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      09-28-2012, 10:23 AM   #45
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Originally Posted by JC919 View Post
Put your $30k towards drugs and turn it into $300k.
Even better, you won't need that M3 when you get 20 years of free room and board at the nearest federal prison.
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      09-28-2012, 10:44 AM   #46
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Yeah well that only works if the loan can be had, smart guy.

Its just a Randy Moss quote. Settle down.
Nobody worked up here junior......just making a point.
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      09-28-2012, 10:54 AM   #47
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Just get 2 Western Sky loans and you'll have your 20k.
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      09-28-2012, 02:25 PM   #48
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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.
I can get an 8% return all day all night on a $75K investment in a real estate project... tax free (see depreciation). I do it for a living so I know a little bit about what I am speaking.

A 2% loan isn't "that great" huh

You haven't a clue
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      09-28-2012, 02:38 PM   #49
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I can get an 8% return all day all night on a $75K investment in a real estate project... tax free (see depreciation). I do it for a living so I know a little bit about what I am speaking.

A 2% loan isn't "that great" huh

You haven't a clue
i got 0% on my dodge ram 2500, so no, it really is not that great. it is all relative. a no-risk real estate investment -- sure........................i'll stick with my mutual funds.
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      09-28-2012, 02:43 PM   #50
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I can get an 8% return all day all night on a $75K investment in a real estate project... tax free (see depreciation). I do it for a living so I know a little bit about what I am speaking.

A 2% loan isn't "that great" huh

You haven't a clue
I can get $.10 off per gallon thanks to my local grocery store rewards program.

WHAT'S UP NOW?!

Stop trolling.
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      09-28-2012, 02:47 PM   #51
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you could also lease

3 year lease on a new M3 will still be over 30k though lol
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      09-28-2012, 03:34 PM   #52
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I can get $.10 off per gallon thanks to my local grocery store rewards program.

WHAT'S UP NOW?!

Stop trolling.

You should wait until you get $4/gallon off then buy some. That's whats up.
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      09-28-2012, 03:44 PM   #53
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Penfed is also known for being conservative, so you might want to try a different bank/credit union.
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      09-29-2012, 06:12 AM   #54
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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...
I can definitely afford this car "income-wise," I'm making 125K, but also just graduated. I just don't want to wait three to four months before getting it. The way is see it, would be smarter to use leverage.

I called PenFed today and they said it's because I don't have a long enough "credit history," and nothing to do with past delinquency. I think they just wanted to get me off the phone. I guess I have no choice but to be patient!

The good thing is I've decided the M3 I found wasn't the ideal set up in terms of colors or options, so at least this gives me more time to find a more fitting arrangement!

Thanks for the tips everyone!
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      09-29-2012, 10:53 AM   #55
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sounds like it is the "just graduated" part also hurting you versus being a long time 6 figure earner.
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      09-29-2012, 11:14 AM   #56
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Quote:
Originally Posted by fongpi
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...
I can definitely afford this car "income-wise," I'm making 125K, but also just graduated. I just don't want to wait three to four months before getting it. The way is see it, would be smarter to use leverage.

I called PenFed today and they said it's because I don't have a long enough "credit history," and nothing to do with past delinquency. I think they just wanted to get me off the phone. I guess I have no choice but to be patient!

The good thing is I've decided the M3 I found wasn't the ideal set up in terms of colors or options, so at least this gives me more time to find a more fitting arrangement!

Thanks for the tips everyone!
When are you moving out of your parents?
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      09-29-2012, 11:15 AM   #57
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125k and just graduated? Are you living in SF proper or one of the outlying areas? If it is the former I bet that had some play on why they would not loan you the money.
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      09-29-2012, 12:03 PM   #58
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When are you moving out of your parents?
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      09-29-2012, 12:35 PM   #59
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Quote:
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As you may know, PenFed has super low rates right now. I applied a few days ago for a used car, and they only approved me for $30K! I have a credit score over 720 but according to them, it's because of "past or present" delinquency. Since two banks aren't willing or able to split one title, does anyone have any suggestion on where I can get another $20K? I've done so much research that I would hate to abandon the current deal I've found!
Part of the purpose in getting a used car is to get something that one can afford without stretching it. Sounds like you are stretching it. It's one thing if one is poor and is taking a loan to get a used car just to provide basic transportation. This is something done out of genuine need. But to take out a hefty loan to buy a used M3? Sounds like you should be looking at a different car.
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      09-29-2012, 01:24 PM   #60
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Originally Posted by fongpi View Post
I can definitely afford this car "income-wise," I'm making 125K, but also just graduated. I just don't want to wait three to four months before getting it. The way is see it, would be smarter to use leverage.

I called PenFed today and they said it's because I don't have a long enough "credit history," and nothing to do with past delinquency. I think they just wanted to get me off the phone. I guess I have no choice but to be patient!

The good thing is I've decided the M3 I found wasn't the ideal set up in terms of colors or options, so at least this gives me more time to find a more fitting arrangement!

Thanks for the tips everyone!

That makes sense, I didn't think it had to do with income or a couple blemishes on your report. Credit depth can be a pain to get around. I would still be surprised if you couldn't be financed through a dealer, but the rate will be higher.

