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eightd
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Re: Ridiculous Down Payment
You make a fair point. Part of what I'm trying to convey, though, is that a $35k item is something that requires more investigation and consideration on the part of the financing bank, than is an $800 item. I think we can agree on that. The credit check done by T-Mobile, or Verizon for that matter, can't have too much thought placed into it, based on the literally instant decision. I would assume there's some sort of algorithm used by a computer to offer these instant results. I could afford to pay the $700, but at that point why bother? As I said in my OP, if I'm going to pay that much, I might as well just part with the remaining $150 and buy it outright. Which, again, I could, but have no desire to and no need to. I want to switch to T-Mobile, and I assume that T-Mobile would prefer to have me as a customer as well. It's just that I could pay $0 if I stay with ATT or even switch to Verizon. That makes it a lot harder for me to justify leaving. Surely you can see where I'm coming from on this?40Visto0likes0ComentariosRe: Ridiculous Down Payment
You missed where I said "relatively." I put down $10,000 on a $35k vehicle. The equivalent to what I would be paying up front for the phone would have been a down payment of $28k, which would be rather silly. History may make a difference, but if that other customer walks in with a squeaky clean 800+ on all three bureaus, and a long, spotless credit history with great DTI ratio, etc., There is no question who will walk out with a loan.60Visto1like0ComentariosRe: Ridiculous Down Payment
Relevant information is why. The point was that there are no negatives on my credit report from any mobile providers. Yes, I do have a long history with ATT, but not Verizon. I only had them for about a year, several years ago and paid my ETF to move to ATT. Thus, Verizon has no particular reason to trust me any more than T-Mobile does.60Visto1like0ComentariosRidiculous Down Payment
I am completely appalled at what happened today. I had finally decided to ditch ATT due to slow LTE speeds in my area and jump over to T-Mobile and went to do so today. I'm going from an LG G4 to a Note7. My information was taken for a credit check, which I wasn't at all worried about. My credit isn't excellent, but with all three fico scores in the upper 600s I assumed there wasn't going to be much of an issue, even if a small deposit/down paymentt was needed. Add to that my perfect history with ATT and Verizon and I figured the switch was a done deal. So then, imagine my surprise when I was told they could finance the phone for $700 down. Seven-hundred. First of all, I can't imagine why I'd bother because at that point it would make more sense to buy it outright. Relatively speaking, I paid less down and had a significantly easier time purchasing a new car recently. I contacted customer service to see if I could figure out why it was so high, and if a mistake might have been made. The representative (who, to his credit, was very nice) informed me that this was indeed correct and unfortunately had no real explanation as to why. Just as an experiment, I had a Verizon sales clerk see if they could get me approved, and there was no problem at all. No money down, Note7 on their equivalent monthly financing option. Similarly, I could use my current Next plan with ATT and pay nothing up front. Why then, does it seem T-Mobile is making it substantially more difficult to switch to them than Verizon? I'm actually extremely disappointed. I was fully prepared to join "Team Magenta" for the benefits and better coverage in my area. Unfortunately, I'm stuck with the same old Big Two it would seem, as I'm certainly not paying $700+ up-front to go to T-Mobile. Especially not for seemingly no reason.20KViews2likes15Comentarios