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Volkswagen Passat Prices Paid and Buying Experience

3319 messages,  Last post on Dec 08, 2009 at 12:12 PM

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What is this discussion about? Volkswagen Passat, Sedan, Wagon

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#1310 of 3319 Clscflm-Money management by cliffyb Jul 17, 2001 (3:10 pm)
Why don't you refinance your house and pay off your student loans? Then you won't have that loan balance hanging over your head.   If you do not own your home than I would suggest you make this a priority over a Passat or other medium range car purchase.
#1311 of 3319 cliffy by mmcbride1 Jul 17, 2001 (4:14 pm)
Even if he refinances to pay off the student loans, the debt to income ratio doesn't change. It's just a different form of debt.
#1312 of 3319 Besides, student loans are evil! by shogun1313 Jul 17, 2001 (5:19 pm)
The reason why any bank would engage in student loans is the gaurantee by another party. Also, there are lenders that will even pickup defaulted loans to capitalize on the interest and collection fees. Since there is no lemit a party can collect on a student loan (i.e. you cannoy include them in a bankruptsy), they are attractive to offer by lenders.   BTW, does anyone have a problem with the GLX MSRP being dang near $30K? I'm thinking 325i or Acura TL, or saving about $5K (maybe for student loans? hehe) and getting a loaded V^ Accord.
#1313 of 3319 Shogun by cliffyb Jul 17, 2001 (6:34 pm)
I think that the passat is a much better value in 4 cylinder form than when loaded with V6 GlX 4 motion form. But obviously people buy them.   Of the cars you mentioned:   The accord is b-o-r-i-n-g! My wife has a new one and while i'm sure that it safe, reliable, and comfortable to drive, it does not feel like a drivers car. Not to mention seeing yourself coming and going every stoplight.   The Acura TL is much to the same(literally). Acura does not pack the "premium brand" punch to justify the cost difference either. But a nice car none the less.   The BMW 325 is sweet! If you want a small car than there is none finer in my opinion. Keep in mind that the back seat and trunk are tiny in that car not to mention that options can run that car to the sub forty range real quick.
#1314 of 3319 mmcbride-ratio's by cliffyb Jul 17, 2001 (6:41 pm)
I am asking...so don't jump all over me.   Are student loans tax deductible to the full extent of interest on a home mortgage?   Also, wouldn't having paid off his student loans result in his credit score being raised? I know the ratios don't change but the debt will have gone from "unsecured" to "secured" debt.   I don't normally go for "rob peter to pay paul" approach either but I do know that our society favors estate based debt.
#1315 of 3319 shogun1313 - responce by isuzudave1 Jul 17, 2001 (8:18 pm)
I too was looking at the TL, 325 and Honda - funny. I went around and around and I'll tell you what is now in my driveway - blue anth GLX loaded. Leased for 36 months, no cap red, 18000 miles a year for 458 including tax. Acura was the one I kept going around on - but the VW is a great deal now (00189 money) and the Acura was a little more. The passat is is a tighter ride and so nice to look at. 325 was just too small and not a good value. So I recommend the 'on sale' GLX and maybe see if you win at the lease end buy buying under market.
#1316 of 3319 cliffy by mmcbride1 Jul 18, 2001 (7:32 am)
All the interest on a home mortgage or home equity loan on your primary and (if applicable), your vacation home is tax deductible. There are certain limits, but they are pretty high (I know I don't need to worry about them, and neither do most people in the country). I believe the current limit is $1 million in mortgage debt.   The key to making student loan interest (or any other kind of home equity-based loan) tax-deductible is that the collateral has to be your house. So if you default on those loans now, they come after your home, not just you.   I really don't know about raising your credit score by doing that, though. I'm a CPA, not a loan officer. Another thing to think about before you pay off student loans with home equity is if you want to do anything to your house, you may have already used up your equity on the loans, so you'll have to find another way to pay for the new basement or kitchen you want. Not only that, but if you're thinking of moving soon, you might use up the down payment for your next house, too.
#1317 of 3319 cliffyb & mmcbride1 by mulfomi Jul 18, 2001 (9:19 am)
I am a credit officer at a large bank in the private banking area (cater to the wealthy) and home interest is not all tax deductible in the case of people who get loans that exceed the value of their house. You will see commercials for these companies every so often. If someone has a mortgage at 80% LTV, then goes to one of these finance companies and borrows up to 125% of the value of their home, they can only deduct the interest for the loan that equals the value of their house, no more. So if said house is worth $100M, and borrower has $125M in debt against it, they can only deduct interest on the $100M.   Anyways, nothing to do with the cars, but I would rather see a potential borrower with a home equity loan, than student loans. But mmcbride1 makes an excellent point, be carefull loading up your home with debt if you have to sell, or want to sell or need a source of cash for emergencies, you want to keep it open.   I have a 2001.5 passat and love it. Almost 1,800 miles on it and no problems. (had to make a car comment!)
#1318 of 3319 mulfomi by mmcbride1 Jul 18, 2001 (9:49 am)
Technically, you're right. But do you really think the IRS tracks that? I don't. The IRS doesn't even know how much you paid for the stocks you sell. The only information they have is the gross proceeds of the sale. I would never do it, but it would be really easy to say you paid more for the stocks than you did. Sure, if you get audited, you'll have to prove stuff to them, but they don't waste their time on people like you and me. They go to where the real money is.   Not to mention that if you're really worried about it, just find an appraiser who will give you the number you want on an appraisal, and "Voila!", your house is 'worth' the 125%.
#1319 of 3319 mulfomi by mmcbride1 Jul 18, 2001 (9:52 am)
OT - which bank are you at (if you don't mind saying)? I work in the family office business We may be looking for a new private bank in the near future (currently with B of A out of Chicago).

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