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My GF and I are wrapping up our visit in a couple days. So far my three favorites were Rudies in East Nashville, low key, affordable, great food and tap selection. Sambuca in The Gulch, definitely pricey, but very good food and atmosphere, live jazz and diverse menu if you are up for something fancy. And Graze, also in East Nashville? it is a veg/vegan restaurant. Neither myself or my girlfriend are vegan but after a few days of drinking and eating like crap we wanted something clean and actually green. Very surprised with how delicious everything was.

Sidenote, thank you to everyone we met along the way that guided us to so many awesome places along our stay. Nashville, you have been incredible.

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Hi everyone. I have a timeline question of when I should put my 2 week notice in. I recently interviewed and gave a verbal commitment to a small company. After my verbal, they ran my license and I passed a drug screening (which is the only terms the application said) I provided many references on my application and said they can be contacted but there was nothing that said they do a full background check.

I spoke to HR today and they said they will be emailing my written offer tomorrow. And to bring my social security card and direct deposit info on my first day.

Is it safe to say that everything they did on me has checked out and the process is complete after I sign the written offer? Will they run a background check after I accept the written offer? I would like to wait until the whole process is complete just in case something does go wrong. I fully expect it to be fine but I just want to cover all bases.

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do not put any notice in until you receive a written/emailed offer of employment. at that point, if they do not follow through, you can likely claim unemployment.

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Original Poster1 point · 4 months ago

Thanks. Would you say the process of vetting me is over if they are willing to extend the written offer? I have complied with the license abstract and the drug screening but there was never a mention or approval from me for a deeper background check. Maybe because it is a smaller company they conduct their own check through references? They want me to agree to a start date but I am om edge about resigning while this is all unknown still.

Is there something you're worried about them uncovering? If so, I would get a firm commitment from the hiring company that absolutely everything has been completed and you're ready to start (without saying "Are you suuuure you've completed the background check??"). You can couch this as just being nervous about giving notice and want to make sure all of the i's are dotted and t's crossed.

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Original Poster1 point · 4 months ago

I kind of did that today. After my verbal agreement, I submitted my license and did the drug screening 4 days ago. I asked if I will be informed when everything checks out and they said yes. I decided to reach out today because I have been on edge. I told them my boss is looking to post my position, is everything still on track for me to start on the agreed date. The recruiter said yes and she is sending a written offer tomorrow.

It leads me to believe I am good to go, but I will definitely wait to see what the offer letter states. I am not worried I am just a little nervous about potentially losing two jobs if not everything is completed yet, you just never know.

Part of me feels that since this is a smaller company they did the drug test and used my license and social for my driving records and criminal background and are sastisfied. My top reference I submitted is someone very high up with the company who gave me a great recommendation, whether they felt the need to dig deeper, I dont know.

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Original Poster2 points · 4 months ago

Sorry, some more info. I also checked off not to contact my current employer on my application because I want to keep my search private. I did state if it came down to an offer or not I would allow it. They never inquired about that either. Im starting to think it is just a very small company, lax hiring process. I did have someone very high up at the company provide a great recommendation for me.

Have you agreed upon a start date?

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Original Poster1 point · 4 months ago

I have, but it is not until June 4th. I explained I would like to give my current employer 3 to 4 weeks notice as I am in a supervisory role

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Hey PF. I was offered a new job last week that I have accepted. I am putting my two weeks in at my current job on Monday. It was a position that comes with a pension for the state of New Jersey. I have been with the company for 4 years.

My question is, what should I do with the sum of the contributions I have made? Can anyone tell me the tax penalties if I just cash it out, or am I able to roll it over to my employers 401k plan? Or a Roth plan? I believe, if I am calculating everything correctly, I have contributed around 8k to it over my 4 years of employment.

Thanks

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If you don't notice it you might have a good one! I've driven a focus with that transmission and it behaved horribly when accelerating from a stop.

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Yes I have driven countless focus rentals. Mostly 2015. The shaking and slipping when accelerating was unbelievable. Most at 20k miles or less to boot

What years have this problem? The wife has on 08 that has given us pretty much 0 problems since she got it in 20013, but I want to know if it is a ticking money bomb.

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It's the 2012 to 2016 models with the dual clutch. Mainly the 2015 and 2016 I believe. Massive class action lawsuit. Pretty much every car had the issue. I believe Ford offered to replace them up to 80k miles but only if the clutch failed during a test drive. I was getting my Fusion serviced and a girl had her Focus in that failed horribly on the test drive but was 82k miles. They quoted her 6k to replace it. Terrible

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You can try a good will letter, at this point though a couple 30 day lates a few years old shouldn't be impacting your score much.

Another option and one that may not be the most ethical, is try disputing it through a site like credit karma. Chase will have 30 days to prove it is valid, if they cant or dont bother, it will be removed. If they no longer have record of it like they say, you may be in luck.

