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Re: Do you make a car payment??? Details please! [Re: Imp4] #5035384
03/07/19 10:14 PM
03/07/19 10:14 PM
Joined: Apr 2012
Posts: 6,904
MA
Wolf359 Offline
Wolf359  Offline

Joined: Apr 2012
Posts: 6,904
MA
It's one of the funny perverse things on BITOG. Ask a question and get the exact opposite of the response you were expecting.

Ok, here goes too, made just one payment on my 2008 Mercedes E-350 and one payment on my 2011 E-350. They were both used and under 20k each. As for money laundering, I didn't care, didn't launder any money so no issues even if it were investigated.

Sure you can borrow money at low rates and invest the difference, but when you have money, you can actually spend some of it instead of investing it all the time. It's called locking in your gains.

Anyway, the last time I borrowed money for a car was a long time ago. Interest rates back then were 8%. It was a 3 year loan. I kept getting all these offers in the mail for 0% credit card balance transfers. So I put the balance on a credit card and paid off the whole thing after less than 2 years. At the time I believe the payment was around $400 a month. Back then, they were extra crazy, I think they had something like a $50 balance transfer fee instead of 1-3% like you do today.

As for savings, it's good to have it, I used to keep it in cash sitting in a checking account, but with the stock market rising all the time, I figured I'd just buy mutual funds and if I ever really need money in a hurry, I could always sell and get the money in about a week and could always use a credit card in the meantime. Never had an issue like that. so never had to do that.

Re: Do you make a car payment??? Details please! [Re: Gasbuggy] #5035390
03/07/19 10:18 PM
03/07/19 10:18 PM
Joined: Dec 2013
Posts: 3,374
Fort Worth, Texas
clinebarger Offline
clinebarger  Offline

Joined: Dec 2013
Posts: 3,374
Fort Worth, Texas
Originally Posted by Gasbuggy


And fellas, beware buying in full. I bought my Cadillac outright from the dealership with a certified bank check. The government makes the dealerships have people who buy cars over a certain amount fill out extra paperwork so they can capture money launderers.


Filled out those forms when I bought my 2500HD & Corolla brand new with $100 dollar bills, Nothing happened......You also have similar forms when depositing more than $10,000 cash in a bank account.

Never worried about it, I pay taxes on my income.


2001 Chevy Camaro L92/4L80E
2006 Chevy 2500HD LBZ/Allison 1000
2010 Toyota Corolla 2ZR-FE/U341E
2000 Toyota Avalon 1MZ-FE/A541E
Re: Do you make a car payment??? Details please! [Re: clinebarger] #5035393
03/07/19 10:22 PM
03/07/19 10:22 PM
Joined: Apr 2012
Posts: 6,904
MA
Wolf359 Offline
Wolf359  Offline

Joined: Apr 2012
Posts: 6,904
MA
Originally Posted by clinebarger
Originally Posted by Gasbuggy


And fellas, beware buying in full. I bought my Cadillac outright from the dealership with a certified bank check. The government makes the dealerships have people who buy cars over a certain amount fill out extra paperwork so they can capture money launderers.


Filled out those forms when I bought my 2500HD & Corolla brand new with $100 dollar bills, Nothing happened......You also have similar forms when depositing more than $10,000 cash in a bank account.

Never worried about it, I pay taxes on my income.




Yeah, I think that only applies to cash. Bank checks don't really trigger anything. I see people deposit bank checks for 100's of thousand and they don't bat an eye as they're just house sale proceeds. Also handy to know your bank teller, got a free bank check and just casually mentioned I was buying a car. Got it quick and no delays.

Re: Do you make a car payment??? Details please! [Re: Imp4] #5035396
03/07/19 10:30 PM
03/07/19 10:30 PM
Joined: Aug 2005
Posts: 161
southeast texas
meadows Offline
meadows  Offline

Joined: Aug 2005
Posts: 161
southeast texas
Yes, I do. $538/mo. Zero down,1.75percent interest, 60 months. I have 2 years left, and put the money in the credit union at the first of the year, so I do not have to fool with it. The last year, I will just pay it off.

