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Archive for December, 2016

SNAFU: New Vehicle

December 31st, 2016 at 06:25 pm

This is a bit winded.

So on Monday, I bought my new to me vehicle. I absolutely love it! I went from a 2004 Kia Sorento to 2012 Cadillac SRX Premium. This SUV is sweeeeeet! Although anything would be an upgrade.

So this is how everything got messed up......... And why it's taken me several days to write about this because I have been upset but I'm doing a little bit better now. So I'll start at the beginning.

While I was in Korea for a year, I gave my parents some money to get some things and the A/C fixed in my Kia. That cost me about $1k. I got back and noticed that I was still having some issues with it, so I took it to a mechanic for a diagnosis. Clutch, oil valves, and carrier bearing all needed to be replaced, approximately $3k. At this point I only owed $1,200 on the vehicle. I had it for 4.5 years, but only have driven it for 2.5 years. So at that point, I decided that it was time for a new vehicle. Used of course.

So the search began. I got a pre-approval through my bank which was contingent on my trading in my Kia and I found a 2011 Chevy Equinox for $13,600 with 127k miles with a lot of bells and whistles. I had to get it shipped through CarMax and it arrived in early November. I was elated, but the paperwork was not acceptable for my state and it took until Dec 22 for it to come through. While waiting, I had to do another pre-approval because it ran out so another credit hit and the interest possibilities increased.

Well I did test drive it but it needed a new battery and I wanted to test drive it again. Well on the 23rd the vehicle wouldn't start. So I started looking for another vehicle. I found a 2011 and a 2012 Cadillac SRX Premium. I tried to test drive the 2011 but it wouldn't start. So I left to test drive the 2012 at the other dealership.

I ended up liking the 2012 and signed the paperwork for the buy. They didn't take trades (I bought the Caddy through a broker) and sold my vehicle separately. Well by doing that, my bank wouldn't honor the pre-approval check. So I had to do another loan, but this time for the actual amount because now I had the vehicle. Another hit to my credit.

My interest rate ended up being 16.94%! I had no clue as to why it was high. I hadn't opened or closed any accounts. Only the credit inquiries for the past several months were hitting my credit. As far as I knew, my credit was in the 680s!

So I pulled my credit report that night. It dropped from 680 to 617! Why?! Because two of my student loans were bought out by Navient (Sallie Mae). So it shows as a negative on my account now. Two of my oldest accounts is now in the negative section because of HOW the creditor closed it...

I immediately went to another bank and did another auto loan and got it down to 13.8%. Not good but not as bad as 17%...

So now my credit has dropped and hasn't been this low since 2010.

I WILL refinance in a year, but now I need to play clean up with my credit...

I can afford it, but now my plans have changed a bit and I will be reworking my budget. Goals have been delayed but not stopped.

Still Trying to Buy a New Vehicle

December 25th, 2016 at 06:44 pm

So for the past few months I've been trying to purchase a 2012 Chevrolet Equinox LTZ fully loaded except for the rear DVD entertainment for $13,600. There were issues with the paperwork. The DMV wouldn't take the title from the form DMV because their titling laws were different and it took another month to get it fixed. So I've been waiting on this particular vehicle since October.

Well the paperwork came through on Thursday. I had already test driven the vehicle prior but I knew that it needed a new battery. Well when the paperwork came through they replaced the battery that day, and on Friday... it was dead.

So now there may be electrical issues or an alternator wrong with it.

Well at this point I'm no longer wanting to deal with them and I don't really want the vehicle anymore so I started looking again (although I was looking the whole time).

So at this point I have found two vehicles that I like. a 2011 and a 2012 Cadillac SRX Premium Collection. The 2011 is at $16,240 but the internet sale price is $15,741. The 2012 was at $21,998 and now at $17,998.

I can afford these but I do want to negotiate for lower. I know I suck at negotiating but I think that I have time on my side. Meaning it's the last week of the year and the dealers want these cars off their lots so they don't have to pay taxes on them.

Does anyone have any advice for me in the meantime? I am already financed and will be going on Monday to the two different dealerships.