Any Davek Umbrella users out there?

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ChopperDave

Senior member
May 4, 2012
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I thought so too, now we know he has a $256k house actually worth <$80k and a screwed up mortgage because he was a doof for 3 years. But he talked to the "president" of Citi...lol. I am even more impressed.

So just for the record:

Overpaid ~$10k - $15k on one car
Paid invoice on another (progress!)
Lost 300+% on his house
AND he has a 160IQ?

On what fucking planet?
 

MrChad

Lifer
Aug 22, 2001
13,507
3
81
I like LegendKiller.

Only one question.

WTF is GAP insurance and why is it an addon to the rate?

Also, why did alkemyst pay mortgage insurance on a 256k house? Couldn't even come up with 60k down?

GAP insurance is protection from being upside down on a car loan. If you owe $20,000 on a car and it's worth $15,000, you could be in trouble if the car gets totaled and the insurance company compensates you for the fair market value of the car.
 

alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
You don't even want to get into that pissing contest, I was telling people in 2004 not to buy and housing had a 50%+ correction to take, especially in FL (where I lived, first in Miami and then Orlando/Metrowest). You can see on the GotApex forums that this was the case, anybody on here that was on there can tell you the same (funny, there was a guy there ejaculating all over his bimmer there too). In 2006 when I was working in NOVA I could have bought a nice 400k condo there, downtown Reston VA, but I refused to b/c I knew it was going to crash. My landlord laughed at me when I told her that, much like housing affiliated goobers like you, she was all-in. I also had a lot of these conversations on www.analystforum.com when I was taking the CFA exams from 2003-2006.


I have a hard time believing your rate was that high in 2007, but whatever bro, you're still flipped on your house by 200k because you were a fool to buy into the FL bubble. 1/3 of your supposed issues are supposedly due to Citi (which I still don't believe and you haven't posted anything to confirm).

So now you're really not that huge of a baller, but you bought a used car (was it CPO?) with financing, wow, big fucking ideal. I am very impressed by you (lol).

In reality if you trusted your own 'knowledge' you should be a millionaire by flipping properties. It's just like those that said gold would only go to 1200, 1400, etc.

In 2007 6.875 was a good rate with MI. My score was a 680 middle which was due to my large amount of school loan debt at the time. If I was at 720 or better I'd probably qualify for .5% less. Rates began falling right after my loan though.

I have plenty of post on CreditBoards about my citi issues. Feel free to go see.

Hate to break it to you but calling me a fool of that puts me in with many other pretty important people that thought the bubble was over too. The section 8 thing and political asylum has further wrecked places. The condo market was hit heavy by places that were only supposed to be owner-occupied still being sold to investors and now crippled by no one paying condo fees.

No one predicted how bad S. Florida would be hit. In reality I bought conservatively at the time. I have no desire for huge homes. Many of my peers are much more upside down due to buying in the $500-600k range, some over a million only to have those same homes priced around $300-350k. Sure they have non-high end finishes now, but it killed their value just the same...they will be lucky to sell for $20-30k more than a 'lesser finished' home as those improvements just don't scale well.
 

momeNt

Diamond Member
Jan 26, 2011
9,290
352
126
I like LegendKiller.

Only one question.

WTF is GAP insurance and why is it an addon to the rate? I am going to guess this has to do with financing 100% of a depreciating asset, so that you are not upside down?

Also, why did alkemyst pay mortgage insurance on a 256k house? Couldn't even come up with 60k down?


GAP insurance covers the difference between the insured FMV of the car and the loan balance.

Usually needed when you have very little to no money down on the car, and the loan balance exceeds the FMV of the car (what insurance will pay if your car is totaled) AND you can't afford enough money out of your own pocket to cover the difference.

