy has sense, which most dont. And also assuming the guy didnt spend a bunch on college. Quote HistoryQuoted:
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Mid 20s. Making $60-$85k/yr, mortgage and you have over $40k in the bank? Something doesn't add up. Let's say you make $85k... Your state tax is going to be about $4500 Your federal tax could be as high as $14.5k. Let's assume your mortgage is $1500/mo...$18k annual. You're down to $37k. Utilities annually...$6k Basic home repairs...$3k annually Gas to get to work...$2400 annually(I'm being generous) Food...$100/wk.(again, being generous)...$5200 Health ins...I'll give you a pass Buying random shit off Amazon that you don't need...$250/month...$3k annually Entertainment...$500/mo...$6k annually You're down to a little over $14k and we haven't paid any local taxes. And I'm sure I'm missing a bunch more expenses. I'm not seeing your math add up. It can be done without much trouble but not by the type of young kid dropping 40 g's on a pickup. That would mean saving 5 or 8 grand a year since being an adult. Hardly impossible if a guy has sense, which most dont. And also assuming the guy didnt spend a bunch on college. I'm not saying it can't be done. It does get done. But, not often. He's on a gun website...I didn't buy any expensive toys. People his age, with that type of income, that buy $40k+ trucks buy other expensive toys. I was pretty conservative. |
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Posted: 7/7/2015 11:53:56 PM EDT
[#8]
Quote HistoryQuoted:
I'm not saying it can't be done. It does get done. But, not often. He's on a gun website...I didn't buy any expensive toys. People his age, with that type of income, that buy $40k+ trucks buy other expensive toys. I was pretty conservative. Quote HistoryQuoted:
Quoted:
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Mid 20s. Making $60-$85k/yr, mortgage and you have over $40k in the bank? Something doesn't add up. Let's say you make $85k... Your state tax is going to be about $4500 Your federal tax could be as high as $14.5k. Let's assume your mortgage is $1500/mo...$18k annual. You're down to $37k. Utilities annually...$6k Basic home repairs...$3k annually Gas to get to work...$2400 annually(I'm being generous) Food...$100/wk.(again, being generous)...$5200 Health ins...I'll give you a pass Buying random shit off Amazon that you don't need...$250/month...$3k annually Entertainment...$500/mo...$6k annually You're down to a little over $14k and we haven't paid any local taxes. And I'm sure I'm missing a bunch more expenses. I'm not seeing your math add up. It can be done without much trouble but not by the type of young kid dropping 40 g's on a pickup. That would mean saving 5 or 8 grand a year since being an adult. Hardly impossible if a guy has sense, which most dont. And also assuming the guy didnt spend a bunch on college. I'm not saying it can't be done. It does get done. But, not often. He's on a gun website...I didn't buy any expensive toys. People his age, with that type of income, that buy $40k+ trucks buy other expensive toys. I was pretty conservative. I hear you. I edited my post. Lots of horeshit in this thread. I do agree that the guy buying a 40k pickup at 25 doesnt probably have a pot of his own to piss in. Lots of highly leveraged underwater pots, but no pots of his own. |
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Posted: 7/7/2015 11:55:36 PM EDT
[#9]
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 This. You're asking the bank for a favor and they said that they'll do you the favor, but at these terms... What's so hard to understand? |
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Posted: 7/7/2015 11:56:46 PM EDT
[#10]
I just paid off my HD Motorcycle ($9,500 balance) and a credit card that had a $26.00 balance on it and my score dropped 15 points
 . Still in the high 700's but yes credit scoring is retarded.
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Posted: 7/7/2015 11:57:20 PM EDT
[#11]
Without going into everything, the easy answer is finance it with ford and refi with your credit union.
