: Boy I dodged a bullet today....



I~LUV~Caddys8792
02-20-08, 10:43 PM
The payments on my car are $499 a month, and including the warranty payment ($173), gas and insurance, I figured I was putting near $1,000 a month into the car, more than the payment on my parents house.

Anywhom, I knew if I wanted to be financially free this had to change, either by making more money, or spending less on the car. So I applied for the job for the USPS, and have yet to hear back from them. But knowing that isn't guaranteed, I thought of ways to save on spending on the car. My first plan was to either refinance the loan for three years (now it's a two year loan), or if that didn't work, to reapply for a three year loan for the remainder owed. And lastly, if either of those didn't work, I'd sell the car and buy something in the 7-8k range. Hence my "which is cheaper to own" thread.

Well I went into my bank on Friday, to see if I could refi my loan, but they said they couldn't, because it is nine years old now. So I asked if I could reapply for a longer loan, for the remainder of the amount, and they said I could certainly apply, but my chances weren't looking good due to the age. So I reapplied on Monday, and heard back today. My loan is approved pending them seeing my latest paystub, and the mileage on the car.

Yes!! So I get to keep my car, and drop the payments by almost half! I figured it would go from $499 to $277 or so.

I had found a real nice Medium Amethyst '94 Brougham for sale in my area, along with a nice '97 LS400 and a few L67 GS's, I probably would have gone in on the Brougham, but I'm much happier keeping mine.

Night Wolf
02-20-08, 10:49 PM
:jawdrop: Your car payment is almost as much as my house payment :bonkers:

A lower monthly payment, but you'll end up paying more for it in the end.... still should try to get it paid off as soon as possible.....knew that was the vibe of the other thread tho.

I~LUV~Caddys8792
02-20-08, 10:51 PM
The only downside of the 3 year loan is the fact that I'll be paying for it for a year after my warranty expires.

BigJon
02-20-08, 10:55 PM
my car payment is 235$ and my insurance is 266 and gas is about 300$ amonth so i know how u feel ... wish i could do that

JTraik
02-20-08, 10:55 PM
Thats good to hear! Did they end up adjusting your interest rate at all?

With my schooling and all I can only make a certain amount of $$$ in during school months and then I start working 50-70 hours making a ton of dough over summer break (maybe even an Co-Op this summer at a nanotech fab). Anyhow... because of this I applied for a 3 year loan to allow me small, manageable payments over the school months and during the summer months I can just pay the whole loan off, so in effect my 3 year loan will be payed off in less than year!

If you have enough $$$ on hand and have already given them their monthly interest... PAY DOWN THAT PRINCIPAL!!!! It will save you money man!

Night Wolf
02-20-08, 11:13 PM
man I hate the term payment.... just hearing it or thinking about it makes me cringe..... Besides some minimal credit card debt I incurred while buying the house, I've got a small student loan that I've been hammering down. Once both of those are gone which shouldn't be too long, the main focus will be to get the house paid off as soon as possible. The goal is to have no debt, no house payment or anything. Just save up money and if I need something, pay cash for it, then you really find out whats more important. Besides the money saved on intrest, you are no longer so dependent on things like your job or making a certain amount etc... Owing money to someone/someplace, you are a slave to them.

But, everywhere you look.... payment, payment, payment... besides car dealers which are the worst, even walking into Best Buy, "18 months no intrest" people get into this "only xxx a month" mindset.

Ahhhh well, I've got my own feelings when it comes to things like this, most all of it goes against what the average American [consumer] thinks, and does.

Florian
02-20-08, 11:20 PM
house payment :bonkers:

whats that? :D

F

Night Wolf
02-20-08, 11:31 PM
whats that? :D

F

I know, and I look forward to the day when there no longer will be one :) It's the hardest to get rid of because it's the highest amount.... atleast it's gaining value over time.

JTraik
02-20-08, 11:37 PM
etc... Owing money to someone/someplace, you are a slave to them.

But, everywhere you look.... payment, payment, payment... besides car dealers which are the worst, even walking into Best Buy, "18 months no intrest" people get into this "only xxx a month" mindset.

Ahhhh well, I've got my own feelings when it comes to things like this, most all of it goes against what the average American [consumer] thinks, and does.

Thats probably something I would have said right down to the last period!

Sorry to all those who have done this... but it absolutely kills me with all the on the spot financing they have available at retailers like Best Buy now a day!!! There is nothing you NEED from a store like Best Buy and to handcuff yourself to loan for some expensive toy is absolutely ridiculous... do you really need a NEW appliance? Go on to craigslist and look for a used one if your only other option is to finance one through a retailer.

On the same token... America is in financial distress right now because there is not enough spending. Well that really came from the American habit of IN-proper spending in the first place! Americans need to learn frugality and stop falling victim to the flashy, short term, face value benefits from nonsense financing... they also need to pay attention to where their money goes and how it benefits their economy.... its a very simple notion but people rarely do it.

Once I rack up enough dough to start making long term investments I will be considering gold as one of my options. Gold has maintained roughly the same relative value over the history of currency... gold is not some dollar amount stored away in cyber space... it is not some unique currency that falls victim to exchange rate.... the list goes on.

Yeah I am a little crazy :cookoo:.

CadillacSTS42005
02-20-08, 11:38 PM
hey Chad
just a though
you ever consider an Aurora?
they are a STEAL
almost the same features as an STS with 1/3 the price
with the Autobahn package they were quiped with the same engine and tranny as the Bonni GXP and Lucerne CXL
275 HP Y Northstar with 3.71 Gearing
oh and the HG issues is not nearly as common

I~LUV~Caddys8792
02-20-08, 11:56 PM
Seville or bust.

CadillacSTS42005
02-21-08, 12:00 AM
lol
hey its alot cheaper
just tryin to save ya some ya know
im lookin into getting Nik one

96Fleetwood
02-21-08, 12:23 AM
Glad you get to keep the S320. I really like the body style. Look up the Renntech S73 when you get a chance. ;)

Someone should pick up that '96 Fleetwood Brougham I Pm'd you.. 48K original southern miles for $6,500.

The only car I have ever financed was my 2003 Passat, it was brand new... I hope I never have to finance again. I was upside down on that car (mainly because I modded the hell out of it) but had to sell it to pay for med school.

Night Wolf
02-21-08, 12:26 AM
Thats probably something I would have said right down to the last period!

Sorry to all those who have done this... but it absolutely kills me with all the on the spot financing they have available at retailers like Best Buy now a day!!! There is nothing you NEED from a store like Best Buy and to handcuff yourself to loan for some expensive toy is absolutely ridiculous... do you really need a NEW appliance? Go on to craigslist and look for a used one if your only other option is to finance one through a retailer.

On the same token... America is in financial distress right now because there is not enough spending. Well that really came from the American habit of IN-proper spending in the first place! Americans need to learn frugality and stop falling victim to the flashy, short term, face value benefits from nonsense financing... they also need to pay attention to where their money goes and how it benefits their economy.... its a very simple notion but people rarely do it.