  1. You can refinance, how soon though is a different story. That is up to whoever accepts to refinance it.

  2. Probably not, dealers get a kickback from finding you financing. If you move the loan right away, they dont get that kickback. Unless it states it in the contract its probably not true.

If the rate is significantly better I would just go with your credit union. Refinancing might come with a small fee as well. Or if you want to try, leverage your other rate and try to get more of the sticker price. Tell them you are set on using your credit union and see what they say.

Pull out your agreement and look very closely for any early penalty for paying it early. A lot of times dealers will say to wait and blah blah because they lose the kick back from finding you the financing if it is paid too early. Most times it is not the case and they have no action if you do, but look over it thoroughly to be sure.

But, if it is the case, you have a solid plan still. Paying a few months worth of interest is not bad if you consider the $1500 off the final price.

4 points · 4 months ago · edited 4 months ago

Yeah that is eay too much. You would be paying about $1200 a month on transportation alone if you include gas and routine maintenance. Thats a mortgage.

If anything, if you absolutely need transportation, consider buying used and cheap, like 2k, and dropping your insurance to just liability. That should cut the $800 down to maybe half. Which is still a lot, but not as ridiculous.

Original Poster1 point · 4 months ago

If you can find a decent car for 2k give their contact info haha. I really I don't have to have my own transportation, I'm a close Uber to nearly everywhere I need to go

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It may not be ideal, but if your main travel needs are to and from work, there are plenty of Civics or Corollas out there for that price that could easily run for two years or longer depending how much you drive it.

With just liabilty coverage, that would cut your yearly, almost 10k trasportaion fees in half. That's 10k saved after 2 years towards a new car you can either use to buy in cash or a down payment to finance if your quotes are reasonable then.

If you are looking for the easiest route, it would be a trade in. But expect to come away with nothing or possibly owing a bit out of pocket towards the next car. A dealer wont give you max value because they need room to make money on the resale.

Selling private takes a bit more effort, but could get you a smallish profit.

It is up to you how proactive you want to be. If you trade in both towards a new car, just expect to have to cover the difference plus the 20% you should be putting down on the new car.

Original Poster1 point · 4 months ago

It is up to you how proactive you want to be. If you trade in both towards a new car, just expect to have to cover the difference plus the 20% you should be putting down on the new car.

Cover the difference between trade-in value and amount still owed? Would that roll-over to the loan for the new car or do we have to pay it upfront?

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Either. But, you should really be prepared to cover it and then some with a down payment towards the next car. If you roll over and put nothing down, you are going to get hit with another bad interest rate and be upside down on the new car as soon as you take it home. Rolling negative equity into a car loan is huge financial risk.

Original Poster1 point · 4 months ago

Yes but private sale and trade in to a dealer are very different. A dealer will always give you less. My guess is you will take a couple thousand dollar hit if you trade it in. They wont buy back a car they sold for 28k for 27k. It will have lost more value than that just from you driving it off the lot. But, in the grand scheme of things it is what needs to be done. Unless you can privately sell it for what you owe which takes a lot of work.

You cant continue with this loan. With that term, you agreed to pay almost 45k for 28k car.

Original Poster1 point · 4 months ago

I would definitely sell it privately.

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Thats the move then. Sell it and start over by following that 20/4/10 rule.

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Original Poster1 point · 4 months ago

Currently have 47 months left of the loan at 12k I will probably go with a credit Union to see my options.

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Do you know the current resale value of the car? Even if you guys could put some money down for the refi to get it close to the value, that will go a long way. It doesnt hurt to check with a credit union. But in the meantime or if you cant refi, that loan needs to be paid aggressively. Like double or triple payments.

Original Poster1 point · 4 months ago

I just checked the blue book price it's roughly at the market value that would give me a decent chance right?

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Oh good. Im surprised. But yes, that should give you a good shot. I am not sure how much having your new loan may affect it, but you should certainly be able to get a drastically better rate than 16%. Thats borderline criminal.

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No issue with applying now. If anything, it is probably a good move since both inquiries will fade and fall off together.

2 points · 4 months ago · edited 4 months ago

This question gets asked a lot. I always give the same scenario. Imagine you are a lender. Two people come to you for a loan and are right on the edge, income wise of what you can approve. One has a higher score by about 10 to 15 points because they have an installment loan open that is currently boosting it, but they have a debt they are still paying with a monthly obligation.

The other has a slightly lower score by about 10 points, but they have no monthly debt obligation because they have no loans open. Which one would you be more comfortable lending to?

Never pay interest if you dont have to. A CC will work just fine to build a score. You can easily get to a 750 with a CC or two. From there you will qualify for the best rates when you eventually need a loan.

