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luckydriver

would a lender ever refi its own IIB car (or can i be financed)

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this saving 100+ a month on the car is on the path to my 'wider net' plan so you and me are on the same page there. that part of the equation is already lined up so didnt wanna muddle the waters since it's irrelevant here. i wanted to cut expenses where possible to achieve my complex goal and this is part of it. been doing spreadsheets for a few weeks along with the amortization schedules. found one that lets you add payments easily at any point in time and it's been very helpful. 

 

as an aside to my research i discovered state farm does car loans up to 150K miles and includes gap at no cost. who knew :)

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4 hours ago, luckydriver said:

 

to be clear it would be 7 to 8, not 10

Which is still far too long on a car note.  On SOME vehicles, I can see going to five years, but even that is pushing it and should only be on those where the agreed sales price is north of $60K.  When a payment has to be pushed out to seven years to get it in the low range like the $500, it is time to walk on the deal. 

 

Obviously too late for the OP, but maybe it saves some other poor soul from the upside-down hell that such deals leave them in...

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this saving 100+ a month on the car is on the path to my 'wider net' plan so you and me are on the same page there. that part of the equation is already lined up so didnt wanna muddle the waters since it's irrelevant here. i wanted to cut expenses where possible to achieve my complex goal and this is part of it. been doing spreadsheets for a few weeks along with the amortization schedules. found one that lets you add payments easily at any point in time and it's been very helpful. 
 
as an aside to my research i discovered state farm does car loans up to 150K miles and includes gap at no cost. who knew

Oh you pay for it! It will just be added to the rate. Doesn’t hurt looking at it though at this point.

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1 hour ago, tiggerlgh said:


Oh you pay for it! It will just be added to the rate. Doesn’t hurt looking at it though at this point.

exactly! i need to push the can down the road a bit then ill be fine. i know i'm fortunate that way where most people arent. 

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