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General Automotive General automotive discussion. This is intended to be a discussion about other not VW and Diesel cars you may have or interested in.

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Old February 16th, 2017, 16:03   #16
El Dobro
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I took out a loan to buy the Volt, but why not. The loan was for 72 months at 0% interest, so I could use my money in the bank for other things.
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Old February 16th, 2017, 18:15   #17
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Quote:
Originally Posted by tomo366 View Post
My FICO is 875......still have a Mortgage and 2 Car notes.

eh

I respectfully doubt it

Is not 850 the highest possible FICO score:conf used:
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Old February 16th, 2017, 18:47   #18
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Originally Posted by 2015vwgolfdiesel View Post
eh

I respectfully doubt it

Is not 850 the highest possible FICO score:conf used:
ok this what my bank statement says!
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Old February 16th, 2017, 19:26   #19
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The Bottom Line?

Of course we all want the best, but the highest possible credit score — the 850 FICO — is almost unattainable. In fact, there are many loan officers that have been in the business for years who have said they’ve never seen a perfect 850 credit score before. Furthermore, a credit score in the high-700’s will usually get you the best rates anyway. Ultimately, instead of focusing on reaching the highest credit score possible, concentrate your efforts on having: ~~~~~~~~~~~~~~~~~~~~
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Old February 17th, 2017, 05:02   #20
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As far as car loans go, if you can scribble your name and sit up you will get a pretty good rate. Gotta keep moving those cars off the lot.
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Old February 17th, 2017, 05:26   #21
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As far as car loans go, if you can scribble your name and sit up you will get a pretty good rate. Gotta keep moving those cars off the lot.

Well not so much anymore. That got a lot of the financiers in trouble, and made the repo business pretty lucrative, and has saturated the used car market with repos.

We do repo reconditioning work for three different companies. They send us a lot of cars, and with a very small bit of observation you can see a lot of poor life choices' results floating around in these cars.

One recently had easily $1000 worth of dud lottery tickets laying strewn around the interior of the car. I may not be a financial wiz, but perhaps if one was not pissing his or her money away on lotto he or she could have made the payments on the car.
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Old February 17th, 2017, 06:07   #22
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Well not so much anymore. That got a lot of the financiers in trouble, and made the repo business pretty lucrative, and has saturated the used car market with repos.

We do repo reconditioning work for three different companies. They send us a lot of cars, and with a very small bit of observation you can see a lot of poor life choices' results floating around in these cars.

One recently had easily $1000 worth of dud lottery tickets laying strewn around the interior of the car.

I may not be a financial wiz, but perhaps if one was not pissing his or her money away on lotto he or she could have made the payments on the car.
Not to mention smokers with a pack a day habit, would make 'bout $2,000 to $4,000 in car payments per year
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Old February 17th, 2017, 07:24   #23
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Originally Posted by 2015vwgolfdiesel View Post
The Bottom Line?

Of course we all want the best, but the highest possible credit score — the 850 FICO — is almost unattainable. In fact, there are many loan officers that have been in the business for years who have said they’ve never seen a perfect 850 credit score before. Furthermore, a credit score in the high-700’s will usually get you the best rates anyway. Ultimately, instead of focusing on reaching the highest credit score possible, concentrate your efforts on having: ~~~~~~~~~~~~~~~~~~~~
The most financially responsible person I know does not have a credit score. He literally was denied a credit card from Lowes. But he is all cash and invests well so I doubt he cares. If it weren't for my mortgage, I wouldn't need a credit score at all.

I also know people who rent houses and always check the credit score of their tenants. To them no credit score is equal to 850. It's a sign you don't have any outstanding debt obligations. So if you have a decent job and no debt, you're just as likely to pay as the guy who has an 850 and is balancing a couple credit cards and auto loans.

Nothing wrong with credit cards and loans, it's just that the score isn't as necessary as people think.

Credit scores are debt scores. Just a rating of how well some algorithm thinks you can manage debt. You only need a good credit score if you need debt.
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Old February 17th, 2017, 09:13   #24
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If you're buying a car every few years why would you take on the debt? Why not lease?

Who can afford a loan payment on a $65k F150...even if it is spread out over 84months(!) it is still $800 (!!). And most I know have TWO car payments.
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Old February 17th, 2017, 09:52   #25
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Why cant the student loan debt be on the verge of teetering, I could do without paying over $1k/mo. Then I would be much happier.
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Old February 17th, 2017, 13:26   #26
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Why cant the student loan debt be on the verge of teetering, I could do without paying over $1k/mo. Then I would be much happier.



Is it true, you can not discharge it in bankruptcy?
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Old February 17th, 2017, 13:29   #27
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You can try, sometimes it works, sometimes it doesn't, but as far as I know doesn't bankruptcy just screw things up even more?
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Old February 17th, 2017, 13:41   #28
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You won't be able to get rid of student loans with a traditional bankruptcy.
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Old February 17th, 2017, 14:42   #29
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Quote:
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You can try, sometimes it works, sometimes it doesn't, but as far as I know doesn't bankruptcy just screw things up even more?
IMO

Bankruptcy screws the debt holders.

Matters not if it is the tax payer, or other parties like banks, CORPs, individuals, large and small Businesses etc.

Some folks live a life of screwing others. And they know who they are.

Have one in-law (once removed) who knows all the ropes. She has done it twice in the past ~~ and is now in debt AGAIN, way over her head ~~ number three BK ~~ here we come.

Her weakness is gambling. ~ One of her own self inflicted punishments, is her car. 10 years old, leaks everywhere, tires shot, 175,000 miles, stinks like rotten eggs, filthy seats.
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Old February 17th, 2017, 14:47   #30
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So you're saying don't rule it out?
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