Need FReeper advice re Texas financial laws pertaining to auto dealers (vanity)

06/01/2019 | self

[VTenigma]

Run! Do not walk from this deal. Go find a good used car for $10,000 until he can save a good down payment and do his own financing. You’ll thank me later. One of my sons makes nearly 6 figures, lives in an nice $1100 a month apartment drives a good car he has about $2500 all in and he banks 50% of his income on top of his 401k. His co-workers all don’t understand why he doesn’t go out and by a new or slightly used pick up for his 60 mile daily commute. He laughs all the way to the bank while they are scraping by.

[cyclotic]

Better yet, does a student really need to drop $30,000 on a five year old car?

What about a ten year old beater for $6,000? Even with breakdowns it’s cheaper to drive and insure. Once he gets on the police dept, he can save up and buy a better car.

One of my kids is an aerospace engineer. Makes great money and drives a rolling roadblock. He decided paying off college debt was more important. He paid off $30,000 of so in a year.

[cyclotic]

Do we have the same kid?

[VTenigma]

I don’t want to share mine, but good on ya if yours is the same.

[Kickaha]

You dodged a bullet, never co-sign anything.

[cyclotic]

Yea, as you could see, about the same story. Looks like we both got some smart kids

[Dr. Sivana]

I never buy used vehicles from used car dealers. Craigslist is the way to go. I purchased my last three vehicles from private parties on craigslist and they have all three been excellent.

I have had mixed results on Craigslist. They also cannot finance. Might be hard to get a bank or CU to finance craigslis purchase.

[sergeantdave]

Rather than going thru the dealer for a loan, try the Navy Federal Credit Union.

https://www.navyfederal.org/

They treat veterans and active duty people well and know what they’re doing.

Good luck.

[MMaschin]

They were trying to get a lower interest rate. By being a more secure loan, the financing company would have given a lower interest rate. By lowering you income to the actual amount, they prob redid the financing, and gave your done a higher interest rate.

[VTenigma]

We are blessed

[E. Pluribus Unum]

Banks will precertify you for a car loan same as a house mortgage.

And if you can’t pay cash for a vehicle then you can’t afford an expensive vehicle unless you want to spend your entire life buried in debt.

[Mr.Unique]

Fudged paperwork?

Could be a result of what your son is learning in cop college.

[AppyPappy]

Pay cash for a car and you won’t have this problem

[Dr. Sivana]

Banks will precertify you for a car loan same as a house mortgage.

And if you can’t pay cash for a vehicle then you can’t afford an expensive vehicle unless you want to spend your entire life buried in debt.

I don't know if banks pre-certify private sales on the same terms as they would a dealer's.

On the necessity of paying cash for a car. I took it pretty far, and did not finance a car until this year. I only did it because our only car ('94 Buick Roadmaster) would not pass Phoenix emissions. I work at home, so we can go with one car, but our move wiped out savings.

So, after 20+ years of marriage I finally allowed my wife to enjoy a one year old car that I financed for five years, knowing full well that we will get 20 years out of it. I ran the numbers, and financing is only somewhat more than what I was laying out for front end, brakes, shocks, etc. The main problem in Phoenix is insuring a new car. That is a killer, with the difference in insurance costs on a new car being greater than the differential between car payments vs. old car repairs.

[cyclotic]

indeed we are. All of my kids are independent, conservative and Christian, not necessarily in that order

[VeniVidiVici]

You’re not out of the woods yet. You still don’t know if the new application has been approved.

Find out Monday who they supposedly got to finance the vehicle.