osso12

I am still hanging in there..
I have learned something... getting finance is NOT as easy as it USED to be...
No one simply wants to take any risks with people any more.. cant much blame em...

Ok, I mentioned in the past few weeks that even though my better half has the cash to pay for the car...she has promised me she is not going to dip into her savings to buy this boss for me. Over the last two or three weeks we have worked with two co signers.... One said yes they would co sign...
we waited on them for a full week to make it happen....bottom line they never did...so they renigged on they're word that they would co sign... No big deal..... Then my better halfs aunt agreed to co sign....
So we started on that last monday.... well... this past monday we finally got the aunt to make contact with the dealership... guess what? The aunt had made too many recent purchases and it dropped her credit rating to about 680..... We are looking for a co signer of 700 or better so we can get $0 down. So the aunt tried... and her credit had dropped and theres simply nothing she could do.... So.. I called my ford dealer this morning and asked if they would finance with 20% down..... and NO co signer....
They did NOT call me back today.. so I assume that is shot down as well.
I called my folks.. Folks wont co sign because they just recently tried to aquire a $100,000 loan... which is still in limbo... IE, if my folks helped me, it would cause there credit to lower...which would harm them from any future loans...new cars ect....
SOOOO... even though I have not given up entirely.....
I have three more options as I cannot think of anything else I can do.
I have not used my criedit in over 12 yrs..so my credit atm is 0..... which is as bad as bad credit... My better half has a couple of bad spots... and she has not used her credit in a while.. she has bought a couple of new cars but always pays cash for everything.. hers is right under 600....
So the dealers tell us we need a co signer with 700 or above,,, and they will put us in the car... My better half makes good money but thats not good if your trying to build credit... like we are both trying to do...
The only three options I can think of are this. Let me know if yall think of any thing else I might be over looking.
- If the dealership wont take 20% down and no co signer-
#1. If I can per sway my GF to pull out $20,000 out her savings that SHOULD get us in the car with her credit..... finance the rest..
I dont think I can get her to touch her savings.. its her money why should she?
#2. Pay cash. Have her take the entire 47k out of her savings...
which I DOUBT she will do because she said she wont at this point.
Again why should she its her money?
#3. I have only ONE debt on my credit of $600 that I owe.... I have 0 OPEN accounts at this time...I could start paying that off.. try to open a couple of small accounts and start paying on them...
I am thinking my credit would be back up to 700 where it was last year at this time.... I am thinking 6 months.. but I DONT wanna wait on this car any more its killin me.
We could also work on her credit of under 600 as she only has a couple of debts around $300 total she needs to pay; we could pay those off now and I am thinking her credit would go back up to probably 650 in 30 days... I am thinking if we could open a small credit card and pay it off we could get her credit back up to 700 in less than 90 days.....
So.. do I think this is doable? sure I do. The problem is I dont know if I can hang on long enough to get our credit where it needs to be in time...
and the thought of settling for used just IRKS the **** out of me, but I would settle if there is no other way.
Well gents.. all of us have been here. A lot of us have wives that would take the stance as mine has...
So I ask you... what should I do?
Please...I beg you.. dont make comments like " Well you should NOT get a boss mustang because you CANT afford it..." ect....
those thoughts might be true...but they dont take a whole lot of thought behind them and I will dismiss them. Can we afford the car right now?
YES, we can. Do I need the car? NO I don't. Is the car a priority to the Misses? NO its not. Can I expect it to be? No I can't. Women are not wired like men are.
Do I want the car? YES.
How to?

CrazyBrain

I think the universe is trying to tell you something, but you're not listening. your GF is not an option at all, forget that angle completely. you're going to have the sell something of yours that has any real value to help fund this cause. as far as co-signers go, if you have to ask the aunt of your GF to do it, then that's not really an option either.

your only real help is going to be cash up front, and lots of it. the bank thinks your too risky on this type loan because of your lack of credit, and rightfully so. you don't have any history in the past 12 years.

its garage sale time. everything is on the chopping block, no sacred cows if you want this car that bad.

dean_acheson

"I think the universe is trying to tell you something." I've never heard that phrase before.

Do you not have any credit history with a local bank? House payments, etc?

I doubt that I'd ask that of a girlfriend. That's what marriage is for, you have signed up at that stage for better or worse at that stage, and worse is the car bug.