So the question is WHY in the world would someone who pays $2000+ in CC bills a month, get an interest rate .6% higher for the sole purpose of covering the remainder of the loan balance if he wrecks his car? That's a poor person thing to do because it means A. you can't put enough down to get your loan balance less than your FMV, and you can't fork up cash if you get into a wreck to settle the loan minus the FMV that insurance will pay...
 

alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
GAP insurance is protection from being upside down on a car loan. If you owe $20,000 on a car and it's worth $15,000, you could be in trouble if the car gets totaled and the insurance company compensates you for the fair market value of the car.

exactly.

As indicated by the KBB/Edmunds crowd. On paper my car's 'value' is much less than what they are really selling for. If my car was totaled without it, I'd get a check for $25k more than likely and be on the hook for the $15-20k difference.

This was really bad in the late 90's / early 00's on 1988 and 1989 944 Turbos. On paper they were listed as worth $10-12k, you couldn't find them for less than $20k...nice examples were $25k.
 

The-Noid

Diamond Member
Nov 16, 2005
3,117
4
76
exactly.

As indicated by the KBB/Edmunds crowd. On paper my car's 'value' is much less than what they are really selling for. If my car was totaled without it, I'd get a check for $25k more than likely and be on the hook for the $15-20k difference.

This was really bad in the late 90's / early 00's on 1988 and 1989 944 Turbos. On paper they were listed as worth $10-12k, you couldn't find them for less than $20k...nice examples were $25k.

So in reality you couldn't even afford a five year used M3?

Your priorities seem screwy.

Mortgage insurance, gap insurance, 100% financing. I think in reality you need to realize, you have NO money and only have access to credit at fairly high rates of interest.
 
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alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
GAP insurance covers the difference between the insured FMV of the car and the loan balance.

Usually needed when you have very little to no money down on the car, and the loan balance exceeds the FMV of the car (what insurance will pay if your car is totaled) AND you can't afford enough money out of your own pocket to cover the difference.

So the question is WHY in the world would someone who pays $2000+ in CC bills a month, get an interest rate .6% higher for the sole purpose of covering the remainder of the loan balance if he wrecks his car? That's a poor person thing to do because it means A. you can't put enough down to get your loan balance less than your FMV, and you can't fork up cash if you get into a wreck to settle the loan minus the FMV that insurance will pay...

Like I mentioned already, having a debt right now is much better than an asset for me.

The GAP cost's $20 per month in reality. $1200 if I carry the loan to maturity. On my 2 year payoff it's a cost of less than $500. If my mortgage drama carries on longer and I pay the full $1200, still a good bang for buck.

Track insurance is $100 per DAY. To me this GAP was a bargain vs coming out of pocket $15k+ on the difference.
 

The-Noid

Diamond Member
Nov 16, 2005
3,117
4
76
Like I mentioned already, having a debt right now is much better than an asset for me.

The GAP cost's $20 per month in reality. $1200 if I carry the loan to maturity. On my 2 year payoff it's a cost of less than $500. If my mortgage drama carries on longer and I pay the full $1200, still a good bang for buck.

Track insurance is $100 per DAY. To me this GAP was a bargain vs coming out of pocket $15k+ on the difference.

You're still talking about piddly amounts. If you make even the low end of six figures you can bank $15k a year, even if doing everything wrong.
 

alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
So in reality you couldn't even afford a five year used M3?

Your priorities seem screwy.

Mortgage insurance, gap insurance, 100% financing. I think in reality you need to realize, you have NO money and only have access to credit at fairly high rates of interest.

Let's put it this way. I have cash on hand that I could have paid for my car and my wife's car in cash without touching my retirement for reserves. At the time I bought my house, only investors were putting money down on homes due to quick flips. Almost no one put money down.

If I had put money down it would have been lost, as would have most peoples down payments here.

At the time I bought my cars the market was doing terrible still prior. I had backed out some in cash and had it sitting at least making something each month, rather than being bled. The market was improving at the end of 2011, the rates I qualified for were ridiculously low...I put that cash back into the market and have been doing well since.

I have no regrets. Also for my needs right now this debt is a good debt. My cash outside of a reasonable reserve is in retirement funds...it makes things untouchable.
 

alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
You're still talking about piddly amounts. If you make even the low end of six figures you can bank $15k a year, even if doing everything wrong.