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Posted: 7/7/2015 11:57:20 PM EDT
[#12]
Quote HistoryQuoted:
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. That can be hit or miss depending on your personal situation, the vehicle, and he current market. Do the math for yourself before deciding. For what I drive, how often I drive, and the current market it would cost me less than$200/year in purchase price over the lifetime of each vehicle to buy new. The new model comes with the benefit of a 5 year warranty, exact options that I want, and full control over the maintenance of the vehicle. 5 years of worry free maintenance goes a lot way toward closing that cost gap and having full control over maintenance has the potential of tightening it even more. Of course the new vehicle is likely to have higher registration and insurance fees too but overall it isn't a big enough difference to really worry about for me. Of course when I bought my current truck things were a bit different. I bought my Ram used during the Dodge employee pricing period and gas prices were really high which meant really cheap used Rams. Mine had like 17k miles on it and it was only $17k. |
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Posted: 7/7/2015 11:59:30 PM EDT
[#13]
Quote HistoryQuoted:
I hear you. I edited my post. Lots of horeshit in this thread. I do agree that the guy buying a 40k pickup at 25 doesnt probably have a pot of his own to piss in. Lots of highly leveraged underwater pots, but no pots of his own. Quote HistoryQuoted:
Quoted:
Quoted:
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Mid 20s. Making $60-$85k/yr, mortgage and you have over $40k in the bank? Something doesn't add up. Let's say you make $85k... Your state tax is going to be about $4500 Your federal tax could be as high as $14.5k. Let's assume your mortgage is $1500/mo...$18k annual. You're down to $37k. Utilities annually...$6k Basic home repairs...$3k annually Gas to get to work...$2400 annually(I'm being generous) Food...$100/wk.(again, being generous)...$5200 Health ins...I'll give you a pass Buying random shit off Amazon that you don't need...$250/month...$3k annually Entertainment...$500/mo...$6k annually You're down to a little over $14k and we haven't paid any local taxes. And I'm sure I'm missing a bunch more expenses. I'm not seeing your math add up. It can be done without much trouble but not by the type of young kid dropping 40 g's on a pickup. That would mean saving 5 or 8 grand a year since being an adult. Hardly impossible if a guy has sense, which most dont. And also assuming the guy didnt spend a bunch on college. I'm not saying it can't be done. It does get done. But, not often. He's on a gun website...I didn't buy any expensive toys. People his age, with that type of income, that buy $40k+ trucks buy other expensive toys. I was pretty conservative. I hear you. I edited my post. Lots of horeshit in this thread. I do agree that the guy buying a 40k pickup at 25 doesnt probably have a pot of his own to piss in. Lots of highly leveraged underwater pots, but no pots of his own. And where's his last vehicle.? |
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Posted: 7/8/2015 12:05:12 AM EDT
[#14]
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. Actually, it has everything to do with it, banks deny thousands of people everyday on this very basis. Why would anyone in their right minds loan someone with a very very light credit history nearly double the amount of his last financed vehicle? I sure as shit wouldn't. You want a bigger loan, you have to prove to the banks you can pay that amount. In a shit come to fuck situation and OP finds himself overextended, guess what he's not going to pay first, his mortgage or his auto loan? Exactly my point. |
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Posted: 7/8/2015 12:06:49 AM EDT
[#15]
Quote HistoryQuoted:
Actually, it has everything to do with it, banks deny thousands of people everyday on this very basis. Why would anyone in their right minds loan someone with a very very light credit history nearly double the amount of his last financed vehicle? I sure as shit wouldn't. You want a bigger loan, you have to prove to the banks you can pay that amount. In a shit come to fuck situation and OP finds himself overextended, guess what he's not going to pay first, his mortgage or his auto loan? Exactly my point. Quote HistoryQuoted:
Quoted:
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. Actually, it has everything to do with it, banks deny thousands of people everyday on this very basis. Why would anyone in their right minds loan someone with a very very light credit history nearly double the amount of his last financed vehicle? I sure as shit wouldn't. You want a bigger loan, you have to prove to the banks you can pay that amount. In a shit come to fuck situation and OP finds himself overextended, guess what he's not going to pay first, his mortgage or his auto loan? Exactly my point. Because they have the collateral to cover the loan. I'm betting the OP doesn't. |
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Posted: 7/8/2015 12:13:24 AM EDT
[#16]
Quote HistoryQuoted: Do you have much more liquidity I know it's scary to bite the billet but why bother paying interest. You have the cash. Why on earth would you ever sink your cash into something that will lose 20% of its value the second you drive it off the lot. |
