BBQdDude Posted January 3, 2012 Report Share Posted January 3, 2012 Trying to help a friend out..... NADA info on trade in: http://www.nadaguides.com/Cars/2006/Chevrolet/HHR-4-Cyl/Wagon-4D-LT/Standard-Equipment Credit score 558 Budget with financing: 18K-20K Basically she wants to trade her car in. Looking for a number/name to pass on to her please . Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted January 3, 2012 Report Share Posted January 3, 2012 Trying to help a friend out..... NADA info on trade in: http://www.nadaguides.com/Cars/2006/Chevrolet/HHR-4-Cyl/Wagon-4D-LT/Standard-Equipment Credit score 558 Budget with financing: 18K-20K Basically she wants to trade her car in. Looking for a number/name to pass on to her please . Clear title on her HHR or does she owe on it still? Looking at used or new, as this will affect interest rates and what kind of cars she'd qualify for? PM'd. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 3, 2012 Report Share Posted January 3, 2012 Just putting the credit score number doesn't help. I've seen 550s that have 2million in loans and they're all perfect the debt and high balance brought the score down. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted January 3, 2012 Report Share Posted January 3, 2012 Just putting the credit score number doesn't help. I've seen 550s that have 2million in loans and they're all perfect the debt and high balance brought the score down. Never ceases to amaze me how many people making $300k+ a year have a credit score of 400 because they spend $400k+ a year. Quote Link to comment Share on other sites More sharing options...
BBQdDude Posted January 3, 2012 Author Report Share Posted January 3, 2012 PMd Alex, thank you. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted January 3, 2012 Report Share Posted January 3, 2012 Just putting the credit score number doesn't help. I've seen 550s that have 2million in loans and they're all perfect the debt and high balance brought the score down. I saw a doctor like that one time. Guy had like a 490 score. The credit report was something like 74 pages of crap on it. Wanted to trade in a Tahoe that he was 23k dollar buried on it. For a Escalade...... Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted January 3, 2012 Report Share Posted January 3, 2012 I saw a doctor like that one time. Guy had like a 490 score. The credit report was something like 74 pages of crap on it. Wanted to trade in a Tahoe that he was 23k dollar buried on it. For a Escalade...... Lol. Some people don't get it. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted January 3, 2012 Report Share Posted January 3, 2012 Doctors especially. So much to know in order to keep up with their lines of practice, but no room left in the curriculum (or their heads!) for Business Management or Economics. Quote Link to comment Share on other sites More sharing options...
Not Brian Posted January 3, 2012 Report Share Posted January 3, 2012 I saw a doctor like that one time. Guy had like a 490 score. The credit report was something like 74 pages of crap on it. Wanted to trade in a Tahoe that he was 23k dollar buried on it. For a Escalade...... I'm economically challenged but even that screams retardation Quote Link to comment Share on other sites More sharing options...
Drewhop Posted January 3, 2012 Report Share Posted January 3, 2012 I'm economically challenged but even that screams retardation You dislike people generally as it is. You should do what I do for a week and just watch the downfall of our modern financial structure, as you grow to a intolerance of all ignorant people. As for the OP. Alex seems like a nice guy. I wish your friend the best of luck. But at 558 she will be at the mercy of most alternative financing companies. Depending on the year of car she will not be looking at a very good interest rate. In my opinion (yes i am a car dealer) if her 2006 HHR is paid off then she needs to drive the thing till the wheels literally fall off. In that time she should be able to increase her credit score to make it easier for her to be in charge of her buying experience rather than at the discretion of whatever dealership decides to help her. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted January 3, 2012 Report Share Posted January 3, 2012 if her 2006 HHR is paid off then she needs to drive the thing till the wheels literally fall off. +1, IMHO. I know that's not what OP is looking to hear, but a real friend would make sure this is the disclaimer before directing her to a dealership for a $20k loan! Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted January 3, 2012 Report Share Posted January 3, 2012 You dislike people generally as it is. You should do what I do for a week and just watch the downfall of our modern financial structure, as you grow to a intolerance of all ignorant people. As for the OP. Alex seems like a nice guy. I wish your friend the best of luck. But at 558 she will be at the mercy of most alternative financing companies. Depending on the year of car she will not be looking at a very good interest rate. In my opinion (yes i am a car dealer) if her 2006 HHR is paid off then she needs to drive the thing till the wheels literally fall off. In that time she should be able to increase her credit score to make it easier for her to be in charge of her buying experience rather than at the discretion of whatever dealership decides to help her. What dealership? I hear a lot of good things about a certain Newark dealer. edit: thanks for the compliment, and everything you said is true. