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Buying a Car During the Credit Crunch

343 messages,  Last post on Nov 14, 2008 at 5:59 AM

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

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#339 of 343 Re: Buying a Car During the Credit Crunch [joel0622] by andre1969 Nov 06, 2008 (8:25 am)
Replying to: joel0622 (Nov 06, 2008 5:25 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 (10:11 am)
...I got 0% financing on my car. Replies to this message: joel0622 (Nov 09, 2008 12:39 pm) duke23 (Nov 09, 2008 8:49 pm)
#341 of 343 Re: Won't help me... [lemko] by joel0622 Nov 09, 2008 (12:39 pm)
Replying to: lemko (Nov 06, 2008 10:11 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 Replies to this message: duke23 (Nov 09, 2008 8:49 pm)
#342 of 343 Re: Won't help me... [joel0622] by duke23 Nov 09, 2008 (8:49 pm)
Replying to: joel0622 (Nov 09, 2008 12:39 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 (5:59 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.

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