Personal Finance Car Dealership applied for auto loans that didn't lend to my type of vehicle, then used the "rejections" as leverage. Should I contact Consumer Protection? |
- Car Dealership applied for auto loans that didn't lend to my type of vehicle, then used the "rejections" as leverage. Should I contact Consumer Protection?
- (Auto) Should I report Ally financial to the consumer protection agency?
- Lost my job | Depressed | student loan debt
- Scam mail check
- Why would you ever sign a contract to pay a real estate agent 3% of the house cost as a buyer?
- My bank sent me a credit settlement agreement which is a third of what I owe, should I do it?
- How should I invest my money? 25 y/o with no debt or loans, $7,000 in savings
- Can I "quit" my job, and then set up an LLC and have my previous employer hire me as an independent contractor? Is this legal? If so, what are the tax advantages or disadvantages?
- How should I go about investing my funds 19 years old
- Where should our emergency fund be?
- Negotiate Mortgage Rate?
- Damage from protest
- Bank Manager Recommended Charging My Credit Cards Max For A Month
- My Dad is stuck with a mortgage with a 9% interest rate
- 40k living at home NYC (need finance advice)
- I own the home my parents live in. They pay the mortgage back to me. Is this considered rental income?
- Should I build a home?
- Is it possible to work remotely from a different state until WFH ends (New College Grad)
- How or can a family loan be retroactively made clear that it's a loan?
- Mutual Funds or Index Funds?
- Joint Checking / Savings Account
- Does it make sense to get any Vanguard funds instead of VTSAX & VTIAX?
| Posted: 30 May 2020 08:54 AM PDT The loan applications were April 8th. After 4 or 5 applications, The car dealership kept saying because of my credit I was being declined, but I did a lot of research and found loans 3-4% lower the rates they offer. But relunctantly, I took it (longer story). A week later I get the declines in the mail with the explanations and the only bullet point is that the vehicle isn't eligible for that type loan. It's a 2016 Ford Transit Connect. I ended up shredding them thinking they weren't relevant and I would never deal with them again. Last week, only 1400 miles later, the wheel fell off while driving and they are jerking me around to repair it under warranty. How long does a bank keep a rejected application on file? If I called their customer service, would they send me another copy of the rejection letter stating reasons for decline? Now that the dealership has proven they're shady all around, should I try to pursue getting documentation and filing a complaint with Consumer Protection, BBB? Edit 1: Thanks all for the advice. To clarify, the wheel and the loan don't go hand and hand, it's just shedding new light on what I've been wondering might be unfair business practices, so I was hoping for Reddit advice from more subject matter experts than myself. Longer story: The vehicle was branded because of the AC recall. I checked the service records and that's all it had in terms of repairs. At that time, the finance person said that the loan I was looking at (4.59) wouldn't finance a branded title (if they knew that, did they know the lenders they applied with also wouldn't?) . My phone was dead and I was tired after hour 4. The rate they offered was 7.25 and the loan total was 12.5K and $215/month. I figured on the spot it was probably a $300 difference over the life of the loan and they split the cost and took another $150 off the vehicle. So that's why I took the financing, also thinking I can just refinance in 12 months. [link] [comments]  |
| (Auto) Should I report Ally financial to the consumer protection agency? Posted: 30 May 2020 12:03 PM PDT So long story short, I took out an auto loan in 2017 through Ally, refinanced a year later and they kept saying I owed a balance, which they later admitted was an error. I have all the records from the bank that refinanced, and had asked Ally's credit department to amend all negative aspects from my report, as they were and are still calling it a charge off and shows at 21 months of non payment. My appeal was denied yesterday and all they said was it didn't fit the profile for them to remove. No additional information and when I asked to speak with a supervisor they said no one was available and swore they would get back to me by end of day which surprise, they didn't. I'm so fed up...this has been on-going since earl March. Every time I push they don't have someone to talk to anymore. I've been nothing but respectful and calm, as I work in service but I don't know what else to do. Should I get a lawyer? Consumer protection board? I'm assuming that having this fixed on my report will boost my score. Thank you UPDATE: I figured this MAY help provide some additional knowledge. They are awful. Every time I show them additional proof that my refi was correct another issues pops up... Basically, I refinanced, they said that a payment came out of my account, thus making the refi check from the other bank off and they said that is the issue because it looks like I "owe" even thought I don't. The check my bank sent was more than the payoff amount so there shouldn't have been any error. It's insanity. [link] [comments]  |
