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Smart Shopper Buying a Car During the Credit Crunch
343 messages, Last post on Nov 14, 2008 at 5:59 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: duke23 (Nov 04, 2008 7:40 pm) Just a thought... |
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Replying to: fezo (Nov 05, 2008 9:41 am)
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Replying to: joel0622 (Nov 06, 2008 5:25 am) 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. |
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Replying to: joel0622 (Nov 06, 2008 5:25 am) Actually, that is not a bad idea. |
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Replying to: joel0622 (Nov 06, 2008 5:25 am) 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. 
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...I got 0% financing on my car.
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Replying to: lemko (Nov 06, 2008 10:11 am) 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
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Replying to: joel0622 (Nov 09, 2008 12:39 pm) "...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. |
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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.
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