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Do armed forces members get massive credit/loan benefits?

S

slackerinabox

Lifer
My punk ass nephew, a real hip hop douchebag without an ounce of patriotism (he joined for healthcare and a job, literally) makes somewhere between 30-35k a year working for the army, but has been on a bit of a spending spree. New house, BMW 7 series, 4k tv...

Now, I would never get approved for that many loans based on that low salary - what's the deal? Not that I"m jealous... Just curious what the scam is. I know there are military programs, etc. but I didn't think they'd apply to bwm's that cost multiple years salary.
 
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if he got a used BMW 7 series, those drop in price like crazy.
Home loans I think Vets get good assistance there, not sure about the 4k TV 😉
 
Check around any military base and there are all sorts of payday loan places. Possible he got a bonus? Either way, certain places will lend service members a lot of money because they know that they get a guaranteed income, and they can also bring it to the chain of command if they don't pay their debts.

I'm willing to bet that your nephew is private or other low rank, as this is pretty typical of new service members.
 
home loan done via a VA loan is zero down, with closing costs typically rolled into the mortgage. As for the other toys, hard to say but looks like he may be setting himself up for financial problems. Unless he has "other" sources of income.
 
slackerinabox said:
My punk ass nephew, a real hip hop douchebag without an ounce of patriotism (he joined for healthcare and a job, literally) makes somewhere between 30-35k a year working for the army, but has been on a bit of a spending spree. New house, BMW 7 series, 4k tv...

Now, I would never get approved for that many loans based on that low salary - what's the deal? Not that I"m jealous... Just curious what the scam is. I know there are military programs, etc. but I didn't think they'd apply to bwm's that cost multiple years salary.
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VA loans. I also watched a buddy who served two tours in Iraq run up ridiculous amounts of debt thanks to the VA. It imo is a disservice to qualify these guys for loans that cant hope to pay back. My buddy is treading water making payments and he makes decent money.
 
Massive? No. Benefits? Yes.

That said, he's probably just overspending because he's a dipshit. Not uncommon, regardless of whether or not he's in the military.

http://www.urbandictionary.com/define.php?term=30k+millionaire
 
dphantom said:
home loan done via a VA loan is zero down, with closing costs typically rolled into the mortgage. As for the other toys, hard to say but looks like he may be setting himself up for financial problems. Unless he has "other" sources of income.
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VA Loan also pay no PMI which is huge. As well as what you said.
 
how do you know how much he makes? my siblings have no clue how much money i make. my mom has a slight idea but doesn't know exactly what it is. she just knows i make over 6 figures because when i got there i told her i reached a goal of mine that i had since i got to college (hit 6 figures before i turn 30).
 
Elevenpog said:
Check around any military base and there are all sorts of payday loan places. Possible he got a bonus? Either way, certain places will lend service members a lot of money because they know that they get a guaranteed income, and they can also bring it to the chain of command if they don't pay their debts.

I'm willing to bet that your nephew is private or other low rank, as this is pretty typical of new service members.
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Interesting, do privates leave with tons of debt?

Yes, he's a relative newbie, combat medic is his title but he's never seen any battlefield, never left the states actually in 2 years . he's not very bright but a big talker, so i bet he'll be making 6 figures in a few months
 
purbeast0 said:
how do you know how much he makes? my siblings have no clue how much money i make. my mom has a slight idea but doesn't know exactly what it is. she just knows i make over 6 figures because when i got there i told her i reached a goal of mine that i had since i got to college (hit 6 figures before i turn 30).
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his title has a salary range of 27k-48k
 
Scarpozzi said:
Sounds like you're jealous. Don't be. People who make poor financial decisions end up paying for it later.
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I am, i drive a kia! I'm just wondering what allows it, because his new 7 series (not used) is more than his yearly earning potential - i"d never even get approved for such a loan so wonder what his trick is
 
purbeast0 said:
how do you know how much he makes? my siblings have no clue how much money i make. my mom has a slight idea but doesn't know exactly what it is. she just knows i make over 6 figures because when i got there i told her i reached a goal of mine that i had since i got to college (hit 6 figures before i turn 30).
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Because, military pay is public record. =)
 
Sounds like my sister and brother in law. She doesn't work. Have two young kids. He's in the coast guard and makes like $35k a year. They've got loans on two different SUV's worth about 2x what they make.

He does get some sort of living allowance that depending on the location can be up to $1600 a month to cover rent/housing. It varies and is based on location and availability of base housing. They rent for cheap and use that for "fun" money.
 
vi edit said:
Sounds like my sister and brother in law. She doesn't work. Have two young kids. He's in the coast guard and makes like $35k a year. They've got loans on two different SUV's worth about 2x what they make.

He does get some sort of living allowance that depending on the location can be up to $1600 a month to cover rent/housing. It varies and is based on location and availability of base housing. They rent for cheap and use that for "fun" money.
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I think you hit it! He does have a housing allowance, and lives in some podunk (I mean that with respect, I'm liking the concrete of nyc less every year) with very cheap housing, equals lots of expendable income. I'm more jealous of the 4k tv than the car, though I know they'll be $500 bucks in a few years and I can wait. And I know the tv was over $3k because I googled the model number, I'm indian and we're petty by nature 🙂 he's just a super brand name hip hop dollar bills y'all douche, so it bites a bit that he's driving my dream car in his 20s (i'll get there in my 40s). And his parents constantly complain that they have money troubles (it's a shared, indian houehould where they live under the same roof), so I'm aware how petty this thread sounds 🙂
 
slackerinabox said:
I think you hit it! He does have a housing allowance, and lives in some podunk (I mean that with respect, I'm liking the concrete of nyc less every year) with very cheap housing, equals lots of expendable income. I'm more jealous of the 4k tv than the car, though I know they'll be $500 bucks in a few years and I can wait. And I know the tv was over $3k because I googled the model number, I'm indian and we're petty by nature 🙂 he's just a super brand name hip hop dollar bills y'all douche, so it bites a bit that he's driving my dream car in his 20s (i'll get there in my 40s). And his parents constantly complain that they have money troubles (it's a shared, indian houehould where they live under the same roof), so I'm aware how petty this thread sounds 🙂
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I think the obvious thing to do at this point is post pics of both yours and his wife. Then we can tell who the real winner is.


It sounds like he probably has a decent credit score, so he was able to get a couple loans and credit cards. He's most likely making the minimum payments on them and will be paying off that TV and car for the better part of a decade. Meanwhile you can afford to buy the good toilet paper and eat out when you feel like it.

Everyone has the things that are important to them. With young people its shiny things. As I've gotten older I care less and less about those and more and more about the little things.
 
When I was in the ER once, there were 2 other people waiting - one was an Army recruiter, and the other was a kid in his senior year of high school. I listened to her talking to him; the kid didn't seem too bright. She convinced the kid that he would be living a glamorous lifestyle by joining the Army. Meals provided, live on base, you can buy a really cool car. Or, if you live off the base, they give you a housing allowance, etc. She kept bringing up guys she knew who had <really cool sportscars> and <really cool motorcycles.>

My assessment: the kid was an idiot - it was probably his best opportunity for a meaningful job. The recruiter: fantastic at her job. She read that kid like a book and knew exactly what to say.
 
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