Once I rack up enough dough to start making long term investments I will be considering gold as one of my options. Gold has maintained roughly the same relative value over the history of currency... gold is not some dollar amount stored away in cyber space... it is not some unique currency that falls victim to exchange rate.... the list goes on.

Yeah I am a little crazy :cookoo:.

We think alike :)

There is soo much more though, this is just barely skimming the top.

Exactly like you said though, with the applances as an example. When I first moved to the house I was renting, it had washer/dryer hookups but no washer/dry. A guy at work was selling an old Kenmore washer/dryer pair for $100, I rented a U-haul, so $150 later I had a working washer and dryer that was my own. They've got some dents and scratches but work [really] good. Well, went I moved into the new (to me) house I carted those things over. Sure I could have bought new ones (get into more debt) but mine work fine, and they really don't owe me anything as I've had them a year already. So... I took them, and I'll keep them until they fail. Only at that point will I decide to get new ones, maybe by then my financial situation will be different and I would have the money saved up and it won't be a big big, maybe not. Same goes with all my other furnature. With the exception of paint/painting supplies (which alone was quite a bit) and some repairs the house needed at first, I've got everything I had before. People would keep asking, so are you going to buy all new furnature now? My answer was no, and it really didn't click until the 10th person asked... but do people get into alot of debt by buying all new stuff to load up in their house they just bought? I dunno.

When you think about what people need vs what they want.... well.... heh... If there was no easy money financing, and someone had $3,000 in the bank and it was between buying a new big screen TV and Blu-Ray player or getting their kid braces... I wonder which would come first.... yet I see people getting the TV because "its only $120/month for 18 months!"

Night Wolf
02-21-08, 12:35 AM
a 2ng gen Aurora... now thats a sweet car :) I wouldn't mind one... in fact I'd probably pick one over a Seville..... actually, I was at that point.... there was one I really liked.... truth is, even being cheaper then the Seville, they still couldn't touch the value of the Town Car, which is pretty much the main reason why I went with it.... dosn't matter which has more or better features, if it's out of your budget, then why bother.

But.... the interior on the gen2 Aurora is awesome.... awesome gauges, door panels etc.... I like it alot.

I~LUV~Caddys8792
02-21-08, 12:49 AM
95-99 Riv > Any Aurora.

98-04 Seville > Riv > Aurora.

MN-STS-LOVER
02-21-08, 12:59 AM
The payments on my car are $499 a month, and including the warranty payment ($173), gas and insurance, I figured I was putting near $1,000 a month into the car, more than the payment on my parents house.

Anywhom, I knew if I wanted to be financially free this had to change, either by making more money, or spending less on the car. So I applied for the job for the USPS, and have yet to hear back from them. But knowing that isn't guaranteed, I thought of ways to save on spending on the car. My first plan was to either refinance the loan for three years (now it's a two year loan), or if that didn't work, to reapply for a three year loan for the remainder owed. And lastly, if either of those didn't work, I'd sell the car and buy something in the 7-8k range. Hence my "which is cheaper to own" thread.

Well I went into my bank on Friday, to see if I could refi my loan, but they said they couldn't, because it is nine years old now. So I asked if I could reapply for a longer loan, for the remainder of the amount, and they said I could certainly apply, but my chances weren't looking good due to the age. So I reapplied on Monday, and heard back today. My loan is approved pending them seeing my latest paystub, and the mileage on the car.

Yes!! So I get to keep my car, and drop the payments by almost half! I figured it would go from $499 to $277 or so.

I had found a real nice Medium Amethyst '94 Brougham for sale in my area, along with a nice '97 LS400 and a few L67 GS's, I probably would have gone in on the Brougham, but I'm much happier keeping mine.

Glad that worked out for you. Just for perspective's sake....my house payment is $2500.00/mo! ouch! that's why I drive a '98 STS!:banghead:

eldorado99
02-21-08, 01:32 AM
What's a car payment?










I buy cheap cars...
My philosophy is "If I don't have the money to pay for it right now, I can't afford it."

ted tcb
02-21-08, 02:31 AM
Chad, one of the long term posters on the other board is selling his gorgeous 98 ETC for only $5k.
He's only selling it because he grabbed a newer ETC ... the 98 is triple black with chrome rims.
Soft sell ... no ads, he just mentioned in passing that he doesn't need both cars any more.
If I were in the market, it would be gone. This guy maintains his cars to perfection.

illumina
02-21-08, 02:35 AM
Ummm...My car payment is $0 per month (paid $4300 cash with a $700 trade), insurance is $36 per month, and gas runs about $180 per month. And that is for the Regal. Sorry Chad, had to rub it in :D

gdwriter
02-21-08, 02:41 AM
I'm glad to hear you'll get to keep Bianca. You really got that car for a song, and now that I've seen and ridden in it, I can understand why you'd hate to have to sell it.

That said, at least you're sensible enough to recognize that you might just have to give it up. Not an easy thing to do, but at least you're realistic.

I'm not sure how much of a change in interest rate you'll be dealing with with the refinance, but do that math, and you may find that the interest charges aren't that much more. I'd bet the total difference over the life of the loan is $500 or less.

While I agree in principle that it would be a good idea to pay down the principal on the loan so you can pay the car off sooner, you might want to instead put the money you're saving with the lower payment into savings for any repairs that might come up that aren't covered by the extended warranty. And it's always a good idea to have an emergency fund of ready cash when needed.

The Chapter 13 bankruptcy that the ex-wife left me stuck with will be discharged in November, and I plan to put half of the nearly $600 a month I've been paying on that back into my retirement savings I had to raid to pay my divorce lawyer. The other half of that will go into a savings fund for projects I want to do around the house and a sizable down payment on my next car. I've had to learn the hard way.

Night Wolf
02-21-08, 08:06 AM
I'm glad to hear you'll get to keep Bianca. You really got that car for a song, and now that I've seen and ridden in it, I can understand why you'd hate to have to sell it.

That said, at least you're sensible enough to recognize that you might just have to give it up. Not an easy thing to do, but at least you're realistic.

I'm not sure how much of a change in interest rate you'll be dealing with with the refinance, but do that math, and you may find that the interest charges aren't that much more. I'd bet the total difference over the life of the loan is $500 or less.

While I agree in principle that it would be a good idea to pay down the principal on the loan so you can pay the car off sooner, you might want to instead put the money you're saving with the lower payment into savings for any repairs that might come up that aren't covered by the extended warranty. And it's always a good idea to have an emergency fund of ready cash when needed.

The Chapter 13 bankruptcy that the ex-wife left me stuck with will be discharged in November, and I plan to put half of the nearly $600 a month I've been paying on that back into my retirement savings I had to raid to pay my divorce lawyer. The other half of that will go into a savings fund for projects I want to do around the house and a sizable down payment on my next car. I've had to learn the hard way.

Ouch :( Atleast all that is getting fixed tho.

