Co signers are magical

"Supreme Chancellor and Glorious Leader SaveTheIntegras" (jegoingout) 10/18/2016 at 09:53 • Filed to: Jaaaaaaaaaaaaaaaaag

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My customer originally came in and was approved at 24.9%; he brought a co signer and BOOM, 7.9%. I’ll never understand the magic of credit or banks.

Now he needs to come and pick up his Jag so I can never see it again...

TysMagic > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 09:58

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oh XF, poor credit...I bet he will be a collections nightmare, but they will make bank nickel and diming his account to death

extraspecialbitter > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:00

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Give me your tools and some space in your garage. No? But I have my friend here with me. His name is Kimi Raikkonen, and he’s gonna help me fix my Subie so I can hoon good. Is that better?

MUSASHI66 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:00

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Boom 7.9%? My local credit union has 2.79% for used cars. What kind of a shitty credit must one have for 7.9% or 24.9%??

I moved to this country when I was 19 years old, and we started with a Sears credit card - I bought a boombox and a landline phone. Been working on my credit ever since - no dings, so I am at 820 right now. I do feel pretty good about that number, but I am not stopping until I hit 840+

jimz > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:00

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(assuming you’re not being facetious)

simple, the less of a risk of default you are, the lower the interest rate you can get. if you have a poor credit history, the rate you get is sky high so they can get as much back from you until you inevitably stop making payments. if you have no credit history, they assume you’re a high risk. A co-signer with good credit brings the rate down because they’re on the hook to make payments if you stop.

Supreme Chancellor and Glorious Leader SaveTheIntegras > jimz 10/18/2016 at 10:01

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He had no credit history

Tripper > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:01

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lol 24.9 on a car!!! I didn’t even know that was allowed. 7.9 with a co singer seems equally crazy.

Supreme Chancellor and Glorious Leader SaveTheIntegras > MUSASHI66 10/18/2016 at 10:01

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His bank offered 7% and he himself had no credit history. Thats what happens when youre only in the country for 3 months

vondon302 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:02

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7.9 wtf. My credit card doesn’t charge that.

Supreme Chancellor and Glorious Leader SaveTheIntegras > Tripper 10/18/2016 at 10:02

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His issue was he had zero credit history

shop-teacher > MUSASHI66 10/18/2016 at 10:03

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I know multiple people who have a credit score in the 300's. A 24.9% rate for them, would be like a magic trick. Anybody who is dumb enough to lend them a single cent, deserves to never see it again.

MUSASHI66 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:05

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Who buys a fucking used Jaguar on a credit after living in the USA for three months? We bought a 1996 Ford Escort Wagon in 1999 - it had a salvage title, but all fixed up - for $6000. It was stick too.

Those are some messed up priorities...

shop-teacher > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:05

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It’s real simple. The bank simply goes after the cosigner, if the primary purchaser defaults. They usually don’t even try to collect from the primary, because the bank knows they’re an empty bag.

I’ll never understand people who are dumb enough to cosign for deadbeats.

Supreme Chancellor and Glorious Leader SaveTheIntegras > MUSASHI66 10/18/2016 at 10:06

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This guy does apparently

Supreme Chancellor and Glorious Leader SaveTheIntegras > shop-teacher 10/18/2016 at 10:07

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They both work at the same job so I’m sure if he is ever late on a payment, it’ll be a great office coversation to hear

MUSASHI66 > shop-teacher 10/18/2016 at 10:07

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I honestly didn’t know it went that low. I thought I started in 500's. How does one even allow that to happen? There has to be a degree of mental retardation involved.

Tripper > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:08

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That is still nuts to me. The highest I have ever heard of was 11% (my friend, no credit, used Acura TL). Maybe it’s just me, but I can’t see myself going more than 4-5% when financing a car.

MUSASHI66 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:08

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Which country are they from?

Supreme Chancellor and Glorious Leader SaveTheIntegras > MUSASHI66 10/18/2016 at 10:10

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India

Supreme Chancellor and Glorious Leader SaveTheIntegras > Tripper 10/18/2016 at 10:12

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I got 13% as a first time buyer, i went to refinance and it dropped below 10

MUSASHI66 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:13

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Indian guy buying a used Jag? I live close to “little India” - an area of few apartment complexes heavily populated with Indian immigrants. If you see them in anything but a Toyota Corolla/Camry/Highlander or Honda Civic/Accord it actually makes me turn my head because it is such a rare sight here. They are usually very fiscally responsible and buy smart instead of buying show-off vehicles.

This story just keeps getting stranger...

shop-teacher > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:13

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Never underestimate the power of deadbeats to not give one single f*** about the repercussions of their actions.

I’m not dogging on you for selling him the car, just to be clear. This stupidity is 100% on the foolish cosigner.

gawdzillla > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:13

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until one quits / got fired ....

MUSASHI66 > TysMagic 10/18/2016 at 10:14

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It will be fun when the XF inevitably goes belly up and he still owes thousands...

