Anyone finance through GM?

[el ess X]

Originally Posted by SMRT SS

I plan of my having my mom co-sign and she has perfect credit, but I don't have any(zero, nada, none) credit. I'm only 20. I can afford the car payments and all the aftermarket toys a plan on adding, I just dont have credit. If she co-signs and were both on the Title and everything... will i establish credit?? My entire family does financial advising and non of them think its a good idea for me to get a Credit card right now with the economy and all, but I plan on getting a card and only using it for the car payments. So yea... lol whats y'alls opinion??
Thanks

Obviously this is my opinion only, BUT...

1) Entire family (except you, apparently) does financial advising.

2) They advise against you getting a CC right now. Think about why financial advisers would advise this.

3) They probably know you better than we do about your spending habits, etc., so I'm not going to venture a guess.

4) Your mom will have a HUGE vested interest in co-signing a loan for you because basically, you're putting her on the hook with you. (see where I'm going with this?)

5) Credit cards are simply personal LOAN devices structured not much different than those payday lending institutions. Right now, they're devising all sorts of trickery to suck the most money out of people with even great credit. (Latest trick is like Bank of America to FORCE everyone with low fixed rates to a new variable rate tied to prime. Which means they can only go up from here. And this is with people with scores above 800. Ask my wife.)

6) The odds on favorite is you WILL use that card for other stuff, you WILL decided that ordering headers or something with it you can pay it off soon, etc. and start carrying a balance.

I remember when I first got a credit card, I thought the same thing. That worked for maybe 4 months. Then I needed an expensive emergency car repair...I carried a balance from then on for a number of years. Now, I have no credit card debt. With you on the loan, both you AND her will be tied to that loan, which would be reported to the credit bureaus on both your records.

My advice is to straight up pay your car note directly and avoid the credit card trap. Think about this. Why wouldn't you be able to get a loan for your car by yourself, but can get a credit card with NO collateral? Does that even make basic sense? Because the banks aim to suck you dry with that credit card if they can. Without previous credit, your rates may be high anyway. Establish your credit record first.

Once you pay on the car for 6 months or so, you'll establish a credit track record (if you mess up, your MOM is on the hook, and that will ruin or make worse whatever good relationship you have now). At 20 years old, you do NOT have to rush a credit score build up. Take it slow and one step at a time.

In essence, you don't ever NEED a credit card. Don't be duped into thinking you do. You've made it this far without one, right? I know you'll probably end up caving and getting a credit card anyway because who would take any advice from someone that's already been there and done that, right? But if you do, try to discipline yourself and not try to use it like a debit card.

Just my opinion.

[InfernoSSRS]

Originally Posted by el ess X

Obviously this is my opinion only, BUT...

1) Entire family (except you, apparently) does financial advising.

2) They advise against you getting a CC right now. Think about why financial advisers would advise this.

3) They probably know you better than we do about your spending habits, etc., so I'm not going to venture a guess.

4) Your mom will have a HUGE vested interest in co-signing a loan for you because basically, you're putting her on the hook with you. (see where I'm going with this?)

5) Credit cards are simply personal LOAN devices structured not much different than those payday lending institutions. Right now, they're devising all sorts of trickery to suck the most money out of people with even great credit. (Latest trick is like Bank of America to FORCE everyone with low fixed rates to a new variable rate tied to prime. Which means they can only go up from here. And this is with people with scores above 800. Ask my wife.)

6) The odds on favorite is you WILL use that card for other stuff, you WILL decided that ordering headers or something with it you can pay it off soon, etc. and start carrying a balance.

I remember when I first got a credit card, I thought the same thing. That worked for maybe 4 months. Then I needed an expensive emergency car repair...I carried a balance from then on for a number of years. Now, I have no credit card debt. With you on the loan, both you AND her will be tied to that loan, which would be reported to the credit bureaus on both your records.

My advice is to straight up pay your car note directly and avoid the credit card trap. Think about this. Why wouldn't you be able to get a loan for your car by yourself, but can get a credit card with NO collateral? Does that even make basic sense? Because the banks aim to suck you dry with that credit card if they can. Without previous credit, your rates may be high anyway. Establish your credit record first.

Once you pay on the car for 6 months or so, you'll establish a credit track record (if you mess up, your MOM is on the hook, and that will ruin or make worse whatever good relationship you have now). At 20 years old, you do NOT have to rush a credit score build up. Take it slow and one step at a time.

In essence, you don't ever NEED a credit card. Don't be duped into thinking you do. You've made it this far without one, right? I know you'll probably end up caving and getting a credit card anyway because who would take any advice from someone that's already been there and done that, right? But if you do, try to discipline yourself and not try to use it like a debit card.

Just my opinion.

Excellent advice! If I could turn back the clock to 20 years old, I would DEFINITELY adhere to this advice! I made so many credit card mistakes (starting at 18 years old!). It took a long time to dig out of that hole for sure!