Given your income and the fact that rates are crazy low anyways, if it were me I would get financed through the dealer and refinance in a year. It's doubtful rates are going anywhere and you are essentially adding a few thousand dollars to the price of the car, but thats pretty much it. Given a choice between paying an extra few thousand and waiting a year for the M3, I'd go for the car. But that could be just because I've been looking for the perfect M3 in my area for the last 3 months and I'm getting impatient!
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      09-29-2012, 11:25 PM   #61
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Put your $30k towards drugs and turn it into $300k.
This is a smart man!!!!!! Lol
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      09-30-2012, 01:38 PM   #62
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Quote:
Originally Posted by fongpi View Post
I can definitely afford this car "income-wise," I'm making 125K, but also just graduated. I just don't want to wait three to four months before getting it. The way is see it, would be smarter to use leverage.

I called PenFed today and they said it's because I don't have a long enough "credit history," and nothing to do with past delinquency. I think they just wanted to get me off the phone. I guess I have no choice but to be patient!

The good thing is I've decided the M3 I found wasn't the ideal set up in terms of colors or options, so at least this gives me more time to find a more fitting arrangement!

Thanks for the tips everyone!


I was waiting for all the financial guru's here to eat crow. Why is it every time someone comes here for financial advice all these idiots tell that person that they can't afford it, or how they pay cash. If you guys were truly financially savvy you would leverage by borrowing at low interests rates so that your money wouldn't be tied up on one thing.

125k a year with zero obligations he can drive a Porsche if he likes. I guarantee that if you pay cash for everything as the idiots have suggested, you will never have an ounce credit. Learn what Donald Trump learned the hard way, always use money that isn't yours to get the deal done. And never borrow what you don't have the ability to repay.
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      09-30-2012, 02:55 PM   #63
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I was waiting for all the financial guru's here to eat crow. Why is it every time someone comes here for financial advice all these idiots tell that person that they can't afford it, or how they pay cash. If you guys were truly financially savvy you would leverage by borrowing at low interests rates so that your money wouldn't be tied up on one thing.

125k a year with zero obligations he can drive a Porsche if he likes. I guarantee that if you pay cash for everything as the idiots have suggested, you will never have an ounce credit. Learn what Donald Trump learned the hard way, always use money that isn't yours to get the deal done. And never borrow what you don't have the ability to repay.
I hate to say it but WELL SAID.
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      09-30-2012, 03:18 PM   #64
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^ OP has credit problems, bank #1 will give him only $30K (hence the thread), so yes, OP is not really in the market for an M3.
Insufficient length of credit history or not enough open lines of credit with a 720 is not a negative credit rating. It means he has to open more lines of credit little by little and make good on them. Find another lender and try again so that you can build your credit, ignore the naysayers as they know zilch about credit and how it works.

You can't build credit paying cash.

Open a few secured credit cards with a few hundred in each account and pay on time, credit will improve. Get another lender for M3 auto loan, make timely payments and credit will improve.

The whole banking industry works on leverage. Your auto or mortgage loan is given to you when the lender often times only has 10% of the loan amount in reserve. In other words banks leverage themselves by lending money they don't have, even they don't have the cash.

I guess Steve jobs should of waited till he had the cash and not pursued Apple via venture capital money either.
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      09-30-2012, 08:04 PM   #65
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I was waiting for all the financial guru's here to eat crow. Why is it every time someone comes here for financial advice all these idiots tell that person that they can't afford it, or how they pay cash. If you guys were truly financially savvy you would leverage by borrowing at low interests rates so that your money wouldn't be tied up on one thing.

125k a year with zero obligations he can drive a Porsche if he likes. I guarantee that if you pay cash for everything as the idiots have suggested, you will never have an ounce credit. Learn what Donald Trump learned the hard way, always use money that isn't yours to get the deal done. And never borrow what you don't have the ability to repay.
Who has no obligations? Also, do not forget he lives in San Francisco, which the median home costs $775,000. If he purchased the median home, he would commit $4000 per month of his $6,771 monthly take home pay. Let's say he buys a $50,000 M3 on top of that, just to have have a median home and an M3 he is committing to $4865.00 per month in bills. Now he has to insure the car, assuming since he just graduated college, 23 Y/O male in an M3, so his rate would be anywhere from $150 to $200 per month. This leaves him with $1700 to survive every month. I'm not saying buying a home is a great investment, but some sort of shelter is necessary in life.

I think it's better to get advice on not to do it, than from idiots like you telling people they are fine without looking at the true finances and telling him he can afford a new 911. You sound like mortgage lenders of the 2000's.

He just graduated college and getting his first paycheck so he wants to get himself a bad ass car. I understand that, but having a bad-ass car and not being able to fill it up or move out of Mom's house isn't very bad-ass.
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      09-30-2012, 08:25 PM   #66
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I don't argue with you how one establishes credit, but OP stated that he has past or present delinquencies on the credit report... sounds to me he has to learn to pay his bills on time before committing to a $60K+ loan.
720 probably means one late payment over the last 7 years. Anyone can make a simple error without it being systematic.
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