Y

[gigapet]

Originally posted by: DougK62
He just told me that he bought a 1996 Cavalier Z24.

shens

 

[gigapet]

Originally posted by: CRXican
what's better than spending money on a car?

coke and hookers

 

[akubi]

Originally posted by: MommysLittleMonster

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

My friend works at Carmax and he told me this crazy story from the other day. Some mother and daughter come in to buy a car for the daughter. The mom is co-signing. The daughter is early 30s.

Background info.

Daughter filed for bankruptcy two years ago.
She makes 70K a year now.
Lives with her mother.


They come in and they like the Mercedes ML500. Carmax price=$30K. Out of 6 banks, one will approve them for 22% interest for 72 months. Total price with interest comes to about $50+K. They decide to do it.

god bless america..

 

[gigapet]

Originally posted by: zoiks
I'm looking to buy a G35 for cash as well. No financing for me.

if you are buying new. You are flushing 4,000+ down the toilet as soon as you drive away.

good for you though.

 

[Armitage]

Originally posted by: CRXican
what's better than spending money on a car?

Hookers & beer man, hookers & beer.
For that kind of dough you can get some real quality

 

[gigapet]

Originally posted by: MommysLittleMonster

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

My friend works at Carmax and he told me this crazy story from the other day. Some mother and daughter come in to buy a car for the daughter. The mom is co-signing. The daughter is early 30s.

Background info.

Daughter filed for bankruptcy two years ago.
She makes 70K a year now.
Lives with her mother.


They come in and they like the Mercedes ML500. Carmax price=$30K. Out of 6 banks, one will approve them for 22% interest for 72 months. Total price with interest comes to about $50+K. They decide to do it.

why doesnt she just do whats normal? marry a man. Divorce and take half his sh1t. Then buy the car with his money.

 

[kranky]

Originally posted by: MommysLittleMonster

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

My friend works at Carmax and he told me this crazy story from the other day. Some mother and daughter come in to buy a car for the daughter. The mom is co-signing. The daughter is early 30s.

Background info.

Daughter filed for bankruptcy two years ago.
She makes 70K a year now.
Lives with her mother.


They come in and they like the Mercedes ML500. Carmax price=$30K. Out of 6 banks, one will approve them for 22% interest for 72 months. Total price with interest comes to about $50+K. They decide to do it.

Some people are completely clueless about finances. I have a good friend - a college graduate, no less - who cannot grasp the most fundamental principles of budgeting. He asked me for help last month getting his finances under control and we looked at all his spending. There was $300 a month we couldn't account for initially.

Turned out that's what his family spent at the Dairy Queen each month in the summer. They go every day. And when I pointed out how he could easily save most of that and still enjoy ice cream (but at home), he shrugged and said "Well, we like Dairy Queen." That's when I said I couldn't help him because he didn't want to change anything, he just wanted more money to magically appear out of thin air.

That lady is probably figuring that she can enjoy a nice lifestyle and if things go to crap she can use bankruptcy to bail her out again. If so, she'll be in for a rude awakening!

 

[91TTZ]

Originally posted by: gigapet

Originally posted by: akubi

Originally posted by: Aharami
what car?

I will nto post it now. I've broken too many rules. there will be too much backlash.

So I guess it was an American car?

 

[gigapet]

Originally posted by: spacejamz
calling shens if the OP cant even tell us what kinda of car they got and how much they paid (especially after stating they love the car and got a great deal on it)....

almost like starting a hot girl thread and then not posting pics...

Making up this thread on a whim would serve no purpose. Shens are denied. Please contact me if you must know what ibought.

 

[gigapet]

Originally posted by: 91TTZ

Originally posted by: gigapet

Originally posted by: akubi

Originally posted by: Aharami
what car?

I will nto post it now. I've broken too many rules. there will be too much backlash.

So I guess it was an American car?

no

 

[Armitage]

Originally posted by: kranky

Originally posted by: MommysLittleMonster

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

My friend works at Carmax and he told me this crazy story from the other day. Some mother and daughter come in to buy a car for the daughter. The mom is co-signing. The daughter is early 30s.

Background info.

Daughter filed for bankruptcy two years ago.
She makes 70K a year now.
Lives with her mother.


They come in and they like the Mercedes ML500. Carmax price=$30K. Out of 6 banks, one will approve them for 22% interest for 72 months. Total price with interest comes to about $50+K. They decide to do it.

Some people are completely clueless about finances. I have a good friend - a college graduate, no less - who cannot grasp the most fundamental principles of budgeting. He asked me for help last month getting his finances under control and we looked at all his spending. There was $300 a month we couldn't account for initially.

Turned out that's what his family spent at the Dairy Queen each month in the summer. They go every day. And when I pointed out how he could easily save most of that and still enjoy ice cream (but at home), he shrugged and said "Well, we like Dairy Queen." That's when I said I couldn't help him because he didn't want to change anything, he just wanted more money to magically appear out of thin air.

That lady is probably figuring that she can enjoy a nice lifestyle and if things go to crap she can use bankruptcy to bail her out again. If so, she'll be in for a rude awakening!

