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Time to fix

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  1. Funny story -- replace Range Rover with Mazda CX-7, $6,500 in repairs for $9,100 in repairs and down payment on a Toyota for down payment on a Toyota and that was our situation. Ended up trading in for a 2018 Camry and haven't looked back since.
  2. So yeah - that's what it came down to. Three scenarios at end of lease -- 1. Turn it in and walk away. Mileage overage would be charged at $0.15 a mile. At our estimate this would be around $3,600. Lease is for 36k, chances are it'll be closer to 60k (primary family vehicle that does all the family driving plus 250miles a week for work). 2. Buy it end of lease. We can buy it for $12xxx (I think closer to 13500 but need to double check). No mileage concerns. 3. Trade it in for a new purchase or lease. If the wear & tear is within terms and all maintenance was performed per schedules they'll forgive an additional 15k miles. Anything over that would just be knocked off on trade in value. Now just doing some apples to apples comparison (as much possible) right now a 2015 Camry SE with 60,000 miles trade in values from average to clean condition is a 12600-13600 value. All in all - we're happy. A little hardball dealing back and forth with them (not to bad though, I've been beat up worse before) and we settled at 3k down and 349 monthly. Yeah it's a bit high and not ideal - but we washed a good amount of negative equity on our traded in SUV and got rid of a potential money pit not knowing when it would break down and be out of service for a week waiting for the dealer/warranty company to get parts in.
  3. In talks with a couple Toyota dealers about a new 2018 purchase or lease of the Camry. They were saying that with Toyota leasing mileage is not 'really' a concern with them. The only time mileage overage would bit us in the flowers would be if we returned the car at end of lease and just walked away. If we returned/traded in for a new lease (or purchase) or purchased at end of lease there would be no mileage concerns, just the wear & tear stuff. Working in the legal-ish field I'm very, very skeptical about this. We were told this same story from 3 different toyota dealers over the last 8 months as we were looking to do this thing about a year ago but for a new SUV instead of car. Credit wise we're golden. TFS has already pre-approved us for the 0.9 financing offer being advertised right now. The salesfolk are saying if TFS has pre-approved us for that then we're good for the advertised lease rates as well. We're going back in tonight to do the deal and see what happens. Only reason a lease discussion is on the table right now is for an equity wash. We have about 2 years left on payments on the current vehicle and just want out of it now (breakdowns, no faith it'll last another 2 years without a major failure and don't want to do any more warranty claims on it).
  4. Take this with a grain of salt (actually -- just take the whole dang shaker). The vehicle we have now was purchased from CarMax. It's a 2010 year model purchased in 2013. There was no factory warranty coverage at the time of purchase. We opted to purchase their MaxCare warranty coverage (60month, 150k miles). Fine print was 5 years from date of purchase or 150k total odometer miles. This warranty was administered by CNA. We've had nothing but good luck on the coverage. It's been in the shop 3 times for repairs. Oil filter housing was leaking, Water pump started leaking and power steering pump went out. Total out of pocket cost for repairs was $900. Each time other issues were discovered that were covered by warranty. Without looking at paperwork ballpark figure of each repair was $1900-$3400. The last time it was in (a few weeks back for the power steering pump failure) the service manager tried to get some wiring repaired but that wasn't covered (corrosion issues). Not a big deal, I spent $12 on the new wiring and fixed that myself. TL;DR - Talk to the dealer you bought the car from and figure out who they do warranty contracts from. Research and go from there.
  5. Don't quote me on this -- but when I had the same situation here I was told by the loan officer that as long as I paid back the borrowed principal I was done. He helped draft a letter to the OC & collection agency. Haven't heard from them since -- this was 9 years ago.
  6. They really don't care. Your local MoCo (which BTW is typically stands for Harley Davidson MOtor COmpany) lets you take the course regardless if you do/don't buy a HD.