96Fleetwood
02-21-08, 09:42 AM
What's a car payment?
I buy cheap cars...
My philosophy is "If I don't have the money to pay for it right now, I can't afford it."

Ditto!

LS1Mike
02-21-08, 10:15 AM
Damn and I was pissed I pay 189 bucks a month for the 07 Equinox my wife just got with a 5 year 100,000 mile warranty.
All my other shit is paid for.
Along the lines of saving or investing, when I was in the Navy I took both of my re-enlistment bonuses and put them into Mutual funds. They started at right about being worth 60,000 dollars and have more than doubled, glad I didn't waste the shit on stupid stuff like cars and electronics.
I think the first bonus was 8,000 dollars up front with 2300 bucks a year after that for 4 years, I got that when I was 22. The second one was 20,000 up front with 3200 every year for 6 years got that when I was 26. The stuff I got yearly I put into savings, which worked out for me because, I bought the Trans Am out right with that and helped my parents finally get into a place of their own, they had live in a small 2 bedroom apartment for 25 years.

I~LUV~Caddys8792
02-21-08, 11:38 AM
Mike, is your 'nox the sport or base model?

dkozloski
02-21-08, 11:39 AM
When I bought my STS I got GMS pricing, bonus cash, 0 down, 0% interest, and gap insurance in case it's totaled. I'm driving a nice car on somebody elses money and my money is still in the bank working for me.

Cadillacboy
02-21-08, 01:44 PM
I always prefer an LT1 Fleetwood over any other cars but in your case if you're happy and after a 2nd thought ,you're still happy with your decision that's ok

Submariner409
02-21-08, 02:04 PM
By law you may pay any additional amount you choose toward principal each month. Even if that amount is only $5 or $10, you would be surprised at how much faster your principal, therefore the length of the loan, drops. It's a relatively painless way to screw the loan sharks out of some $$.

Although it takes a lot of cash up front, when buying a new car, or even used, cry poor during the entire deal and get the longest and lowest rate payments you can. The dealer figures to make back the "discount" from your increased payment time. Then, just before the first payment is due, call the loan company and get the payoff amount, send in a cashier's check for that, and BINGO, instant discount. They'll hate you.

JTraik
02-21-08, 04:19 PM
By law you may pay any additional amount you choose toward principal each month. Even if that amount is only $5 or $10, you would be surprised at how much faster your principal, therefore the length of the loan, drops. It's a relatively painless way to screw the loan sharks out of some $$.

Although it takes a lot of cash up front, when buying a new car, or even used, cry poor during the entire deal and get the longest and lowest rate payments you can. The dealer figures to make back the "discount" from your increased payment time. Then, just before the first payment is due, call the loan company and get the payoff amount, send in a cashier's check for that, and BINGO, instant discount. They'll hate you.

I saw this angle instantly when I applied for my first loan. Its great for me because I make large amounts of money on a seasonal basis. All they need is their monthly interest payment + due principal and then go to town!

LS1Mike
02-21-08, 09:04 PM
Mike, is your 'nox the sport or base model?

It is an 07 No sport offered
It is a 3 LT, fulley loaded, heated seats and a bunch of other crap.
It is alright, I am happy with it, All I have to do is put gas in it, unlike the CTS we had. My wife loves it and that is really all that matters.
We sold the CTS out right and since the Equinox it the only payment. I am looking at a new Malibu for myself as a daily driver.

I~LUV~Caddys8792
02-21-08, 09:22 PM
I am looking at a new Malibu for myself as a daily driver.

Great car!

LS1Mike
02-21-08, 09:26 PM
I absolutely love the one that I drove with the 3.6. Very nice car, perfect for daily driving.

LS1Mike
02-21-08, 09:34 PM
Although, I got enough for the Caddy to only be 2000 bucks shy of
of fully loaded 2007 Grand Prix GXP. Which I like a lot too.

dirt_cheap_fleetwood
02-22-08, 01:07 AM
What's a car payment?

I buy cheap cars...
My philosophy is "If I don't have the money to pay for it right now, I can't afford it."


Ditto. My whole family buys cars right then and there. No loans, no payments. We bought my mom's blazer with a $28,000 check.

I~LUV~Caddys8792
02-29-08, 10:25 PM
Oh, I forgot to update you all. I signed off on the loan yesterday morning. My payments went from $499 a month to $264 a month. So that'll help. :)

I figure I'll probably dump it after the warranty expires (September 2009 or 99k miles, which ever comes first) and buy something domestic.....cheaper to own, cheaper to fix, simpler to live with.

gary88
02-29-08, 10:54 PM
Oh, I forgot to update you all. I signed off on the loan yesterday morning. My payments went from $499 a month to $264 a month. So that'll help. :)

I figure I'll probably dump it after the warranty expires (September 2009 or 99k miles, which ever comes first) and buy something domestic.....cheaper to own, cheaper to fix, simpler to live with.

No S55 AMG then? :(

I~LUV~Caddys8792
03-01-08, 10:06 AM
I'm too young for a Mercedes. Buying this one was not a smart move financially. But then again, how many 20 year olds buy cars based on "smart fiscal thinking"? :bigroll: :D

hueterm
03-01-08, 11:09 AM
If you liked your RM, and still want a large car -- get a FWB. Even if you keep it only a year or so, it won't depreciate much.

Or, of course there's always a Riv.

urbanski
03-01-08, 11:36 AM
Yes!! So I get to keep my car, and drop the payments by almost half! I figured it would go from $499 to $277 or so.

.

trouble is...you didnt get anywhere but longer in debt with more interest payments. thats like people who refi 15 year mortgages to 30...what did they accomplish? other than making the bank happier.
the real way to win is get out of debt. put the same "old" payment of 1K/month on the loan AND get the extra job...just be done with it. then dont ever go back into debt again...you're too young to be on this treadmill of constant debt payments. where does your paycheck go?

I~LUV~Caddys8792
03-01-08, 11:53 AM
It's much easier for me to sell the car than it is to get another job. Would you think that it's smart financially to sell the car and buy something simpler and cheaper?

hueterm
03-01-08, 11:54 AM
Keep one thing in mind w/the refi --

Now that you've extended the term (which usually, but not always, bumps the rate), your principal paydown is going to drop significantly. As the S depreciates, you're not going to be paying down on it as fast, which may make you go upside down on the loan (at least until maybe the last year).

I'm not sure how long you refied it for, and if you keep it until it's paid off, it won't be an issue -- but if you try to sell it after a year or so, you may have an issue.

I~LUV~Caddys8792
03-01-08, 12:06 PM
Hmmmm.... interesting. I got it refi'd for three years. So my loan will be up in March of 2011, instead of August 2009 as with the original loan. My plan is (was?) to sell the car after my extended warranty expires in September 2009, or when the car hits 99,500 miles, which ever comes first. Because the thought of owning that car without a warranty is scary.

