FICO Score of a Under 21 Year Old Versus Car Dealership Profit

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By Larry Chiang

If you’re under 24 years old and in need of a car, your bad FICO score will cost you a ton of money. Having a lower than 750 FICO score will

– cost you a ton of money on interest

– raise your car payment

– allow the car dealer selling you a car to make a ton of money. See the cautionary tale of Joe Bayen. He paid $330 a month for an Escort. 

	Larry Chiang (@LarryChiang)
12/15/15, 12:43 PM at the negotiation table $330 per month Re; ford escort ZX2 that I could not afford #cs183usedCar #CS183creditScore twitter.com/mjones/status/…

Download the Twitter app to your iPhone to see Joe Bayen‘s turnaround. 

	Michael Jones (@mjones)
12/8/15, 2:27 PM “From Bad Credit Score to Millionaire: How My Journey is Helping Students and Millennials.” by @JoeBayen medium.com/@joebayen/from…

 

 

	Larry Chiang (@LarryChiang)
12/15/15, 12:36 PM The car dealership makes $200 over invoice, $450 on dealer holdback and $2k on the paper :-)) #FirstTimeBuyer #cs183UsedCar

Your first car loan could wreck your FICO score and put yourself in an immediate financial ditch. For example, paying payment number #27 of 48, Joe Bayen probably wanted to just default on the $330/month payment. It’s because his Escort was worth a fraction of what he owed. 

Download the Twitter app to dig deeper into

– #FirstTimeBuyer 

– #cs183UsedCar

My first two cars were purchased private party at thousand and thousands under “blue book value”. See the duck9 blog on how I bought two cars way under market value.

– called to find wealthy owners selling FSBO

– focus’d on wealthy owners who were selling well taken care of cars.

– wealthy millionaires don’t all drive luxury vehicles. In fact, many don’t. That’s why we are rich.

– tracked calls and leads in a binder. Thing CRM but on paper.

– organized financing BEFORE by preparing my FICO (like I prepared to win the SAT’s. I am Asian after all:-)

– ran CarFax on VIN’s.

– asked for maintenance records.

– told buyers about my financial worthiness via eBay credibility. Today, I’d add Airbnb to my purchase track. On eBay, I’m 38 for 38

https://www.ebay.com/usr/larrychiang

I test drive pretty well over the telephone and over the Internet. It makes me bangable.

On Airbnb, I’m https://www.airbnb.com/

https://www.airbnb.com/users/show/1169426

 

– stuck to the interrogation script because I was ‘buying’ the owner of the used car first and the used car he was selling, SECOND.

– stayed away from Curbstoners

– stayed far away from dealerships.