  7. Credit_Help -- Since you have some experience already then you have an idea of how to ride. I'd still highly suggest (I really think it should be a requirement personally) on taking the beginner MSF and later the advanced later down the road. a 750-1100cc should be just fine for you to handle. I'm 215 / 5'10". I ride a modified 88" softail (1452cc with about 98hp&tq). The thing is though -- you're riding comfort position may not be the same as mine. When I bought this one I test rode almost a dozen differnt cycles before I decided on this. I have to be stretched out when riding. I can't ride crotch rocket style, my hips can't take that. I cant ride upgright cruiser positioning, it's uncomforatable for me to have my feet/ankles directly below my waist. I have foward controls on mine so my knees are at a hair over 90 degrees like I'm sitting in a recliner. Best suggestion would be go to a dealer and just sit on a couple different styles in your price/motor range and go from there. I do agree with Agrajag -- 250cc really shouldn't be used on a highway. They're good around town putters to get experience riding. Can't tell you how many freaking Rebels I see on the highway out by the colleges holding up traffic because they're topping out at 55mph. I don't know how that SCR950 is geared. Looks like a cafe-style racer though. No -- it didn't hurt when the debris bounced off my helmets. All I felt was a dull thunk and when I pulled it off after getting to work I noticed the damage. My wife's crash on the other hand..that ended up with a trip to urgent care to make sure nothing was permanently damaged. Yes -- I mean real grasshoppers. Yesterday I put about 150 miles on the odometer. Coming back with a couple other guys and we were running about 85/90mph on an empty stretch of highway between here and Cali. Next thing we knew we rode right through a swarm of bugs. All the other suggestions are good above as well. Take a couple hours and tour some dealers around town. They'll be glad to help get you fitted on something. I konw MoCo also does the riding course (and sometimes throws it in free when you purchase). Apparently I forgot to turn on my web filter when typing yesterday....oops.
  8. 1. What are some good starter motorcycles? I read online about a few and could not find anything used nearby. I am looking for a daily driver (very short commutes), or short weekend trips, and no off road or sport racing. -- How much riding experience do you have? Have you ever rode before? How big are you? For what you're saying, i'd either say to stay in the 250-500cc range of cruisers (Honda Rebel, Honda Shadow 500, etc). 250cc-600cc are usually good starter bikes. They're light enough for newbies to handle (and by handle I mean pick up when they dump them) and aren't over-powering in-case you become confused with the controls. It also would be wise to start on a ~100cc 4stroke dirt bike. Dirt is more forgiving than asphalt when crashing. 2. Can an used < $5,000 motorcycle be financed? If buying from a private party, I can't pay using a CC. PenFed has some used motorcycle loans I might look into. -- I'm sure they can. I almost financed about $4500 through HDFS but changed my mind. 3. How much are insurances for someone with a new motorcycle license? -- Can't say. I've only 'officially' had my endorsement for a hair over 4 years. I pay less than $8/month for full coverage + accessories at a 25/50 limit on a 2003 Harley. I'd guess it really depends on your insurance, driving record, credit, state of residence and sled you're buying. 4. How does one get a motorcycle license w/o a motorcycle before purchasing one? -- Take the beginner MSF course. MSF = Motorycle Safety Foundation. Sometimes you can find them through your state's motorcycle awareness foundation at the beginning of the month for a $100 donation (courses typically run $250-$400). The beginner course goes over your locale's rules of the road to obtain your motorcycle endorsement. Once you pass the written test comes the road training/test portion. They show you how to operate the cycle. This is how I got my endorsement. I've been riding for close to 15 years now -- and have only had my endorsement for about 4 of those years. I didn't have a scoot to take the test so I paid $50 and went to this course. When I was taking the riding portion of it there were people there that have never been on a motorcycle before and they were riding by the end of the course (and passed). They (these training facilities) typically have 250-500cc 'pre-crashed' scoots they provide for you to use. This will also save you $$ on insurance. 