I didn't read the whole thread, but you may want to keep shopping. My local Ford dealership sells them brand new for only a thousand more.
Auto credit? Credit history is credit history, doesn't matter if it is a Sears charge card, auto loan or student loan, they all add to your credit report.
Yea i went and looked at the new ones at a different dealership. They are 25k - 4k+ in rebates. They said I didnt qualify for the rebates since I was a first time buyer...... Even if my parents cosigned. every dealer I have went to have been assholes about my age.
They've been assholes about your age, because you are obviously not credit worthy. There is no difference between regular credit and auto credit. If you can get regular credit you can get auto credit. There are different types of credit... revolving, etc, but having "credit" is having credit.
You don't need a Mustang GT at 19. No one needs a Mustang GT at 19. It will do nothing but get you into trouble. Before you say I don't know you and you are different, realize that I had a brand new one at 16. I completely understand now how foolish that was. My advice is to not get the most expensive car you can afford. Get a car that leaves you wiggle room, so that you can actually have a social life instead of working to pay insurance and your car payment. Also, your quote for a GT is way off. Until you hit 21 it is going to be pretty high.
You don't need a Mustang GT at 19. No one needs a Mustang GT at 19. It will do nothing but get you into trouble. Before you say I don't know you and you are different, realize that I had a brand new one at 16. I completely understand now how foolish that was. My advice is to not get the most expensive car you can afford. Get a car that leaves you wiggle room, so that you can actually have a social life instead of working to pay insurance and your car payment. Also, your quote for a GT is way off. Until you hit 21 it is going to be pretty high.
wait... ppl were saying a capital one company was *good*!?!? i don't think i've ever heard that one 
but yeah, dealers are being "assholes" about your age for a reason. Teenagers are just a statistic, and you got the odds against you. Put yourself into the dealers shoes. They probably get the same story all the time, and most likely selling to teenagers is a lot more trouble than it's worth for them.
btw, what's this talk about all the different kinds of "credit" anyway...
but yeah, dealers are being "assholes" about your age for a reason. Teenagers are just a statistic, and you got the odds against you. Put yourself into the dealers shoes. They probably get the same story all the time, and most likely selling to teenagers is a lot more trouble than it's worth for them.
btw, what's this talk about all the different kinds of "credit" anyway...
Please stop with the you don't need, you can't afford BS. I have driven a 92 5.0 for 2 years and have driven it safely. Just because the car is a V8 does not mean im going to bullshit around in it. Its just what I want. I was making the same kind of insurance payments/monthly payments on my 92 5.0 when I purchased it 2 years back, and I have had it paid off for 1 1/2 years. The insurance quote isnt just a quote its an actuall price statement they said it WOULD be that....
Josh
PingSpike
Lifer
- Feb 25, 2004
- 21,710
- 537
- 126
You're a male 19 year old. Get used to paying through the nose for cars. You are the most accident prone demographic out there....they don't want to sell you the car because its a solid bet you will wreck it.
I'm sure you're different and blah, blah, blah...but they don't care because they have their statistics sheet and its been right more often than you. Go to a different dealership, maybe you'll have better luck.
Arnold Schwarzenegger: "Stop Whining!"
I'm sure you're different and blah, blah, blah...but they don't care because they have their statistics sheet and its been right more often than you. Go to a different dealership, maybe you'll have better luck.
Arnold Schwarzenegger: "Stop Whining!"
Im not whinning about it, I just feel like I am being lied too about some of the policys. Im not complaining about any costs of the car either, If I wasent ok with the $$$ of the car/insurance I wouldn't be getting it.
Josh
You gross $1,600 a month & you're trying to finance an $18,000 car?
I don't think your age is the biggest factor.
Even if you take home $1200 a month you're still paying OVER 1/3 of your net pay just on the car payment & insurance.
I make significantly more than you & I would never consider buying an $18,000 car. Do I want a Mustang? Of course, but I can't afford it.