| Lost my job | Depressed | student loan debt Posted: 30 May 2020 02:44 AM PDT I'm a 27 year old man, living in New York. I had 228,000 in student loans from Harvard undergrad and Harvard Law School. I worked for the last two years at a law firm in New York for an annual salary of 190,000. I've paid off most of my student loans, I have 22,000 left to pay. I have no savings, except a $2000 emergency fund. I lost my job, I'm very depressed, the job market in NYC is terrible, and there's covid. Undergrad + Law School + Corporate Law was stressful, competitive, and I had to work insanely long hours for the past 9 years. I don't know if I can survive another job as a lawyer, but i have to pay off my student loans. I wanted to take at least one year off, and get back to normal, but I don't know how to go about it. My undergrad was in Computer Science from Harvard, before I decided to switch fields to law. I can use that to get a very high paying job, but I'm very worried about all the stress and competition again. I thought about taking the year off or becoming a high school CS/Math teacher, but I don't know if I will like it, or if I'm qualified. I thought of online tutoring or joining some coaching academy for high school math/CS/LSAT/GRE. I need an income to survive/pay rent/student debt, I have no idea what to do. Please help. Edit: Thank you all for the advice I've received till now. There seems to be some misunderstanding here. I don't want to leave the legal profession. I simply want to take a break for a year or two, because I feel really burnt out. I was so depressed that I was not able to work properly for months, and my boss had no choice but to fire me. I do not want to find myself in this position again. I should go to a psychiatrist (I have never been to one in my life) and I should talk it out with them [link] [comments]  |
| Posted: 30 May 2020 04:58 PM PDT Today, I received a $1500 check in the mail along with a letter that is very suspicious. I know it's a fake check scam. What should I do about the check I received? Should I shred and discard it, or report it somewhere? [link] [comments]  |
| Why would you ever sign a contract to pay a real estate agent 3% of the house cost as a buyer? Posted: 30 May 2020 07:24 PM PDT I honestly don't get it, I don't know if I'm missing something or if this is common. We were interested in one house, it sold before we could see it, we have yet to see a house in person yet, and we plan on going to an open house tomorrow. And the real estate agent sent over a contract for us to sign "so they can show us more than one house", however in the contract it states that we will pay them 3% commission for the price of a house if we purchase one. This would be the second house I've bought, and I did not experience this with the first, with the first there was only the down payment and closing costs (which I negotiated for the seller to cover). Between a down payment, and closing costs why would I want to add additional costs? It seems silly to me that a real estate agent would be paid by both the seller and the buyer, even more so when the houses we are looking at are listed with the same company, and the housing market we are in there is little to no negotiating price so a real estate agent wouldn't get us to a lower price point to add value to paying a 3% commission as a buyer. Edit: the real estate agent back tracked and said paying 3% commission for the buyer would only be for a home for sale by owner, which are not homes we are looking at. I'll be re-reading the contract again, before I sign anything. I also looked and it's a new agent, working under the senior agent. She may not of known how to full explain how the commission is spilt. Thanks for the help everyone! [link] [comments]  |
| My bank sent me a credit settlement agreement which is a third of what I owe, should I do it? Posted: 30 May 2020 05:59 PM PDT I owe approx $10,000 to Citi. I haven't made a payment in some time because I'm working on other debts before tackling the biggest one. I got a letter in the mail from them saying they are willing to settle my debt for about $3,600 over three months. They would report my balance as zero on the credit report but would note that I paid less than was owed. I know that can hurt your credit but I'm sure it'll hurt more if this goes further. Realistically, I wasn't planning on making payments for a couple more months. I'm almost through with the rest of my debt. If I did the settlement I could efficiently push some things around and make the $1,200 payments for three months. Any thoughts on if I should do it or if I should just wait it out? Thank you! [link] [comments]  |