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Posted: 7/8/2015 12:16:51 AM EDT
[#17]
Quote HistoryQuoted:
This is why. 100% financing on an asset that depreciates as rapidly as a car/truck is not likely to happen. Unless it's a buy-here, pay-here place. Quote HistoryQuoted:
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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. 41k OTD This is why. 100% financing on an asset that depreciates as rapidly as a car/truck is not likely to happen. Unless it's a buy-here, pay-here place. Nearly all banks will go 125% LTV, excellent credit you can get up to 140% LTV |
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Posted: 7/8/2015 12:16:58 AM EDT
[#18]
Quote HistoryQuoted:
I'm not saying it can't be done. It does get done. But, not often. He's on a gun website...I didn't buy any expensive toys. People his age, with that type of income, that buy $40k+ trucks buy other expensive toys. I was pretty conservative. Quote HistoryQuoted:
Quoted:
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Mid 20s. Making $60-$85k/yr, mortgage and you have over $40k in the bank? Something doesn't add up. Let's say you make $85k... Your state tax is going to be about $4500 Your federal tax could be as high as $14.5k. Let's assume your mortgage is $1500/mo...$18k annual. You're down to $37k. Utilities annually...$6k Basic home repairs...$3k annually Gas to get to work...$2400 annually(I'm being generous) Food...$100/wk.(again, being generous)...$5200 Health ins...I'll give you a pass Buying random shit off Amazon that you don't need...$250/month...$3k annually Entertainment...$500/mo...$6k annually You're down to a little over $14k and we haven't paid any local taxes. And I'm sure I'm missing a bunch more expenses. I'm not seeing your math add up. It can be done without much trouble but not by the type of young kid dropping 40 g's on a pickup. That would mean saving 5 or 8 grand a year since being an adult. Hardly impossible if a guy has sense, which most dont. And also assuming the guy didnt spend a bunch on college. I'm not saying it can't be done. It does get done. But, not often. He's on a gun website...I didn't buy any expensive toys. People his age, with that type of income, that buy $40k+ trucks buy other expensive toys. I was pretty conservative. Buying a 40k truck at that age might be a big indicator of not making it but 40k savings isn't really a lot for someone that age if they were making that much. My savings were around that making less than that income at tgat age and I had a few guns at the time. All of your monthly/yearly budget items are significantly higher than what I paid then or even now that I am within your income range. I see no reason to call BS. |
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Posted: 7/8/2015 12:17:51 AM EDT
[#19]
I have only one credit card and that hurts my credit score.
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Posted: 7/8/2015 12:17:55 AM EDT
[#20]
Quote HistoryQuoted: what happens when you lose you job a month after you buy the truck? Quote HistoryQuoted: Quoted: Quoted: You claim to have the liquidity to buy the truck out right. Why don't you? Living in debt no matter how marginal sucks! The smart man would just pay for it outright if they have the means. I call bullshit. Because I can make more money by putting it in an index fund instead? Despite what Ramsey says, if you have half a brain, debt and financing is a smart thing to do, granted you take the rest of your money and do something with it. what happens when you lose you job a month after you buy the truck? |
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Posted: 7/8/2015 12:22:00 AM EDT
[#21]
Quote HistoryQuoted:
Actually, it has everything to do with it, banks deny thousands of people everyday on this very basis. Why would anyone in their right minds loan someone with a very very light credit history nearly double the amount of his last financed vehicle? I sure as shit wouldn't. You want a bigger loan, you have to prove to the banks you can pay that amount. In a shit come to fuck situation and OP finds himself overextended, guess what he's not going to pay first, his mortgage or his auto loan? Exactly my point. Quote HistoryQuoted:
Quoted:
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. Actually, it has everything to do with it, banks deny thousands of people everyday on this very basis. Why would anyone in their right minds loan someone with a very very light credit history nearly double the amount of his last financed vehicle? I sure as shit wouldn't. You want a bigger loan, you have to prove to the banks you can pay that amount. In a shit come to fuck situation and OP finds himself overextended, guess what he's not going to pay first, his mortgage or his auto loan? Exactly my point. Op credit is not that limited, if the figures add up and the values are right, he would be approved. As long as good job history has been est and proof of income is there, along with his fault less credit then it shouldn't be an issue. The only way I see the amount of the loan being an issue is if this was a pretty small CU who has put in extra guide lines they have made in their policies when it comes to their lending. But any other credit union that is 50 million in assets or larger would not have an issue with this. Yes this is first hand information about how this process works from the inside and not just something someone assumes happens bv theve applied for an auto loan before. This is how we make our money, through lending. I say all this assuming the op is not omitting facts and basing this on the first post. |
