by "Steve is equipped with Electronic Fool Injection" (itsalwayssteve)
Published 06/27/2017 at 10:33
by "Steve is equipped with Electronic Fool Injection" (itsalwayssteve)
Published 06/27/2017 at 10:33
Tags: don't just don't
STARS: 0
He insists on going to DriveTime to buy a car because they’ll approve him. his credit score is in the 540s and his Saturn Vue just shit the bed.
I told him to head over to a real dealer and sent him some old Lehto’s Law and Tom McParland columns about buy-here-pay-here. Hopefully he’ll listen.
"Chariotoflove" (chariotoflove)
06/27/2017 at 10:39, STARS: 1
This could be entertaining. Report back.
"themanwithsauce - has as many vehicles as job titles" (themanwithsauce)
06/27/2017 at 10:43, STARS: 0
There’s a pretty legit corner dealer near me that’s really jalop for the price. They had an isuzu vehicross, an FJ cruiser, and a disco for okay prices (and a subaru impreza non-WRX with a 555 inspired wrap)....but their “budget line” had an early 2000s civic coupe with a stick, a sentra SE-R, and a mini cooper S (among others). All were under 5k. And they’d do financing with the local credit unions.
"nermal" (nermal)
06/27/2017 at 10:45, STARS: 0
Does your friend plan on actually paying for the new car?
Getting a score that low requires commitment to borrowing $$$ and not paying it back. Getting a car loan will be doable, but expensive from an interest rate perspective.
"Tekamul" (tekamulburner)
06/27/2017 at 10:45, STARS: 2
his credit score is in the 540s
He is not left with a lot of options.
"Steve is equipped with Electronic Fool Injection" (itsalwayssteve)
06/27/2017 at 10:47, STARS: 0
Or, extreme overutilization of credit with short history. Plus a repo about 2 years ago.
"nermal" (nermal)
06/27/2017 at 10:48, STARS: 1
That too. The repo doesn’t help.
"X37.9XXS" (x379xxs)
06/27/2017 at 10:56, STARS: 1
Seconded
Let me know the interest rate?
"Nothing" (nothingatalluseful)
06/27/2017 at 11:03, STARS: 0
When I bought the FoST, there was a little piece of paper buried in the stack of papers to sign. That paper said if they couldn’t secure “regular” financing, you agreed to a dealer loan with 29.99% interest. (This was a regular old Ford dealer). Incredulous, I asked if that ever happened, and the F&I guy said nearly half of the people that went through there ended up with the 30% loan. People are crazy.
"My X-type is too a real Jaguar" (TomSlick)
06/27/2017 at 11:06, STARS: 0
Honestly I’d try CarMax 1st they work with a lot lenders. Santander will loan to just about anyone
"OPPOsaurus WRX" (opposaurus)
06/27/2017 at 12:07, STARS: 2
540 score? Saturn Vue? sounds like someone has a habit of making bad decisions.
"Steve is equipped with Electronic Fool Injection" (itsalwayssteve)
06/27/2017 at 12:10, STARS: 0
He grew up poor and just now has a job that makes enough to take care of himself. He’s 35. Although in a way he can’t be blamed for the bad decisions. He never had great family examples, either.
"Nibbles" (nibbles)
06/27/2017 at 12:34, STARS: 1
I highly doubt any “real dealer” is going to write him any sort of loan with a 540 score. If anything, they’ll send him over to their last-chance lot which is no different from your local BHPH, except that it’s owned by the same asshole that owns the franchise dealership. DriveTime etc are a bit different than your standard BHPH shops. At least they are a national company with some sort of reasonable reputation.
Sucks to be in his position - I was there a few years ago and crawled back out by buying cash cars - but if he has to finance, there’s plenty worse places than DriveTime
"Nibbles" (nibbles)
06/27/2017 at 12:38, STARS: 1
Good lord
I just looked it up, Colorado allows for 45% maximum interest.
Forty-five god damned percents.
"Nothing" (nothingatalluseful)
06/27/2017 at 12:54, STARS: 0
Ugh, that’s a really recent repo, his score will be hosed for a while. Has he started working on his credit? Dispute everything on all the reports using the free reports (annualcreditreport.com). Might get lucky with some things falling off when a creditor doesn’t respond.
"Azrek" (azrek)
06/27/2017 at 13:30, STARS: 0
Ahh man. I had to do this with a friend as well like 7 years ago. His credit was a wreck. So we went to a Buy here Finance here spot. We found a Pontiac GranAm that was nice.
During discussion process, I noticed someone went over to my car (A 2001 Audi S4) and started writing. I walked over there and asked WTF.
Apparently, they wanted to see what kind of car the client arrived in. Umm...what? My car has nothing to do with my friend getting a car. That is him as a fully functional adult. His truck blew a head gasket and couldn’t drive there on his own.
So I argued with the guy, but he apparently already got the information and they jacked his rate pretty high. I wasn’t in the room during the handshakes, but I was concerned they jacked the rates because his friend (me) had a decent car.
He later blew a fuel pump, his alternator died and then his tail light went out and he was never around for me to replace it for him. This tail light later led to a DUI. His car was Repo’d shortly after the DUI and he was forced to ride with me to work every day for about 6 months.
"Steve is equipped with Electronic Fool Injection" (itsalwayssteve)
06/27/2017 at 14:26, STARS: 0
Here in the Carolinas it’s not that difficult to get written with a low score. He’ll be paying 15% or more anyway, but I haven’t heard from him or his brother today.