Maybe I should keep it once the warranty expires and just hope for the best?

hueterm
03-01-08, 12:14 PM
It's much easier for me to sell the car than it is to get another job. Would you think that it's smart financially to sell the car and buy something simpler and cheaper?

If you're putting this much into making the decision, and the finances are an issue then my answer would be yes. The 2 job thing is a last resort. A person has to have a life if at all possible. If you can avoid putting the time into the 2nd job, then use that time into getting a better job. Whether that is college, night school/training, etc -- that will do much more for you in the future than trying to hold down 2 lower paying jobs.

I mean if you've got kids to support, mortgage to make, whatever -- then that's a totally different story. You do what you have to do. But you're 21 yrs old, with no kids (that you know of :)) and living at home -- I wouldn't work 2 jobs to sink all my money into an almost 10 year old M-B. Considering the financial stress involved and what you're having to invest -- are you really that much happier w/the S than you were w/your SDV or RM?

Even w/the warranty, before long, you're going to get hit w/another Service I or Service II, or whatever they call them at M-B -- which can push 4 digits. (At least they did on my friends 7-Series BMW -- but he makes $150K and it's not an issue.) Ss and 7s were made for very affluent people, who don't have to worry about the maintenance costs. The problem is, the maintenance doesn't go away when the car gets old and cheap(er) -- and you have to do it, if you're going to keep the car running properly.

If you can get out of the S and cut your car cost in half, you should think about it. Find another '91-93 Deville, RM, FWB, Riv, GS, GTP and keep it for a few years. Then move up a little each time.

hueterm
03-01-08, 12:15 PM
Hmmmm.... interesting. I got it refi'd for three years. So my loan will be up in March of 2011, instead of August 2009 as with the original loan. My plan is (was?) to sell the car after my extended warranty expires in September 2009, or when the car hits 99,500 miles, which ever comes first. Because the thought of owning that car without a warranty is scary.

Maybe I should keep it once the warranty expires and just hope for the best?

Actually, that post was more geared to getting out of the S sooner than later, before your paydown level drops too much. See my longer post.

I~LUV~Caddys8792
03-01-08, 12:46 PM
But you're 21 yrs old, with no kids (that you know of :)) and living at home -- I wouldn't work 2 jobs to sink all my money into an almost 10 year old M-B. Considering the financial stress involved and what you're having to invest -- are you really that much happier w/the S than you were w/your SDV or RM?

I like the car a lot more than I did my SDV, but I often find myself thinking about that Roadmaster, and how much fun I had with it in that short time I owned it.



Even w/the warranty, before long, you're going to get hit w/another Service I or Service II, or whatever they call them at M-B -- which can push 4 digits. (At least they did on my friends 7-Series BMW -- but he makes $150K and it's not an issue.) Ss and 7s were made for very affluent people, who don't have to worry about the maintenance costs. The problem is, the maintenance doesn't go away when the car gets old and cheap(er) -- and you have to do it, if you're going to keep the car running properly.

When I bought the S, I bought it because it was bascially my #1 dream car, since they were new. I bought it at my age because I figured "hey, no rent/mortgage payments, no kids/wife....I can spend ALL my money on the Mercedes"....which is exactly what's happening, but all too fast. In other terms, it's like I've walked head on to the deep end of the river.



If you can get out of the S and cut your car cost in half, you should think about it. Find another '91-93 Deville, RM, FWB, Riv, GS, GTP and keep it for a few years. Then move up a little each time.

I'm definitely thinking about it. It's smart in fiscal terms, and it would be nice to have a car I don't have to worry so much about and be so anal about. Suppose I sell it for $12,000, I could pay off most of the $8400 loan, and still have a good amount of cash that I could use towards one of the cars you had mentioned.

As ironic as it would be, I can get into a VERY nice 4.9L deVille for under $4,000. I had pretty decent luck with that car, atleast until it got into the higher miles. A good LT1 RM or FWB would probably run me $5-8k depending on condition, and a nice L67 car runs anywhere between $5,000 and $9,000 depending on condition and mileage.

I guess in a way it was sort of foolish to buy such a nice car at a young age. Foolish fiscally and foolish because now I'm pigeonholed into this, and anything else won't feel as nice. I know I'd miss that car like hell once I'd sell it, but I'd be happy I'd finally have money.

Oh well though, I can and will buy another in the future.

hueterm
03-01-08, 01:11 PM
If you can get out of the Benz and still have enough to pay for that Deville outright, I'd jump on that. Then take the car payment amount and save it just like you were making a car payment. That way you can either pay for repairs or have add'l down payment money for a future car -- and you'll be used to paying out every month for a car. That way, if you do finance something later, it's not such a hit when "X" hundred dollars a month starts coming out of the bank.

I~LUV~Caddys8792
03-01-08, 02:12 PM
Now my parents keep suggesting that I buy a brand new compact or midsize car, and take out a 7 year loan on it. What do you think of that? Trouble is that there really isn't anything that fits those categories that interests me.

hueterm
03-01-08, 02:32 PM
IF you could find something that interested you....hard, I know....then I'd only do it if you could get a really low interest rate (i.e. 0% - 5% etc.) and I'd extend the warranty for the life of the loan and add that into the price of the car.

I wouldn't do it if you were paying normal bank interest, as the rate goes up the longer the loan is. (Since it's their idea, maybe they'd cosign it...?)

And remember, you'll be upside down for a lot of the loan, so you'll be stuck w/it for a while.

What's Hyundai doing on Sonatas -- aren't they getting ready to remodel them again? I don't think I could drive anything smaller than that.

What about a CPO car? Sometimes they run promo interest and you can push the warranty out.

urbanski
03-01-08, 03:09 PM
Now my parents keep suggesting that I buy a brand new compact or midsize car, and take out a 7 year loan on it. What do you think of that? Trouble is that there really isn't anything that fits those categories that interests me.

how is that getting out of debt?
do you care if you are in debt? or does the thought of "debt free" mean something to you? ask yourself that question

urbanski
03-01-08, 03:12 PM
if you had a $4,000 paid-for car and invested your $264 monthly car payment monthly into a mutual fund, from age 21 to 71, conservatively earning 8%, that would be worth $2,093,976.05.

hope you enjoy that car.....

I~LUV~Caddys8792
03-01-08, 03:18 PM
It's not the debt I'm worried about, it's the lack of any other money. The loan on the Benz isn't gonna kill me. What would (is?) gonna kill me is the repairs costs, maintenance costs and insurance costs.

The thing with the Benz is, if I have to make any repairs on anything that isn't covered by my warranty, I could be in some real financial trouble fast...and that's what's on my mind when anything acts up or whenever I hear a wierd noise..

If I had something I could atleast work on at work, or have my uncle do it (he was a GM tech for 11 years) then it'd be different.

93DevilleUSMC
03-01-08, 03:46 PM
It's not the debt I'm worried about, it's the lack of any other money. The loan on the Benz isn't gonna kill me. What would (is?) gonna kill me is the repairs costs, maintenance costs and insurance costs.

