OPen Class

won't happen. You need history to get into the mid 7's

And I bought my car without them ever asking if I had a job or providing proof of one. Ran my credit, said you get the great financing, sign here, and drove away.

I also bought a house while collecting unemployment when I was between jobs.

Keep you credit up and protect it as it will provide you options. I like having options.

wireboltman

Those days are most likely gone and never should have been.
Loans of that nature are why we are where we are right now, unfortunately.

vrb747

Save 10 % on your income !!!!???? This is whats wrong with America. People need to save more like 25-30% of their income. I think we have had it too good for too long. We have forgotten what our ancestors went through.....times are about to change. Just my worthless opinion. No offense meant to anyone.

wireboltman

I didn't say 10%.
I said at least 10%.

25%-30% is a nice thought, albeit a ludicrous one. No offense.

People making minimum wage or even 10 bucks an hr can barely pay their bills and put food on the table let alone save 25%-30%. 10% is a stretch. It's the mentality of saving that has to prevail----no matter what the income.

Health insurance or a pension are nothing but a pipe dream for many.
One catastrophic illness and you're doomed. Possibly for life-

The government just handed the spoiled child another cookie, today.
Should have let them go under-

The credit card mentality is destroying our economy.

Dave ISM

Infiniti Financial Services goes with your Equifax credit bureau along with other information. Yes, income has something to do with it, however it's history on the bureau, repayment history, debt to income, etc.

A 19 year old kid making $8 an hour, only having a Sears charge card, and living with mom rarely qualifies to lease or purchase $35k+ vehicles. It's not the dealers themselves; it's the banks.

Callaway

^^Exactly. I was never able to get anyone in this type of situation financed through Nissan Motor Acceptance. I always had to refer them to our special finance department which shops the loan to sub-prime lenders. It's the bank that makes the final call even though establishing relationships with banking contacts helps for those borderline situations where the customer was just on the cusp of qualifying for promo financing like 1.9%. The score is a quick way to categorize the applicant, but history within that score can be used for negotiation.

vrb747

wireboltman, no offense taken, but the way you think "25-30% is ridiculous" is pretty narrow minded.

This is directed towards the -4% savers (yes thats NEGATIVE 4 percent, thats America's national savings rate) :

People dont care much about their future. they would rather be slaves to debt and money and work till they are 65 and then take the government handouts.

How about opening your mind to the possibility of saving 25-30% of your income and investing it so that you dont really have to be a slave to your job for the rest of your life. Its not really that hard to do. Think about what happens in a financial meltdown (it may actually happen). Just because the last 25 years generated a MASSIVE credit bubble doesnt mean the next 25 years will be the same. Stop thinking the future is going to be anything like the past.

Like they say Past performance is NO guarantee of future returns.

Instant gratification, consumerism, using credit for EVERYTHING, this is what people are into today. WHAT HAPPENED TO GOOD OLD FASHIONED SAVING FOR WHAT U WANT TO BUY ? People have really forgotten what happened in the 1930s because most of the folk that lived through those times are dead. Dont make the mistake of thinking the government is going to take care of you.

A ****storm is on the horizon, we are doing a Japan version 2.0 and people dont have an FFFFing clue. What a pity!

wireboltman

Let me get this straight.
You figure someone making minimum wage can save 25%-30% of their wages?

That would be about $286.00 per week --------Gross.
It was $5.15 per/hr till just recently, but we'll use $7.15 per/hr now.

That's about $223.00 net pay X .75 = $167.50 or so a week. (25% savings)
Can you pay all your bills, medical insurance, pension plan, gas, food, utilities, telephone, heat, water/sewer, property taxes, etc. etc on 167 bucks a week?

Just curious-

By the way:
I'm an electrician.
I've worked construction the last 35 yrs. Started working after school when I was 16 and have worked ever since. I'll be retiring next week, as a matter of fact. The stock market has made that possible
If I buy a car, I pay cash.
The stock market has done quite well for me in the last 10-12 yrs.

It's not my mind that needs to be opened. I've lived my life saving for things I can't afford at a particular time. Even now, when I could easily buy a new G37 (which will be my next vehicle) there's no way I'm going to take the hit of buying a new vehicle from a depreciation standpoint.
I'll get a low mileage 2007 about a 1 yr or so from now.

You know--------save a bunch of money.
I can wait.
No problem.

NyC Driven

What in the world has this thread turned into....OMG

I only asked a simple question which turned into Americans not knowing anything on how to balance their income vs expenses, and yes I agree that over-utilization of credit these days, financing to sub-prime lenders, etc has factored into the country being in the current financial state we are today. JUst look at history, the roaring 20s were the same way and then BOOOOM!!

I have a credit score above 750, make over 100k/year, and save over 25% of my income but im not here to advertise my personal life..I dont have a mortgage nor have I financed/owned a vehicle in the past, I was simply asking as to whether or not your income is factored into buying a car, because I know with buying a house, they do look at that

wireboltman

You're right.
I apologize for being a part of the direction it veered off into.
I see many younger people ruining their lives buying things they can't afford.