Fenderaddict2

Is the car new or used? Because unless you are able and willing to have a garage sale or get married, used is your only hope. And sometimes you just have to let things go. I passed on the deal of the century on my favourite car, a DB9 because I had just put my Mustangs in storage and I was not willing to finance a purchase so I lost out to someone with ready cash. Will I ever see a deal like that again? No. Will I regret not short-term financing? Maybe. Will I end up owning an Aston? One day, for more perhaps but at a time I can truly afford it. Life goes on.

JeffL

that's why i have a good relationship with my local credit union. they hold the deed on my house and always get my business for car loans, I've never got a loan through a dealership. I am sort of like you I have zero credit. I don't have a credit card and haven't used one in probably 10 years so my credit is probably crap. But my credit union doesn't even check my score I give them a purchase and sales and in the same day they give me a check for a car my current rate is 1.9% for 60 months.

For the record I wouldn't allow my gf to use any of her savings to buy me a car. but that's just me.

elkk

Forget dealing with the dealer finance department or a co-signer. Go to your personal primary bank or credit union and request a car loan using the car for collateral (or use a home equity loan if you can). The bank can tell you how much money you would need as "down payment". Now the problem is finding the down payment money but it will be way less than the $20k you mentioned.

1. Borrow against your 401k if you have one and dare to use it.
2. Take a "second" on your home loan
3. Sell a lot of something quickly

There are a lot of unanswered questions here but seriously think about the cost/ depreciation of the car, gas, insurance, title and taxes, maintenance and modification costs. There may be another great opportunity later when you are in a better position.

osso12

Im on my phone... Stand by for a better update... Lots have mentioned my home. I live in a $80k home and its paid for... Just dont wanna risk that either...

Tron

Good luck bro.....hope it works out

osso12

The universe is always telling me "no" I am used to that. Ill admit.. I am spoiled...and for something to tell me no... I over come until I get what I want.. its just me being me. Am I scared of the universe telling me no? absolutely not. The GF is what started this whole thing. She made the point of telling me should would buy my boss for me for my birthday...which is in oct.... I simply want to enjoy my gift before then. Lots of cash sounds like pay for the car in 47k cash..doubt that..

House is paid for. I have used cash in the last 12 years...
The credit union is saying 20k down with her and my credit.....
The GF and I are getting married either end of this year or next year..


Car is new... how does getting married produce me $47 dollars for a boss 302? I dont get the logic behind that? Please explain. If I dont get a new one by Dec...I am sure all the new ones will be gone and then either have to give up, or buy used if I still want one at all at that point... keep in mind this is going on 3 yrs for me... so its turned into a "pipe" dream...nothing more nothing less it is what it is... life will go on even if I dont get a boss.. I am just not ready to throw in the towel even 3 yrs later..

Im sure I could give them the deed to my house and Id have the car waiting on me by the time I got ready to drive it off the lot. Just something that I am not going to do. House for collateral is not an option even as bad as I want this car.


I did go to the credit union. My GF is not a member. They told me if we both put both our names on the title, we need $20k down... then we can have the car. I dont have 20k to ****.. My GF may...but shes not giving it up...

No 401 K... Not taking out a loan on the house.....
The GF has offered up her Dodge pickup as a down payment.. its worth maybe $8k... but then we would end up finding her another truck so we get caught in that loop if we go that route... I do have something used she could drive so her truck collateral is an option.. My truck I drive is only worth about $1k....so no real money there..

What other questions? Ill answer any? as I am pretty much an open book at this point. Insurance for me is about $250 a month...for the boss...
Used..well.. I dont want used but it might be that its more affordable down the road..but that requires waiting..which im growing very weary of..
Keep in mind my hopes have been up and down...on and off...for three years now on this thing...

jaywoo

Well, I'm probably gonna sound like a complete **** here but what the heck.

First off, forget using your girlfriend or co-signers. You're an adult. If you can't get financed for a Boss, then a Boss just isn't in your future. Try for something cheaper. Maybe a used 5.0. Get a credit card. Buy stuff with it and pay it off every month. That will build your credit. I have no clue as to your income level, and I don't want to know, but with no house payment, no car payment and no credit cards you should think about having a savings account of your own.

That's my .02, and with the economy today it's not even worth that.

