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Would I be crazy to trade in my ‘18 GT pp1 for a ‘16 GT Premium pp1?

Shifting_Gears

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Same happened to me 2 years ago. I told the dealer that I use my credit union for auto loans. He said they use them and would only apply to my credit union. Not only did they not use my credit union they sent it to 3 different banks. I was so pissed. After I took the car home I refinanced it thru my credit union. Lesson learned. I will wait until I secure my own financing thru my credit union even if that means the car sits there a week.
Yeah I can’t stand lying scumbags period but especially when it has to do with my finances. I filed an appeal to have it removed from my credit but apparently there was some type of support (likely in the fine print) that probably supported them sending to multiple lenders). My mistake for taking their word on it but I was pretty naive. First time buying a vehicle from a dealer and in my early 20’s.
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bnightstar

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Tell me where he can find a CC limit to cover the balance of his car with his credit score? You contradict your statement if "you can't afford to buy something in cash you can't really afford it" and then say " When I calculate can I afford a car I put a number equal to two monthly payments"? So you can't technically afford your cars either.
I payed my car in cash and in full so I can afford it. However the rule of thumb is that car usually cost 2 times it's monthly payment to insure, maintain and put gas in it and so far this always worked out for me. Also for me the Mustang is not my single form of transportation and it's just a summer fun car. Thing is that OP has zero concept of what a budget is and at 21% and his credit score he clearly can't afford this car if he can he would have a reasonable interest up to 3% etc. It's just personal finances 101.
 

TheSnowmanMafia

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why did you leave this part out?
"
How Inquiries Impact Your Credit Rating
For other types of credit, lenders may view multiple recent applications as a sign of risk, so it's best to keep inquiries to a minimum by applying only when you really need it. Although too many recent inquiries can have some negative impact on your credit rating, that impact is typically small and temporary.

While inquiries remain part of your credit report for two years, the longer ago they occurred, the less they will affect you. If your credit history is good overall, it's unlikely that your application would be declined based on inquiries alone."

I've spent just over 20 years in finance now...but wtf do I know.
So just keep on trucking
Do you really not understand that part is talking about inquiries other than mortgage and auto loans....? It literally says for OTHER types of credit.

For someone who spent "20 years in finance" it seems there wasn't much keeping up with the times...

Shopping rates is absolutely your right as a consumer and it's absolutely not something that damages your credit.

Welcome to the 2000s
 

DekiDoo

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You're going to be upside down on your current car. Take that one or two grand you were gonna put down, contact a credit union, and refinance at a lower rate. Makes no sense to get even more upside down on an older car.
 

Jetnoise

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Do you really not understand that part is talking about inquiries other than mortgage and auto loans....? It literally says for OTHER types of credit.

For someone who spent "20 years in finance" it seems there wasn't much keeping up with the times...

Shopping rates is absolutely your right as a consumer and it's absolutely not something that damages your credit.

Welcome to the 2000s
All your time in the box and maybe the tower ....& you just don't get it.
Sure you have the right to shop....that's not the concern
If you think the op's best bet is to shop rate...your a moron who thinks being able to spell gOOGLE makes you an expert.
Do as u want but your advice is sub par for the op
 

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TheSnowmanMafia

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All your time in the box and maybe the tower ....& you just don't get it.
Sure you have the right to shop....that's not the concern
If you think the op's best bet is to shop rate...your a moron who thinks being able to spell gOOGLE makes you an expert.
Do as u want but your advice is sub par for the op

You misspelled the word "you're" while attempting to call me a moron... good job.

OP shouldn't have bought the car and needs to sell it.

I'm simply saying your original advice about multiple inquiries hurting your credit score worse than a single inquiry for an auto loan is false as they are grouped together and counted as 1. Thats standard practice, shopping does NOT hurt your score more than going with your first and only option. Period.
 

Jetnoise

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Underwrite a few bk’s before you say that.
If you think score is the only factor in hanging paper you are a less than an educated finance person.

But like I have said u do what u want
 

Torched10

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Thanks for the advice guys! I’m going to try to refinance. I’m actually a member at NFCU. I’ve heard their hard to get approved by with low credit scores, however.
Some states have usury laws that
Limit interest paid on loans.my memory says 18% so they may be breaking the law.agree refinancing is the thing to do asap

Here's link on usury laws

https://wallethub.com/edu/cc/usury-laws/25568/
 

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Andy13186

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21% loan is absolutely insane and unjustifiable for anything. If you dont have good credit get a 4k 2003-2004 mustang gt unless you want to pay cash for the more expensive cars. Keep that car until you have good credit again. The most interest rate I would pay on anything is like 4.5%

a 29000 car financed at 21% for 5 years will cost you over 30000 in just interest. so basically your paying 60k for a depreciating 29k car.
 

99Zeus99

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Take $250 and go take a class at the local Tech School on finance dude. Jesus, you really need some education on money. Keep the 18 and don't make any more dumb financial mistakes to put yourself in this situation. 21% on a car loan is retarded and explains your credit score. Don't even think about buying another car until you are debt free and have 25% to put down on the next one. It's a damn crime that kids get a high school diploma without knowing basic finance and how to not get fked over with money.
 

Jetnoise

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Take $250 and go take a class at the local Tech School on finance dude. Jesus, you really need some education on money. Keep the 18 and don't make any more dumb financial mistakes to put yourself in this situation. 21% on a car loan is retarded and explains your credit score. Don't even think about buying another car until you are debt free and have 25% to put down on the next one. It's a damn crime that kids get a high school diploma without knowing basic finance and how to not get fked over with money.
I'll pray for you.... that you never have a heart attack or health issues like the op had & that can throw a curve ball that disrupts your life.
What class/course in HS/college or trade school did the op forget to elect?
 

TheSnowmanMafia

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I'll pray for you.... that you never have a heart attack or health issues like the op had & that can throw a curve ball that disrupts your life.
What class/course in HS/college or trade school did the op forget to elect?
Health issues dont cause people to decide taking a loan at 21% interest for a car thats a luxury to most is a good idea..

OP, again, sell the car. Get a 5k dollar beater while you rebuild your credit.

You're gonna pay for that car twice in interest at the current rate.
 
 




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