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Posted: 7/8/2015 12:22:44 AM EDT
[#22]
Quote HistoryQuoted:
Buying a 40k truck at that age might be a big indicator of not making it but 40k savings isn't really a lot for someone that age if they were making that much. My savings were around that making less than that income at tgat age and I had a few guns at the time. All of your monthly/yearly budget items are significantly higher than what I paid then or even now that I am within your income range. I see no reason to call BS. Quote HistoryQuoted:
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Mid 20s. Making $60-$85k/yr, mortgage and you have over $40k in the bank? Something doesn't add up. Let's say you make $85k... Your state tax is going to be about $4500 Your federal tax could be as high as $14.5k. Let's assume your mortgage is $1500/mo...$18k annual. You're down to $37k. Utilities annually...$6k Basic home repairs...$3k annually Gas to get to work...$2400 annually(I'm being generous) Food...$100/wk.(again, being generous)...$5200 Health ins...I'll give you a pass Buying random shit off Amazon that you don't need...$250/month...$3k annually Entertainment...$500/mo...$6k annually You're down to a little over $14k and we haven't paid any local taxes. And I'm sure I'm missing a bunch more expenses. I'm not seeing your math add up. It can be done without much trouble but not by the type of young kid dropping 40 g's on a pickup. That would mean saving 5 or 8 grand a year since being an adult. Hardly impossible if a guy has sense, which most dont. And also assuming the guy didnt spend a bunch on college. I'm not saying it can't be done. It does get done. But, not often. He's on a gun website...I didn't buy any expensive toys. People his age, with that type of income, that buy $40k+ trucks buy other expensive toys. I was pretty conservative. Buying a 40k truck at that age might be a big indicator of not making it but 40k savings isn't really a lot for someone that age if they were making that much. My savings were around that making less than that income at tgat age and I had a few guns at the time. All of your monthly/yearly budget items are significantly higher than what I paid then or even now that I am within your income range. I see no reason to call BS. You're in Nevada, he's in Virginia. I'll guarantee his costs are considerably higher than yours. |
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Posted: 7/8/2015 12:24:19 AM EDT
[#23]
Quote HistoryQuoted:
Nearly all banks will go 125% LTV, excellent credit you can get up to 140% LTV Quote HistoryQuoted:
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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. 41k OTD This is why. 100% financing on an asset that depreciates as rapidly as a car/truck is not likely to happen. Unless it's a buy-here, pay-here place. Nearly all banks will go 125% LTV, excellent credit you can get up to 140% LTV Most CU depending on your credit score will do 125% ltv as well. |
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Posted: 7/8/2015 12:25:12 AM EDT
[#24]
Quote HistoryQuoted:
Because they have the collateral to cover the loan. I'm betting the OP doesn't. Quote HistoryQuoted:
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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. Actually, it has everything to do with it, banks deny thousands of people everyday on this very basis. Why would anyone in their right minds loan someone with a very very light credit history nearly double the amount of his last financed vehicle? I sure as shit wouldn't. You want a bigger loan, you have to prove to the banks you can pay that amount. In a shit come to fuck situation and OP finds himself overextended, guess what he's not going to pay first, his mortgage or his auto loan? Exactly my point. Because they have the collateral to cover the loan. I'm betting the OP doesn't. The house isn't used as a collateral in auto loans... they just repo the car which is almost always at a loss to the lending institution. |
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Posted: 7/8/2015 12:25:39 AM EDT
[#25]
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statements like yours tell me you have no money. do you have a negative net worth? Quote HistoryQuoted:
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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. statements like yours tell me you have no money. do you have a negative net worth? Lmao how does it feel to be continually wrong
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Posted: 7/8/2015 12:25:44 AM EDT
[#26]
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. This. That's twice as much as I paid for all three of my current vehicles. |
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Posted: 7/8/2015 12:29:14 AM EDT
[#27]
then just go Buy it. why would you want to pay More ?
