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Discussion Starter · #1 ·
His old car died 2 days after Christmas -- engine blew up, and it's not worth fixing. It has 200k miles, is rusted out, weak tranny. Luckily the factory he's worked at for the last 10 years is closed until early January for the holidays.

Anyway, he said he was screwed, as he spent all his money on Christmas. I said you can lease a new Hyundai for zero down. He liked my Venue and has driven it a couple of times. He said that'd be perfect, so I told him I'd take him to the dealer the next day. I told him to bring 90 days of pay stubs.

We get there and I point him to the salesperson who sold me my Venue. He says "we just got one in yesterday -- a base model Ceramic White", so SD's fiancee says "well I prefer silver, but white is fine." So the salesman disappears and says he will work up some numbers for buy and for lease. SD's fiancee told me his credit was great.

20 minutes later salesman comes back and says "um, do you know you had a repo on your credit last month? we probably can't get you financed for any car at this point". So SD's fiancee said, "wow I was afraid of this. I co-signed 2 years ago for my ex-GF to get an old Caravan at a credit repair car lot, and she quit paying on it 4 months ago because it quit running". The salesman said he would go see what they could do.

With the salesman gone, he said he was receiving notices, but he didn't want to pay off the $2,000 since it was for his ex. I said, "um, but your credit is screwed now and you need a car". The salesman came back 15 minutes later and said a new car is out of the question. So he said he'd try to see what he could do.

They ended up offering him a 2015 Hyundai Accent with 100k miles for $400/month for 72 months. He actually agreed!!! I said dude that's $30k for a car you could buy for $3,500 cash. I told him not to do it. I was hungry and left to eat. He was there for 45 minutes alone. The next day salesman called him and said he could have it for $200/month. So he asked if I could drive him.

I said what they actually dropped the price in HALF? I highly doubted that, but I gave him a ride there. He is an adult. He was only there 5 minutes. He grabbed the keys and got into the Accent and drove off. I am thinking he actually signed the papers the day before and just didn't want to tell me. So he made up the story about the price dropping in half. The dealership did have to service the car, so that's why he didn't drive it home the day before.

The thing about dropping price in half was probably a ruse by him thinking I wouldn't take him to the dealership otherwise. He isn't the brightest bulb to say the least.
 

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Discussion Starter · #3 ·
Maybe he only plans to keep it for a few months, then let them repossess it. His credit is already shot; might as well go for broke!
Yep. I am not an expert in credit scores, but I wonder if one can rack up as much s--t credit in a short period of time and then it ALL will roll off after 7 years?

Or if the repos constitute eventual collections? As in the banks adding the unpaid principal to a collection? Or do those roll off too after 7 years? Sheesh.

I fortunately never thermo nuked my credit from outer space. I made mistakes a 20 something and was late on some stuff, but never had any accounts go to collections and never had a repo.

I've always been able to finance cars. About ten years ago my wife had health problems, so our credit took a hit with bills, but I needed a car and still was able to finance a 2 year old Ford that was Ford Certified with a 7 year warranty. It only had 20k miles on it, was mint, and the interest rate wasn't too bad.
 
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