That's almost certainly what she's thinking.
I didn't follow the recent changes to the bankruptcy laws all that closely ... what's so different now?

 

[Amplifier]

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

However you are in a solid equity position, so you didn't break any rules.

 

[gigapet]

Originally posted by: Amplifier

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

However you are in a solid equity position, so you didn't break any rules.

how do you figure?

 

[slick230]

Stop being a fvcking cvnt and just tell us what sh!tbox you bought already.

Fvcking Drama Queen Attention Whore.

 

[GasX]

Originally posted by: Amplifier

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

However you are in a solid equity position, so you didn't break any rules.

His investment portfolio is not the issue here.

 

[Budmantom]

It's been 7 hours, so what did you buy?



Tom

 

[CTrain]

Originally posted by: kranky

Originally posted by: MommysLittleMonster

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

My friend works at Carmax and he told me this crazy story from the other day. Some mother and daughter come in to buy a car for the daughter. The mom is co-signing. The daughter is early 30s.

Background info.

Daughter filed for bankruptcy two years ago.
She makes 70K a year now.
Lives with her mother.


They come in and they like the Mercedes ML500. Carmax price=$30K. Out of 6 banks, one will approve them for 22% interest for 72 months. Total price with interest comes to about $50+K. They decide to do it.

Some people are completely clueless about finances. I have a good friend - a college graduate, no less - who cannot grasp the most fundamental principles of budgeting. He asked me for help last month getting his finances under control and we looked at all his spending. There was $300 a month we couldn't account for initially.

Turned out that's what his family spent at the Dairy Queen each month in the summer. They go every day. And when I pointed out how he could easily save most of that and still enjoy ice cream (but at home), he shrugged and said "Well, we like Dairy Queen." That's when I said I couldn't help him because he didn't want to change anything, he just wanted more money to magically appear out of thin air.

That lady is probably figuring that she can enjoy a nice lifestyle and if things go to crap she can use bankruptcy to bail her out again. If so, she'll be in for a rude awakening!

LOL, that is some funny sh!t.
"Hell, no I'd rather be in debt than stay away from Dairy Queen"...funny stuff.

 

[CTrain]

Hes probably afraid to tell us cause he probably broke the #1 financial rule of all.
He bought a used American car.

 

[Garet Jax]

Originally posted by: Jzero

Originally posted by: dullard
2) If you have near perfect credit, a $40,000 loan in 60 months is just under $800 a month. For the same person, a $40,000 loan in 48 months is just over $900 a month. Honestly, if you truely can afford $800 a month, then you can afford $900 a month. What is the difference? The $800 a month payment has ~$1300 more interest, 26% more than the $900 a month payment. If you are not a baller, can you afford $1300 more interest?

Eff that. My mortgage is only $1000/month. No way I'm paying ANOTHER mortgage for a freakin' car.

That said, financing a "depreciating asset" is only a financial blunder if you don't realize that a car depreciates and are expecting to somehow leverage the equity in it later on.

Knowing you are making a bad investment or just making a bad investment doesn't change the fact that it is a bad investment.

That said I financed my new car over 36 months and paid it off a couple of years ago.

 

[Amplifier]

Originally posted by: gigapet

Originally posted by: Amplifier

Originally posted by: gigapet
bought a used car. Got a spectacular deal on it.

Bad News: I am financing a depreciating asset.


Good News: I freaking love this car

However you are in a solid equity position, so you didn't break any rules.

how do you figure?

Because you got a great deal. I'll finance a Ferrari if the price is good enough.

 

[gw186]

I dont care if you got a 48 year loan, just tell us what the car is. :beer:

 

[BoberFett]

Originally posted by: ElFenix
lemme ask everyone else:

what the fsck should you do with a car, then? buy it outright and have all that money tied up in a depreciating asset? if you can get a rate of return equal to or higher than the interest rate of the loan on the car then you should finance the car and make the money that hasn't been paid into it work for you, pay off the interest and maybe have some extra. you know you'd be a fool for paying for a car outright if you can get 0% interest rate on it, right?

Everyone seems to have glossed over ElFenix and his wisdom. He speaks the truth here.

With all of this low financing going on right now on new cars, I think somebody would be a fool to buy a used one at 9.x% or whatever the current used car rate is. Buy a new car with 1.9% or 2.9% or whatever rate they use rather than buy it with cash, then invest that cash in something with a higher rate of return than you're paying on the car.

The problem for most people though is that they don't invest that cash, they spend it on something else.

 

[Kalbi]

Originally posted by: dullard

Originally posted by: gigapet
48

Then you broke two major financial rules. Never finance a car for more than 36 months.

what kind of stupid rule is that?

 

[Chrono]

wow. say what you bought already you ho. you and your attention whoring ways.

 

[JackBurton]

Originally posted by: Kalbi

Originally posted by: dullard

Originally posted by: gigapet
48

Then you broke two major financial rules. Never finance a car for more than 36 months.

what kind of stupid rule is that?

The rule is not what's stupid.