Tripper > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:16

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Maybe because I had a credit card before I bought my first car? That credit card had a $500 limit though and I barely used it. I paid 3% on my first purchase (2002 Protege 5).

haveacarortwoorthree2 > MUSASHI66 10/18/2016 at 10:18

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You bought a 3 year-old Escort Wagon with a salvage title for $6000 in 1999 and you’re criticizing someone else’s choices? :)

Honeybunchesofgoats > MUSASHI66 10/18/2016 at 10:21

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Who buys a fucking used Jaguar on a credit after living in the USA for three months? 

A proper American.

Financing a used Jag should automatically allow you to skip your citizenship test.

shop-teacher > MUSASHI66 10/18/2016 at 10:22

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To get to that level, it’s not stupidity. It’s dishonesty at all facets of life, even to one’s self, at a massive level. One of the people I know who has a score that low, his word just doesn’t mean anything. He makes decisions and commitments, then decides to change them or not follow through with them. He’s done this over and over again, and it has lead to his complete ruin.

Frenchlicker > Tripper 10/18/2016 at 10:22

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I’ve seen 18% for bad credit. I didn’t know 24.9% was allowed.

Tripper > Frenchlicker 10/18/2016 at 10:24

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Haha it shouldn’t be

Supreme Chancellor and Glorious Leader SaveTheIntegras > MUSASHI66 10/18/2016 at 10:25

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He makes a ton of money (with proof) so a Toyota is too plebian for him

Textured Soy Protein > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:26

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My dad cosigned on a lease with my not-very-responsible brother. Let’s just say my dad ended up making a few lease payments.

Supreme Chancellor and Glorious Leader SaveTheIntegras > Tripper 10/18/2016 at 10:28

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I had a credit card and several years of a student loan on my history; Ally originally offered me 16% and I told my sales rep I was going to walk. I accepted 13 only because I could refinance shortly

MUSASHI66 > haveacarortwoorthree2 10/18/2016 at 10:31

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Well, it was a $12000 car in 1996, all of the used ones that were not salvage were selling for a whole lot more, and it worked like a Japanese quartz clock the whole time we owned it, So yes, we bought a salvage Escort for $6k and I am criticizing a choice of buying a used Jaguar which is so expensive that you need a cosigner.

MUSASHI66 > Honeybunchesofgoats 10/18/2016 at 10:32

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That test is a joke and you really can’t fail it. To call it a test is just a testament to the government bureaucracy - they probably have thousands of employees which conduct those “tests” and they can’t fire them.

MUSASHI66 > shop-teacher 10/18/2016 at 10:33

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I hate people like that. I still can’t help but wonder what is going on with their IQ levels at that point.

MUSASHI66 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:35

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Fuck, I am an IT Senior System Engineer and my wife is an attorney - combined we make a crap ton of money, like more than triple the Colorado average and we still drive (2x) Subaru Forester XTs and a (1x) FIAT Abarth.

Frenchlicker > Tripper 10/18/2016 at 10:39

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No joke.

Supreme Chancellor and Glorious Leader SaveTheIntegras > MUSASHI66 10/18/2016 at 10:41

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*shrugs*

I can’t knock his choices...I can knock him if he doesn’t come today as I have worked my ass off to get this deal done, I’m not even making money on this car

MUSASHI66 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:47

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Wait, aren’t you done with that place anyway?

Supreme Chancellor and Glorious Leader SaveTheIntegras > MUSASHI66 10/18/2016 at 10:49

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I’m two feet out the door but not looking to quit without having another job secure.

I got an offer from another place but I do not want another 100% commission place.

MUSASHI66 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 10:56

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Good luck. That was one of the reasons why I never sold cars - commission and hours. I sold expensive furniture for years - I made $36000-39000 per year and paid health insurance, back in early 2000's. No commission though, so I knew what my paycheck was going to be like.

Supreme Chancellor and Glorious Leader SaveTheIntegras > MUSASHI66 10/18/2016 at 10:57

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I dont mind either as much as I mind the shit work environment here. If this place waa cleaned from the top down, itd be so much better.

Thank you though

TysMagic > MUSASHI66 10/18/2016 at 11:09

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indeed it will

haveacarortwoorthree2 > MUSASHI66 10/18/2016 at 11:13

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Wow, a little testy this morning? I thought it came through pretty clearly that I was joking, but I guess not.

MUSASHI66 > haveacarortwoorthree2 10/18/2016 at 11:17

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Nah, not really testy. You’d know if I was testy ;)

E90M3 > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 11:23

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I don’t understand why your rate was really high. If you had been making on time payments on both your credit card and student loans you should have had good credit; unless you debt to income ratio was way out of proportion, or it was right after the 2008 recession. I’m not good with financial stuff at all.

shop-teacher > MUSASHI66 10/18/2016 at 11:35

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It’s more of a moral/ethical issue than an intelligence issue for many of them. My former sister-in-law has worked for banks her entire professional life, yet she’s about to declare bankruptcy for the second time. She knows better, she just doesn’t care.