Paying an installment loan impacts your payment history. So the amount wont matter, just that you're paying on time.

However paying a lump sum helps lower your debt to income and minimizes the interest you will pay, so it would still be a wise choice if you have the money to spare.

Check the wiki guide. In the collections portion there is a step by step and a link to a sample letter that many people here have used with success. It is a guide to paying your collections and having them removed as well. Worth a shot.

7 points · 4 months ago · edited 4 months ago

Doubtful if your credit has not improved. Auto loan rates are already on the rise as well so I wouldn't expect a favorable rate.

The goal with any refinance is to pay less over the life of the loan, not just to lower your payment. They way you are looking at it you would probably pay more over the life of the loan. If you look at it that way, and not to sound harsh, you really can't afford this car.

Any way you slice it you will owe 7k on the old loan. Add that to whatever the final cost of the new vehicle is after negotiating.

If you're throwing all that cash down now fine. Definitely dont take out another loan. You would probably be 10k upside down.

It does not matter. Could be $5 a month and her score will build just fine. The goal is on time and paid in full payments.

Utilization will swing the score up or down depending how much she spends every month. But utilization also has no history. So in short, spend whatever she can pay off every month.

Wait until the decision is made on the new job. Could you swing it if you put enough down? Probably. But to know how much you will have to put down follow the 20/4/10 rule. At least 20% down, no longer than a 4 year loan and no more than 10% of your monthly income on a payment and insurance.

Estimating your monthly income at about $3,500? You should probably be aiming to take no more than a 15k loan. So after the 10k trade in or sale. Are you prepared to put down close to 20k from your savings? That is a very hefty chunk of cash. If you get that raise, that is a whole new ballgame. But just going off of your salary now, I would aim for no more than a 15k loan, it is up to you how much more you are comfortable putting down from your savings on top of your trade in. Side note, a dealer will likely always low ball you on the trade in.

Follow the 20/4/10 rule for reference. At least 20% down, no longer then a 4 year loan and no more than 10% of your monthly income on a payment and insurance.

Always aim for that 4 year mark. There are 2 reasons people take a longer loan. One is if you get a rate attractive enough to where it would make more sense to invest. I am talking <2%. This is totally fine. With the rates where they are right now though, that is not going to be very likely on a used car. The second, and completely wrong reason is to lower their payment. The amount of people that go to buy a car with their only stipulation in mind being their monthly payment is crazy. They dont care about the final cost. This is why you see 72 and 84 month loans becoming the norm.

If your payment is in line with that 10% number there is no reason to not take a 48 month loan. If you need a lower payment, it should be met by putting more money down or getting a cheaper car. You really should not start lowering your payment by adding months to the term. I am not sure why the salesman would say it is smarter to take a longer loan, it is very very rarely the case.

It is on the higher side if you look at it a couple years ago. Right now though, it is pretty much the going rate for an auto loan. People with 750+ scores are having trouble getting a rate under 4% right now. A refinance is a possibility but you may have trouble getting it low enough to actually be worth it. If you can swing it, I would just add a little to my payment every month. Even if it's $10 or $20 extra, you would probably minimize the interest enough with that method the same as a refinance would save you.

What factor is holding the score down? What is that joint account for apartment?

First thing that stands out is your car insurance is very high. Have you shopped for better rates? The xbox live can also be found for $60 a year, sometimes cheaper if you find a sale on amazon. You're paying $120 if you're doing it every month.

Original Poster1 point · 5 months ago

I've heard of the 20/4/10 rule but never heard it explained and never looked it up! Haha. I'm planning to pay 40%-50% in cash because I really want the shortest loan possible!

That was something else I was curious about. Different places can have different rates? Is there generally somewhere that has the best, for example a credit union may generally have better rated than a bank, or vice versa?

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Yes everyone will have a rate that differs somewhat. A credit union most times could have a better rate on a loan of this size. They could actually use the business and the small amount of interest. A big bank might not bother, or throw out a larger rate to make it worth it for them if you accept. It is all an unknown until you start getting quotes though.

If your credit score and history is good, about 725 or higher, with that size of a down payment I would be looking to get around 4% or under if possible. I would also try to cut it to 36 or even 24 months if you can swing it as well. You will have a much better shot of it still being an asset the faster it is paid off.

Original Poster1 point · 5 months ago

Thanks very much for the tips.

Would you recommend the wiki step by step pay to delete agreement guide over contacting the cc company/collection agency and proceeding with their suggested method?

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I would. The steps in the wiki and the letter are in place mostly to protect yourself. You could call them over the phone and say I want to do a pay to delete and they can say ok. But without an agreement in writing and a paper trail, if they don't do it or just flat out dont bother, you dont have much of a recourse. The wiki steps and that letter make it a lot easier on you.

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