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2.49% APR for 84 Months - Payment Deferred for 3 Months!


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On 5/14/2020 at 3:01 PM, XxRaVeNxX said:

I'm following so the majority of people just want the latest & greatest - these are the people who I see with a different vehicle on my timeline every other year. So, I submit - if majority of people are like this - then going this route will ultimately hurt them, when they trade the car in. 

Me - personally I probably will go the 84 month route and just pay more on the minimum - I just like having that lower payment in my back pocket. Meh - I plan to keep it for at least 10+ years...

I saw the details you posted on the myfako site. I just don't get why someone with your income would want to have debt on a depreciating asset for so long. A lower payment isn't cash back in your pocket. It means the interest on a debt is carried longer. Regardless that we differ on this, best of luck.

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11 more payments and we get the title to the ottoman.  

My spouse and our current vehicle is now 7 years old.  It is paid for, and certainly was not financed for a long term. Since I started my career in the Automotive industry I don't think I have ev

64 months? amateur. we paid ours off in 60.     but seriously, we both did it years before the 84 month loan on a turd Dodge Ram would be done.

5 hours ago, hegemony said:

I saw the details you posted on the myfako site. I just don't get why someone with your income would want to have debt on a depreciating asset for so long. A lower payment isn't cash back in your pocket. It means the interest on a debt is carried longer. Regardless that we differ on this, best of luck.

Shorter term, higher monthly payment, less money immediately available for investment. Higher monthly payment is also harder to pay if furloughed or laid off.

And... who said I have to take the full term to pay off the loan? You can pay off an 84 month loan early, but you can’t take longer to pay off a 36 month loan.

Depreciating or not - I'm also not one to switch out vehicles every 2-3 years

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On 5/18/2020 at 8:18 AM, CTSoxFan said:

We had this same argument in another thread about 6 months ago.  You see a car as a tool to get from A to B, others don't and appreciate a new/nicer car for various reasons.  I am with Centex on this one (and I believe she and I were making the same argument in that prior thread).  End of the day it all comes down to what you find important and what you want to spend your money on.

 

 

I know I'm the minority, by others you mean almost everyone, people think they have to have new cars and will blow their budgets, get 84 month loans, roll negative equity, etc, to get them. Your right to each their own though, if they didn't there wouldn't be cheap used cars for me.

 

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2 hours ago, oldblue said:

I know I'm the minority, by others you mean almost everyone, people think they have to have new cars and will blow their budgets, get 84 month loans, roll negative equity, etc, to get them. Your right to each their own though, if they didn't there wouldn't be cheap used cars for me.

 

Why do you presume that everyone buying higher-dollar vehicles is 'blowing a budget' or having negative equity or even being upside down ANYWHERE during the term?

 

Some us view certain vehicles as toys.  For some, it is boats, others buy planes...I buy vehicles.  I get them to HAVE FUN.  Some of that fun necessarily comes while going from the house to the office.  Almost every one of my vehicles has some element of uniqueness to it, even if it is simply that it has a clutch.  Ever watched one of these so-called valets try to park something where reverse is a collar on the shifter, even after they swore they could drive stick?  

 

And yeah, the F-Type stickered north of $90K.  My total financed was just over $60K and it was only for five years.  It will be paid in full long before that point.  At NO point in the term has it been upside down, not even the day I drove off the lot.  Manual F-types are somewhat of a unicorn, almost to the point of being more unique than the manual-equipped Aston Martins. 

 

Oh...and with rare exception, nothing I purchase ever hits the used market.  Another element of buying WHAT I want is keeping it LONG after it was acquired...

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16 hours ago, centex said:

Why do you presume that everyone buying higher-dollar vehicles is 'blowing a budget' or having negative equity or even being upside down ANYWHERE during the term?

 

Some us view certain vehicles as toys.  For some, it is boats, others buy planes...I buy vehicles.  I get them to HAVE FUN.  Some of that fun necessarily comes while going from the house to the office.  Almost every one of my vehicles has some element of uniqueness to it, even if it is simply that it has a clutch.  Ever watched one of these so-called valets try to park something where reverse is a collar on the shifter, even after they swore they could drive stick?  

 

And yeah, the F-Type stickered north of $90K.  My total financed was just over $60K and it was only for five years.  It will be paid in full long before that point.  At NO point in the term has it been upside down, not even the day I drove off the lot.  Manual F-types are somewhat of a unicorn, almost to the point of being more unique than the manual-equipped Aston Martins. 