Re: Do you make a car payment??? Details please! [Re: Imp4] #5035399
03/07/19 10:32 PM
03/07/19 10:32 PM
Joined: Sep 2012
Posts: 632
Michigan
NO2 Offline
NO2  Offline

Joined: Sep 2012
Posts: 632
Michigan
Last time we financed a car it was at 0.5% promotional interest. There is nothing wrong with financing, but a better financial decision is to buy a slightly used car and pay cash. Cars last 15-20 years and 200K+ miles now, and buying a 3 year old one at 50% of the new prices makes a lot more sense. The electronics will become obsolete during that time so jest get one that is easily upgradable. If you are using the vehicle for business purposes, that doesn't necessarily apply under the new rules, and you may with to look at leasing. Our current vehicles are 6 and 12 years old and work great.

Last edited by NO2; 03/07/19 10:34 PM.
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035405
03/07/19 10:41 PM
03/07/19 10:41 PM
Joined: Oct 2014
Posts: 4,608
Utah
CKN Offline
CKN  Offline

Joined: Oct 2014
Posts: 4,608
Utah
I'm not disclosing my loan-it isn't outrageous or anything-and I can well afford it. I just don't think it's anybody business. And yes-you ask this on a site where OLD CARS COME TO DIE and guys brag about buying close out oil at Walmart.

Let me just say this-life's too short. If you want a new-or "new to you" vehicle ( and can afford it) buy it. OR-you can leave your money to your ungrateful children......

I spent 40 large (after discounts) on my new 2018 Silverado LTZ (4WD) Crew Cab and my son said "You didn't need a new truck". I said so.......

I spent 30ish on my wife's 2017 Hyundai Santa Fe XL 18 months ago.

Last edited by CKN; 03/07/19 10:47 PM.
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035408
03/07/19 10:44 PM
03/07/19 10:44 PM
Joined: Feb 2016
Posts: 739
GA
miden851 Offline
miden851  Offline

Joined: Feb 2016
Posts: 739
GA
mine was paid by cash in 2010

wifeys is on 60 months with .9% interest; our monthly payment was calculated at $410; however, we pay $500 each month; currently our balance sits at $10K, so about 2 more years to go


2008 Mazda6i GT; @224K miles
2016 Honda CR-V EX-L; @46K miles
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035415
03/07/19 10:52 PM
03/07/19 10:52 PM
Joined: Dec 2011
Posts: 461
Connecticut 06033
oilmutt Offline
oilmutt  Offline

Joined: Dec 2011
Posts: 461
Connecticut 06033
lease payment of $205.56 per month for 2016 Camry for 36 months.


'05 Chevy Malibu 6cyl,119k, Syn. Oil (owned)
'16 Toyota Camry,4cyl 25k Syn oil (leased)
'92 Ford Tempo ,4cly 26k Conv oil (managed)
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035422
03/07/19 11:01 PM
03/07/19 11:01 PM
Joined: Dec 2015
Posts: 628
Arkansas
mazdamonky Offline
mazdamonky  Offline

Joined: Dec 2015
Posts: 628
Arkansas
I took 0 down 0% interest for 63 months on a Mazda3. So same as cash but I don't have to take it all at once even though I could have afforded buying it straight out cash? I thought it was a good deal. I am only about 7 months in. I got the car for 22129 and am making payments of $351 per month. I could have gone with a base sedan and gotten it for around 16, putting my payments around $250 a month I believe, but I really wanted the 2.5 motor and I am a sucker for a moonroof.