Now, ON topic...
The reason you're having trouble getting financing is you are a massive risk. Young, poor, and thinking with the wrong head.
A Credit Union is probably your best bet, unless you want to pay exorbitant rates through a dealership.
People your age are the ones that end up paying 29% interest & so far upside down their financial future is screwed.
[EDIT]I know I sound like I'm coming down hard on you, but there's a reason for it. When I was your age I wanted to do the same thing. I am forever glad that I did not, & people here are part of what convinced me not to. I got the sense beat into me, & I'm grateful for it. No, I don't like driving the car I do. But my insurance costs me $60 a month & I don't have a car payment.[/EDIT]
Viper GTS
I don't think your age is the biggest factor.
Even if you take home $1200 a month you're still paying OVER 1/3 of your net pay just on the car payment & insurance.
I make significantly more than you & I would never consider buying an $18,000 car. Do I want a Mustang? Of course, but I can't afford it.
Now, ON topic...
The reason you're having trouble getting financing is you are a massive risk. Young, poor, and thinking with the wrong head.
A Credit Union is probably your best bet, unless you want to pay exorbitant rates through a dealership.
People your age are the ones that end up paying 29% interest & so far upside down their financial future is screwed.
[EDIT]I know I sound like I'm coming down hard on you, but there's a reason for it. When I was your age I wanted to do the same thing. I am forever glad that I did not, & people here are part of what convinced me not to. I got the sense beat into me, & I'm grateful for it. No, I don't like driving the car I do. But my insurance costs me $60 a month & I don't have a car payment.[/EDIT]
Viper GTS
I had a 2000GT at 16 brand new. I still have it in fact. As I said, you don't need that car. Wait until you can actually enjoy it responsibly. At 19 that simply isn't possible. Like I said, spend your money on a lower priced car so that you can save up money and actually have a social life. Otherwise you will be working your ass off just to make the payment. The choice is yours. I am just giving you advice.
This is their investment... you can't blame then for trying to protect their investment and not wanting to put it solely in the hands of a 19 year old. You may be very responsible, however, statistically 19 yr. olds are not.
Yes I understand that, but when I am told we can't get you this used 03 GT for 18000, but we can get you this new fully loaded 04 LX for 18000 that aggervates me. Its the same investment for the banks. I am just as likely to wreck a V6 as I am a V8, if you want to look at it saying thats how they look at it. You can drive a v6 just as fast as a v8 if you are irresponsible.
Josh
Gibson486
Lifer
- Aug 9, 2000
- 18,378
- 1
- 0
Dude, you are a teen trying to put down big money. You could show them your bank account and they still wont move unless you give them full cash. What sucks more is that you will be treated like this until you are out of college and have a full time job. You think that sucks? wait till you wanna move out and try looking for an aprtment for college. There will be so many landlords telling you "no, you cannot have the apartment" just because you are a student/undergrad. I know it sucks, but the truth is that most teens think they can do stuff they are not capable of. I'm sorry you got denied for your loan, but you need to realize that being a teen shows no maturity even if you have it. Personally, i wouldn't plunk that much down on car until i have a full time job out of college, but everyone is different. Good luck.
I agree crapital one suxOriginally posted by: lnguyen
wait... ppl were saying a capital one company was *good*!?!? i don't think i've ever heard that one
but yeah, dealers are being "assholes" about your age for a reason. Teenagers are just a statistic, and you got the odds against you. Put yourself into the dealers shoes. They probably get the same story all the time, and most likely selling to teenagers is a lot more trouble than it's worth for them.
btw, what's this talk about all the different kinds of "credit" anyway...
Sysadmin
Vic
Elite Member
- Jun 12, 2001
- 49,660
- 12,365
- 136
What's this "he's 19 and male" crap?
For a lender (any lender) to discriminate on the basis of age (provided the applicant has the capacity to contract) and sex is a violation of the Federal Equal Credit Opportunity Act (ECOA).
