teamgreen02 Posted October 16, 2021 Share Posted October 16, 2021 Just now, ActionfigureJoe said: If a 84 month loan can be had with a low interest rate, it’s a good deal. Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted October 16, 2021 Share Posted October 16, 2021 (edited) 5 minutes ago, teamgreen02 said: Given todays ROI, it’s foolish to tie capital up in a car or house. Only a fool does that. I do understand that it does give some people a false sense of comfort. The glitch with these long loan rates is the purchase price of the car gets artificially inflated. The best way to purchase a vehicle on credit is through LightStream loans. Very good interest rates and you hold the title free and clear. You can negotiate a good deal with the dealer and pay cash with LightStream’s money. Edited October 16, 2021 by ActionfigureJoe Quote Link to comment Share on other sites More sharing options...
jdsky Posted October 16, 2021 Share Posted October 16, 2021 With housing prices going to the stratosphere there must be talk about 40 and 50 year home mortgages again like just before the housing bubble burst. I'm not sure how first time home buyers are shelling out $4-500K for basic homes here that prior to the Chinese flu were $300K max at best. My house is getting very close to the $1M mark and just two years ago $500K would have been the best I could have hoped for. if it actually hits that mark even I will be cashing out and heading to the lake house full time until the next bubble bursts. Just do not see how this can continue at this pace. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted October 16, 2021 Share Posted October 16, 2021 6 minutes ago, ActionfigureJoe said: Given todays ROI, it’s foolish to tie capital up in a car or house. Only a fool does that. I do understand that it does give some people a false sense of comfort. The glitch with these long loan rates is the purchase price of the car gets artificially inflated. The best way to purchase a vehicle on credit is through LightStream loans. Very good interest rates and you hold the title free and clear. You can negotiate a good deal with the dealer and pay cash with LightStream’s money. Ah yes, the 84 month auto loan and 40 year mortgage, the keys to financial prosperity and independence. 4 minutes ago, jdsky said: With housing prices going to the stratosphere there must be talk about 40 and 50 year home mortgages again like just before the housing bubble burst. I'm not sure how first time home buyers are shelling out $4-500K for basic homes here that prior to the Chinese flu were $300K max at best. My house is getting very close to the $1M mark and just two years ago $500K would have been the best I could have hoped for. if it actually hits that mark even I will be cashing out and heading to the lake house full time until the next bubble bursts. Just do not see how this can continue at this pace. The same thing is happening here. 2 bed, 2 bath, 2 car garage, 1500 sq ft, on 5 acres sold for over $350k. They had to gut the house due to smoke damage, replace the septic system, and put up a new shop. Easily over $500k into it. Insane. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted October 16, 2021 Share Posted October 16, 2021 54 minutes ago, teamgreen02 said: Ah yes, the 84 month auto loan and 40 year mortgage, the keys to financial prosperity and independence. The same thing is happening here. 2 bed, 2 bath, 2 car garage, 1500 sq ft, on 5 acres sold for over $350k. They had to gut the house due to smoke damage, replace the septic system, and put up a new shop. Easily over $500k into it. Insane. “Gonna use the banks money with these low interest rates and dirt cheap payment and take the money savings and invest it! It’s a no brainer!!!!!” Retirement age: 70…..due to incapacability. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted October 16, 2021 Share Posted October 16, 2021 3 hours ago, ActionfigureJoe said: Given todays ROI, it’s foolish to tie capital up in a car or house. Only a fool does that. I do understand that it does give some people a false sense of comfort. The glitch with these long loan rates is the purchase price of the car gets artificially inflated. The best way to purchase a vehicle on credit is through LightStream loans. Very good interest rates and you hold the title free and clear. You can negotiate a good deal with the dealer and pay cash with LightStream’s money. Dealers don't want cash and you pay more for a cash deal than with some sort of loan. I understand you don't buy new cars so you just don't know. I have attempted both cash and financing on at least 5 diff trucks over the last 10 yrs . Always more discounts to take the loan and just pay it off after the first payment . Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted October 16, 2021 Share Posted October 16, 2021 3 hours ago, jdsky said: With housing prices going to the stratosphere there must be talk about 40 and 50 year home mortgages again like just before the housing bubble burst. I'm not sure how first time home buyers are shelling out $4-500K for basic homes here that prior to the Chinese flu were $300K max at best. My house is getting very close to the $1M mark and just two years ago $500K would have been the best I could have hoped for. if it actually hits that mark even I will be cashing out and heading to the lake house full time until the next bubble bursts. Just do not see how this can continue at this pace. I acctualy have seen a lot of people sell there home this yr buy a big cargo trailer to store there shit and move in to a rental to wait it out . I have personally been in 6 of them preping for the sale . Talked with a lot of realtors . Cabins same shit lots of people dumping the 3 season for over 300 and just waiting it out Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted October 16, 2021 Gold Member Share Posted October 16, 2021 34 minutes ago, Ez ryder said: Dealers don't want cash and you pay more for a cash deal than with some sort of loan. I understand you don't buy new cars so you just don't know. I have attempted both cash and financing on at least 5 diff trucks over the last 10 yrs . Always more discounts to take the loan and just pay it off after the first payment . Friends father is a finance manager at a dealership you’re correct they don’t want your cash lol Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted October 16, 2021 Share Posted October 16, 2021 44 minutes ago, Ez ryder said: Dealers don't want cash and you pay more for a cash deal than with some sort of loan. I understand you don't buy new cars so you just don't know. I have attempted both cash and financing on at least 5 diff trucks over the last 10 yrs . Always more discounts to take the loan and just pay it off after the first payment . Of course not. They get kick backs from finance companies. Dealerships are ripoffs. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted October 16, 2021 Share Posted October 16, 2021 3 hours ago, Zambroski said: “Gonna use the banks money with these low interest rates and dirt cheap payment and take the money savings and invest it! It’s a no brainer!!!!!” Retirement age: 70…..due to incapacability. What one did you use to retire early, the 84 month auto loan or the 40 year mortgage? You don't have to answer that, I'm sure it was both. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted October 16, 2021 Share Posted October 16, 2021 Just checked KBB.com for a trade in value on the Ram I paid just under 40k a year and a half ago.......between 46-50k trade in value...which is essentially wholesale. Prices are so wack right now. 1 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted October 16, 2021 Share Posted October 16, 2021 38 minutes ago, DriftBusta said: Just checked KBB.com for a trade in value on the Ram I paid just under 40k a year and a half ago.......between 46-50k trade in value...which is essentially wholesale. Prices are so wack right now. Went by the Cheby dealer this afternoon. Almost nothing in the lot besides a few used Ford's and Rams. 1 Quote Link to comment Share on other sites More sharing options...