The thing with the Benz is, if I have to make any repairs on anything that isn't covered by my warranty, I could be in some real financial trouble fast...and that's what's on my mind when anything acts up or whenever I hear a wierd noise..

If I had something I could atleast work on at work, or have my uncle do it (he was a GM tech for 11 years) then it'd be different.

That in and of itself is an excellent argument for a `91-93 SDV or a Roadmaster, maybe even a 94-96 Fleetwood Brougham. Your uncle would be able to work on either one, you could pick either one up for cash after you sell your Benz, and either one is not going to push the four-digit price range on regular service intervals. Plus, if you take urbanski's suggestion about the mutual fund, you'll be able to pay cash new for a new Benz or whatever you want by then.

It's a nice-looking car, but in the end, it's parts and engine. None of the above are worth two jobs and constant stress.

hueterm
03-01-08, 06:22 PM
If you are having any doubts at all about the S, then get rid of it. In your situation, you really shouldn't keep it under any circumstances -- but if you were totally obsessed w/the car and the idea of parting w/it was unfathomable -- then that's a decision you'd have to live with.

But if you're worried about the where the $$ is going to come from to take care of the thing -- you're not going to enjoy it.

Your warranty isn't going to cover maintenance, and while it depends on how much you drive, if that's not $1000/year at a bare minimum I would be shocked. I'm not sure what's not covered on the warranty you have, but if there is any little thing wrong w/it -- I would bet $500 at the very minimum. My friend that I mentioned who had the 7 Series had to get an O2 sensor replaced on either that 7, or his E55, or his S430 (can't remember now) -- and it was pushing $1000 just for that one thing. It was about $200 on my RM at a dealer.

Whichever car it was, he had that repair done, plus one of those service intervals, and it was almost $2K in one shot.

And don't even think about having an accident in it. Your rates would go stratospheric.

Destroyer
03-01-08, 11:44 PM
Chad we discussed this before you bought the car and I suggested not buying one even though I had good luck with mine. I personally do not like to lose money with any of my car purchases which is why I buy older cars. After hanging in the Benz forums for awhile it became clear to me that I'm on borrowed time and eventually my S320 was gonna have problems. Problems that are fairly common to many cars but much more expensive to fix on a Benz. That S class is likely gonna be the best car you will own for many years to come. A Deville is no comparison, a Fleetwood would be the same story but at least a Fleetwood is easier to work on and less costly to repair at the shop. Reliablity is IMO very important and I now search for vechicles that are known for it. Its a damn shame you had as many problems as you did with your Benz but if you get rid of it at least you will have the experience to recommend its fine points and detest its weak links. Nobody would think the less of you if you went back to an older Deville but do yourself a favor and stay away from anything that has a Northstar.

77CDV
03-02-08, 12:50 AM
Chad Chad Chad Chad.....I'm shocked that you would even think of taking on a second job just to pay for a car. I thought you had better sense than that. If the Benz is slowly bleeding you dry, dump it. Isn't that why you gave Angie the heave ho, she was turning into a money drain? What excuse does the Benz have? I'm the first to admit that I like my cars, but I have them only because I can afford them. Otherwise, I'd admire them from afar. I recommend you do the same with the Benz.

Craig

Night Wolf
03-02-08, 02:26 AM
ahh... this is exactly what I was talking about in the thread about getting the car... even though some forum members tried to turn it around into me saying nothing but bad about the car, which is false, I like the car.... all I was trying to say was moving from a nice car that is paid off, cheap to fix, into taking out a large loan on an expensive car, wasn't the best decsion.

Your parents wanted you to get rid of the 140k DeVille..... now they want you to buy a brand new car?

Buying a brand new car is one of the worst financial decsions you can make. If you must get new, save 30-50% and get a 3 yr old car, or one off a 3yr lease or something. Honestly, it'll put you into the same, if not worse situation then you are in now.

7yrs is a long time to pay for something, especially a car... if you got a new car and owned it for 7yrs, do you still want to be making payments on it?

Personally if it was me, and you think you can get $12k for your car, and you owe $8,500 on the loan, thats $3,500 left over, personally, that is exactly how much I'd budget myself for another car. Plenty of good and reliable cars can be had for that money.... it may not be a fully loaded top of the line premium luxury car (or it may be) but who really cares? It's a car. I'd want to own it out right, no more of these payments.

Personally if you are living at home and have minimal bills, man, I'd be socking as much money aside as I could for a hefty down payment on a house... the thought of spending anywhere near $1/k month on a car is just crazy to me.

If you still had the DeVille and put just $500/month aside (the base car payment, before the refi, right?) that was now what? 6 months ago? Thats $3,000 saved up. I don't think that car would have racked up $3k in repairs, even something like a trans rebuild would be half that... on top of that, the money would be in the bank collecting intrest, instead of being wasted away in intrest.

If you liked the Roadmaster alot, then consider a Fleetwood.... if '94-'96 are too much money, '93 seems to be cheaper... not the LT1, so big deal, no expensive optispark to worry about. Heck, you can get a mint '90-'92 Fleetwood, low miles for well in that $3,500 range... it's older, but is that a bad thing?

Or even a :::gasp, hes gonna say it!::: Town Car :hide: Florida is loaded with these things, mint, low mileage, old person owned for right around that $3,500 mark too.... ask me how I know :) I remember you were considering one at the time. While mine has had its fair share of issues (if only I knew more as to what to look for when getting it) parts are super cheap, and the car is very easy to work on. Shes now my daily driver and only running vehicle... I couldn't be more happy with it.

Heck mid 90's Bonnieville's and Park Ave's can be had mint for $3,500 or less too, even supercharged.

As far as being "used to" a nice car and not being able to "go back"..... it's just a car, thats not even a consideration IMO. I can (well, could) go from driving the Town Car to driving the bare bones Amigo like nothing, and I would have no problem using the Amigo as a daily driver (which I did for a long time) which is about as basic as any semi-modern vehicle goes. I dunno, maybe it's just me, I don't need to be driving a fancy, fast, new or trendy car.

I would never ever consider getting a 2nd job, working long hours, or just about anything else like that for a car I mean, thats just insane. If it was my house? I'd do anything in my power to make the payment... but if it was a car that was putting me in any sort of financial trouble, it'd be gone.

thats my two pennies.... I'll be quiet now.

I~LUV~Caddys8792
03-02-08, 02:58 AM
The Benz stays. Parents don't want me in a new car, brand new or otherwise. My dad's exact words: "you made your bed, now keep it". I knew it was gonna be expensive to own. I knew times were gonna be tough for the time I was making payments on it, but damnit I didn't care. And I can honestly say that if I'm gonna be relatively rough up for a short while due to a car, I couldn't have picked a better one to have!

I'm sowing my wild oats now, I'll have the dull, bland, cheap cars when I'm older.

Plus, buying a car is such a hassle.