5. Anything else I should be considering? -- Gear the *Admin removes vulgarity* up. I (almost) always have my full face helmet, pants, boots and gloves on when riding. The last thing you want to do is take a freaking rock the the shin, knuckles or head. Don't ride like an flower pot -- that's the quickest way to become a blood-smear on the pavement. Ride defensively and offensively at the same time. Keep your head on a swivel and be aware of your surroundings. I always ride the same route to & from work when riding. Every 1/4 mile I have escape routes for when something goes south and I have nowhere to go. Don't skimp on your gear either. I have close to $1500 wrapped up in the gloves, leather jacket(s), chaps and helmets I rotate through. I have different gear for different weather. Lids expire about every 7 years. I typically replace mine every 3 years due to the extreme heat during my peak riding months. If you drop a lid -- get a new one. If you go down and hit your lid on the ground -- get a new one. If something flys up off the highway and bounces off your lid -- scrap it and get a new one. I've had to scrap 3 lids due to impact. One was a 2' 2x4 that the asshat didn't have secured which flew off over a highway transition (I was doing 70 when it bounced off my lid), another one that fell off the seat to the concrete (3' drop, hairline fractures on the fiberglass shell) and then one that my wife broke when she biffed it hard off the dirtbike and went face first into the gravel. Broke the jaw piece of the MX helmet clean into 3 pieces. What else? SOOO much more. Depends who you ask -- loud pipes (sometimes) save lives. Yeah my bike is excessively loud to some people (indicated by the windows rolling up when I'm beside them) but to others it's a signal that there's a bike nearby. As you learn and get experienced you'll start (at least I do) looking at the cage's mirrors and seeing the drivers eyes and head start swiveling looking for you. Watch out for tar snakes. Watch out for dogs. Watch out for cages. Watch out for low flying birds Watch out for hordes of grasshoppers Get ready to consume more protein when you found that horde of grasshoppers Get ready to clean said horde of grasshoppers off your face/teeth/lid/clothes TL;DR -- Small 250cc or 500cc cruiser style bike best to learn on for on-street riding. I would suggest getting a small dirtbike (4 stroke 100cc or so) and practicing/learning on dirt. Take the beginner MSF course. Your state should have a program in place. If you go through with this -- Keep the shiny side up and dirty side down.
  9. I run about 15-20k a month through BOA between checking and credit card. Walked in Wednesday after a 25k deposit cleared from Monday. Asked to withdraw $18k...they said they don't have 18k cash. Forced me to get a cashiers check and charged me $20.
  10. Thanks for all the feedback. Kevin20 -- taking the prosper loan and paying off the 401k loan won't do a whole lot. Sure that's another $356 pre-tax back into his cash flow, but of that $250 is going to the Prosper loan for 3 years. I understand the 401k loan risks as I've done them before and know/understand the risk(s). MEC -- Interest ranges wildly -- but averages out to just over 15%. Credit scores are somewhat decent -- 710-725.
  11. Pulled right from his investment firm:
  12. If its a 401k loan, won't the principal be paid back to his account? Yes, however a few things are happening. 1. You're being taxed on your loan. The money allocated to a 401k is pre-tax dollars. When you take out a loan, you're responsible for the tax for those funds on which you didn't previously pay taxes. 2. You may have to pay a penalty for accessing the money early, depending on your 401k plan. Not sure on the legal parameters around this. 3. You're repaying the loan back with post-tax dollars. Double tax hit: hit on the loan, hit on the repayment. 4. Your money is no longer invested, meaning you're not earning investment dollars for the time it takes for you to pay back the loan. The financial implications may not be obvious now, but when it comes time to retire, you/he will likely notice all that missing money. To address your points -- 1. This is not taxed. I reviewed his loan paperwork and everything just now. Interest is actually paid back to the account -- so at the end of 5 years the 26k paid back is all in the 401k. If he leaves his job before payback it can be taxed. 2. For withdraws - yes. Not for the loan. 3. All repaid with pre-tax dollars (confirmed on his last check stub). 4. That is accurate. Your last statement -- I feel personally is null & void due to his age and career. Hell, he's better off than I was at that age since I had nobody to guide me on this stuff.
  13. If its a 401k loan, won't the principal be paid back to his account? Correct. Not talking about a withdraw -- but rather an loan. I ran those numbers already. Borrowing $23k from the 401k and payback over 5 years = $29xx in interest paid. Interest won't go back into the 401k but all principal will. Doing a hardship withdraw will net close to 5500 in taxes & penalties (10%-20% IRS penalty, $150 processing fee and 25% tax not including state taxes for 23k additional income). A loan is clearly the better option considering it's half of the tax penalties for withdraw. Dipping into it isn't a big concern to him or I right now. He's 2 years younger than me and still has 30+ years to go before even close to retirement age. He's been contributing to it over the past 4 years. With the loan -- in 5 years everything will be back in there. I understand the withdraw cycle -- 20 years ago I was in a payday loan / title loan cycle. Took a lot to break it and I swore if any of my brothers got in that cycle I'd bail them out.

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