2018 mazda3 hatch 2.5 263 miles
1985 rx7 1.1 98k miles
2002 protege 220k miles
1985 rx7 with a 5.0 swap
2002 Protege 299k miles Girlfriend's
4 more running cars in yard not mentioned
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035426
03/07/19 11:05 PM
03/07/19 11:05 PM
Joined: Aug 2011
Posts: 2,295
Lakeside, CA
Blkstanger Offline
Blkstanger  Offline

Joined: Aug 2011
Posts: 2,295
Lakeside, CA
Cash is all I will ever spend on a vehicle. If I cant afford to pay cash I can't afford to buy it.


99 Jeep WJ 4.7 200,000mi. Maxlife 10w30, Fram Ultra.
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035427
03/07/19 11:06 PM
03/07/19 11:06 PM
Joined: Feb 2013
Posts: 11,611
Phoenix, AZ
Nick1994 Offline
Nick1994  Offline

Joined: Feb 2013
Posts: 11,611
Phoenix, AZ
Bought my 15' Sonata in February 2017 for $10k, or about $11,600 after taxes and fees.

I put $4k down and my payment is $179 a month for 48 months. I have it set to auto-pay at $200 a month. I'd pay it off earlier but I'm young and still building credit (have good credit) so I don't really care.


2015 Hyundai Sonata 2.4L 99k STP Synthetic HM 10w30 & OEM
2000 Toyota Camry 2.2L 234k Mobil Super HM 10w40 & Fram Ultra
1996 Jeep Cherokee 4.0L 149k Mobil 1 HM 10w40 & Fram Ultra
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035439
03/07/19 11:22 PM
03/07/19 11:22 PM
Joined: Sep 2002
Posts: 1,206
Scottsdale, AZ
Toy4x4 Online content
Toy4x4  Online Content

Joined: Sep 2002
Posts: 1,206
Scottsdale, AZ
No one can tell what your particular comfort zone is and it seems you probably want to pay as little interest as possible. Choose whichever amount you can swing (while still putting savings away) and if there comes a time where you can pay off the loan without your savings going below a "do not touch" amount, do it.


2007 Toyota 4Runner Limited V8 Titanium Metallic
M1 0w40
2018 Mustang GT Premium Ingot Silver A10 PP1
1993 Toyota 4x4 3.0 owned 20 years *SOLD*
1969 Chevelle Malibu w/ a 396 *SOLD*
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035440
03/07/19 11:23 PM
03/07/19 11:23 PM
Joined: Dec 2016
Posts: 9,128
Waco, TX
Linctex Offline
Linctex  Offline

Joined: Dec 2016
Posts: 9,128
Waco, TX
Only $184 a month, but I put down a huge amount up front.

I would've paid cash if I had it all at the time.


"The evidence demands a verdict".
(Re:VOA)"it's nearly impossible to actually know the particular additives that are in there at what concentrations."
Re: Do you make a car payment??? Details please! [Re: Imp4] #5035454
03/07/19 11:51 PM
03/07/19 11:51 PM
Joined: Jul 2013
Posts: 2,625
Kitty Hawk, NC
NormanBuntz Offline
NormanBuntz  Offline

Joined: Jul 2013
Posts: 2,625
Kitty Hawk, NC
Two pointers. Run away from any dealer arranged financing. Make your best deal without it. Second, if not already a credit union member, seek one out that you're eligible to join. Best rates around, most of the time.


2013 Honda Accord LX, 61K, 2nd owner
2007 Honda Ridgeline RTS, 91K, 1st owner
2007 Infiniti M35, 112K, 1st owner
Re: Do you make a car payment??? Details please! [Re: NormanBuntz] #5035456
03/07/19 11:54 PM
03/07/19 11:54 PM
Joined: Oct 2014
Posts: 4,608
Utah
CKN Offline
CKN  Offline

Joined: Oct 2014
Posts: 4,608
Utah
Originally Posted by NormanBuntz
Two pointers. Run away from any dealer arranged financing. Make your best deal without it. Second, if not already a credit union member, seek one out that you're eligible to join. Best rates around, most of the time.


Sometimes you have to finance through the dealer to get some of the (manufacturer) rebates. Then you just refinance 30 to 60 days afterwards.....

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