Corollary to "Talk me out of buying this car"

[TT_fold]

Hello again OOT.

As a follow-up to my post about buying Jerome Bettis' 02 Escalade - how easy would it be for me to obtain financing for this vehicle?

According to the eBay Motors FAQ...

What are HSBC Auto Finance's minimum requirements?
• HSBC finances new and used cars, trucks, and sport utility vehicles.
• HSBC will not finance commercial vehicles, recreational vehicles, conversion vans, salvaged, lemon law, or gray market vehicles.
• HSBC Auto Finance does not finance boats or motorcycles.
• Depending on your credit history, the vehicle must be 1998 or newer with a maximum of 80,000 miles, and cannot be a Daewoo, Kia, or Suzuki model or a 1-ton truck or vehicle. Some applicants will not be restricted on the age, mileage, and model of the car or truck.
• The car is in the United States.
• Your total loan amount is between $5,000 and $100,000*
• The owner (buyer) of the car must
» be a legal U.S. resident**
» earn more than $2,000 per month in income, and
» be at least 18 years of age or older (19 in Alabama and Nebraska)

I have been playing online poker as my primary source of income for less than one year, and therefore lack the tax returns to prove that I have more than $2,000 a month of income. Moreover, I am 18 years old and have no credit history whatsoever. My only credit card is a Bank of America VISA debit card.

However, being able to finance this vehicle makes purchasing it a reality. Let's say the auction closes at $36,500. With a down payment of $10,000 (which I can easily stomach) and 5.65% APR financing (the eBay Motors rate), I could make 24 monthly payments at less than $1,200 per month. Since I 14-table, rakeback alone could cover this payment if I play 20 hours a week.

How feasible is it to simply have my grandmother cosign for the loan? I want the purchase to be in my name, and I would definitely be paying the entire bill for the car myself. This way I wouldn't have to borrow a single dime from her, and I could buy the car, and I could keep my poker roll intact.

Also, is 10K a standard down payment for a 36.5K used car? I honestly know nothing about buying a car; I bought a '96 Subaru Legacy with the help of my dad in January, but the dealer was his friend and the purchase was made in cash from my casino whoring.

Your honest advice is greatly appreciated.

[touchfaith]

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Your honest advice is greatly appreciated.

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This is getting lamer.

[TT_fold]

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Your honest advice is greatly appreciated.

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This is getting lamer.

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Pretend for a second that the words "Jerome Bettis' 02 Escalade" have been replaced with "some white dude's 05 Corvette."

Now, advise me.

[razor]

someone needed to be next...

[handsome]

Hey. It seems like you have a good head on your shoulders. You were open-minded for advice and explored your options, but it doesn't seem like you are good at money management. No big surprise though... you're 18, about to start college and you haven't paid a bill in your life.. heck, you don't even have credit. I may be completely wrong about you on this issue, but you need to go back to your original thread and re-read the posts that encourage you NOT to get the car. I agree with them on the most part.. you need to get something more practical. You asked for honest opinions, and this is my honest opinion.

In the future, just do the opposite of what jake says.

[thatpfunk]

I think it would be a fun car to have, but honestly, not having to make monthly payments and actually "owning" the car is SO much better.

Go for something that you can immediately afford or start entering some tournaments.

Again, if you would just take that money and put it into the PokerStars $100-$200 game (8pm-2am EST nightly), it would yield a far greater +EV.

[TT_fold]

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Again, if you would just take that money and put it into the PokerStars $100-$200 game (8pm-2am EST nightly), it would yield a far greater +EV.

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Is that play money or real money?

I doubt you actually play in this game.

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Again, if you would just take that money and put it into the PokerStars $100-$200 game (8pm-2am EST nightly), it would yield a far greater +EV.

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Is that play money or real money?
I doubt you actually play in this game.

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Yeah, you're are right- no one who posts here would play in that game.
At any rate, just put the money in the game, not the car.

[TT_fold]

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Again, if you would just take that money and put it into the PokerStars $100-$200 game (8pm-2am EST nightly), it would yield a far greater +EV.

[/ QUOTE ]

Is that play money or real money?
I doubt you actually play in this game.

[/ QUOTE ]

Yeah, you're are right- no one who posts here would play in that game.
At any rate, just put the money in the game, not the car.

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You have 0 poker-related posts on your account.

[oneeye13]

does "you're a douche" count as advice?

[ChoicestHops]

It already looks to me like you have your mind set. You're simply wanting reassurance. It's very possible just to play break-even poker and pay with rakeback as you said, but I would opt to grind as much as you can in the following weeks to pay off the truck quicker so you dont have to worry about payments.

I dont think it's a terrible idea because you would get great credit by co-signing this and eventually paying it off. A major problem is that I dont see you getting a good return of investment on this truck at all. In a couple of years it's going to be showing it's miles. It may be a Cadillac, but it's an American made car.

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Yeah, you're are right- no one who posts here would play in that game.
At any rate, just put the money in the game, not the car.

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You have 0 poker-related posts on your account.

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Well, that settles it... can't argue with that logic.

Anyway, once again, I implore you to listen to reason; play the game.

[TT_fold]

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It already looks to me like you have your mind set. You're simply wanting reassurance. It's very possible just to play break-even poker and pay with rakeback as you said, but I would opt to grind as much as you can in the following weeks to pay off the truck quicker so you dont have to worry about payments.

I dont think it's a terrible idea because you would get great credit by co-signing this and eventually paying it off. A major problem is that I dont see you getting a good return of investment on this truck at all. In a couple of years it's going to be showing it's miles. It may be a Cadillac, but it's an American made car.

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Is my mind set? Hardly. In fact, I'll probably need permission from my mom (wow, that sounds corny) to ask my grandmother to cosign on the loan. Before I even bid on the car, I'd need to fly out to Pittsburgh with a friend so I can test-drive it. Nevertheless, I need to know what steps to take, hence the posts.

As for the value, if I knew the car would be worthless on my 23rd birthday, I'd probably still buy it. El Diablo's advice was spot on - in five years, I would be able to look back on the time I spent driving such a badass car (and call me "new money", or "hood rich," or whatever else, but this car is definitely badass).

[Stellastarr]

Just buy the damn thing!