[flush01]

Originally Posted by THE JEDI

FLUSH01..read what I said...:rocks:

i did, did I miss something ?

[ward]

Originally Posted by flush01

whats with everyone saying "dont buy a car you can't afford"... you don't know his situation, maybe he landed some crazy job that pays very well, why can't he enjoy 335 ? yes, buying this car is not the smartest financial move, but if it'll make him happy that's all it matters.... at least he's ganna pay for it on his own instead of having parents buy it for him like many on this board... back to the topic, I think a co-signer is the only option right now :/

IT'S THE BANK saying he can't afford the car


that's why they won't give him a loan


banks make money from selling loans, so if they thought he could pay, they'd give him the loan. Turning away his loan, is turning away a customer, the only reason they'd do that is if they though the guy couldn't pay.

maybe his situation will change in a couple months, but for now...

[Design1314]

Thanks for all of you~ I've had my first credit card since I was around 17, ofcourse there was late payments and overdrawn etc.. but overall I've been spending and paying on time. Is there a free site where I can get a free credit report? I know I am just starting to make my incomes..do you know when my credit score will change? after I file tax next yr? or by putting money into the bank?

[Crazy Bimmer]

If BMW rejected you then a credit union or bank might still approve you. BUT they might give you a really high interest rate.

[flush01]

Originally Posted by ward

IT'S THE BANK saying he can't afford the car


that's why they won't give him a loan


banks make money from selling loans, so if they thought he could pay, they'd give him the loan. Turning away his loan, is turning away a customer, the only reason they'd do that is if they though the guy couldn't pay.

maybe his situation will change in a couple months, but for now...

so what if the bank says that... what if he had shitty credit and then got 300k/year job, you telling me he can't afford 335 with that ? banks wont change his credit in one day, it'll take few year for them to see he's making $

[ward]

Originally Posted by flush01

so what if the bank says that... what if he had shitty credit and then got 300k/year job, you telling me he can't afford 335 with that ? banks wont change his credit in one day, it'll take few year for them to see he's making $

and if he makes 300K a year he doesn't get 300k in one day either


what if he loses said job, or only works there a few months and quits

typical american way, you all want to spend your money before you even have it

[THE JEDI]

Originally Posted by flush01

i did, did I miss something ?

Know what you can afford before you go looking....so when you sit down you can see well this is me..trust me knowing your credit score is HUGE

[THE JEDI]

Originally Posted by Design1314

Thanks for all of you~ I've had my first credit card since I was around 17, ofcourse there was late payments and overdrawn etc.. but overall I've been spending and paying on time. Is there a free site where I can get a free credit report? I know I am just starting to make my incomes..do you know when my credit score will change? after I file tax next yr? or by putting money into the bank?

stop being cheap and go to www.freecreditreport.com 24 bucks dude damn

[specialque]

If he made $300k a year, he could wait a month or two and pay cash...

Here is the best advice we could give you... Walk away... It's not that we don't want you here or for you to drive your dream car... It's just an $800+ car payment is not what you need when you are 22 years ago.. Most 328's are low $42k, and if you don't have any down payment you are looking at a $871/mo payment (60 months) at an 8.95% rate which is close to what you might get. I have great credit and BMWFS tried to give me 8.75%, I ultimately got 6.125% from Chase.

So even if you are making say $52k a year, or $4000/mo, roughly. After taxes and insurance, you are only taking home about 56% (or $2240/mo)if you are single and claiming zero or 1 exemption. So now you get an $900/mo car payment and it leaves you with $1340/mo for rent and other living expenses which is not enough by anymeans. Nevermind the 93 octane gas and the insurance premiums that come with owning a BMW.

Ultimately, it's your decision. Some of the people here are just trying to prevent you from making a bad one.

Luke

[flush01]

Originally Posted by ward

and if he makes 300K a year he doesn't get 300k in one day either


what if he loses said job, or only works there a few months and quits

typical american way, you all want to spend your money before you even have it

maybe he works there 11 months already, and he sees it as a stable job (he didn't specify anywhere how long he been working)...

[specialque]

Originally Posted by flush01

maybe he works there 11 months already, and he sees it as a stable job (he didn't specify anywhere how long he been working)...

If that was the cast he would have made $275k and we wouldn't be having this discussion...

Point is, he's 22, just landed a "good job" wants an impressive car that he can't afford.

[flush01]

Originally Posted by THE JEDI

Know what you can afford before you go looking....so when you sit down you can see well this is me..trust me knowing your credit score is HUGE

ok what if you make alot of money and build your credit score... then in 5 years you loose your job, and you go from 200k/year to 40k/year, your score stays the same... so by looking at the score you can afford it, but in reality you can't...

