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  #16 (permalink)  
Old 01-28-2011, 02:16 PM
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Default Got 0% loan

I got 0% loan from Toyota in June 2010 from Toyota NA financial Services for five years. Even in 2003 I got loan from Toyota at very low percentage which I already paid within 3 months. So I guess it is best to get auto loan from Manufacturer's Financial Services.
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  #17 (permalink)  
Old 01-28-2011, 06:30 PM
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Default

Quote:
Originally Posted by psam View Post
I know this would be unpopular on this forum. But if you think about it, temporary visa holders can just disappear relatively easily by packing their bags if they wish to do so. I know someone who has done this with their underwater house, though with his salary he could afford paying the mortgage.
There is morality issue and very very few of us would consider doing something like that. But some of us have done this, and seems like a reasonable thing for banks to consider. In the end better lending standards keeps the banking system and the economy in better shape.
That number would still be way lower than the number of people who walked away from their million $ Cali and Florida homes.
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  #18 (permalink)  
Old 01-29-2011, 11:54 AM
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Default Wrong Argument

Quote:
Originally Posted by psam View Post
I know this would be unpopular on this forum. But if you think about it, temporary visa holders can just disappear relatively easily by packing their bags if they wish to do so. I know someone who has done this with their underwater house, though with his salary he could afford paying the mortgage.
There is morality issue and very very few of us would consider doing something like that. But some of us have done this, and seems like a reasonable thing for banks to consider. In the end better lending standards keeps the banking system and the economy in better shape.
Here are my 2
Housing crisis of 2008 was not due to defaults by H1b's and non-immigrant workers. It was a result of Average American not living in his means and defaulting mortgages or simply walking away from their mortgage. So citizenship or visa should not be a measure of credit worthiness. I can proudly say that most in the H1b community in this country has better credit than Americans.Still dumb banks like Chase , BoA and citi look at the citizenship status which is foolish and discriminatory . Instead of that they should verify your income with sources like ADP or other payroll systems after obtaining your authorization in the credit application process rather than depending on income proofs by the applicants.
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  #19 (permalink)  
Old 01-29-2011, 01:37 PM
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Smile

A simple analysis of the bank portfolio would show them which are the higher risk groups / tiers. Also wonder what % of defaulted loans are H1B, instead of worrying about shady lending practices, lose paperwork and innovative loan bundling / packing , BofA is wasting their energies where they have less risk and minimal returns for their efforts. They probably are losing more money by not gaining that business ( in form of interest rates ) than actually saving the money from risk.

Minimal amount of interest paid on a 20K auto loan it at least 1500. So if 5% H1's default among 100 people, BoFA is still losing approx 42.5 K in interest for a 5% default rate even if they default on day one, assuming remaining 95% pay their loans. Which is the worst possible scenario for any bank, i.e 5% loans turn bad on day one,similar to where all depositors request a withdrawal on the same day. Esp, when documents are verified to give a loan.


Someone who has followed the rules and is on a Visa has to worry more about credibility when applying for future renewals / visa than someone collecting welfare / unemployment and declaring bankruptcy easily.
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  #20 (permalink)  
Old 01-29-2011, 06:49 PM
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Default not paying your auto/home loan is not a moral issue

I do not see any moral issues in not paying your typical auto/home loan. The bank has not given you the loan based on your word; they gave the loan on the basis of the collateral. So it is morally okay to just give the collateral to the bank and say the loan is over.

Quote:
Originally Posted by amitjoey View Post
Permanent residents -greencard holders are not citizens and can also disappear relatively easily. Yes it is a moral issue.
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  #21 (permalink)  
Old 05-03-2012, 05:41 AM
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Default

how does one go about getting low interest or 0% loans for education ?
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  #22 (permalink)  
Old 05-03-2012, 07:53 AM
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Default

I got 0.9% Apr from Acura FS and they did not even ask my visa status.
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  #23 (permalink)  
Old 05-03-2012, 03:31 PM
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Default

Quote:
Originally Posted by mayhemt View Post
I've had a similar experience recently.

Chase Bank denied my loan (used car). But a local Fifth Third bank approved it with a good rate (4.34% for 3 yrs).
So the key is to go to local banks or credit unions.
Funny, not sure what logic they use. I refinance my home through Chase in Dec 2011, I had to provide all visa documents.
I hope they don't call and tell me to pay off the loan before my EAD expires in Aufg 2012.
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  #24 (permalink)  
Old 05-03-2012, 10:55 PM
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Default

They don't check citizenship/visa status when u deposit money. Maybe Indians should take their money to another bank and give them the reason of discrimation for closing their accounts or maintaining minimum balance, that will set BOA right ?

Maybe one person person withdrawal won't matter much, but even 100 people withdraw their money ( 20K per person makes it 2 million).
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