Wonder WhyRobert Melaccio, Sr. (3,552)     Robert Melaccio, Sr.   Considering Another Car, Then Please Consider, Finance, Exploitation, Greed?Posted Friday, May 16, 2008 (1 day 16 hours ago.) Viewed 49 times. I am sure many of us have gone out and purchased a car. Now you know I am a stickler for morality and ethics issues. So here goes another true tale God has provided to me so I can pass it to you. Not that I want it and that is if you care to know or not?
Now by nature of experience and opinion I present this to you. You just may save yourself some real money? Lets say you find a car you like and you work a deal, get your final OUT THE DOOR price, not to exceed price. KEY WORDING. 1- You agree to the deal. 2- You say you want it financed through bank X and you are specific no one else. 3- It is a Saturday so they run your credit against a computer based system that bank provides because they are closed. 4- They say you are good. Now never take the car until the bank has accepted the loan via a loan officer and no computer. That is why it is always safer never to finance through a dealer and I'll explain why. 5- Now when they tell you all is well and you decide to sign the contract and take the car and you drive off id when they have you, period! You have the car and you have to come to an arrangement. 6- So lets assume after you have driven the car off they call and tell you they a re "negotiating" and while everything is ok, it has not been finalized. Hear that word and run. You advise them you are going to call the bank and get any issues resolved and they say, please don't, we have people here who have been doing this for years and you may mess it up. Mess up what? One and one is two, yes or no and what is to negotiate? So you call anyway and find out they haven't been doing anything. They have been shopping your loan and not saying anything. All legal to sell the car, ethics, well I leave that to you. Now about the fifth day in you get an "adverse action notice" from one of the banks that rejected you. Doesn't that sound customer friendly? In my opinion it is a sign and symbol of what they think of you. You see evidently your credit is no good so you must be as well? Couldn't they have said "unfortunately" after careful review we are unable to extend credit at this time, thank you for giving us an opportunity to be of service and leave it at that? No in my opinion another sign of the times. They also report that "adverse action" to the credit bureau". What does that do for your credit rating that wasn't so good to start with? Does anyone give a damn? Rhetorically one could presume you are just one more MOO in the crowd. So now you are wondering and really should not have waited but you "trusted" them, so a call to the right people at the bank and bingo the loan is approved. Not because there was any arm twisting. No it was really 1 and 1 = 2. The car you wanted could carry the loan value and it was new. The finance was not out of line and the bank was getting a new vehicle verses one that still had a loan amount of half the financed amount. No brainier to the bank. That is if it was presented as that? You now call your car dealer and they are amazed you got it approved? I guess you can get done what those 20 year guys couldn't? What does that say as a warning? Well lets look at the possibilities. If that dealers finances your car with another bank at a higher percentage they win and the bank wins. That low price you originally got from them means they just got what they really wanted because you are paying the bank in interest and as I understand it from the bank they negotiate the amount returned to them for making the loan. Make sense now? Think not, it happens every day. Remember there is nothing to negotiate. They can or they can't or won't, period. So a call to my state agencies provides me with "isn't that awful, but unfortunately we can't do anything about it". Have you tried this agency, etc, etc, etc. Hey those who know my writing know what I have been saying. So all you wise people out there who think you got that great deal and finance you just may have gotten ripped off? In my opinion not all but then again in this age and time what can one expect. Yes it is an evil age in my opinion where character, morals, integrity, honor, trust have been supplanted by ethical relativity of the theory of selective application. To recap. Is it unfounded to consider the possibilty that you just might be at the mercy of any dealer and truthfully any bank officer who wants to look good by providing an OK for the loan, but at a higher rate of interest? Rhetorically do you not think these "negotiations" do not happen daily? Oh, just part of real life? End of discussion you have said it all. I hope this helped some of you who trust. I leave you with trust no man even while they are quoting scripture, praising God and professing and certainly the old clichés about car dealers. Only deeds warrant trust because words without the deeds are truly worthless. Robert T. Melaccio Sr. 2008 Copyright 2008 Robert Melaccio 
Permalink Comments (0) You Really Think Things Are Looking Up, Do You Really?Posted Wednesday, May 14, 2008 (3 days 21 hours ago.) Viewed 84 times. Now I really have a hard time speaking out about this realizing many people really do not care to hear it. they wold much rather talk about Hillary or Obama and the coming election, as if that really mattered. Oh, disagree, well just why will it matter? Ok the war. Yes and you really think Obama will get out, really?