If only EssExTee could be so grossly incandescent > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 11:36

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And now when he defaults the poor co signer is stuck with the payments.

MUSASHI66 > shop-teacher 10/18/2016 at 11:57

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Bankruptcy is a get out of jail free card in this country... It all stems from the sense of entitlement - oh I deserve that vacation/car/clothes/restaurant/house/insert your material good here - because I work hard/I just want it/I need it/all my other friends are doing it/insert your favorite reason here.

It usually starts early,in the childhood, with parents treating their kids like spoiled brats.

I remember when I was a kid, my grandparents were pretty poor. Grandpa was a miner and he lost his eyesight in a mining incident. Grandma was stay at home, raise the kids, cook and clean kind of a grandma. So, to supplement their meager income, they’d go and pick fruit on farms as seasonal jobs. When they would come back, we would all go to see them. I’d be there and my cousin would be there. My grandpa would pull out 2x 1000 dinar bill, like this one, one for me and one for him - which was a lot of money back then

and my cousin would scream and say no and throw temper tantrums asking for 5000 dinars, one with President Tito on it, the largest bill we had.

Myself on the other hand, I’d refuse to take any money until my mom would tell me that I have to.

So, today, I am a pretty successful guy, two college degrees, married well, etc. He, on the other hand, is in prison, he was married to a stripper with a child, and he probably won’t be out for another three years, and when he does, he’ll have no life. We both grew up the same, we both had same opportunities, but we were raised differently.

/rant

shop-teacher > MUSASHI66 10/18/2016 at 12:06

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I agree with you completely. It’s maddening.

DipodomysDeserti > shop-teacher 10/18/2016 at 12:41

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It could also just be a husband and wife who both work. A higher total income will get you a lower rate. 7.9% on a newer used car is still a pretty crazy rate though.

DipodomysDeserti > MUSASHI66 10/18/2016 at 12:44

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CP

shop-teacher > DipodomysDeserti 10/18/2016 at 13:16

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Yeah, but that’s a fraction of a percentage of cosigned loans.

JQJ213- Now With An Extra Cylinder! > Tripper 10/18/2016 at 13:18

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My buddy is at 26% on his veloster....

DipodomysDeserti > shop-teacher 10/18/2016 at 13:24

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I have no idea. I assume all married people with two incomes would cosign on all their loans in order to get lower interest rates. I figure a good number of two income households probably have a car payment as well.

shop-teacher > DipodomysDeserti 10/18/2016 at 13:34

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If you have good credit, you’ll get the lowest rate anyways. I’m married, my wife and I have purchased two cars since then. One car we were both on the loan, and one car was just me. We both have excellent credit, and a low enough debt/income ratio to get the lowest rate on our own. I do all the “shopping” for our cars, because she cannot stand the process. The only reason my wife is on the one loan, is because that one is “her” car and she wanted her name on it legally as well. The other car was “my” car, and she couldn’t have cared less about the car or the transaction.

DipodomysDeserti > shop-teacher 10/18/2016 at 13:41

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It depends. I qualified for a 0% loan by myself when I bought my Abarth, but when I cosigned with my wife for my used Jeep I got a lower rate than if I had done it myself despite my credit score being higher than hers.

shop-teacher > DipodomysDeserti 10/18/2016 at 14:16

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Did you already have the loan on the Abarth? The debt/income ratio is a big part of it, so if you had another auto loan on yours already, then having her income on it drives that ratio down.

DipodomysDeserti > shop-teacher 10/18/2016 at 14:33

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Yep, that’s why it depends.

for Michigan > Supreme Chancellor and Glorious Leader SaveTheIntegras 10/18/2016 at 17:15

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He cosigned for a coworker? That takes a special kind of stupid.

Rusty Vandura - www.tinyurl.com/keepoppo > shop-teacher 11/24/2016 at 10:40

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I cosigned to get my daughter out of the house...

Rusty Vandura - www.tinyurl.com/keepoppo > for Michigan 11/24/2016 at 10:41

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I’m shaking my head...

Rusty Vandura - www.tinyurl.com/keepoppo > Supreme Chancellor and Glorious Leader SaveTheIntegras 11/24/2016 at 10:45

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Was this a new car? What was the price?

Supreme Chancellor and Glorious Leader SaveTheIntegras > Rusty Vandura - www.tinyurl.com/keepoppo 11/24/2016 at 14:09

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Used

shop-teacher > Rusty Vandura - www.tinyurl.com/keepoppo 11/24/2016 at 16:38

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Gotta do what you gotta do I guess. Hopefully she’s responsible.

Rusty Vandura - www.tinyurl.com/keepoppo > shop-teacher 11/24/2016 at 17:27

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She is. It’s good for everyone.