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      09-27-2012, 05:59 PM   #23
mjposner
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First go used for a year or two with a less expensive car. Save the difference per month, get your score over 740 and you will have the M.

I just got my loan from Pen Fed. They are funny. First I applied for the loan saver, its a loan with a balloon so you have a lower payment, because I was going to buy a 45k car. I never finished the application and the dealer would not deal so I walked.

I then bought a less expensive BMW (37k) on a straight loan through Pen Fed and got approved. I called them up and told them to cancel the first loan which they did online. Today I get home and there is a 46k check from Pen Fed in the mail. Now have to send it back...
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      09-27-2012, 06:07 PM   #24
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Strait cash homie.
A financial genius you are not....let's see...use your cash or borrow it at 2%?
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      09-27-2012, 06:33 PM   #25
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put it down on black, or do something reasonable like living within your means.
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      09-27-2012, 08:29 PM   #26
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The usaa rate is new cars only. Penfed is 1.49 new or used. Penfeds is one of the few that charges the same rate no matter the age.
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      09-27-2012, 10:12 PM   #27
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Penfed is the best! .99% through September if you buy through a qualified dealer, which is a pretty good selection of dealers at least in my area. Also .49% for 48 months. 3 more days left
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      09-27-2012, 10:17 PM   #28
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penfed wouldnt even approve me but USAA approved me for 60k for a car and 80k for a boat at the same time.
Penfed is strick. try somewhere else, anywhere else.
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      09-27-2012, 10:19 PM   #29
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Love my 1.49% loan thru Penfed! 43,300 for 60 months at 750/mo
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      09-27-2012, 10:48 PM   #30
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Usaa 1.20% Apr
Thanks for the suggestion but unfortunately I'm not eligible!
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      09-27-2012, 10:50 PM   #31
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I wonder what percentage of M3 owners go straight cash homie...
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      09-27-2012, 10:52 PM   #32
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^ all randy moss fans do
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      09-27-2012, 11:03 PM   #33
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Originally Posted by BMW Fanatic View Post
Don't buy the car. Wait until you have the $$ saved as opposed to getting it via credit.

Also, not sure if true but I heard through the grapevine that the more places you go ask for loans etc, the more your credit score is affected (not in a good way) and the 'inquiries' won't leave your file for 36-60 months.
This is good advice but I feel like in this day and age it's really more about how you leverage the money that you have..

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It’s odd that they are telling you “past or present delinquencies” are preventing you from be qualified for more money. How much money you are qualified for is typically a function of your debt-to-income ratio. Any past credit difficulties have already been factored in by your credit score, and unless you have a recent bankruptcy, or repo of some sort the analysis is usually left to the credit bureaus. Regarding the scenario you suggested, I doubt any institution is going to give you “the other $20k” as it were. You will need to find another lender who will give you the full amount which may or may not be difficult. You may have to pay a higher rate to ultimately get what you want.

Regarding the credit inquiries, there are indeed soft and hard pulls. However the credit bureaus give you a 30 day “shopping period” in which you can have up to 10 inquiries for the same purpose and they will all be looked at as one inquiry. You typically are not punished for doing your due diligence as a consumer.

If it were me I would simply get the car you want and refinance it later
I've heard this numerous times, I think I might go this path. Is there any cost in refinancing? Or does my new creditor eat that cost to earn my business?

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Penfed is the best! .99% through September if you buy through a qualified dealer, which is a pretty good selection of dealers at least in my area. Also .49% for 48 months. 3 more days left
Holy crap, 0.49%? It just keeps getting better!

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penfed wouldnt even approve me but USAA approved me for 60k for a car and 80k for a boat at the same time.
Penfed is strick. try somewhere else, anywhere else.
They certainly are pretty strict, I think it's because they are running low on cash reserves at this point, I know lots of people have applied for these loans!
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      09-27-2012, 11:28 PM   #34
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I'm not sure why so many weird symbols were in my last post, sorry about that. I'm a loan officer for a credit union and the cost to refinance a car is pretty negligible, about $20 last time I checked. In general credit unions are growing rapidly and they need to put excess liquidity to work, even at today's rates.
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      09-28-2012, 01:38 AM   #35
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OK, following the good advice from y'all good folks in this this thread, I ran my free credit report, and found two blemishes that only appear on the Equifax report, and not on the report from Experian. Both are from credit cards I used to have, one from Chase and the other from Citibank. The balance on both are $0 and the the status both state "Pays as agreed." I remember handling both these issues about two years ago and I would have though that they would removed these two delinquent $0 balance accounts by now!

I've disputed both of these items on the website as the option is provided. I'm going to call PenFed and tell them that these problem accounts are technically resolved and that I owe nothing. Hopefully they will understand!
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      09-28-2012, 07:15 AM   #36
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Quote:
Originally Posted by alms211 View Post
A financial genius you are not....let's see...use your cash or borrow it at 2%?
perhaps he is. the best i am getting on 5 year CD's in my CD ladder is under 2%. I then pay taxes on the interest. Investing in the market is fine if you have the time and money to wait out any big drops. Just because it made a big run up this year does not mean the bottom will not fall out after the elections or if the Euro debacle gets worse. a 2% loan on a car is not that fantastic.
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      09-28-2012, 07:19 AM   #37
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I wonder what percentage of M3 owners go straight cash homie...
The ones that are living well within their means. Part of Romney's 53%.
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      09-28-2012, 07:36 AM   #38
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Quote:
Originally Posted by alms211 View Post
A financial genius you are not....let's see...use your cash or borrow it at 2%?
Yeah well that only works if the loan can be had, smart guy.

