Current Events > I bought a BMW with a credit score under 500!

(+) Yeah! (+)

https://www.youtube.com/watch?v=sd7k_QQFtkA

wtf is this shit. smh

I made it to 1:30 and I can't.

1) Does she ever explain what the terms of the purchase/loan are?
2) Is it even a new car or is it some 10 year old beater?
3) How did you even find this lol.

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Why is her credit score under 500

holy crap

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CableZL posted...

Why is your credit score under 500

holy crap

Username is funny because she talks in the first minute about having a $200 cable bill.

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Look at that rack

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Username doesnt check out. Oh wait, nvm.

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Some would say caveat emptor but honestly I think dealerships that encourage this stupid nonsense are the scum of the earth

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Hexenherz posted...

I made it to 1:30 and I can't.

1) Does she ever explain what the terms of the purchase/loan are?
2) Is it even a new car or is it some 10 year old beater?

Do you think anyone with a sub 500 score cares or thinks about either of these

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Hexenherz posted...

I made it to 1:30 and I can't.

1) Does she ever explain what the terms of the purchase/loan are?
2) Is it even a new car or is it some 10 year old beater?
3) How did you even find this lol.

I worked at a mercedes dealership. My guess is it will be a brand new but base model BMW. It will have less features on it than a goddamn honda accord, but it will still be a BMW. She will have factored in the monthly costs of the loan in her budget but has no idea what's in store for her when it comes to servicing costs.

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I watched more, still can't bring myself to watch the whole thing.

Apparently though (reading the comments) her loan has a 20% APR, holy shit. I've only financed two of the four cars I've owned and I don't think the interest rate was higher than 3.5 on either of them.

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Hexenherz posted...

I watched more, still can't bring myself to watch the whole thing.

Apparently though (reading the comments) her loan has a 20% APR, holy shit. I've only financed two of the four cars I've owned and I don't think the interest rate was higher than 3.5 on either of them.

Jesus christ, that's higher than my credit card APR if I miss a payment

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lmfao @ 20% interest

Anyone with a brain knows there's a catch-22 when it comes to buying cars and there's no "insider deal" or whatever shit she's talking about. Either you can afford a car or you can't.

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this has to be fake.

500 is like "i just discharged bankruptcy" levels
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My first car loan was at 12%

The purchase price was about 20k

After 6 years of payments I would have spent about 33k IIRC

Luckily I sold that fucker two years later

Never again

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Let's do some really rough figures here. At 20% APR for say, a $40k car to pay off in 10 years, she's gonna pay out around $95k at 775 a month.

So she's going to pay $95k for a car that was worth 40k to begin with and will be worth what, $5k by the time she's finished?

Genius.

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pinky0926 posted...

Let's do some really rough figures here. At 20% APR for say, a $40k car to pay off in 10 years, she's gonna pay out around $95k at 775 a month.

So she's going to pay $95k for a car that was worth 40k to begin with and will be worth what, $5k by the time she's finished?

Genius.

But that social status though!

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My first car loan was 0% APR. Some Ford deal, and I got a discount via work so it was alrighty.

I don't think I'll buy a brand spanking new car again though. Will probably buy newer used cars.

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Error1355 posted...

My first car loan was 0% APR.

0 the whole term? that seems insane.
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About to say home boy you betta change yo name

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spudger posted...

0 the whole term? that seems insane.

Yeah, like desperate car dealers might offer 0% for half a year or even the first year but anywhere longer than that is just fantasyland.

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Jagr_68 posted...

Yeah, like desperate car dealers might offer 0% for half a year or even the first year but anywhere longer than that is just fantasyland.

Really? I see it all the time from local dealers. 0% for 60 months on brand new cars with approved credit. Usually around holidays.

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Error1355 posted...

My first car loan was 0% APR. Some Ford deal, and I got a discount via work so it was alrighty.

I don't think I'll buy a brand spanking new car again though. Will probably buy newer used cars.

I had 0% APR on my current car. Pretty nice. I'm saving up for my dream car right now, though... Pretty close to being able to get it.

Couldn't fathom having a 20% APR on a car... Might as well put it on a credit card and get rewards points at that much.

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I can believe it, especially if they're trying to move the previous auto year's cars off the lot. They're banking on you coming back and using their service shop which is how dealerships make a lot of their money.

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Hexenherz posted...

hey're banking on you coming back and using their service shop which is how dealerships make a lot of their money.

It worked on me for about two oil changes before I only really went there for warranty coverage.

The second oil change took an hour and 30 minutes. I scheduled it ahead of time too. That shit was fucking dumb.

They also tried to get me to pay for a full transmission fluid change at 30K miles. The car manual said that it's fine till like 90-100K IIRC lol. I was like nah fuck that.

They also disregarded any complaint I had with the car as normal. Then they damaged my car by backing a fucking truck into it which caused me about a month of trying to get them to replace the bumper with one that was properly painted ON MY OWN. Instead of letting me use a rental from the dealer they made the body shop across the street which clearly was not capable of painting a fucking blue bumper properly give me a rental and boy was it shitty.

Fuck that car dealership. Shults Ford in the Pittsburgh area has nice sales people, but the god damn worst 'service advisers'. Fuck them.

They called me a few months ago when they noticed my car loan was over asking if I'd like to trade it in and buy a new car. I told them "I might trade my car in soon but it won't be with you guys."

"Why is that?"

*gives story about the car damage and bumper*

"Oh. Let me get a supervisor to call you back"

I talk to the sales supervisor who was then pissed at my story, said she isn't surprised I wouldn't come back to do business with them either.

They also fucked my brother over too but that's a whole other story and I've gone off on a rant enough.

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How generous of her to help other ignorant people in how to fuck themselves financially

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Jagr_68 posted...

Yeah, like desperate car dealers might offer 0% for half a year or even the first year but anywhere longer than that is just fantasyland.

exactly.
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Error1355 posted...

The second oil change took an hour and 30 minutes. I scheduled it ahead of time too. That shit was fucking dumb.

Yeah fuck oil changes at the dealership.

My dealer wants $90 for a synthetic oil change and the wait is always like 2 hours

Local car wash place does it using the same oil for $65, takes no appointments, and is done in 15 minutes and you get a free car wash + interior vacuuming.

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I made it to 0:05. When she said cahhur that was it.