 

Oh...and with rare exception, nothing I purchase ever hits the used market.  Another element of buying WHAT I want is keeping it LONG after it was acquired...

 

For one I wasn't even talking high dollar vehicles this all started with a 40k vehicle and you were the only one to bring up anything more expensive but you seem to have that attitude of someone that owns fancy cars to get attention since you keep talking about em and how much they're worth.

 

I do hear the same things from people with expensive cars as I do basic cars though, OMG do you take credit cards I don't know how I'm going to afford $400 to fix the furnace. Seems people just raise their expectations to their income. I'm just going by statistics and what I hear from friends that over spend too. Not saying all of course but most Americans buy the most expensive house they can along with the most expensive car they can and don't leave much for the rest.

 

 

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1 hour ago, oldblue said:

 

I do hear the same things from people with expensive cars as I do basic cars though, OMG do you take credit cards I don't know how I'm going to afford $400 to fix the furnace. Seems people just raise their expectations to their income. I'm just going by statistics and what I hear from friends that over spend too. Not saying all of course but most Americans buy the most expensive house they can along with the most expensive car they can and don't leave much for the rest.

 

I recently showed how you could qualify for a $300,000 house with a $42,000 income.  And you can scale that up as high as you'd like ($1,000,000 home at $140k HHI, for example).

 

Of course, people with two car payments, student loan debts, credit card payments, personal loan payments, etc., and kinds of other voluntary obligations, are all standing around complaining that they can't get ahead because of the cost of housing.

 

 

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On 5/20/2020 at 7:01 AM, oldblue said:

I know I'm the minority, by others you mean almost everyone, people think they have to have new cars and will blow their budgets, get 84 month loans, roll negative equity, etc, to get them. Your right to each their own though, if they didn't there wouldn't be cheap used cars for me.

 

No one is disagreeing with this point.  A lot of people go way past their means on cars aided by 84 month loans, etc.  and then don't have a pot to piss in or a window to throw it out of and are fooked when the smallest unplanned expense comes their way.

 

My point is that not everyone who has a nice car can't afford it, just like in your case everyone driving a beater isn't necessarily broke.  It all comes down to how you want to allocate your resources, and it is unfair to criticize either group for that choice.

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9 hours ago, cv91915 said:

I recently showed how you could qualify for a $300,000 house with a $42,000 income.  And you can scale that up as high as you'd like ($1,000,000 home at $140k HHI, for example).

 

Of course, people with two car payments, student loan debts, credit card payments, personal loan payments, etc., and kinds of other voluntary obligations, are all standing around complaining that they can't get ahead because of the cost of housing.

 

 

What? Where?

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On 5/17/2020 at 12:38 PM, centex said:

 Hey, it's cheaper than the Diamond DA-40 I had considered adding...I decided to wet lease instead of owning and paying for a hanger.

Oooo... DA-40. I'll be happy just to find Arrow IV or a 78-80 non-turbo Arrow III in decent shape in a price range I can afford.

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On 5/21/2020 at 7:53 AM, cv91915 said:

I recently showed how you could qualify for a $300,000 house with a $42,000 income.  And you can scale that up as high as you'd like ($1,000,000 home at $140k HHI, for example).

 

Of course, people with two car payments, student loan debts, credit card payments, personal loan payments, etc., and kinds of other voluntary obligations, are all standing around complaining that they can't get ahead because of the cost of housing.

 

 

I missed that one and couldn't find it in your recent history. Have to be a decent downpayment with no other debt to get past DTI. My buddy put himself on the brink with 200k house on 60k but no downpayment and another loan.

 

I'm going to stick with my mortgage the size of cheap car payment, no other debt and keep socking money away while the rest complain lifes too hard.

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Just follow up in case there are any lurkers

Went through the leg work to do the physical work of getting a membership applying for a loan through Carolina Cooperative Credit Union.

Unfortunately, they seem pretty hesitant to give loans for private sales, which is what I was looking for. Approved for 2.49 for  84 months, but denied unless it was through Tesla or a dealership.

Didn't learn till after I had a membership and pulled my credit for a loan, that their limit for a private sale loan is 30K, which is almost zero Teslas worth buying. She had to ask her boss to see if they would override. Seems they would, but then they was also nervous the seller was in the a different state(for transfer title purposes) - and them "being a small credit union" and being "burned by other private sale transactions" - they ended up saying no.


Then after all that - landed on Delta Community Credit Union with 2.38 for 72 months. I worked for Aaron's Rents briefly close to 12 years ago and that is how I was able to join...

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