TxBoss23

If the home you live in is paid for and it is YOURS (not your girlfriends) then you could take out a home equity loan to pay for your car. You said you don't want to "risk" that which would really give me concern that you shouldn't be borrowing any money at all, especially to buy something that isn't a "need" but a "want".

So while you don't want to hear that you should not be buying this car that is the truth intellectually. I know that emotions come into play big time here but the mature, responsible answer is that you have no business buying a $47k car until YOU can come up with the cash to pay for it.

You most definitely DO NOT want to have your girlfriend take money from savings to pay for the car. She would be a bit irrational to do that for you anyway. If you two are not at the point of marriage then the commitment level isn't where it should be for her to risk nearly 50k on a toy for you.

Just my 2 cents anyway.

SD GT

I'm glad you have your house and other things paid for. No debt makes life easier.
I also commend you for never giving up--and finding a way to make things in life work.
But I'd caution you on this purchase, as others already have. As great as the Boss is, its just a car. Its best to buy a toy like this when we are at a financially stable point in our life were we can afford the extra car.
Don't get yourself deep in debt, endanger the relationship with your girlfriend, etc, in an effort to buy a car.
I hope you find a good solution.

JeffL

I wasn't saying put the house up as collateral, I would NOT do that. Just that I have a good relatoinship with my local credit union. I think borrowing against a home for a car is a horrible idea.

join some credit unions like DCU or Pinfed most will only require $5 or 10 to join then inquire about loans.

maddog2

I strongly agree with the last four posts but was afraid to give out the truth. I personally would never co sighn for anyone on a car loan its a big risk. For me the boss is just a toy for fun and not a daily driver. So the only way I would buy the Boss was to pay cash. Were there is a will there is a way and I think you will find a way and when you do enjoy it. You only get one trip trough this life so do what keeps you smiling.

LagunaBeach

$10 says you don't get the car.

Hadtohaveit'13

Buy a gt and make it better than a boss, sounds like you got the money but lack a few 'extra' things like co sign etc

osso12

I love this guy..and this post the most..
EVERYTIME...someone tells my I CANT get something (especially a car that I don't need) .. I have proved them to be liars....hahaha..

I have thought of an idea aint no one thought of.. it stemmed from a post here... If I get the car with the idea kudos for the inspiration.
Ill keep it to myself and see what happens.. Cant hurt.
Yes, like I have said, no I don't need the car. It is a TOY for sure.

cdynaco

That's your problem. Poor financial planning. A great credit history is a part of financial planning. I understand being debt free has a large degree of wisdom. But...
To play (in our economy) you have to pay (by using some credit).
And here you are simply wanting a lousy auto loan - where the Bank/CU holds the title - and you can't even get that. Always use some credit along the way - manage it perfect and keep your score high.
Although 401k's are not liquid, not having retirement or cash reserves makes lenders nervous...
Life happens... girl friends leave, wives leave and have their lawyer (that you pay for) beat the **** out of you, houses burn down or blow away, health or accident issues happen... and not having recourse means a bank/cu would have to foreclose/repo - which they never want to hassle with.

Maybe the time is not right for a new Boss.

osso12

well.. YES and NO at the same time.
Its simply not a DO or DIE situation.. if that makes any sense...

The ticker is this.. IF i had 200,000 in the bank (which I don't) and I simply did not want to use this as it was put back for retirement etc....
I can't get the car financed because of the credit issue...
IF I gave up $10,000 of my savings as down payment, FORD MOTOR credit will NOT put me in the car. I have tried. FORD...will not tell me what that magic number for down payment is though with my credit rating...
This would have worked years ago...
Both FORD and MY credit union is saying as high as $20,000 (almost half the car) down to get in the vehicle. Don't wanna spend my cash or her cash to do it. In the end we might as this crap has become a challenge if anything at all atm..

osso12

Very good point. believe it or not.. I ordered a $53,000 ZL1 camaro just last year.. over the telephone.. I made the call, dealer pulled my credit.. My credit was 700..... The dealership had the camaro built.
BUT.... I did not take delivery of the ZL1..because of software issues and the car being a new design.. I did have it built though.. VIN #83..... The credit union just last year approved the loan based on MY credit..
so in ONE year.. a simple $600 light bill messed it up to where it is...
I KNOW how to fix it.. and I DO know HOW MUCH time it will take.. its not that hard to fix....