So, recently I decided to investigate just how bad things are by trying to find out just what my home is really worth [good luck] on the market. Since I have an interest only loan I called my friendly banker who gave me the loan in the first place and stated I wanted to refinance the home, they own. After going through the process they stated my debt to income ratio was too high, sorry go away and my home is worth $121,000. Now you do the math, and we will use the banks estimated value of December 2006 of $240,000 [I rounded down] so 240 x 20% = $48,000 gives a final value of $198,000. Still $70,000 more then their appraisal and well under the estimated sale price the Realtors placed in the home of between $215,000 on the low end to $235,000. Which one do you think that tax appraiser would want? So I called the government agency that regulates banks in the state of Florida only to be told they don't regulate the banks. Ok read that line again. Hey, this is Florida and in my opinion and by experience they do little to nothing. If I can't get anyone to understand illegal workers are not immigrants then what makes me think people will understand this? If they want to really save money, close shop and leave us all alone to bargain. There are enough lawyers biting at the bit. Hey, just one man's opinion. So, in effect the value of your home is up to them, their opinion. My elected representatives say call the bank and they will help renegotiate. Rhetorically, just what is wrong with these people that they do not know reality? So as I wait for next year's appraisal I am going to expect my taxes be based on the $121,000 the bank says it is worth. Now what does that say about next years economic situation in your home town? Common now, think? Hey you who have, you better stick a few more dollars away for taxes to make up for those foreclosed.I sincerely believe in my opinion and as defined in my earlier article the collapse is right around the corner for many, if not here already for the nation. No not the haves, I am never addressing them. So you average Americans who can't get a car loan unless the entire family signs for the car guaranteeing the loan, can't refinance because you have too much debt, your credit card holders calling all day long every day unendingly and requesting $400.00 a month or more just for the past due, fuel prices, food prices, utilities, home insurance, auto insurance, etc, etc, etc, and these "LEADERS" sit there and either know what they're doing, or do not have the slightest idea, you make the choice. Now for those who do not have these problems, this situation, that 60% who has it all for now, this is meaningless and frankly they don't give a damn. It isn't them. They are in love with the likes of Obama, Hillary, McCain and all the rest. Oh sure they put out the disclaimers that they are just average people. I say check their gross income. In my opinion talk about "a ship of fools". The hopeful, the dreamers, the blind leading the blind. Yes, it isn't about people. Never has been and never will be. Hey just opinions. Now I go each day and read all these articles about Hillary this, Obama that, McCain this, etc and see all the responses and wonder just where the hell reasoning and weighing of outcomes has gone? Where has simple logic gone, where has common sense gone? People really think these people are the answer. They even respond with incorrect information blaming others and excluding their champion. Yes educated people, when the signs and symbols of disaster sit right next door to them or up the block or at work. Yes, in my opinion good political types. Yes "there but for the grace of God go I", is just around the corner my friends. Check it out for yourself and see how well you are doing with your home. You just may be shocked that you owe on the farm much more than it is worth. Oh negative thinking, well my friends reality. Oh let's forget that and hope. We can do something if we want to. Yes, when you have opportunity, resources, jobs, capability, no it isn't only all about an individual, it sometimes takes help. So here it is from strictly a business perspective, forget human beings, why wouldn't any business person / accountant cut their losses and go? It is done everyday in business. Yes it is called a tax write off. Cut your loss and move on. You, well you get the shaft. That is the fear that keeps you glued to the problem. Yes an even though they call you crook, low life and immoral it is that you do have morality. You truly desire to pay but they make it impossible and you're the low life, how pitifully sad. Well my friend think about it. The people who have problems already are in bad shape. They have ruined credit. People are paying through the nose for everything. They are going deeper and deeper into the hole and many times for "unsecured debt" and those PROFESSORS OF GOD allow it. Your neighbors are the enforcers, the executioners and yes even the ones who call you those names and harasses you day and night. Yes even when you have sickness or other problems. Hey it is all about the almighty dollar and we do know where their heart lies even while they profess something else. Hey I do respect your opinion, your point of view but why do you like who you do and why? That is outside of the Easter Bunny approach. I'm open for an answer but you know something, few respond. They hide off in a corner knowing they agree with these types and just do not want to say it openly. It is as simple as that. To say it openly means you agree with immorality, sin, breaking laws, outsourcing, dismantling America, exploitation, fact not fiction my friends just look around.
You want examples of why I hold that opinion, how sad, I have been addressing them for years and they are right there everyday to be seen or heard. You name it India, China, Russia, etc, etc, etc.
Yes my friends it is about time we used some simple logic and woke up. I have my answers and believe me they are hard to reconcile but be it as they may "that's a fact Jack", as the line in the movie goes.
Robert T. Melaccio Sr. 2008 Copyright ©2008 Robert Melaccio
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