| How should I invest my money? 25 y/o with no debt or loans, $7,000 in savings Posted: 30 May 2020 06:47 PM PDT Hi all, A friend of mine had good results from making a post like this. Thought I'd give it a shot. I'm 25 years old. Currently unemployed due to COVID but I was working in food service. I'm hoping to get a full-time "big boy" job this year, but that probably won't happen until things simmer down. In the meantime, I'm making almost $1,000 week with unemployment. No complaints here. I have no loans and no debt. I have about $7,000 saved. The girl I'm seeing said it's a turnoff that I don't have a retirement account. Lol. I've been meaning to do this for awhile but that was the final push I needed. Advice? [link] [comments]  |
| Posted: 30 May 2020 02:44 PM PDT As the title says, I'm wondering if/how it would be possible to set up an LLC and have what is currently my employer set up a work contract with the LLC. Essentially, I'm asking if I could "quit", and then set up a contract to do essentially the same work but through an LLC that I set up. Is this legal, and are there tax advantages? [link] [comments]  |
| How should I go about investing my funds 19 years old Posted: 30 May 2020 07:21 PM PDT I am a 19-year-old college student. So I made 33k from working and I have 10K saved right now after paying for my college expenses. I have a full-tuition scholarship and my parents pay for my cost of living. Anyways I've been looking to invest my money instead of leaving into my bank saving account. Since I have an earned income I guess I can do a Roth IRA with vanguard. After that I'm confused when can I invest in an index fund? I was debating between a target-date fund and a vanguard s&p 500 index fund what's the difference? What would you recommend in my situation? My future plans are to go to medical school, but my parents have told me because I received a full-tuition scholarship to undergrad they will pay for med school with the money they have saved for my education. So Roth IRA than what? [link] [comments]  |
| Where should our emergency fund be? Posted: 30 May 2020 01:14 PM PDT Hello! My husband and I are about to close on our house in a few days. We have virtually no debts (except our mortgage once we close) and we have about 150k in a regular savings account now, this will be closer to 18k once we give in our down payment and pay all the closing costs. We were thinking about what we wanted our emergency fund to look like, and both thought that 25k was a good amount for us to have on hand for that. So once closing is said and done, we want to focus on saving that 7k to bring us back to 25k. My question is, where should we put that emergency fund? I've heard a lot about HYSA but would we be penalized if we wanted to use that money? How does that work? Should we just keep it in our regular checking account? Edited to add: if we do put our emergency fund (3-6 months of expenses) in a HYSA, how much should we keep on hand in a checking account? [link] [comments]  |
| Posted: 30 May 2020 08:00 PM PDT I started the home search just before COVID started. At the time I applied I got quotes from 4 different lenders and went with the best one. I got the pre-approval, but I'm looking in a very-much sellers market and got rejected quite a few times. I got under contract a couple weeks ago on a house I think I'll be very happy with, but I just got my initial loan disclosure and the rate is at 3.625%, just under what I was quoted in March, when the rates had jumped back up for a week or so. I was expecting it to be lower with how average rates have fallen. I stupidly signed the intent to proceed without really checking out other rates more recently. The rate is not locked yet, so is there a way for me to negotiate this at this point? My details: 760 FICO score according to Wells Fargo [link] [comments]  |
| Posted: 30 May 2020 07:47 PM PDT A brick was thrown through my back window of my vehicle. Is there any way to get help to pay for damage? I do not have insurance. [link] [comments]  |
| Bank Manager Recommended Charging My Credit Cards Max For A Month Posted: 30 May 2020 12:52 PM PDT This one is a bitt of a head scratcher and while I'm still young & naïve something about this seems off to me. Here's the backstory. Earlier in my life I had a very sick parent which resulted in me maxing, then letting a credit card go to collections and defaulting on my student loan to take care of the family. Luckily I've moved past that and since have restored my student loans to good standings and have paid everything that was in collection. I had a car loan that is paid off (early might I add) My credit is in a "rebuilding phase" 599-640 depending on which company's report you pull. My only active debt is my student loan ($20k ish) which I pay every month & my 2 capital one credit cards. ($600 limit & $500 limit.) Since getting my capital one cards (a year now) I have been very diligent about making sure that there is a zero balance on them both when it is statement time. I do not use them for things I cannot afford in cash. I spend about $2,000 a month on the cards combined but I make multiple payments on each