For me that $20/month is better to pay and have that $15k invested.

For what it's worth my donations were $10k last year and I spent $100+/wk just feeding the stray cats on my property.

I am not hurting for money.
 

The-Noid

Diamond Member
Nov 16, 2005
3,117
4
76
Let's put it this way. I have cash on hand that I could have paid for my car and my wife's car in cash without touching my retirement for reserves. At the time I bought my house, only investors were putting money down on homes due to quick flips. Almost no one put money down.

If I had put money down it would have been lost, as would have most peoples down payments here.

At the time I bought my cars the market was doing terrible still prior. I had backed out some in cash and had it sitting at least making something each month, rather than being bled. The market was improving at the end of 2011, the rates I qualified for were ridiculously low...I put that cash back into the market and have been doing well since.

I have no regrets. Also for my needs right now this debt is a good debt. My cash outside of a reasonable reserve is in retirement funds...it makes things untouchable.

Intriguing. Your wife must be proud.
 

alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
FWIW, burberry. I didn't even know what a davek was until I came into this thread. If I met you in person I wouldn't have appreciated your umbrella one bit.

The idea is I APPRECIATE the umbrella. I am not buying it because of WOW factor.
 

The-Noid

Diamond Member
Nov 16, 2005
3,117
4
76
For me that $20/month is better to pay and have that $15k invested.

For what it's worth my donations were $10k last year and I spent $100+/wk just feeding the stray cats on my property.

I am not hurting for money.

How much was liquid. Donations are irrelevant. Cash and securities have real value. Donating the shitty car you never use and taking a $4,000 deduction is a bit different.
 

momeNt

Diamond Member
Jan 26, 2011
9,290
352
126
The idea is I APPRECIATE the umbrella. I am not buying it because of WOW factor.

Oh, so you have handled one? I thought you were doing this sight (physical) unseen and ordering online... nevermind then. If you have actually handled the umbrella then go for it, and share your experiences with us later on after a nice rain.

BTW I suggest you take that badboy to london. The umbrella etiquette there is amazing, so many umbrellas and I never risked getting my eye poked out. Really a treat to see such a considerate nation full of brolly handlers.
 

alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
How much was liquid. Donations are irrelevant. Cash and securities have real value. Donating the shitty car you never use and taking a $4,000 deduction is a bit different.

I donated all cash for the $10k which I couldn't write off any of.

Feeding the cats is another $7000-8000 per year, which is sort of rewarding and my wife's hobby.

The 'spay/neuter' people are taking more requests again (they were backlogged over 6 months), so this will be adding to my costs at $30 per male cat and $40 per female cat.

That's just the money I blow on animals/charities.
 

alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
Oh, so you have handled one? I thought you were doing this sight (physical) unseen and ordering online... nevermind then. If you have actually handled the umbrella then go for it, and share your experiences with us later on after a nice rain.

BTW I suggest you take that badboy to london. The umbrella etiquette there is amazing, so many umbrellas and I never risked getting my eye poked out. Really a treat to see such a considerate nation full of brolly handlers.

The only reason I know about Davek was witnessing one. Then I looked into them more.

There is a shop here that has them locally as well on Las Olas and another on Worth Ave.
 

momeNt

Diamond Member
Jan 26, 2011
9,290
352
126
I donated all cash for the $10k which I couldn't write off any of.

Feeding the cats is another $7000-8000 per year, which is sort of rewarding and my wife's hobby.

The 'spay/neuter' people are taking more requests again (they were backlogged over 6 months), so this will be adding to my costs at $30 per male cat and $40 per female cat.

That's just the money I blow on animals/charities.

If I were you, I'd be sneaky about it and just tell the vet to euthanize them when your wife isn't around. Feral cats don't mesh with S. Floridas ecosystem very well, they are an invasive species and just keeping them alive (albeit fixed) still does harm to the fragile marsh ecosystem.
 
Mar 3, 2012
62
0
0
You should get Burberry, it would suit you:

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