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. |
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Posted: 7/8/2015 12:41:30 AM EDT
[#28]
Quote HistoryQuoted:
The house isn't used as a collateral in auto loans... they just repo the car which is almost always at a loss to the lending institution. Quote HistoryQuoted:
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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. Actually, it has everything to do with it, banks deny thousands of people everyday on this very basis. Why would anyone in their right minds loan someone with a very very light credit history nearly double the amount of his last financed vehicle? I sure as shit wouldn't. You want a bigger loan, you have to prove to the banks you can pay that amount. In a shit come to fuck situation and OP finds himself overextended, guess what he's not going to pay first, his mortgage or his auto loan? Exactly my point. Because they have the collateral to cover the loan. I'm betting the OP doesn't. The house isn't used as a collateral in auto loans... they just repo the car which is almost always at a loss to the lending institution. I understand that's why they really like you to put up some down money. I've never even asked if they would lend me the full amount. |
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Posted: 7/8/2015 12:48:45 AM EDT
[#29]
Quote HistoryQuoted: I have only one credit card and that hurts my credit score. Yea, but you're ARFcom rich Paul.  The banks come to you for money.  |
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Posted: 7/8/2015 12:54:54 AM EDT
[#30]
Quote HistoryQuoted:
Most CU depending on your credit score will do 125% ltv as well. Quote HistoryQuoted:
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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. 41k OTD This is why. 100% financing on an asset that depreciates as rapidly as a car/truck is not likely to happen. Unless it's a buy-here, pay-here place. Nearly all banks will go 125% LTV, excellent credit you can get up to 140% LTV Most CU depending on your credit score will do 125% ltv as well. That's very surprising if true. I don't see how that could work out for the lender. |
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Posted: 7/8/2015 1:00:00 AM EDT
[#31]
Quote HistoryQuoted:
4.9% for 60+ is the base rate according to the sales guy. 
Dude, go to a different Ford stealership. The amount of negative equality Fords have due to all the rebates/discounts is crazy. Also, maybe don't buy full size pick-up because they are horribly overpriced because Murica' marketing. |
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Posted: 7/8/2015 1:00:10 AM EDT
[#32]
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That's very surprising if true. I don't see how that could work out for the lender. Quote HistoryQuoted:
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Nearly all banks will go 125% LTV, excellent credit you can get up to 140% LTV Most CU depending on your credit score will do 125% ltv as well. That's very surprising if true. I don't see how that could work out for the lender. I got a mid-700's done 3 weeks ago with 150% LTV. 125-130%, all day everyday. ETA: 84 months @ 5.9% |
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Posted: 7/8/2015 1:00:15 AM EDT
[#33]
Sounds like your CU is smart.
You cannot afford that truck, OP. |
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Posted: 7/8/2015 1:01:35 AM EDT
[#34]
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Finance it with ford credit at the standard rate (not subvened) so you can get all of the rebates including the extra grand for using Fmcc, keep the loan open for 3 payments then refi with your cu which should no longer be a problem because now you'll have a larger balance credit history (from the Fmcc loan). If you score above 720 and are not financing any negative equity from a trade in you should be a tier 0 with fords scoring system and be in the mid 3's for a rate. There is no downside to this. Source: I am the F&I manager at a ford dealership. This sounds like a cheaper overall price. |
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Posted: 7/8/2015 1:16:10 AM EDT
[#35]
Quote HistoryQuoted: Do you write everything off so your 1040 shows no income? I've had to tell folks making $300k that they were denied because they wrote EVERYTHING off which made their tax liability low... but same for their actual income. Eh... can't have your cake and eat it too. Quote HistoryQuoted: Quoted: My CU won't give me a $10k HELOC because I'm self employed. And I own the home outright, no mortage or leins and I'm the only one on the title. It's worth around $250k. Rules are rules, but sometimes they make no sense. Do you write everything off so your 1040 shows no income? I've had to tell folks making $300k that they were denied because they wrote EVERYTHING off which made their tax liability low... but same for their actual income. Eh... can't have your cake and eat it too. No, I show a positive income and don't have a lot of write off's other than medical, and that's not that much. I do a small amount of fudging, but the one time the IRS caught me I think the tax and penalty was under $300 and when I asked the gal at the IRS to drop the penalty she laughed and said "It's 22 dollars". And even then, I was asking for a home improvement loan in the form of a HELOC in the amount of $10k using a home worth $250k and no mortgage that I've occupied for 18 years as collateral. Is that a high risk loan? Is there any way possible they could have lost that $10k? If so, I sure as hell can't see it. |
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Posted: 7/8/2015 1:42:27 AM EDT
[#36]
You say that you can afFord the truck.
Go buy it. Whatever the fuck the bank has to do with said transaction, neither they nor I want any part of it. |
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Posted: 7/8/2015 1:59:00 AM EDT
[#37]
A while back my income increased by about 40%, and since we were planning on buying a house in a few years we wanted to get some more credit history and bump the scores up some.