Its just a Randy Moss quote. Settle down.
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      09-28-2012, 07:54 AM   #39
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Quote:
Originally Posted by surlynkid View Post
perhaps he is. the best i am getting on 5 year CD's in my CD ladder is under 2%. I then pay taxes on the interest. Investing in the market is fine if you have the time and money to wait out any big drops. Just because it made a big run up this year does not mean the bottom will not fall out after the elections or if the Euro debacle gets worse. a 2% loan on a car is not that fantastic.
Considering that annual rate of inflation is about 3%, borrowing at or below that rate makes sense. Keep the cash for the drop you are talking about and invest in stocks then.
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      09-28-2012, 08:21 AM   #40
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I wonder what percentage of M3 owners go straight cash homie...
No sure, but that is what I am doing..... Cash, vs paying for cash is always better when dealing with a car or any other depreciable assets.

Might not be the best for a home purchase, but for most other situations it is best to pay cash when you can.
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      09-28-2012, 08:23 AM   #41
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Quote:
Originally Posted by fongpi View Post
OK, following the good advice from y'all good folks in this this thread, I ran my free credit report, and found two blemishes that only appear on the Equifax report, and not on the report from Experian. Both are from credit cards I used to have, one from Chase and the other from Citibank. The balance on both are $0 and the the status both state "Pays as agreed." I remember handling both these issues about two years ago and I would have though that they would removed these two delinquent $0 balance accounts by now!

I've disputed both of these items on the website as the option is provided. I'm going to call PenFed and tell them that these problem accounts are technically resolved and that I owe nothing. Hopefully they will understand!
Not so fast...

Blemishes meaning you made a late payment or missed a payment? They stick with you for a while, and they don't just remove them once you pay off the balance... In some cases, if you've paid off the entire balance and it's been some time, you can write in a letter asking them to kindly remove it from your credit history since you did make the payment in good faith and paid it off after a while. Some banks will say "sure, no problem" and others will say "suck it up until it falls off." It's worth a shot, the worst that can happen is that they will say no.

Usually, late/missed payments stay on your credit history for like 7 years I believe (could be wrong). I had two 30-day delinquent payments on my history from when I was in college. One was removed with writing a letter to the credit institution and the other (PenFed) told me to pound sand. Needless to say I don't bank with them anymore. It had been 5 years since I paid the cards off and figured they'd help me out (I was trying to get my credit score up).
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      09-28-2012, 08:33 AM   #42
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Quote:
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Paying cash, or financing... it doesn't really matter to this thread. OP can't afford an M3 - it's that simple. If you have an issue finding the money to lease or buy a car you should be shopping in a different price class. No shame in that.

You won't be able to enjoy the M3 if you have to stretch yourself in order to be able to afford it. Buy a GTI, or a 135i and enjoy that car, and sleep well at night.

Just wait... I'm 40 and clearly in the older percentile on this board, but I often feel that younger folks have the need to reach higher when it comes to cars, watches, toys, etc... than our generation did. If the last 12 years taught us anything it is to get out of debt ASAP, and then buy the toys.

Just my 2 cents...
+1
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      09-28-2012, 09:21 AM   #43
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Quote:
Originally Posted by Team Plutonium View Post
Paying cash, or financing... it doesn't really matter to this thread. OP can't afford an M3 - it's that simple. If you have an issue finding the money to lease or buy a car you should be shopping in a different price class. No shame in that.

You won't be able to enjoy the M3 if you have to stretch yourself in order to be able to afford it. Buy a GTI, or a 135i and enjoy that car, and sleep well at night.

Just wait... I'm 40 and clearly in the older percentile on this board, but I often feel that younger folks have the need to reach higher when it comes to cars, watches, toys, etc... than our generation did. If the last 12 years taught us anything it is to get out of debt ASAP, and then buy the toys.

Just my 2 cents...
Well said.
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      09-28-2012, 10:10 AM   #44
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Quote:
Originally Posted by Team Plutonium View Post
Paying cash, or financing... it doesn't really matter to this thread. OP can't afford an M3 - it's that simple. If you have an issue finding the money to lease or buy a car you should be shopping in a different price class. No shame in that.

You won't be able to enjoy the M3 if you have to stretch yourself in order to be able to afford it. Buy a GTI, or a 135i and enjoy that car, and sleep well at night.

Just wait... I'm 40 and clearly in the older percentile on this board, but I often feel that younger folks have the need to reach higher when it comes to cars, watches, toys, etc... than our generation did. If the last 12 years taught us anything it is to get out of debt ASAP, and then buy the toys.

Just my 2 cents...
This is the best route. PAY your stuff off, fix all the junk that needs to get fixed and enjoy your car.
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