Craig, I wasn't talking about getting a second job....I'd quit this job and find one that paid better. No need in working more when I'm already working 50 hours a week. I like my sleep TYVM. And yes, the real ironic thing is that the deVille cost me far less to run so far then the Benz has. But if I must say, I didn't absolutely need to do some of the repairs I did, but I did, and that ended up costing me another ~$900 back in December. December was a rough month for me as far as that car is concerned....had the headgasket replaced, had the door check strap replaced, had the front flex disc replaced. Before December, I had a good amount of coin in the bank. After December, eh not so much

So no more Decembers. :)

Besides, how many 20 year olds do you know that are totally financially free and are living without any sort of debt? That's right, none. It's just a tough time in anyone's life....college loans, rent, car payments. Plus, you're sacked in a job where you're either just starting out, or relatively new and not making much money. Nobody has any real amount of money at this age. You just have to deal with what you've got, and look toward the future. It won't be so hard in five years.

Night Wolf
03-02-08, 03:19 AM
Besides, how many 20 year olds do you know that are totally financially free and are living without any sort of debt? That's right, none. It's just a tough time in anyone's life....college loans, rent, car payments. Plus, you're sacked in a job where you're either just starting out, or relatively new and not making much money. Nobody has any real amount of money at this age. You just have to deal with what you've got, and look toward the future. It won't be so hard in five years.

Thats true, but getting into the wrong kind of debt due to impulsive buying dosen't put you any better off.... thats not the best logic to use, especially when trying to justify the car.

I~LUV~Caddys8792
03-02-08, 03:31 AM
The repairs I made at the dealer back in December, aside from the headgasket, were impulse purchases. The service advisor on one end of the phone, me on the other. Him asking me if I wanted this fixed (I knew it was a problem since I had the first oil change done in August), me not having time to sit down and figure if I had the money for it, me OK'ing the repair, partly out of desire to get my car in great condition ASAP, partly out of respect for him and his job.

If I had sat down and thought the costs over before responding, I guarantee I wouldn't be in as tough of a situation as I am now, currently.

Key to staying financially fit: STAY THE **** AWAY FROM THE DEALER! :D

Night Wolf
03-02-08, 03:42 AM
The repairs I made at the dealer back in December, aside from the headgasket, were impulse purchases. The service advisor on one end of the phone, me on the other. Him asking me if I wanted this fixed (I knew it was a problem since I had the first oil change done in August), me not having time to sit down and figure if I had the money for it, me OK'ing the repair, partly out of desire to get my car in great condition ASAP, partly out of respect for him and his job.

If I had sat down and thought the costs over before responding, I guarantee I wouldn't be in as tough of a situation as I am now, currently.

Key to staying financially fit: STAY THE **** AWAY FROM THE DEALER! :D

the impulsive purchase comment wasn't in reference to the repairs back in December...

I~LUV~Caddys8792
03-02-08, 03:43 AM
Understood, but the car wasn't an impulse. Stupid move to go out and spend $14,000 on an impulse.

gary88
03-02-08, 04:07 AM
How about one of these, the BMW Cruise Bike 2008.

http://www.bossbi.com/bike/bmw/cruiser07-l.jpg

Specifications include: Front Suspension, Suntour NRX-6000 Telescopic Fork, 75mm Travel & Integrated Mudguard Moutning, 24-speed derailleur system with Shimano Alivio Rapid Fire shifters, Shimano Alivio RD-M410 rear derailleur, Shimano Alivio FD-M410 front derailleur, Shimano Alivio V-Brake BR-M421S, Rodi Airline Plus rims with Continental City Contact tires. Bike includes kickstand, reflectors and bell. Complies with latest industry standards. Approximately 32 lbs. Available in two frame sizes: 18-inch frame (for riders 65"- 69" tall) or 20-inch frame (for riders 68"- 74" tall). Color: Pearl White (powder-coated)

It's German, gets infinite miles to the gallon, it's not a Northstar, and repair costs are next to nothing!

hueterm
03-02-08, 11:26 AM
The Benz stays. Parents don't want me in a new car, brand new or otherwise. My dad's exact words: "you made your bed, now keep it". I knew it was gonna be expensive to own. I knew times were gonna be tough for the time I was making payments on it, but damnit I didn't care. And I can honestly say that if I'm gonna be relatively rough up for a short while due to a car, I couldn't have picked a better one to have!

I'm sowing my wild oats now, I'll have the dull, bland, cheap cars when I'm older.

Plus, buying a car is such a hassle.

Craig, I wasn't talking about getting a second job....I'd quit this job and find one that paid better. No need in working more when I'm already working 50 hours a week. I like my sleep TYVM. And yes, the real ironic thing is that the deVille cost me far less to run so far then the Benz has. But if I must say, I didn't absolutely need to do some of the repairs I did, but I did, and that ended up costing me another ~$900 back in December. December was a rough month for me as far as that car is concerned....had the headgasket replaced, had the door check strap replaced, had the front flex disc replaced. Before December, I had a good amount of coin in the bank. After December, eh not so much

So no more Decembers. :)

Besides, how many 20 year olds do you know that are totally financially free and are living without any sort of debt? That's right, none. It's just a tough time in anyone's life....college loans, rent, car payments. Plus, you're sacked in a job where you're either just starting out, or relatively new and not making much money. Nobody has any real amount of money at this age. You just have to deal with what you've got, and look toward the future. It won't be so hard in five years.


OK, but I'm not sure why they'd want you to stay in a car that is bleeding you dry. If you're positive on the loan value, and you can get a decent car paid off for the difference...I'd still keep my eye out.

But the whole buying a new car for 7 years, I agree w/the others, is just not the way to go.

If you can find an independent repair shop that specializes in German imports, I'd definitely give them a try. (Shouldn't be an issue in a large city.)

I~LUV~Caddys8792
03-02-08, 02:02 PM
If you can find an independent repair shop that specializes in German imports, I'd definitely give them a try. (Shouldn't be an issue in a large city.)

I've found a great import shop in my area. 75% of the work that they do is on German cars. I had my last oil change done there, and they noted that only two things were seeping, instead of all the things the dealer finds. The staff is friendly, knowledgeable and courteous, and you can tell they aren't paid on commission. It's only four employees, and they're mechanics that deal directly with the customers. I was recommended to them by a coworker of mine who had an '89 525i, and he always got great service from them.

So for the most part, that's where I'll be going now. Unless they don't accept my extended service contract, then I'll have to use the dealer.

Oh, by the way, as far as pricing is concerned. The dealer's shop labor rate is $115 an hour. The independent repair shop is $85 an hour. An oil change at the dealer for the six and eight cylinder gas engines is $111. An oil change at the independent repair shop for my car is $65.



Oh and it's not that the car it's self is bleeding me dry. Aside from the car, I've got a good amount of excess money, but then I've got bills.......

urbanski
03-02-08, 02:44 PM
I would never ever consider getting a 2nd job, working long hours, or just about anything else like that for a car I mean, thats just insane. If it was my house? I'd do anything in my power to make the payment... but if it was a car that was putting me in any sort of financial trouble, it'd be gone.

thats my two pennies.... I'll be quiet now.

the 2nd job isnt designed specifically for paying off the car...its one component of an overall "get out of debt" plan...which includes cutting up credit cards, paying them all off, having NO debt but a mortgage, and paying cash for everything forever on....if you need an income jump to kick the debt to the curb faster, go for it.

