I might lose my baby :(
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Joined: Dec 2007
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RE: I might lose my baby :(
If he held the job at the time of purchase they can't cancel it. I have a different job now than when I bought my vehicle they can't come after me and cancel my contract
ORIGINAL: pilot00
The problem is this... If he stated on an aplication that he had two jobs and the bank finds out he only has one because he is quitng his job in two weeks, The bank has the right to cancel the contract. Like every contract there is a cancelation clause (for both sides). You can be pre approved and then denied if the bank/company finds out you misrepresented info on the app.
By the way Never tap into equity in your home to by a car. 1. get behind on payments andyou could loseyour house and you car (depending on which method you use) and 2. When the value of your house goes down with this declining real estate market you could own more on your house than what it is worth. Home equity loans range about 6-9% for rates vs. 0-5% rates for dealer loans.
The problem is this... If he stated on an aplication that he had two jobs and the bank finds out he only has one because he is quitng his job in two weeks, The bank has the right to cancel the contract. Like every contract there is a cancelation clause (for both sides). You can be pre approved and then denied if the bank/company finds out you misrepresented info on the app.
By the way Never tap into equity in your home to by a car. 1. get behind on payments andyou could loseyour house and you car (depending on which method you use) and 2. When the value of your house goes down with this declining real estate market you could own more on your house than what it is worth. Home equity loans range about 6-9% for rates vs. 0-5% rates for dealer loans.
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Joined: Jan 2008
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RE: I might lose my baby :(
ORIGINAL: sddunn2
So what happened ? This is killing me i just have to know !!
So what happened ? This is killing me i just have to know !!
Joined: Feb 2007
Posts: 35
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RE: I might lose my baby :(
I do not think they would sell it as used... they would sell it again as new and say it was a demo. The truck has only a temp registration . Most demos have 2000-5000 when they sell them. If you misrepresent any info on an app/or contract it is considered not in good faith...contract voided/canceled. The salesman wants to close the deal as fast as posible so he gets his commision. I hope the co signer works for you. In that case accept an interest rate no higher than the current chrysler rate, you should qualify for these rates with a co signer
0% for 36mo
2.9 for 48
3.9 for 60
5.9 for 72mo
0% for 36mo
2.9 for 48
3.9 for 60
5.9 for 72mo
Record Breaker
Joined: May 2007
Posts: 1,211
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From: Levittown, PA
RE: I might lose my baby :(
ORIGINAL: pilot00
By the way Never tap into equity in your home to by a car. 1. get behind on payments andyou could loseyour house and you car (depending on which method you use) and 2. When the value of your house goes down with this declining real estate market you could own more on your house than what it is worth. Home equity loans range about 6-9% for rates vs. 0-5% rates for dealer loans.
By the way Never tap into equity in your home to by a car. 1. get behind on payments andyou could loseyour house and you car (depending on which method you use) and 2. When the value of your house goes down with this declining real estate market you could own more on your house than what it is worth. Home equity loans range about 6-9% for rates vs. 0-5% rates for dealer loans.
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Joined: Jul 2005
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RE: I might lose my baby :(
Here are my 2 ignorant cents.
You get equity to buy a car, if you expand it to 10 to 15 to 30 years, how much did you really buy the car for? Unless you have your house paid off, then I can see buying a car with equity, but still when you do the numbers how much did the car cost you? Its not the same as buying it cash.
To you Espositoman, you knew you were going to walk away from the second job, yet you put it in the application form. What did you think, that they were not going to call? Dont get me wrong, you like the truck and probably can afford it on one job and I hope you have budgeted gas, but you also have to understand that banks now are going through a lot ****e. They have to look after themselves and not loose any more money. So, if they cant approve you, its probably because they feel you can afford it. With your credit score low and one income, they see you as a risk and of course they have to raise interest rates.
By the way, hitting your credit history for the same thing (as for car purchase) will not affect your credit. If you apply for a car, then 2 to 3 credit cards, then a house, then to move to an apartment, that will affect your credit score.
Bottom line is, dont be afraid to walk away. There will be other trucks for you. Also, like it was said here, you are young, get a car for transportation and finish school. Save your money, because in 2 years you will be able to buy your own place dirt cheap.
You get equity to buy a car, if you expand it to 10 to 15 to 30 years, how much did you really buy the car for? Unless you have your house paid off, then I can see buying a car with equity, but still when you do the numbers how much did the car cost you? Its not the same as buying it cash.
To you Espositoman, you knew you were going to walk away from the second job, yet you put it in the application form. What did you think, that they were not going to call? Dont get me wrong, you like the truck and probably can afford it on one job and I hope you have budgeted gas, but you also have to understand that banks now are going through a lot ****e. They have to look after themselves and not loose any more money. So, if they cant approve you, its probably because they feel you can afford it. With your credit score low and one income, they see you as a risk and of course they have to raise interest rates.
By the way, hitting your credit history for the same thing (as for car purchase) will not affect your credit. If you apply for a car, then 2 to 3 credit cards, then a house, then to move to an apartment, that will affect your credit score.
Bottom line is, dont be afraid to walk away. There will be other trucks for you. Also, like it was said here, you are young, get a car for transportation and finish school. Save your money, because in 2 years you will be able to buy your own place dirt cheap.
Record Breaker
Joined: May 2007
Posts: 1,211
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From: Levittown, PA
RE: I might lose my baby :(
Here are my 2 ignorant cents.
You get equity to buy a car, if you expand it to 10 to 15 to 30 years, how much did you really buy the car for? Unless you have your house paid off, then I can see buying a car with equity, but still when you do the numbers how much did the car cost you? Its not the same as buying it cash.
You get equity to buy a car, if you expand it to 10 to 15 to 30 years, how much did you really buy the car for? Unless you have your house paid off, then I can see buying a car with equity, but still when you do the numbers how much did the car cost you? Its not the same as buying it cash.
All Star
Joined: Jul 2005
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RE: I might lose my baby :(
Trust me. I know people that refinanced to 30 years and used the equity to buy a car. So that car purchase was stretched over 30 years. Yes the interest is tax deductible, but man 30 years.
Record Breaker
Joined: Feb 2007
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From: Austin/Round Rock, TX
RE: I might lose my baby :(
Well then those people weren't very smart.
I've tapped into my home equity b/c I can get a loan for 6.24% right now and it's tax deductible. I have virtually no risk of falling behind and even though it's a 15 yr. loan, it will be paid off in 1 year. That's not much more than a car loan and if I was buying another vehicle I'd rather take the big rebates instead of the low interest.
I've tapped into my home equity b/c I can get a loan for 6.24% right now and it's tax deductible. I have virtually no risk of falling behind and even though it's a 15 yr. loan, it will be paid off in 1 year. That's not much more than a car loan and if I was buying another vehicle I'd rather take the big rebates instead of the low interest.