In a world where validating memes exist to make us feel better about our relative shortcomings in a super-competitive world of existential dick measuring, perspective remains our greatest ally. From college degrees to the purchase of a home, the expectation that life has scheduled benchmarks is absurd. Some people earn their Bachelors Degree at 21 years of age, while other graduate college as senior citizens. Either way, it’s a ‘Boss Move’ that results from hard work, dedication, and follow-through. The same applies to such notable achievements as becoming a homeowner, marrying your soulmate, becoming a parent, or buying your first vehicle.Speaking of first vehicles, many car buyers fall victim to their own fiscal irresponsibility. With undisciplined savings, inconsistent bill payment and poor credit scores, they are forced to seek out bad credit car loans, due to their inability to secure traditional financing.
Meet Tim Brandanowicz, a 34-year old assistant at the in-house management school offered by grocery chain, Price Chopper. Referring to himself as an 18-year veteran of the ‘Bag Boy Program’ (which is not an actual thing) Brandanowicz was relocated to his role in the management program when he reached the salary cap for bag boys and refused a lateral transfer. According to former store manager Dom Cedrone, “We like to offer our bag boy positions as part-time or entry-level opportunities, perfect for teenagers, senior citizens and the developmentally challenged. And while we can’t be certain that Tim doesn’t qualify under the latter, Price Chopper management recognized that we needed to offer him a new opportunity.”
And it was that opportunity that inspired Tim Brandanowicz to make some major life changes, one of which was the purchase of his first new (to him) vehicle. But with $317 in savings (primarily in loose change), criminal overuse of his overdraft privileges and a 302 credit score (due to abuse of a JC Penney credit line) buying a car proved a unique challenge. Fortunately for Tim, he was able to locate a local ‘Buy Here Pay Here’ dealership that was willing to help him out.
“I had found this sweet Pontiac Aztec, that was just begging for me to buy it!” he exclaimed.
Chet Bollswett, owner of Bollswett Motors, looks at it a different way. “We had this piece of shit ’03 Pontiac Aztec that I can’t imagine anyone would ever want to buy.”
Needless to say, Brandanowicz and Bollswett were about to help each other out. Unfortunately, the former’s financial status made it a challenge to make that deal happen. And based on his 302 credit score, the only possible financing was a 72-month loan with an almost unprecedented 28% APR. Valued at $2,700 the financing terms would place his monthly payments at around $78.
“I could definitely swing that,” confirmed Brandanowicz assuredly. “Between the $100 my Mee-Maw sends me on my birthday and all seven major holidays, I basically have it covered. Plus, you know, my job pays me, so…”
That aside, the total cost of the car loan equates to $5,600 meaning that Brandanowicz will be paying more than twice the value of the vehicle. We tried to explain that to him, but he seemed unable to grasp the concept. Plus, he was too buys making it rain with his $11 in crumpled one-dollar bills that he found in the pocket of his hand-me-down suit.