My intentions were good-

DrJones

iTrader: (1)

When I signed my lease back in September I only filled out the credit application. Didn't have to prove income or anything.

Now I was coming out of another lease with IFS with a perfect pay history. I don't know how true this statement is but I was told by the finance dept that, "when you are currently in a IFS lease and you have a perfect pay history and want to trade out of your current lease into a new lease that IFS will not pull credit again". I do not know if that statement is even true but that is what was said. The application was only a formality.

Check out this website www.myfico.com

You can pull your entire credit report with score from each creditor. The info is 100% reliable (the site is ran by Fair Isaac Corp). It is not free and it does allow you to dispute any information you wish to. I have been using this site for many years and it has helped tremendously.

vrb747

NyCDriven apologize for hijacking your thread. Just one final shot before I call it quits, dont want to waste this post.

Wireboltman, the problem is not whether one can save on minimum wage. The problem is the attitude of the people I see around me and on the internet.

This is just a general rant :

Anyone who is on this board and owns or is thinking of owning a G37 probably makes 120K a year before taxes. Let me guess, you have never heard about the rule of thumb that says the price you pay for your car should be less than 1/3rd your yearly income. Or what about the ROT that says the home you buy should NOT exceed 3 times your yearly income. Forgetting these rules is exactly why we had a housing bubble and why so many people are in financial trouble.

I know people who make less than the median income and bought homes with a mortgage payment around 70% of their monthly income.

I also see neighbors and acquaintances who have 2 Lexus or Mercedes cars in the driveway and are living it up thinking the housing market is going to bottom and their house is going to be a permanent ATM.

Both these kinds of people have laughed at me when I sold my home in early 2006 and bought a lightly used vehicle.....and I make a LOT more than they do. Reality will set in sooner or later. What Im afraid of is government bailouts where I will end up paying for these sorry, blood-sucking leeches. Hell, Ive already paid for these idiots and the government budget deficits via the new brand of toilet paper called the US DOLLAR.

Everyone including the government is on a credit-coke high. Well imagine what happens when the supply runs out. Yup, Bear Stearns is only the beginning.

Japan version 2.0 is possible and they had a 14% national savings rate when the 1990s happened. Check it out people, what happened to the Nikkei between 1989 and 2008. 40K down to a low of 7K and now around 12K. They are still down almost 70 percent after 18 (EIGHTEEN) years.

You think the stock market is going to save your *** if you dont save for the future? Or maybe the government that is constantly devaluing the dollar to save the big financial houses, is gonna bail you out ? If you believe this, then you must believe in the tooth fairy and Santa Claus too.

NyC Driven

Great post VRB....100% agreed, and yes that is the grim reality we currently live in

Keng

Quoting from Wikipedia
From the 1960s to the 1980s, overall real economic growth has been called a "miracle": a 10% average in the 1960s, a 5% average in the 1970s and a 4% average in the 1980s.[14] Growth slowed markedly in the late 1990s, largely due to the Bank of Japan's failure to cut interest rates quickly enough to counter after-effects of over-investment during the late 1980s. Because the Bank of Japan failed to cut rates quickly enough, Japan entered a liquidity trap. To keep its economy afloat, Japan ran massive budget deficits to finance large public works programs. By 1998, Japan's public works projects still could not stimulate demand enough to end the economy's stagnation. In desperation, the Japanese government undertook "structural reform" policies intended to wring speculative excesses from the stock and real estate markets. Unfortunately, these policies led Japan into deflation on numerous occasions between 1999 and 2004. In his 1998 paper, Japan's Trap, Princeton economics professor Paul Krugman argued that based on a number of models, Japan had a new option. Krugman's plan called for a rise in inflation expectations to, in effect, cut long-term interest rates and promote spending.[15] Japan used another technique, somewhat based on Krugman's, called Quantitative easing. As opposed to flooding the money supply with newly printed money, the Bank of Japan expanded the money supply internally to raise expectations of inflation. Initially, the policy failed to induce any growth, but it eventually began to effect inflationary expectations. By late 2005, the economy finally began what seems to be a sustained recovery. GDP growth for that year was 2.8%, with an annualized fourth quarter expansion of 5.5%, surpassing the growth rates of the US and European Union during the same period.[16] Unlike previous recovery trends, domestic consumption has been the dominant factor of growth.

China is going to hit that sooner or later.

wireboltman

You don't read for $hit!
That's twice now.
Try to comprehend what I've written before repeating to me what I've already said.

(I've emboldened this instance for you this time)

The rest of your post is kindergarten stuff for me.

Edit:
120K?
$50,896.00 is the most I've ever made in any one yr in my life.
40-45K is a good yr.
I made 30K in 2007

I guess I'm not one of your "Anybody on this board.....probably makes 120K befores taxes," assumption-

You apparently live in another world when it comes to income compared to me.
If I made that kind of money, I'd have retired yrs ago.