[ex-SS-ve]

went thru a credit union. i preffered to go thru gmac or bankof america. but the lowest apr they would give me is 8.25 & 9.76% the credit union gave me 6.78 % with a 740 fico score. that was the absolute lowest i could get after shopping thru numerous banks. that and being self employed i didnt have to prove income. just signed, ran my credit , put the 25% downpayment in and i was good! the whole process took no longer than 1/2 a hour i had more hassle from my insurance on getting the car added to my policy. even that turned out great when all was said n done! total for the 93 and the 2010 on a full coverage gap policy is right at 100$ a month thru Amica

[SMRT SS]

Originally Posted by el ess X

Obviously this is my opinion only, BUT...

1) Entire family (except you, apparently) does financial advising.

2) They advise against you getting a CC right now. Think about why financial advisers would advise this.

3) They probably know you better than we do about your spending habits, etc., so I'm not going to venture a guess.

4) Your mom will have a HUGE vested interest in co-signing a loan for you because basically, you're putting her on the hook with you. (see where I'm going with this?)

5) Credit cards are simply personal LOAN devices structured not much different than those payday lending institutions. Right now, they're devising all sorts of trickery to suck the most money out of people with even great credit. (Latest trick is like Bank of America to FORCE everyone with low fixed rates to a new variable rate tied to prime. Which means they can only go up from here. And this is with people with scores above 800. Ask my wife.)

6) The odds on favorite is you WILL use that card for other stuff, you WILL decided that ordering headers or something with it you can pay it off soon, etc. and start carrying a balance.

I remember when I first got a credit card, I thought the same thing. That worked for maybe 4 months. Then I needed an expensive emergency car repair...I carried a balance from then on for a number of years. Now, I have no credit card debt. With you on the loan, both you AND her will be tied to that loan, which would be reported to the credit bureaus on both your records.

My advice is to straight up pay your car note directly and avoid the credit card trap. Think about this. Why wouldn't you be able to get a loan for your car by yourself, but can get a credit card with NO collateral? Does that even make basic sense? Because the banks aim to suck you dry with that credit card if they can. Without previous credit, your rates may be high anyway. Establish your credit record first.

Once you pay on the car for 6 months or so, you'll establish a credit track record (if you mess up, your MOM is on the hook, and that will ruin or make worse whatever good relationship you have now). At 20 years old, you do NOT have to rush a credit score build up. Take it slow and one step at a time.

In essence, you don't ever NEED a credit card. Don't be duped into thinking you do. You've made it this far without one, right? I know you'll probably end up caving and getting a credit card anyway because who would take any advice from someone that's already been there and done that, right? But if you do, try to discipline yourself and not try to use it like a debit card.

Just my opinion.

not my entire family is in Financial advising, the others are Cops or Military... correction my cousin is a nurse.
I dont really want a credit card. I have one already but its a gas credit card and I build credit with it but its sloooowly building. and its only a little a month. I have quite a bit saved up and Im also selling one of my cars for the Camaro down payment. from what im hearing... I should just get a Loan then and one day get a regular ole credit card? I really do appreciate the opinions, I realize im young and usually dumb. Id rather take advice then learn the hard way.
thanks a million

[el ess X]

Originally Posted by SMRT SS

I should just get a Loan then and one day get a regular ole credit card?

Again, only my opinon, but if you really want to get the credit card, then yes, wait a while. You're in no hurry. In the meantime, I would suggest getting a debit card (old term is "check card") that acts like a credit card if you haven't already if you're afraid of carrying a lot of cash. This way you can NEVER outspend your bank account and will always be paying for the purchases in full. In this economy, I wouldn't want to be owing a lot of people money. No need to pay a bunch of finance charges to someone else at this young age when you can put that money into savings. Your financial adviser relatives will back me up on this. Go ask them.

When making purchases, divide the purchase into a need or a want. You NEED food. You may think you need a video game system, but that's really a want. Know the difference. Get the needs first, then if there's money left over after savings, buy the wants.

I know it may not make sense now, but it's not how much credit you have, but how responsible you are with what you got. If you do have that gas card, use it sparingly from time to time. Having a credit card and never using it doesn't really hurt your fico score, but periodic, responsible use can actually help your score. I know having credit can be a good thing, because one day you'll likely want to buy a home. This is where a great credit score helps on the long-term interest. It may not seem like much for a 4 or 5 year car note, but 0.5 or 1% difference in a house payment adds up to thousands of dollars either saved or given away depending on how good your credit is.

Look around. You'll be amazed at how many people that didn't intend on being irresponsible with their credit somehow ended up that way, and some had to go into bankruptcy. Only you are accountable for the credit score you have.

Pay with cash when you can, or use that debit card as a secondary measure. When you actually see that cash leave your hand for a purchase, people tend to spend less than they would if they simply had to swipe a piece of plastic.

[SMRT SS]

thanks Ive got time and Im just trying to get some ideas.

[chevyss]

The dealer never even mentioned GMAC. I went through my bank with a 789 CS and got 3.33. I thought that I did very good. Of course I've been doing banking with US Bank for years and they really take good care of their customers. Good Luck to all

[H8tulooze]

Will GM offer 0% ever for this car? I know ALL other Chevy's they but the Camaro.

[el ess X]

0% is an incentive. Right now, there is no big push for an incentive for the Camaro.