I~LUV~Caddys8792
03-02-08, 02:52 PM
Oh, for what it's worth, I don't have any credit cards. Just a debit card, cash and a checking account.

I never really liked the idea of credit cards. It's just way to easy to get into trouble with those.

urbanski
03-02-08, 02:54 PM
Besides, how many 20 year olds do you know that are totally financially free and are living without any sort of debt? That's right, none. It's just a tough time in anyone's life....college loans, rent, car payments. Plus, you're sacked in a job where you're either just starting out, or relatively new and not making much money. Nobody has any real amount of money at this age. You just have to deal with what you've got, and look toward the future. It won't be so hard in five years.

that is just not true. i listend to 2 calls friday night on the dave ramsey show from 21 and 24 year old guys who were debt free. there is no "rule" that says "20's = debt". you have the choice to enslave yourself or not.
one choice is "normal"...financing cars for 7 years, student loans for college, and signing every penny of every paycheck over to a bank. the other road is paying cash for a $1000 car, getting jobs to cash flow college, and living BELOW you means...so that without debt, you can save and invest, and live like noone else later in life.

Night Wolf
03-02-08, 03:04 PM
the 2nd job isnt designed specifically for paying off the car...its one component of an overall "get out of debt" plan...which includes cutting up credit cards, paying them all off, having NO debt but a mortgage, and paying cash for everything forever on....if you need an income jump to kick the debt to the curb faster, go for it.

I'm not saying a 2nd job isn't a good idea, but in this particular situation where there is no other debt but an expensive car, and that is causing financial problems. But Chad said he was never considering a 2nd job, but one that pays better.

I'm taking that logic one step further, once my student loan is paid off, I'll be focusing on getting the house paid off.

urbanski
03-02-08, 03:11 PM
I'm taking that logic one step further, once my student loan is paid off, I'll be focusing on getting the house paid off.

yep. debt free, then have a 6 months of expenses emergency cash fund, then invest 15% of your income for retirement, then throw anything left over onto the house

hueterm
03-02-08, 04:14 PM
Oh, for what it's worth, I don't have any credit cards. Just a debit card, cash and a checking account.

I never really liked the idea of credit cards. It's just way to easy to get into trouble with those.

You need to have a credit card to BOOST your credit rating. The car loan is great, but establishing a payment history on a card is also important.

Just get one w/a low limit (say $1000) and use it once a month for some small purchase, and pay it off.

Night Wolf
03-02-08, 06:06 PM
yep. debt free, then have a 6 months of expenses emergency cash fund, then invest 15% of your income for retirement, then throw anything left over onto the house

Yey, somebody else gets it! :)

Right now with just getting the house and whatnot, I don't have the emergency fund, that is something that I plan to get going in the future. Retirement right now into the 401k is 6%, what my company wll match up to on a percentage basis.... I had it at 10% but to me, getting some bills and student loan paid down is more important at this time, so its back at 6, but once those are paid off, it'll go back up.

I spent well within my means and, IMO have a good intrest rate on the mortgage, but still, that is money I am paying in intrest. Just the idea of having NO debt at all, house or anything, is something I strive for. Be content with what you have now, and just save up the money, pay cash for things. If you have no debt, then your month to month expense is so low, just the normal bills, then yearly taxes etc.... that you don't need to rely on your specific job, making a certain amount of money or that you will in fact always be getting a raise in the future.

For me, I personally sometimes kick myself in the butt for not taking the near unlimited amount of overtime that was avalible last year, that isn't this year. It would have been nice to get a super jumpstart on the total debt free lifestyle, but, at the same time, I put my time in, and I am ready to go home, otherwise I am just a slave to the company... gotta be a balance. So I offset that by cutting my month to month expenses and really think about where my money is going. Plus, now with the house, I don't want to spend all my time at work, theres plenty to do around here that dosen't cost alot of money, but just time consuming. That stuff needs to get done to, gotta have a balance between living life and working too.


You need to have a credit card to BOOST your credit rating. The car loan is great, but establishing a payment history on a card is also important.

Just get one w/a low limit (say $1000) and use it once a month for some small purchase, and pay it off.

NEED to have a credit card?!?

I agree though, if trying to get a mortgage, banks like to see the credit history. Word of advice though, if you use a credit card and then pay it completely off every month, that does nothing for your credit rating, because there is no history, every month would be a $0 balance. Even if you leave $20 on it month to month, that gives you the credit history.

It makes sense to get a gas card or something, not just thru a gas station, but a major credit card that offers cash back on gas purchase or something, then just use it for gas, with the exception of $10 or so, pay it off every month. Build your credit history without getting into debt... need to buy gas anyway.

urbanski
03-02-08, 06:17 PM
if you live on a cash only basis there is no need for credit. debit cards work for rental cars, hotels, etc. mortgages can be had with manual underwriting. why go into debt to have a higher debt score so that you can go more into debt...

gary88
03-02-08, 07:06 PM
I've had my credit card for a little over a year, used mostly for larger purchases where I wouldn't want to carry cash, and for things online. Each payment paid in full before the due date, and my score last time I checked was 750ish.

There's nothing wrong at all with having a credit card, provided you use it responsibly. Just because you have a credit limit of xxxx doesn't mean you have to reach it every month.

hueterm
03-02-08, 08:17 PM
Word of advice though, if you use a credit card and then pay it completely off every month, that does nothing for your credit rating, because there is no history, every month would be a $0 balance. Even if you leave $20 on it month to month, that gives you the credit history.

The payment history is the important thing -- not carrying the balance.

hueterm
03-02-08, 08:18 PM
if you live on a cash only basis there is no need for credit. debit cards work for rental cars, hotels, etc. mortgages can be had with manual underwriting. why go into debt to have a higher debt score so that you can go more into debt...

So get an AMEX that has to be paid off each month and you won't go into debt.

urbanski
03-02-08, 08:54 PM
i prefer cash and not the rubber crutch of a CC

I~LUV~Caddys8792
03-02-08, 09:13 PM
Hmmm...maybe I should get a credit card, just for smallish things (gas and groceries) that I consistently buy, and spend the same amount on. That way I'll get into a habit of having that bill come every month, and have it paid off as soon as it's due.

Around the time I bought the Mercedes, I had my mom run a credit score through her finance department (she's a realtor) and my score was 680ish.

77CDV
03-03-08, 12:13 AM
The beautiful thing about a higher credit score is that it saves you money on larger purchases (house, car) because you can get lower interest rates. Of course, when it comes to cars, my favorite interest rate is 0%. I personally think it's one of the nice things (for me) about GM being in hot water. I get to drive a new Caddy on their dime while my money earns interest. With the house, I was able to negociate a 1% lower interest rate and no closing costs or fees. Saves huge amounts of money. With a little careful planning, the house will be free and clear in about 15 years, I can invest in other income-generating instruments, and I can still have some fun in the present.

