used car financing...??? - Page 5 - PeachParts Mercedes-Benz Forum

E150GT · #61 01-28-2009, 04:40 PM

Quote:

Originally Posted by Hatterasguy

Yeah, I know a lot of people who went bankrupt at least once. They say its best to do it while your young, before 30 if possible so you have time to recover.

Most got nailed bad in the 80's, my uncle was stuck holding the ball on a condo development, and a big mixed use commercial development. Actualy he hasn't touched commercial since.

Thats funny. I thought the best way was to not go bankrupt at all.

Medmech · #62 01-28-2009, 04:52 PM

If Dave Ramsey had not claimed bankruptcy he would still be paying those debts, his philosophy is good but I don't understand why he gets away with telling people to pay their debts when he did not.

How much was it $3,000,000?

Hatterasguy · #63 01-28-2009, 05:06 PM

I think a lot of those guys are full of it. Do what I say not what I do types.

What big NY devloper just got himself in trouble by *****'n to the press that he had to be personaly liable for a few hundred million in loans? He didn't like the idea of recourse loans.

E150GT · #64 01-28-2009, 08:03 PM

Quote:

Originally Posted by Howitzer

If Dave Ramsey had not claimed bankruptcy he would still be paying those debts, his philosophy is good but I don't understand why he gets away with telling people to pay their debts when he did not.

How much was it $3,000,000?

actually he repaid all those debts he bankrupted on. I heard him say that on the air.

Hatterasguy · #65 01-28-2009, 09:21 PM

Quote:

Originally Posted by E150GT

Thats funny. I thought the best way was to not go bankrupt at all.

Look at it this way, as you expand your empire you a bound to make mistakes. All that matters is you learn from them, making them is part of learning.

On the flip side usualy you come back from bankruptcy stronger. My uncle who lost it all during the 80's is now picking up some freaken steals from people who are losing it all now.

E150GT · #66 01-28-2009, 10:03 PM

Quote:

Originally Posted by Hatterasguy

Look at it this way, as you expand your empire you a bound to make mistakes. All that matters is you learn from them, making them is part of learning.

On the flip side usualy you come back from bankruptcy stronger. My uncle who lost it all during the 80's is now picking up some freaken steals from people who are losing it all now.

you are absolutley right. I just dont see how you can look at bankruptcy like its nothing.

Hatterasguy · #67 01-28-2009, 10:06 PM

Oh its not nothing, you usualy lose everything; but its also not the end of the world. What are the banks going to do, kill you? You'll still have your family too, and your health, and your head. Money isn't everything, and the bank can only take so much.

My uncle owned them millions and didn't pay them a cent for over a year. The more money you owe them the more they are willing to work with you... Having said that the same bank still lends to him to this day.

Graplr · #68 01-29-2009, 11:49 AM

Quote:

Originally Posted by Howitzer

If Dave Ramsey had not claimed bankruptcy he would still be paying those debts, his philosophy is good but I don't understand why he gets away with telling people to pay their debts when he did not.

How much was it $3,000,000?

As previously stated, he actually has stated that he has paid back all of the money that he bankrupted years ago.

He also tells people that have filed bankruptcy that they do not need to pay back their debt, he just felt that in his situation it was necessary. I would assume it is partly a PR move, but also I think it has something to do with his personal beliefs.

He tells people to avoid bankruptcy at all costs, not that one should never do it. Most of the people asking him for advice have loans on cars, boats, credit card debt, etc. Not too many real estate moguls that are upside down on every property they own call into his show. My point is, most of the people that ask him for advice truly aren't in a bankruptcy situation, they just don't know how to dig themselves of the hole they've charged themselves into and he helps give them the tools. Usually they are spending WAY more than they earn and if they simply cut back they would be fine. There are people out there that truly do need bankruptcy protection. However I doubt many of them have ever called Dave Ramsey on air.