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted January 3, 2012 Report Share Posted January 3, 2012 Trying to help a friend out..... NADA info on trade in: http://www.nadaguides.com/Cars/2006/Chevrolet/HHR-4-Cyl/Wagon-4D-LT/Standard-Equipment Credit score 558 Budget with financing: 18K-20K Basically she wants to trade her car in. Looking for a number/name to pass on to her please . No disrespect intended, but with a score of 558 the last thing your friend should be doing is trading in a car. Especially one that would end up having her finance 18-20k more. Not that anyone would even buy such a deal for her....at least not at anything but credit card interest rates. Direct her away from such a thought until the finances are straight. If she does buy it, just let her know you're one connection away from a good bankruptcy attorney. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted January 4, 2012 Report Share Posted January 4, 2012 I got a 570 a 2.99 rate just today Full disclosure: They were at 70% loan to value (paid off trade) and gave up $500 worth of rebates to take advantage of this program. But even figuring the lost $500 as a "cost of the loan" (which technically it isn't) that still came out to an effective rate of 3.x and was about 1/3 of what every other bank would charge them. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted January 4, 2012 Report Share Posted January 4, 2012 But even figuring the lost $500 as a "cost of the loan" (which technically it isn't) I have seen dealerships hide 3000 dollars as "cost of loan" from a rebate that the dealer did not tell the customer about who had a bad credit score. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted January 4, 2012 Report Share Posted January 4, 2012 I have seen dealerships hide 3000 dollars as "cost of loan" from a rebate that the dealer did not tell the customer about who had a bad credit score. All manufactures are different... But Ford makes us print an "Incentive Acknowledgement" form that lists all rebates or incentives they qualify for. The customer has to sign it. So if a Ford dealer holds rebates, on top of being unethical, they are also out of compliance and if they get audited they will get hammered by Ford. Quote Link to comment Share on other sites More sharing options...
GilbWs6 Posted January 4, 2012 Report Share Posted January 4, 2012 All manufactures are different... But Ford makes us print an "Incentive Acknowledgement" form that lists all rebates or incentives they qualify for. The customer has to sign it. So if a Ford dealer holds rebates, on top of being unethical, they are also out of compliance and if they get audited they will get hammered by Ford. GM does this too. GM Financial has the same deal. It's a subvention program much like 0% or .9% APR that you see advertised all of the time. When you take advantage of those programs, you give up the majority of the rebate money from the manufacturer. I've seen scores as low as 460 qualify for GM Financial's subvention program. Rate was 3.9% and the best call that I got for them anywhere else is 18.99%. To me it's worth giving up $X,XXX rebate if it saves you $120/mo in payment over the same finance term. Not that anyone should be buying a vehicle with a 460 credit score. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted January 4, 2012 Report Share Posted January 4, 2012 GM does this too. GM Financial has the same deal. It's a subvention program much like 0% or .9% APR that you see advertised all of the time. When you take advantage of those programs, you give up the majority of the rebate money from the manufacturer. I've seen scores as low as 460 qualify for GM Financial's subvention program. Rate was 3.9% and the best call that I got for them anywhere else is 18.99%. To me it's worth giving up $X,XXX rebate if it saves you $120/mo in payment over the same finance term. Not that anyone should be buying a vehicle with a 460 credit score. Even more important than the $120/mo is the fact that with such a low interest rate, someone with a terrible credit score can successfully begin to build their credit. By having a low interest rate, they're not spending the first 3 years of the loan paying 60% towards interest 40% towards principle. 3 years into a low-interest loan, if they take good care of their car, there is a good chance that they're not flipped and have positive equity, which would allow them to continue building their credit or, should their personal needs change, they could purchase another vehicle with positive equity and continue to help their credit. I had a customer who was about to enter bankruptcy and could not get it through his head that instead of buying a car at 18.99%, he should just take the $3000 he was going to put down and find a running Honda Civic and drive it till he was out of bankruptcy. Quote Link to comment Share on other sites More sharing options...
dragknee66 Posted January 4, 2012 Report Share Posted January 4, 2012 If I made 300k a year I wouldnt care if I bought an escalade at 25% interest lol Rich people with rich problems, agh! Quote Link to comment Share on other sites More sharing options...
Casper Posted January 4, 2012 Report Share Posted January 4, 2012 Never ceases to amaze me how many people making $300k+ a year have a credit score of 400 because they spend $400k+ a year. Yup. Quote Link to comment Share on other sites More sharing options...
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