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Old 04-05-2015, 12:26 PM   #1
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Justification laugh

When trying to buy the Magna we got info from BOA but the loan rate was terrible so we turned it down.
One of the reasons for the high rate was "Lack of recent auto loan info".

You don't suppose that could be because both cars were paid off a few years ago so of course there would be no recent information!

Another one was "Too many consumer finance company accounts".

Had the house sided with vinyl siding through Home Depot, they offered 24 month free financing so rather than pay cash I took their offer. Most people don't pay it off in time and get hit with the high cost so it's a big hit on your credit score.
But, rather than paying the minimum of about $90 a month I've been paying $5-600 every month. Guess they missed that too.

But of course they never mention that the real reason for the high interest rate was our age!! I'm 68 and the DW is 67 and we wanted a 20 yr loan on the rig. Even the finance person said that that was the probable reason.

But, anyway, we finally proved that we didn't need the loan so we got one approved for not much more than the Dutch Star was costing us.

2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft
Charter Good Sam Lifetime Member, FMCA, SKP
RV'ing since 1957, NRA Benefactor Life, towing '14 CR-V
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Old 04-05-2015, 02:55 PM   #2
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Good for you! and what everyone should know is at a dealership, the interest rate that is quoted is not the interest rate that the dealer charges. The bank usually allows the finance department to charge 2 1/2 more points so they make more money on the "back end" of the deal. Instead of 4 or 6 percent, they would typically charge 6 1/2 to 8 1/2 percent interest.

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Old 04-05-2015, 04:51 PM   #3
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Just the other day I was telling the story of one Levi Strauss (Spelling?) Famous maker of blue Jeans.

How his success came from going to the bank, asking for a loan, and being turned down......

Well, to make a long story short a while later he returnd to the same bank,, which had just gotten "New Ownership" and approached the former loan officer (not promoted) and ask: Do you remember me?
He did not, so Levi explained "You turned me down for a loan" and told him when.. The former loan officer informed Levi he no longer worked in Loans.... Levi informed him he no longer worked for the bank, he was fired.

He told Levi "Only the owner can fire me"

IF you need me to tell you the new owner of the bank was Levi.... Well I just did.
Home is where I park it!
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