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S t r e t c h i n g To Buy More Than One Can Afford

95 messages,  Last post on Jun 13, 2013 at 7:12 AM

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What is this discussion about? Car Financing

Messages Page 8 of 10

#65 of 95 Re: There is a slightly different side to this [andre1969] by lemko

Nov 29, 2011 (12:45 pm)

Replying to: andre1969 (Nov 29, 2011 12:40 pm)

#66 of 95 Re: The Waltons.... [nvbanker] by fintail

Nov 29, 2011 (12:56 pm)

Replying to: nvbanker (Nov 29, 2011 12:21 pm)
Yeah, I'm really not here to bash that woman - she likely has her own demons and maybe money hasn't bought happiness, but what the Walton legacy has wrought isn't all positive. I strongly doubt the old man would be smiling at some aspects of his company today, especially the abandonment of the American made theme, and his company becoming something like the 8th greatest purchaser of Chinese goods on the planet.
 
Way back when, Gates spent a fortune trying to import a Porsche 959 - easily one of the coolest Porsches ever and one of the most advanced cars built, so maybe there's some form of gearhead under his nerdy facade. He didn't have to stretch anyway As he lives about 2 miles from me, I've always kept my eye out for an Lexus SC, haven't spotted it yet.
 
There's a lot of easy credit and undeclared income out there for some to stretch with...

#67 of 95 Re: The Waltons.... [fintail] by lemko

Nov 29, 2011 (1:00 pm)

Replying to: fintail (Nov 29, 2011 12:56 pm)
Bill Gates was a Porsche afficianado from way back. I believe he was once arrested for speeding in 1978 driving a 911 he acquired after he established Microsoft. He was only 23 at the time.

#68 of 95 Re: The Waltons.... [lemko] by hpmctorque

Nov 29, 2011 (3:18 pm)

Replying to: lemko (Nov 29, 2011 1:00 pm)
I once saw a photo of him behind the wheel of a red Ferrari. Of course, if he can't afford one or two exotics, who can?

#72 of 95 How does a $900 payment or a 21.95% rate grab you? by Stever@Edmunds HOST

Apr 03, 2013 (1:42 pm)

"At car dealers across the United States, loans to subprime borrowers ... are surging - up 18 percent in 2012 from a year earlier, to 6.6 million borrowers, according to credit-reporting agency Equifax Inc. And as a Reuters review of court records shows, subprime auto lenders are showing up in a lot of personal bankruptcy filings, too."
 
How the Fed Fueled an Explosion in Subprime Auto Loans (Yahoo)

#73 of 95 Re: How does a $900 payment or a 21.95% rate grab you? [steve_] by andre1969

Apr 03, 2013 (2:42 pm)

Replying to: Stever@Edmunds (Apr 03, 2013 1:42 pm)
Yeah, I saw that...pretty disturbing. And to think that I was whining about the 3.99% I was paying on my 2012 Ram!
 
I knew some people back in the late 1990's that were paying around 20% interest on used cars. One of them had a used 1995 Monte Carlo Z34 that he only paid around $10K for, but his payment was still in excess of $300, for 60 mos. And one of my friends had a 1998 Tracker with 47 payments of $323, and a 48th of around $5600!
 
I also had a friend who initially got a new Neon coupe...some "designer" model like an Espresso or something. But then after a few days they decided to not let the deal go through, made him give the car back, but let him buy an S-10. I think it was only around $15,000, but I know his payment was in excess of $300 per month, as well.
 
So, with those monthly payments as a reference point, it was pretty easy to talk myself into buying my old 2000 Intrepid, a car that was $22,389 out the door, but with 0.9% APR, was only $2K down and $347.66 for 60 months.
 
I think that 0.9% spoiled me, though.

#74 of 95 Re: How does a $900 payment or a 21.95% rate grab you? [andre1969] by michaell

Apr 03, 2013 (2:54 pm)

Replying to: andre1969 (Apr 03, 2013 2:42 pm)
So, with those monthly payments as a reference point, it was pretty easy to talk myself into buying my old 2000 Intrepid, a car that was $22,389 out the door, but with 0.9% APR, was only $2K down and $347.66 for 60 months.
  
I think that 0.9% spoiled me, though.
 
GM loaned me $25K at 0% back in 2002 when I got my Saturn L300. Can't beat free money (so to speak).
 
We're paying 3.9% on the wife's CX-7; seems like highway robbery in comparison.

Messages Page 8 of 10

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