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Old 06-27-2011, 01:19 AM   #1
Nik00117
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A rule suggestion for the military

This is something I've been tossing around and have received pretty positive reviews.

Often times young soliders get taken, and I mean seriously taken...They got a steady income, they think they are living large. They walk into a dealership and buy expensive cars, and get ripped off...So he's my suggestion.

If your under 25 and a E-4 or below any vehicle purchase has to be vetted by a NCO who has at least 2 years in grade of being an NCO (so at least 2 yrs of NCO life of e-5 or better)

The purpose is for the NCO to simply review the deal and make sure they are not getting taken for interest rate, drastically over paying, or buying a vehicle they simply cannot afford.

This is inspired by what I saw once, an NCO witnessed one of his new PVTs buy a Mustang, when the NCO inquired about the deal it seemed fishy, the payments are ridiculous, and the car was in poor shape. The NCO took his PVT down to the dealership and sat down with the GM, and they hashed it out. The dealership wouldn't take back the car but did cut his rate from 24% to 11% and issued a refund check of $4,000 (they had over charged the guy by like $8,000)


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Old 06-27-2011, 08:06 PM   #2
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I know I've seen the younger guys get taken a few times. Always told my guys to come and get an nco for any major purchase to make sure things were legit. (aafes also got one of mine with their credit and overpriced furniture).
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Old 06-27-2011, 09:26 PM   #3
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I guess new comer briefs fail....

For those young enlistees, I think a financial class and budget should be done too.

MCIs dont work..haha

Edit in: I thought you had to be a SNCO in the USMC, to even get a K-SOFA license?
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Old 06-27-2011, 10:13 PM   #4
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Quote:
Originally Posted by Rudel View Post
I guess new comer briefs fail....

For those young enlistees, I think a financial class and budget should be done too.
They should have gotten those in AIT. I know I did.

My DS's had some awesome horror stories about things like this. Honestly, new guys should just know better and do some research before they buy a car. I would go at least 50 miles away from base to buy a car off a lot. All those dealerships place themselves that close for that simple reason.
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Old 06-27-2011, 10:13 PM   #5
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I don't know, I've known a lot of NCOs that didn't know how to handle money any better than the next guy. The idea needs some refinement but it would be better for everybody to have dedicated people to talk to about financial decisions. Would make a hell of a lot more sense than some MOS', and it would actually transfer to the civilian world.
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Old 06-27-2011, 11:37 PM   #6
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The Army won't make this into a written rule, because it's the leadership's responsibility to know their Soldiers. It doesn't hurt to talk to them and learn what their interests, hobbies and background is. When Soldiers learn that they can afford stuff now or when there's a chance of big money to come (such as Per Diem from a deployment), it's that Soldier's leadership's responsibility to counsel the Soldier and inform them on things like that. Now, that being said, there are several commands and units that have shady places like that on their "black list" or "off limits" list. These "businesses" have the right to run a business, but it's our jobs as NCOs and Leaders to make sure our Soldiers are armed with the knowledge on these businesses so they don't get taken. If the Soldier ignores his leaders counsel and gets taken, it's the Soldiers fault not the leaders. We can't hold their hands for everything.

That's why Leaders need to be aware of the different programs out there, such as finacial management classes. It doesn't hurt to attend one of these to see what you could learn.
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Old 06-28-2011, 11:17 AM   #7
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Quote:
A fool and his money are soon parted


I got 8% 2-3 years ago and i still feel its too high...
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Old 06-28-2011, 12:06 PM   #8
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My super. and I are pretty tight, he will kick my a$$ when I need it and tell me when I'm doing a good job. We bought a car not that long ago, and my wife, him and I all went over the details, and he asked can you afford this? And we showed him that we made X amount of money car cost R amount good chunck of change left over and we could, then he asked about insurence... All in all he really took on the 'leadership' role. So I guess what I am saying is know your troops.
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Old 06-30-2011, 11:21 AM   #9
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I fell for it... Brand new E2 - $21000 for a 4 year old cavalier with a 24% APR... Life lesson learned. Part of me says, some need to learn this but the other side says you would go into combat by yourself, then why do this.

I don't know about having an NCO there but making a mandatory class for awareness sounds reasonable.
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Old 07-21-2011, 10:07 PM   #10
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I always tell new soldiers to get with me before buying a car, the ones that do are always glad they did.

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