Hate to take a side here, but robparks did actually mention the financial situation of the individual in his first post. He said if that person "needs" the 0 percent financing. The "needs" implies that the person otherwise couldn't afford the car, which does reflect on the individual's financial situation.
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03-25-2020, 08:22 AM #31Best lifts:
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03-25-2020, 11:19 AM #32
Obviously not a finance major.
Let's say someone has a car that is getting old. They have good credit because you can ONLY GET 0% for 7 years if you have good credit. But they don't have a bunch of cash right now to put down on a car. Maybe they bought a house, have a child on the way, but can get approved for the loan. In order to buy the car, they would need the 0% over 7 years.
Think of it in mortgage terms. People who buy houses, need a low rate and longer terms in order to purchase the home. Same thing.
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03-25-2020, 03:07 PM #33
thank you. Glad someone understands what the word NEED means. Funny thing is I'm trying to help people like lyft drivers keep from making a bad decision buying something with payments over 7 years, but he doesn't seem to understand lmao. Not sure why I even bothered tbh.
If you make enough money to come up with entire purchase price in 2-5 years, but have nothing now then it totally makes sense. If you can't figure out how to come up with more than just the basic payment for 7 years you literally just need a cheaper vehicle because you just can't afford it. How is this challenging? Unless your mommy and daddy can bail you out when you need repairs in year 6 when something breaks and you don't have spare money then this deal would fuk you.
Let me know when you find a car that holds its value or appreciates in the first 5 years of ownership. Then we can talk about how buying a car is like buying a homeLast edited by RobParks2M; 03-25-2020 at 03:14 PM.
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03-25-2020, 03:35 PM #34
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03-25-2020, 03:48 PM #35
I mean only so low they can go, but yes giving good financing deals is the 1st step towards a fire sale. I'm guessing that will be next. Buddy looking at a new whip watching the prices on the Raptors/Rebel/AT4 and the dealers who weren't willing to move on price are suddenly all over him trying to get him back to their sales floor.
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0.4 mg of party's over wake the FK up!
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03-25-2020, 06:04 PM #36
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03-25-2020, 11:48 PM #37
Theres not one person who doesnt need to take the overall cheaper scenario of financing over 7 years. Unless you can get the price low enough with the stipulation of paying cash. Which is again is adding premises to your argument.
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03-26-2020, 02:10 PM #38
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03-26-2020, 04:54 PM #39
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03-27-2020, 10:35 AM #40
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03-27-2020, 11:46 AM #41
This.
Whether you have the cash to pay a car in full or even 50%, if they are offering 0% financing, it makes all the sense to go with that.
Having money in the bank is far more important that having a title, or close enough to paying off a car so you can have a title to the car.
You're not getting charged any interest plus you're building credit because they see how you manage recurring payments.
Most dealers don't mind offering 0% financing for 72/84 months whatever because they know most buyers won't own the car for the life of the loan. They will eventually get bored, or want something different 2-4 years in the loan. And at that point, if they trade, they most likely will be upside down on the loan forcing higher payments (and interest) on the next car.
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03-27-2020, 11:47 AM #42
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03-27-2020, 12:35 PM #43
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03-27-2020, 12:49 PM #44
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03-27-2020, 03:04 PM #45
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03-27-2020, 04:19 PM #46
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03-27-2020, 07:02 PM #47
Bruh you can't even string complete sentences together don't bother trying to talk down to me. Wanna compare investment portfolios from 2019? How about for 2020? I'm pretty confident your portfolio doesn't remotely compare.
I've got plenty of money in the bank. If I was buying new ofc I'd do 0% for however long assuming I can't get a better price paying cash. BUT FOR PEOPLE WHO AREN'T SMART AND ARE POOR SPREADING PAYMENTS OVER 7 YEARS SO YOU CAN BARELY AFFORD SOMETHING ISN'T A GOOD DEAL. BUY USED AND GET SOMETHING CHEAPER.
Perhaps typing with caps will help?Fitness connoisseur
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03-27-2020, 08:22 PM #48
if you have the money, and can stretch out payments over 7 years without having to pay interest AT ALL, why would that be bad? And you also have DEALER and MANUFACTURER WARRANTY. let me write it this way for you:
your way - pay the $15k vehicle cash. 0 leftover
finance - no down, 200ish a month and invest the rest.
the latter is the superior decision. i urge you to keep your word to yourself unless your plan is to lead others astray.
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03-27-2020, 08:27 PM #49
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03-27-2020, 10:38 PM #50
Not sure why they misread your post and are talking like that. You clearly didn't say what that guy said you did. I think it's because finance is a very personal/emotional topic for most people and when they simply misread/misinterpreted your post they took it as a personal attack and posted emotionally.
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03-28-2020, 03:20 AM #51
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03-28-2020, 04:18 AM #52
I don't know which cars only have "3 years warranty". I think he meant to say 3 year B2B warranty. Mostly every car has that. Then they each have their powertrain warranty. I know BMW's is 4 year 50k, dodge is 5 year 60k, GM is 5 year 60k, all powertrain warranty. Hell, kia is like 10 year 100k if you're the first owner of the car.
But i don't get what he's saying though. He said what happens if the car breaks down in year 5 and you have 2 years of payments left?
So what happens if someone had purchased a car in full from day 1, and the car breaks down in year 5? You now have a title to a broken car. Can't sell it until you fix it. So not only are you out the entire purchase price of the car from day 1 (call it 40k for example), but now because of depreciation and because it's broken, you can probably get the car for 5-15k, in year 5. And depending on what broke.
I've traded "broken" cars before to dealers for newer cars. NOT ONCE have they test drove the car and say, "Heyyyyyyy your passenger strut is blown! Fix this now or you can't trade this car in!"
Now unless it's a catastrophic failure like a blown engine after the warranty expires, then neither the financed car or the paid in full car will make a difference, you're just phucked there. Which is what confused me about what he said year 5 with 2 years payments left.
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03-28-2020, 05:34 AM #53
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03-28-2020, 09:58 AM #54
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03-28-2020, 10:17 PM #55
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03-29-2020, 12:57 AM #56
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03-29-2020, 04:41 AM #57
No one is buying chit right now. So the dealers are hurting bad.
It only makes sense to do anything they can for some business. Like taking brand new pics of their inventory, making commercials, offering the 90 day no payment option, 0% financing etc.
Lots of people lost their job. Some people lost a lot of hours. And some fortunate people weren't affected.
Pretty sure not many of these people are considering buying cars at the moment.
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03-29-2020, 05:08 AM #58
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03-29-2020, 08:58 AM #59
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04-01-2020, 11:33 AM #60
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No one said anything about poor people. Seven years at 0% is free money if you need a vehicle.
Used and cheaper is also not always a better deal. There is an unknown of acquiring someone else’s issues.
And I don’t need to compare bank accounts. Your posts in here show you have zero comprehension and probably have nothing unless you inherited.
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