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Buying a Car During the Credit Crunch - READ ONLY

343 messages,  Last post on Nov 14, 2008 at 6:59 AM

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What is this discussion about? Car Buying, Car Financing, Car Leasing

Messages Page 35 of 35

#334 of 343 Re: Buying a Car During the Credit Crunch [duke23] by fezo

Nov 05, 2008 (10:41 am)

Replying to: duke23 (Nov 04, 2008 8:40 pm)
Gee, maybe with the new administration coming in we'll get a tax credit for regular old made in USA cars instead of just loaning (giving) the automakers a load of cash directly.
 
Just a thought...

#335 of 343 Re: Buying a Car During the Credit Crunch [fezo] by joel0622

Nov 06, 2008 (6:25 am)

Replying to: fezo (Nov 05, 2008 10:41 am)
I would just like to see it revert to the old tax law where you could deduct interest paid on an auto loan.

#337 of 343 Re: Buying a Car During the Credit Crunch [joel0622] by fezo

Nov 06, 2008 (8:29 am)

Replying to: joel0622 (Nov 06, 2008 6:25 am)
I wouldn't mind that one.
 
I would much rather have incentives to buy cars than loans directly to the auto makers. Unlike the Chrysler bailout I don't think you have a situation where there is a company saving vehicle waiting in the pipeline. Hard to believe now that the K cars - Reliant and Aries - were that but they were.

#338 of 343 Re: Buying a Car During the Credit Crunch [joel0622] by volvomax

Nov 06, 2008 (8:57 am)

Replying to: joel0622 (Nov 06, 2008 6:25 am)
I would just like to see it revert to the old tax law where you could deduct interest paid on an auto loan.
 
Actually, that is not a bad idea.

#339 of 343 Re: Buying a Car During the Credit Crunch [joel0622] by andre1969

Nov 06, 2008 (9:25 am)

Replying to: joel0622 (Nov 06, 2008 6:25 am)
I would just like to see it revert to the old tax law where you could deduct interest paid on an auto loan.
 
Well, you can always roll it into a second mortgage or home equity loan, and get the writeoff that way. Oh, wait, that's one of the things that got this country into the credit crunch mess it's in! Ooops.

#340 of 343 Won't help me... by lemko

Nov 06, 2008 (11:11 am)

...I got 0% financing on my car.

#341 of 343 Re: Won't help me... [lemko] by joel0622

Nov 09, 2008 (1:39 pm)

Replying to: lemko (Nov 06, 2008 11:11 am)
...I got 0% financing on my car.
 
Might have depending on how much of a rebate you gave up to get 0%.
 
I.E lets say the rebate was $5K or 0% and you chose the 0% on the loan because on a $30K loan 8% would have cost you $6500 in finance charges. But if you could have deducted that $6500 at tax time you may have been better off

#342 of 343 Re: Won't help me... [joel0622] by duke23

Nov 09, 2008 (9:49 pm)

Replying to: joel0622 (Nov 09, 2008 1:39 pm)
lemko wrote:
"...I got 0% financing on my car. "
And joel replied :
"Might have depending on how much of a rebate you gave up to get 0%.
  
I.E lets say the rebate was $5K or 0% and you chose the 0% on the loan because on a $30K loan 8% would have cost you $6500 in finance charges. But if you could have deducted that $6500 at tax time you may have been better off ."
Point well taken, Typically in normal times those with high ficos would take the cash and lesser the low finance rate. But given that the fed will probably do another 50 bps bringing us to some WWII low level in rates I'd advise most to take the rebate. 8% a tad high for comparison in this environment but I realize it was a constructive example. How long, how long must we sing this song? C'mon '09.

#343 of 343 Press Request by KarenS HOST

Nov 14, 2008 (6:59 am)

A reporter from a large local newspaper would like to speak with consumers who have ruled our purchasing a GM or Chrysler vehicle due to doubt of the company’s future. If you are a consumer who is not considering a GM or Chrysler vehicle, please respond to ctalatiedmunds.com with your daytime contact information no later than Monday, November 17th.

Messages Page 35 of 35

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