one to ensure the balance is as close to $0 as possible. I have never had a statement that was higher then $10 at the end of the month. My credit utilization has been great in that respect. While exploring options with my credit union to continue to find ways to grow my score the bank manager who was talking to me about options was flabbergasted to hear that I've never kept a balance on my cards. She indicated that since I've never let a balance show on my statement, that it looks on my credit report that I don't use my credit cards at all. This obviously is very far from the truth since I use them for about $2000 a month paying them off in full before the due date. She recommended that I let both cards get about $50 from the max and let them sit that way for a month or two then pay them off with cash. This seems completely backwards to me & sounds like I'd be paying interest for nothing. Hopefully somebody can chime in, maybe I'm missing something? [link] [comments]  |
| My Dad is stuck with a mortgage with a 9% interest rate Posted: 30 May 2020 07:38 PM PDT My dad has about 130,000 left on his mortgage but its at a whopping 9% interest rate. He's only a few years away from retiring and I know he has enough money in his 401k to pay it off, but he won't say the exact amount. Don't you think my dad should refinance or pay off the mortgage with his 401k? He got into that shitty interest rate when he refinanced as part of/or a as a result of the 2008 crash. [link] [comments]  |
| 40k living at home NYC (need finance advice) Posted: 30 May 2020 07:35 PM PDT Turning 25 next week Have 5000 in savings Make 1180 every two weeks after taxes phone bill, car insurance and cable for the year I'm having trouble at home and I want to move out. How much do I need to save up to reasonably move out? I live in a rent controlled apartment with my mother and I'm going insane with her narcissism. please tell me how much I should save to move out. studio's start at 1800 in my neighborhood (east village). The lowest I can get is 1500 but even that seems like a lot for my salary. Even if I got a roommate and decided I could afford 900 a month to stay in my neighborhood, does that even make sense to do? [link] [comments]  |
| Posted: 30 May 2020 11:01 AM PDT My parents credit score was low so I bought a house under my name (I know, generally not a smart move). They currently live in it and pay the cost of the mortgage. I don't charge them any more than the mortgage and don't see them as renters.. more like parents living in my home. In the eyes of the law, is this considered rental income? Thanks! [link] [comments]  |
| Posted: 30 May 2020 04:48 PM PDT Hello, Single 28 year old here. I have rented for the past five years and I just accepted a job in my home town where I'd like to put down some roots. I will be making 49-50K and living in a small town of 2K people or so. The housing is very limited right now and over priced (I think due to the very low interest rates). Many of the houses in town are 50+ years old if not 100 years old. The nicer starter home houses are around 130-140K (newer modern houses with a basement/attached garage in a nice neighborhood). I could probably get in a decent neighborhood in a 40 year old home with a attached garage and MAYBE a basement for 80-90K if I was patient. MAYBE My dad is a home builder in town and owns a couple lots in town. He has made the very generous offer to just build me a home and just charge me for material and labor and gift me the lot (valued at 10K). He spent the last several hours doing a floor plan and figuring. He estimates he can build me something for 130K. This would obviously be brand new, new ac, heater, furnace, roof, etc. He said this would probably cost someone else 175K but would sell it to me for 130K. He would kind of do this on the side with other projects so he still had money coming in. My original plan was just to spend 70-80K and get a "starter home" and upgrade in the future but I'm also thinking it may not be worth it to buy an older starter home and possibly inherit a money pit if I just plan to sell it later on and incur the buying/selling costs all over. My dad is a very reputable builder and does great work. So, I've got 2K left in student loans which I plan to pay off before taking out a mortgage and a credit card which is paid in full each month and that is it for debt. I've got 10K in checking and 21K in a Roth IRA which I'd prefer not to touch but I can if an emergency arises. If I go the house building route I'd shamefully have to live with my parents until it was finished - probably Novemberish but this would allow me time to save extra money for a down payment. I'm thinking I can get a 5K first time home buyer grant to cover the closing costs. I would like to get 20% down to avoid PMI. We are planning to talk with some loan officers very soon. I will ask you as well - Can I use sweat equity and the price of the lot to cover 20% equity in the home ($26,000)? And finally, do you believe I can make this work? I figured home insurance would be $125/month, Property Taxes $255/month (ugh) and Mortgage $490 (assuming 30 year fixed @ 2.75) for a total of $870/month. This would be around 30% of my take home pay. I know Dave's recommendation in no more than 25% but not many people have dads that are home builders and can get them into this kind of home in a sellers market. I would like to get married at some point and if another income came into the picture this would be very doable but for now I'd be stretching it. I don't have kids and live pretty frugally and I'm confident my life wouldn't look like a country song. Just wanted to get your thoughts! [link] [comments]  |
