WillieSacks said:
maybe you can help me out here since you used to sell cars and you seem to know what you're talking about.
I was filling out apps online at night the other day just for the hell of it and I received an email today like this.
Congratulations 'williesacks'!
Your loan application has received preliminary credit approval!* Please review the terms of your approval below!*
Rate :** Annual Percentage Rate (APR) of 15.39%
Maximum Term:** 60 Months
Approved Loan Amount:** Up to $24,937
Approved Monthly Payment:** Up to $598.50
Borrower: 'williesacks'
Application Number: 47452976
Credit Approval Valid Until: 1/13/2007
If you need different loan terms, your Account Executive may be able to help you find a loan that meets your needs.
Next Steps:
Please call HSBC toll free at 1-800-922-4964 at your convenience, so an Account Executive can finalize your application.
Upon your acceptance of the terms, we will send you a TurboCheck enabling you to purchase a vehicle from any licensed, franchised dealer or from any eBay seller***
through a closed eBay transaction.
Thank you for applying with HSBC Auto Finance. We look forward to financing your next car!
HSBC Auto Finance
1-800-922-4964
Monday - Friday 6:00am - 8:00pm PT
Saturday - Sunday 7:00am - 6:00pm PT
*Conditions of the credit approval:
Valid only for eligible vehicles purchased through a closed eBay transaction or from a licensed, franchised dealer. Your Credit Officer can review vehicle eligibility with you.
Must meet loan-to-value (LTV) requirements
Final approval is contingent upon verification of all information provided by you on the credit application, compliance with our loan advance guidelines, receipt of all required documentation, and confirmation of vehicle and seller eligibility.
**IMPORTANT INFORMATION about the term and approved loan amount: You may be eligible for a 72-month term. A change to the term may change your app roved loan amount, rate, and/ or approved monthly payment. Maximum mileage is based on your term. The maximum mileage for corresponding loan terms is listed in the grid below. An HSBC Credit Officer can explain the customer's options.
Term Mileage
72 50,000
66 50,000
60 60,000
54 65,000
48 70,000
36 80,000
24 80,000
***Should the transaction occur on eBay, eBay Buyers and Sellers that are suspended, are not registered, or have net negative or private feedback are not eligible.
All products and services offered through the HSBC Alliance are available only where permitted by law, and are subject to all applicable limitations and restrictions, including eligibility.
Loans are made by HSBC Auto Credit Inc. In Florida, loans are made by HSBC Auto Finance Inc. In California, loans are made pursuant to a California Finance Lender's license issued by the California Department of Corporations. HSBC Auto Credit Inc. is a Rhode Island licensed lender.
What do you make of that.
by the way, I really like my g/fs sisters infiniti but like you said, I won't or actually...you know what, did you see the mileage terms, her car has 70k miles and they can finance cars that have that much mileage, or if not, I'll just get the charger, becasue I want to have payments...what do you think.
Take it and run.
That's a blessing considering you are a 500 beacon
HSBC doesn't F around with anyone.. I bet your credit score is higher than you think.. either that or their underwriters see something about you they like.
Still keep it lower, no more than 20k.
NOw that you have your approval, print it off and give it to the dealer when you are financing... if they can beat the rate, which is 15.39, then go with the dealer. A good F&I guy can get it hung if you have an approval, that's leverage.
Under 600 beacon, anyting better than 18 percent is a blessing. my first car loan was 24 percent. And that's AFTER I got int he business.. it's the best I could get.
Oxide, a good salesman will never put a person in a bad financial position with a new purchase. I have talked more people out of outright dumb decisions than I can think of.
Now if you want a new car, or a car in general, you have bad credit, and I have to get 2 grand from you to get you bought, and you reestablishing credit is important to you, that is your prority. YOu need to get the two grand.. it will literarly `change your life assuming you pay your bills on time.
But christmas time, even though I can, I wouldn't make you put 3 grand down unless it was necessarly, or if you just insisted.
My thing was, I wanted you to come back to me 2-3 years from now and buy a car from me (if my company wasn't successful)... would I make money? yes. Would I **** helpless customers? No
The deal I made 3500 off of... trust fund babies, husband and wife. Could have bought the car outright if they wanted.
read the terms to your loan.. you couldn't buy the infiniti if you wanted.. too many miles.
PAY YOURSELF FIRST.
5-10% of your check should go in an IRA.. make sure you budeget that in before you decide how much you can afford a month.
I am dead serious. I have no problem with the loan, but set yourself up for long term success first. The car is a freakin car.
Docs, you wasted your time doing all of that. First of all, NADA states,a nd I can tell you from personal experience, that people under 30 trade out of cars every 30 months on average. He won't keep the car for the life of the term, becuase his financial situtation will change one way or another.
HOwever, let's say he did. In 2 years, at the most, he can refi and get that rate down to about 9ish, maybe even lower if he puts his credit rebuilding in gear.
you guys have no idea how much an infiniti costs to maintence. Talk about getting Assraped. They are as bad as Jags. And I came very very close to buying a G35 about a half a year ago, ended up with something else, I hate the interior of the G35, love the outside, hate the inside.
Seriously dude, lets say you get the charger, but you are willing to pay the maintence fees when necessary on the infiniti.
Then **** it and go get you something like a 02 or 03 Mercedes C240. You can get one all day long for under 20... a couple of grand under 20 if you go to the right place. You were going to pay the maintence for the infiniti anyway...
If i were you I would at least LOOK at an RX-8.. that's your car and you don't even know it.
If I were going more economical (gas, insurance, maintence) I have always liked Pontiac Grand Prix's.. I don't know why or maybe a Mazda 3 S Grand Touring is a good car, and a Honda Civic SI is good but not as good, at least this or last year, as the Mazda 3.
but it's your call, keep me posted.
15.39% 