A lender can discriminate on the basis of excessive defaults, but the basis for such discrimination must be related to income (although some sources of income are protected), employment, credit history, etc. and NOT on the basis of age or sex (among other protected classes, like race, color, religion, national origin, and marital status).
You need to file complaints with the BBB, your state AG, and the FTC.
For a lender (any lender) to discriminate on the basis of age (provided the applicant has the capacity to contract) and sex is a violation of the Federal Equal Credit Opportunity Act (ECOA).
A lender can discriminate on the basis of excessive defaults, but the basis for such discrimination must be related to income (although some sources of income are protected), employment, credit history, etc. and NOT on the basis of age or sex (among other protected classes, like race, color, religion, national origin, and marital status).
You need to file complaints with the BBB, your state AG, and the FTC.
SP33Demon
Lifer
- Jun 22, 2001
- 27,929
- 141
- 106
With 18K you can buy a nice used Dodge Hemi truck and that will last longer than a POS Ford. Plus it's no slouch when it comes to speed, and you can haul your stuff to and fro when it's college time. Hell, you wouldn't believe how many hotties I had in college asking me if I could help them move furniture to their new apt's...
Another thing you could do, if you want to build your credit, is have you dad buy the car (give him the cash for it if you have that much). Then go to the bank and take out a secured loan (your dad can secure it) for 18K and make payments back to your dad on it...
Another thing you could do, if you want to build your credit, is have you dad buy the car (give him the cash for it if you have that much). Then go to the bank and take out a secured loan (your dad can secure it) for 18K and make payments back to your dad on it...
My truck loan is though them and it's been a great company to do business with. They were people first when I got it, I think they were owned by mbna.Originally posted by: Sysadmin
I agree crapital one suxOriginally posted by: lnguyen
wait... ppl were saying a capital one company was *good*!?!? i don't think i've ever heard that one
but yeah, dealers are being "assholes" about your age for a reason. Teenagers are just a statistic, and you got the odds against you. Put yourself into the dealers shoes. They probably get the same story all the time, and most likely selling to teenagers is a lot more trouble than it's worth for them.
btw, what's this talk about all the different kinds of "credit" anyway...
Sysadmin
Nothing has changed as far as I'm concerned since they bought it. The entire experience has been fine. The interest rate is very good, I liked the "blank check" they sent for me to buy whatever I wanted.
Maybe capital one will screw them up, I don't know, but my experience has been great.
Hey now, watch it. I happen to have a geo storm. Wait a second, my car sucks @ss. NM, never buy a geo, and never get one from (i wont name this dealership for fear of prosecuation because it sucks so much @ss and would make more suing a college kid than selling their crappy cars) in Rice, MN. I have spent close to 2500 dollars over the past 2 years fixing this piecer. It was mostly my fault because i was young and stupid and didnt get it checked out at the time, but just to be safe i will never go there again.
Check out "blank check" financing where they give you a pre approved amount to spend and you can buy whatever car you want with it. Go t Capital One as an example. Have your parents co-sign on the app and get your car.
If it hasn't been explained yet in this thread (I haven't read through yet), "car credit" as I've heard dealers discuss it seems to be very different from regular credit. It seems as though auto finance companies want to see that you were able to successfully handle a car loan in your past before lending you money for a car. A car loan is also a different kind of loan than a credit card or even a home mortgage, cars loans are secured with the car, they require you to have insurance on the car, and they require a certain level of resposibility in terms of making payments, maintaining the requirements etc.
This is why many car finance companies offer first time buyers programs or college graduate programs, where they will let you finance a car without prior "car credit." The college graduate programs are particularly good and get you started on a very good footing in the world of "car credit."
Ford motor credit may have that policy But I doubt the dealer does.
Dealers typically do not provide the financing for vehicles they sell the note to lending institutions. So if they can't get you bought you get no car.
Your beef here is with the lender not the dealer.
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