That said, you're a responsible sort of guy, Chad. If the Benz was really dragging you down, I know you'd have the good sense to ditch it.

Craig

Night Wolf
03-03-08, 02:01 AM
The payment history is the important thing -- not carrying the balance.

Yes, and if you pay the card off in full each month, that dosn't build history. By payment history, that means there is a balance on the card that you pay, per month, to bring it down. They want to just see that you are in fact able to make a steady monthly payment on a balance.

I just went thru this whole ordeal with getting a mortgage, I went to 3 different banks because the mortgage options kept getting better.... but... reguardless, all 3 said the same thing. In order for a credit card to positively effect your credit (debit, I like that :) ) score, do not fully pay it off otherwise it dosn't show the payment history.

gdwriter
03-03-08, 02:14 AM
Logic and good sense have nothing to do with owning an S-Class at 20.

As I said earlier, put some of the money you're saving with the lower payments toward repairs and maintenance, build up some emergency savings and try to pay down the principal so you can pay the loan off early.

But in the meantime, enjoy having achieved a dream. Not everybody does. I know what it's like to have a major dream come true. And I have no regrets with Betty, despite the money I've spent on her. Like Ben's with his Phaeton, Betty is worth far more to me than you could ever put into dollars. I don't think you're at that same level of devotion with the Benz, but I do know it's a car you've long admired.

If it turns out you're worry more about money than enjoying the car, then it's time to sell.

Night Wolf
03-03-08, 02:15 AM
The beautiful thing about a higher credit score is that it saves you money on larger purchases (house, car) because you can get lower interest rates. Of course, when it comes to cars, my favorite interest rate is 0%. I personally think it's one of the nice things (for me) about GM being in hot water. I get to drive a new Caddy on their dime while my money earns interest. With the house, I was able to negociate a 1% lower interest rate and no closing costs or fees. Saves huge amounts of money. With a little careful planning, the house will be free and clear in about 15 years, I can invest in other income-generating instruments, and I can still have some fun in the present.

That said, you're a responsible sort of guy, Chad. If the Benz was really dragging you down, I know you'd have the good sense to ditch it.

Craig

credit score dosn't play as large of a role in the mortgage as I had thought in the past.... For my particular mortgage, there was a certain score you had to have to apply for it, 660. My credit score was above that, but besides that, it really didn't matter what it was. I know for me, my score was "average" but because I don't have the history, I was classified in the same boat as having bad credit... funny how that works. Even though my score was good, they want to see the extended history of paying off a credit card or a loan or something. None of that really matters now as the house really builds the credit rating plus, I have the mortgage, theres nothing else I want to go into debt on, so it's a mute point now.

For what it's worth I got a 5.75% intrest rate on a 30yr fixed mortgage.... I was approved for the loan, and thats what the rate was that day, I liked the rate so I locked in on it. Thats with a credit score barely above the 660 limit and nearly no history. The main thing that got me aproved was the year that I rented the house here, it was in my name, and the 14 months I rented the apartment in FL that was cosigned between my step-father and I. Bank said without that I wouldn't be able to get the loan. If I had lived at home and then went to buy a place without renting in between, they would want a much larger down payment or a much higher salary if I wasn't able to prove to them I've been renting and can afford $xxx/month in housing.

I learned alot thru the whole process, now I know for the future, and I'll try to pass on anything I learned to others so they are aware as well. Market is very different now then it was even several years ago, because my parents were informed thru the whole process and there were things that they didn't know about or were different etc... But, it all worked out pretty well :)

hueterm
03-07-08, 08:52 PM
Chad -- here's your excuse for getting rid of the Benz...

http://cgi.ebay.com/ebaymotors/1991-Cadillac-Fleetwood-coupe-LOW-MILES_W0QQitemZ170199164442QQihZ007QQcategoryZ6149 QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

I~LUV~Caddys8792
03-07-08, 09:40 PM
Oooh, I spotted that yesterday. Nice car, but when I return to Cadillac, it's gonna be in an LT-1 Brougham. Either that or *maybe* an 00-03 STS.

I went down to the Toyota dealer with my dad to look at a Camry for him, and I stopped by the service department to pick up an application for a writer position. I spoke to the manager and he said they weren't hiring at this time, but they would be within a month or so. So I grabbed and application and told him I'd have it back within a week. Business is great for Toyota, and I'm sure I'd make more money there than I do here.

96Fleetwood
03-08-08, 11:49 AM
Oooh, I spotted that yesterday. Nice car, but when I return to Cadillac, it's gonna be in an LT-1 Brougham. Either that or *maybe* an 00-03 STS.

I went down to the Toyota dealer with my dad to look at a Camry for him, and I stopped by the service department to pick up an application for a writer position. I spoke to the manager and he said they weren't hiring at this time, but they would be within a month or so. So I grabbed and application and told him I'd have it back within a week. Business is great for Toyota, and I'm sure I'd make more money there than I do here.

Are you aggressive enough to go into auto sales? When we bought the Infiniti for Nicole, the used car manager offered me a job, haha. I told him I will be opening my own dealership in 10 years. You can make good money in sales if you are aggressive enough. Or just make enough cash to start buying/selling like I do. I made a good $13K last year from selling 9 cars.

I~LUV~Caddys8792
03-08-08, 12:04 PM
I'm not aggressive enough for a career in sales. I like what I do now, but I'm not uber aggressive like you see a lot.

Can I write service at your dealer?

96Fleetwood
03-08-08, 12:10 PM
Can I write service at your dealer?

As long as you are willing to move to South Florida :cool2: You can be Service Manager :thumbsup:

I~LUV~Caddys8792
03-08-08, 12:21 PM
What are we gonna sell and service? Ferraris?? Lamborghinis?? Mercedes? Cadillac?

96Fleetwood
03-08-08, 12:25 PM
What are we gonna sell and service? Ferraris?? Lamborghinis?? Mercedes? Cadillac?

The shop is going to be for basic service and also aftermarket modifications.. maybe even stereo/alarm as well if it gets big enough.

You can't predict the market though.. in 10 year we might be selling only hybrids :( :helpless:

I~LUV~Caddys8792
03-08-08, 12:31 PM
A bit of a career change for ya Elias eh?

Jesda
03-08-08, 12:46 PM
$600/mo to the bank
$170/mo to Geico

I sometimes really miss not having a payment.

I~LUV~Caddys8792
03-08-08, 01:06 PM
Your bimmer and my mercedes need to race, and then discuss the results in German afterwords.

96Fleetwood
03-08-08, 01:29 PM
A bit of a career change for ya Elias eh?

Nope, just a hobby/investment. I will still practice medicine.

Man am I glad insurance is cheap on these B/D bodies.