[flush01]

Originally Posted by specialque

If that was the cast he would have made $275k and we wouldn't be having this discussion...

Point is, he's 22, just landed a "good job" wants an impressive car that he can't afford.

why not ? if he made 275k it would be stupid for him to buy it out right....

[RichP]

Originally Posted by flush01

why not ? if he made 275k it would be stupid for him to buy it out right....

what?

[flush01]

Originally Posted by specialque

If he made $300k a year, he could wait a month or two and pay cash...
Here is the best advice we could give you... Walk away... It's not that we don't want you here or for you to drive your dream car... It's just an $800+ car payment is not what you need when you are 22 years ago.. Most 328's are low $42k, and if you don't have any down payment you are looking at a $871/mo payment (60 months) at an 8.95% rate which is close to what you might get. I have great credit and BMWFS tried to give me 8.75%, I ultimately got 6.125% from Chase.

So even if you are making say $52k a year, or $4000/mo, roughly. After taxes and insurance, you are only taking home about 56% (or $2240/mo)if you are single and claiming zero or 1 exemption. So now you get an $900/mo car payment and it leaves you with $1340/mo for rent and other living expenses which is not enough by anymeans. Nevermind the 93 octane gas and the insurance premiums that come with owning a BMW.

Ultimately, it's your decision. Some of the people here are just trying to prevent you from making a bad one.

Luke

why would he want to pay it cash !? you people are too fast to judge.... i'm not saying it's an amazing idea to lease the car in his situation, but it is doable... AGAIN, it's NOT a good idea, but it can be done...

[flush01]

Originally Posted by RichP

what?

?

[specialque]

Case in point, the kid does not make $300k, or anywhere close to it...

If he did and didn't want to pay cash, they could do a VOI and they would give him any loan he wanted - again not the case.

[RichP]

He would want to pay cash (if he had it) because he cant get a loan!

Bank looks at your history of paying off debt, and your ability to pay off future debt. I have no idea what this new job pays for the OP, but at best it is suitable to pay off the debt easily. However, he has little/poor credit history. He has never paid off a loan before, and the credit cards he did have he didn't pay off on time.

[flush01]

Originally Posted by RichP

He would want to pay cash (if he had it) because he cant get a loan!
Bank looks at your history of paying off debt, and your ability to pay off future debt. I have no idea what this new job pays for the OP, but at best it is suitable to pay off the debt easily. However, he has little/poor credit history. He has never paid off a loan before, and the credit cards he did have he didn't pay off on time.

maybe he wanted to put money into a better use instead of giving 50k away in one shot ?

[John 070]

Originally Posted by specialque

If that was the cast he would have made $275k and we wouldn't be having this discussion...

Point is, he's 22, just landed a "good job" wants an impressive car that he can't afford.

How much can someone possibly make at age 22? A chem e is around 65k. Obviously that's not enough to drive a 335, wisely. An MBA at age 27 maybe 120k, that's starting to get into the ballpark, but at that age, a Camry SE or possibly a Acura TL is a far wiser move.

I agree with the blessing reply. Loading up on a big car payment is a sure fire way to shoot oneself in the foot. We have to remember the time value of money at age 30, 40, 50, 60, 70, 80, all the way to 6 feet under. I just saw an older guy in my office go from a S55 AMG to a ML350. Talk about a downgrade...that's the fear of losing his job for one due to his age (despite Title VII, the partners can call it whatever they want when they show him the door), and also the result of leasing one car after another.

[RichP]

Originally Posted by flush01

maybe he wanted to put money into a better use instead of giving 50k away in one shot ?

If he cant get a loan, and he doesn't want to pay cash, should they just give him the car then? I understand he may not want to pay for it in cash, but given the limited options the OP has...

[flush01]

Originally Posted by John 070

How much can someone possibly make at age 22? A chem e is around 65k. Obviously that's not enough to drive a 335, wisely. An MBA at age 27 maybe 120k, that's starting to get into the ballpark, but at that age, a Camry SE or possibly a Acura TL is a far wiser move.

I agree with the blessing reply. Loading up on a big car payment is a sure fire way to shoot oneself in the foot. We have to remember the time value of money at age 30, 40, 50, 60, 70, 80, all the way to 6 feet under. I just saw an older guy in my office go from a S55 AMG to a ML350. Talk about a downgrade...that's the fear of losing his job for one due to his age (despite Title VII, the partners can call it whatever they want when they show him the door), and also the result of leasing one car after another.

im not ganna say how much i pulled at 22, but it would surprise alot of people, so don't judge people right away... yes I completely agree about the value of money...