another car question ?

As to the vehicle, that is up to your own personal tastes--If you're unsure, I'd check with consumers digest/reports to see which models have the best resale and are the best value.

Now, as to the credit--their credit won't become your credit and your credit won't become theirs; you will just be able to take advantage of a more favorable interest rate because the underwriter can avoid more of the percieved risk by having your parents co-sign. As long as you pay on time, neither of your credit scores will be adversly affected. If you are at least twenty years old (two years since you had the credit wrecking problem), then by the time you pay off a five year note, your "bad items" will fall off of your report, and you should have a much better score.

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stop posting my damn signature

 

Just about all SUV's are overpriced simply because everybody wants them (whether they really need them or not). If you want invoice pricing, you can go to www.edmunds.com or www.kbb.com. I think carpoint.com may have them, too. I like the Xterra's, but man, when a little SUV costs more than that manufacturer's top-of-the-line sedan (not including their Infiniti line, that would be the Maxima), ya gotta wonder.

As for the credit stuff... I dunno.

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Pole...Without sounding presumptuous, Id like to address the Credit myth that after 5 or 7 years, bad pieces of credit history fall off.

Im my industry, I have to run and evaluate every potential customers credit history. Ive seen negative cedit on someones current history that dates back 15 years! No kidding. Imagine me telling someone that they'd have to pay for the entire cost of my product based on something from 1985. Its happened. Also in dealing with Credit reporting agencies...alot of people actually pay off some old bad debt. But if the place you initially had the problem with doesnt report it to the right places, that negative peice of history will still remain the same. According to such established credit agencies, it is not their job to keep you updated correctly. It is your job to ensure you are correctly updated.

Out of pure curiousity I ran my own credit. The discrepencies were phenominal. Not only were they reporting on debts that I had taken care of years ago, they were not showing positive forms of my credit history. Like a whole car loan, a large credit card account that was kept in great standing, and a smaller account of credit I had lined up with a clothing company. To boot, the address they had listed for me was about 4 years old and from whole other state. My Job listing was also about 4 years old. Job listing is important in deciding revolving credit availability.

So just a warning to those who think credit reporting agencies just automatically "drop" old pieces of bad credit. It doesnt necessarily happen that way. Actually typically they can find ways to make them stick much longer.

[This message has been edited by Dreamshake (edited May 19, 2000).]

 

I just bought a 2000 Ford Ranger XLT Extended Cab. I love it. The APR is 3.25%, and my payments, with $0 down, is only $288.

The SUVs are a little high priced. The Xterras are around $23K. I test drove one and loved it! Unfortunately, they are just a little too much for me to pay.

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Get your proper swirve on...visit www.swirve.com (coming in mid-June, for now visit www.eesite.com)

 

I'm going to actually have to agree with Dreamshake about credit reporting agencies. All though it is somewhat an exception rather than the rule, credit reporting agencies are notorious for mis-information, and unfortunately, IT IS ALWAYS YOUR RESPONSABILITY to make sure the information on your file is correct.

I used to be a corporate trainer for CSC (Equifax) in Houston, and I developed and facilitated programs for collectors--including training on the FDCPA. Poor payment history reports should fall off after seven years and inquiries should fall off after two, but that isn't always the case. The best advice is to get your credit report and make sure everything on it is correct. That sounds a lot easier than it is; correcting mis-information requires a lot of phone calls and proof, and the burden is on the individual. On the flip side though, if you have a poor payment history report that is more than six years old, a lot of times you can call the agency, and if you get the right person, they will remove it for you (because it's supposed to fall off pretty soon anyway). Still, they keep master files on magnetic tape, and although I never got a clear explanation as to why this happens, sometimes when they update the tapes, items that had been removed sometimes reappear--in other words, the eight or so bucks you pay to get your report is money well spend--do it once a year, so you know what's being reported on you.

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stop posting my damn signature

 

Gr8-1...It really depends on who your
dealing with, how desperate they are for
your business, and if your dealing with
banks or in house lending. But in
general I would say yes.

For in house financing, if you were to
try and use your own credit and if your
credit were abominal, they the only way
you could get a car would be through in
house lenders(the leach banks) Your
talking an interest rate of around 17
percent. Ouch! I been there before. I
bottomed out at 17.9. But had to do it
out of necessity.

But having a solid credit history with
co-signers should buy you some pretty
good leverage. Bottom line is that a
co-sign takes on responsibility for your
failed payment history. So they should
be able to earn a much, much lower
interest rate. Typically Auto sales
persons could care less about hitting you
for a higher rate, being that they just
want to make a deal. But all deals go
through a manager. And he could try to
get more from you.

Best bet is to do as Pole says, and
before you go shopping purchase a copy of
your credit report.

as for buying at sticker rate...Ive only
had the opportunity to purchase 3 cars
with a decent credit history. Before
that I had to take what I got, at what
ever rate I got. Best bet is to go on
line at www.kelleybluebook.com and take a look for yourself at the value of a car. Dealerships try to stay a bit under blue book value (at least from what Ive seen) so dont be amazed at the first vehicle priced at a 1000 under "estimated value". And remember, all sales people haggle. Dont be intimidated. What Ive found to work for me is to get very involved in the car I want. Try to get the price down a bit, and be able to look him right in the eyes and say "Let me think about it." and just walk away. Use quotes from similar cars at other car dealerships. Most of all, just make sure you get what you want at what price you want.