Dave Ramsey's target audience are the people that make less than say, 75k and that live outside of their means. NOT people with huge net worths.

greasybenz · #69 01-29-2009, 11:56 PM

Quote:

Originally Posted by vwbuge

Wow, you sound like my wife. Wait, change that, my wife doesn't even bug me about the motorcycles. They are all paid off and more than a few of them I took out loans for. Besides, if I sold all of them I don't think I could still pay $15,000 cash. Besides my school loan I have only about $3k in credit card debt. Sorry, I don't live in a perfect world where I can pay cash for everything.

Back to my original question.

Having been in the car business let me help you out. First of all credit unions normally give the WORST rates you can get. I never understand why people accept these horrible rates from credit unions but its their money.

Anyway, depending on your current credit score and credit history is how you should be able to work out a interest rate.

If your going to buy a used car from a dealership get the dealership to finance it for you. Whatever rate they give you negotiate down 2 points as dealers make money on interest rates. The bank normally allows a 2 point profit for the dealer so whatever rate they give you know that you have 2 points to work off.

They always say the shorter the loan term the better, but dont get to short of a term just in case you cant make the higher payment when you could have had a longer term and pay the lower minimum.

And sorry for all you that say "pay with cash" but with that state of mind i should spend 30 years of my life saving money to buy a house when i could have it now and pay little by little.

I wanted my C32 now not a year from now, i financed my C32 with a 4 year loan and paid it off in less then a year. I could care less about the interest because honestly money is just paper.

Skippy · #70 01-30-2009, 02:00 AM

From reading this thread it sounds like the OP is looking for a winter beater. Those can be had for much less than $15,000. I got mine for $480, spent another 80 for a slave cylinder, and had myself a daily driver.

greasybenz · #71 01-30-2009, 02:23 AM

Quote:

Originally Posted by Skippy

From reading this thread it sounds like the OP is looking for a winter beater. Those can be had for much less than $15,000. I got mine for $480, spent another 80 for a slave cylinder, and had myself a daily driver.

But he said he didnt want a car that would be unreliable. And Sorry but a $500 car is going to be unreliable. There is a reason why i bought my C32. I love my W124. I bought it for $4K and invested over $10K repairing and upgrading it.......and its still a pile of *****. I cant trust it going anywhere outside the bay area.

Jim B. · #72 01-30-2009, 03:08 AM

Quote:

Originally Posted by E150GT

a mortgage is ok. A car loan is not.

I don't have a mortgage on the house, and the house was built in 2003.

I only have a year left on the 2008 Subaru car loan, but it was only a 2 year loan, and I borrowed because the whole loan is ZERO percent (which you can't get anymore on them).

I could have paid cash for the Outback but didn't, so I could burnish the credit rating for a couple of years, and do so with someone else's money, which left MINE free to spend, collect interest on or invest.

Next year the '08 Outback will be mine, free and clear, too.

DieselAddict · #73 01-30-2009, 01:12 PM

Quote:

Originally Posted by greasybenz

And sorry for all you that say "pay with cash" but with that state of mind i should spend 30 years of my life saving money to buy a house when i could have it now and pay little by little.

No one here said one should never borrow money for anything. In fact many of us said that borrowing money on an appreciating asset such as a house can in fact be profitable, though still usually not as profitable as paying upfront for it. But financing cars should be avoided whenever possible unless the interest on the loan is lower than what you can earn on the money out in the market.

greasybenz · #74 01-30-2009, 01:50 PM

Quote:

Originally Posted by DieselAddict

No one here said one should never borrow money for anything. In fact many of us said that borrowing money on an appreciating asset such as a house can in fact be profitable, though still usually not as profitable as paying upfront for it. But financing cars should be avoided whenever possible unless the interest on the loan is lower than what you can earn on the money out in the market.

But in todays economy (especially here in cali) houses have depreciated just as bad as cars. So i really see no problem with financing a car, especially when the car isnt alot of money and a house is.

E150GT · #75 01-30-2009, 01:51 PM

Man, I guess we oughta refrain from OIL and FINANCING threads!!!