| Is it possible to work remotely from a different state until WFH ends (New College Grad) Posted: 30 May 2020 06:42 PM PDT Hi Guys, I am a New Graduate in Pittsburgh, joining a Company in California in 1.5 months. While planning my relocation, I am looking to save on as much cash as possible and I was trying to see if I can spend some more time at Pittsburgh until the Remote Working (WFH) was lifted. So I know that if you end up spending 183 days in a State, you become the resident of the state, having to pay taxes. But as an international student, who is non-resident for tax purposes, would I have to pay taxes at both California and Pennsylvania (because I am staying there) rather than having to pay at California alone (if I elect to relocate before my work starts) on the income that I will earn from the company based in California. And if I do have to pay taxes on the same income at Pennsylvania, do I also have to pay Local Tax? Also considering I do have to pay taxes for 2 states, would this be an advisable move financially to continue to stay at Pittsburgh, assuming I spend less than the 183 days in Pennsylvania and move to California by then? Some more information on myself would be that I am an international student (or rather was a student) currently on F1-OPT with work starting mid-July. I have earned as a Student Worker/TA in my college in my last semester, so I would anyway have to pay some tax on that income (so my question is strictly on whether I need to pay taxes in 2 states for the income I earn in my Full-Time based out of California). Since I already have earned money in Pittsburgh as Stipend from College, can I go ahead and continue to stay here without it being a problem to both my Visa Status as well as Taxation purposes? I saw many questions on whether it makes sense to relocate from California to other states to save on money but none on whether it makes sense for a new Graduate to relocate to California if he has already been earning before at the same state. Thanks [link] [comments]  |
| How or can a family loan be retroactively made clear that it's a loan? Posted: 30 May 2020 02:44 PM PDT Hello! Forgive the obvious throwaway, all. My SO's sister has been living with their widowed mom for the past several years. We just found out the sister couldn't get a mortgage because she doesn't work and has instead borrowed ~40k from their mother to pay the house completely at closing. It's been a few months since SO's mother transferred that amount to the sister, and there is no documentation that the transfer is a loan and not some other kind of payment. I realize that this isn't the place to seek advice on how to address the relationship between SO, their mother, and the sister. However, we are worried that because there's no documentation on this loan that the sister may never repay. At this point, is the loan a "gift" legally speaking? If the sister can't or won't repay, is there anything the mother could do to ensure it's repaid? For example, could SO's mother stipulate in her will that the loan amount could be deducted from her inheritance, etc? If it helps, we are located in the US. Alternatively, what could SO's mom do next time to ensure she does this as a proper loan without ambiguity? [link] [comments]  |
| Posted: 30 May 2020 06:24 PM PDT Trying to do some investing on my own. Have both. Don't know which to throw more money into. [link] [comments]  |
| Joint Checking / Savings Account Posted: 30 May 2020 03:50 PM PDT Hi all - Married couple looking for recommendations on Joint Checking / Savings accounts. Will primarily be used for bills / payments etc. We will each keep our own private accounts. We both currently are Schwab clients, along with WF, Chase, and BOA. I also have access to USAA. Are any of them better than the other? Does it really matter? TIA [link] [comments]  |
| Does it make sense to get any Vanguard funds instead of VTSAX & VTIAX? Posted: 30 May 2020 02:03 PM PDT I'm doing research for my dad and he told me to tell him which ones he should get. I know that VTSAX and VTIAX are by far the most popular, I just want to know if any are worth considering or could even be preferred for one reason or another? I know that he seems to like dividends a lot, is this something worth looking into for Vanguard? How about anything else? [link] [comments]  |
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