We decided to take a small personal loan for a project car I was going to buy, which I had done previously. Small loans, less than $4k. I asked for $3k, with over $6k in one account at that same bank. Underwriters denied me because I hadn't been at my current income level long enough - come back in four weeks. Without the pay raise I would have been fine. |
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Posted: 7/8/2015 2:06:02 AM EDT
[#38]
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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. Same here... Been having to use a credit card all year so I can buy a house at the end of the year. Getting a credit card was a battle in itself because all I had ever financed were cheap vehicles... I thought I was being fiscally responsible my whole life, come to find out if you don't live on borrowed money for a good portion of your life you won't be able to borrow a large sum later on! |
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Posted: 7/8/2015 2:37:01 AM EDT
[#39]
If I live to be 110 I'll never understand why people are so eager to flush their money down the toilet.
borrowing a big shitload of cash to buy an asset that rapidly depreciates is crazy. everything in life comes down to hitting a happy balance. why not pick a vehicle that you can actually afford? |
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Posted: 7/8/2015 3:01:02 AM EDT
[#40]
You need a different credit union. I am late 20's have never had debt besides student loans, and was able to finance 31K with one phone call.
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Posted: 7/8/2015 3:10:10 AM EDT
[#41]
Speaking as a CHEVY guy.
"FORD, really?" Aloha, Mark |
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Posted: 7/8/2015 3:25:32 AM EDT
[#42]
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 Yea, there's something wrong. 
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Posted: 7/8/2015 4:05:49 AM EDT
[#43]
According to the credit bureaus they would rather I have 7300 spread out of many cards then using just the 1 card I have. Shitty me being responsible and only having what I need.
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Posted: 7/8/2015 5:38:49 AM EDT
[#44]
Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.- Norm Franz |
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Posted: 7/8/2015 5:43:32 AM EDT
[#45]
Quote HistoryQuoted:
Finance it with ford credit at the standard rate (not subvened) so you can get all of the rebates including the extra grand for using Fmcc, keep the loan open for 3 payments then refi with your cu which should no longer be a problem because now you'll have a larger balance credit history (from the Fmcc loan). If you score above 720 and are not financing any negative equity from a trade in you should be a tier 0 with fords scoring system and be in the mid 3's for a rate. There is no downside to this. Source: I am the F&I manager at a ford dealership. GD delivers. 
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Posted: 7/8/2015 6:14:39 AM EDT
[#46]
41k+ F150!!!!!!!????????????
Holy fuck! |
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Posted: 7/8/2015 6:30:25 AM EDT
[#47]
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He takes money from the fund to float things till he has another job. Quote HistoryQuoted:
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You claim to have the liquidity to buy the truck out right. Why don't you? Living in debt no matter how marginal sucks! The smart man would just pay for it outright if they have the means. I call bullshit. Because I can make more money by putting it in an index fund instead? Despite what Ramsey says, if you have half a brain, debt and financing is a smart thing to do, granted you take the rest of your money and do something with it. what happens when you lose you job a month after you buy the truck? and when the money is gone what happens? people get hurt in car accidents and work and get very sick. lets say you get cancer. you fight it like hell for a few years and you beat it. now you havent worked and you lost your job, your house and your car. in these theories you arfcom millionaires have no one factors in risk to the equation ever. |
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Posted: 7/8/2015 6:33:37 AM EDT
[#48]
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Lmao how does it feel to be continually wrong
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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. statements like yours tell me you have no money. do you have a negative net worth? Lmao how does it feel to be continually wrong
i practice what i preach and am on my way to retiring early as a multi millionaire. im cool with being wrong and retiring with around 2 or 3 million. |
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Posted: 7/8/2015 6:36:17 AM EDT
[#49]
Quote HistoryQuoted:
If I live to be 110 I'll never understand why people are so eager to flush their money down the toilet. borrowing a big shitload of cash to buy an asset that rapidly depreciates is crazy. everything in life comes down to hitting a happy balance. why not pick a vehicle that you can actually afford? you are doing it wrong. finance everything. MAATEX told me that i can become a millionaire doing this. i should open up 100 credit cards today so i can become a billionaire using credit card points and miles. |
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Posted: 7/8/2015 6:48:49 AM EDT
[#50]
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:
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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. get a new credit union. I have accounts in a credit union and a bank just for these kinds of issues. |
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