snatchslayer Posted October 16, 2021 Share Posted October 16, 2021 25 minutes ago, teamgreen02 said: Went by the Cheby dealer this afternoon. Almost nothing in the lot besides a few used Ford's and Rams. Its the same here. And because of that, used prices are through the roof Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted October 16, 2021 Share Posted October 16, 2021 1 hour ago, DriftBusta said: Just checked KBB.com for a trade in value on the Ram I paid just under 40k a year and a half ago.......between 46-50k trade in value...which is essentially wholesale. Prices are so wack right now. It’ll be the new normal for some time to come. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted October 16, 2021 Share Posted October 16, 2021 3 hours ago, ActionfigureJoe said: Of course not. They get kick backs from finance companies. Dealerships are ripoffs. Well we can't all hang out behind the fence at the Mercedes plant asking guys if they can sell you one fresh off the line so you really don't have much choice. Unless you are in to clapped out old vans the dealers did not want to deal with so they sent them to the auction Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted October 16, 2021 Share Posted October 16, 2021 3 hours ago, ActionfigureJoe said: Of course not. They get kick backs from finance companies. Dealerships are ripoffs. Like I said you do not get a better deal paying cash on a new car/truck . Quote Link to comment Share on other sites More sharing options...
Phenom Posted October 16, 2021 Share Posted October 16, 2021 20 hours ago, Sled_Hed said: Kinda like the people doing 12 year financing on ice castles Huh, I just traded my 5th wheel for more than I paid for it 3 years ago on a gorgeous Ice Castle, 10 year mortgage, I’m retired and live more up in northern Wisconsin than I do in Milwaukee County. The 5th wheel is great except when it gets cccccold. This will enable me to spend even more time up north enjoying winter sports…priceless. I guess it’s all up to an individuals desires and their own cost/benefit analysis. Quote Link to comment Share on other sites More sharing options...
Phenom Posted October 16, 2021 Share Posted October 16, 2021 4 hours ago, ActionfigureJoe said: Of course not. They get kick backs from finance companies. Dealerships are ripoffs. So why is it a ripoff, it’s just their style of making money in a capitalist system. Nobody is forcing anyone to buy anything. F&I guys have to feed their family too. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted October 16, 2021 Share Posted October 16, 2021 3 minutes ago, Phenom said: So why is it a ripoff, it’s just their style of making money in a capitalist system. Nobody is forcing anyone to buy anything. F&I guys have to feed their family too. Well, it’s not a “rip off” per se but what it does is take out a large percentage of people that want to pay cash and also convinces those that are looking at interest rates alone, instead of overall cost, that it’s a “good deal”. It also artificially raises resale prices because these people are deep underwater on the loans which, again, forces others to take out big loans on second and third hand vehicles that should have been paid off years ago. Fact is, we are now a completely debt driven society (economy) and this ain’t good at all. Cash is no longer the ultimate benefit negotiating tool it used to be. Any dealer will tell you they DO NOT want cash purchases. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted October 16, 2021 Share Posted October 16, 2021 …….one other brilliant thing this “easy financing/low payment” long term banks do is actively start to punish those that want to pay cash for large ticket items. The amount of capital that needs to be burned up now to stay debt free is tough to swallow and forces many back into the debt trap. Quote Link to comment Share on other sites More sharing options...
Phenom Posted October 17, 2021 Share Posted October 17, 2021 Well, at least here in Wisconsin we don’t have a pre payment penalty. You can make larger payments that go to principal or if desired and have the funds pay it off early. Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted October 17, 2021 Share Posted October 17, 2021 1 hour ago, Phenom said: So why is it a ripoff, it’s just their style of making money in a capitalist system. Nobody is forcing anyone to buy anything. F&I guys have to feed their family too. Car dealshios are a direct descendant of horse trading. That pretty much says it all. Times are changing though. The problem with dealerships isn’t that they like to make money, it’s that many are less than transparent to their customers about how that money is made at their expense. That is crooked. Quote Link to comment Share on other sites More sharing options...
Phenom Posted October 17, 2021 Share Posted October 17, 2021 Transparent, how the people are compensated is nobody’s business. Same as a carpenter who gets a bonus from the boss if the customer gives excellent feedback. All those costs and desired profit are part of the price. The customer has the final say so, either they buy the car or hire the contractor. Nobody is forcing them. Where is it the customers right to tell someone how they make their money? Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted October 17, 2021 Share Posted October 17, 2021 5 hours ago, teamgreen02 said: Went by the Cheby dealer this afternoon. Almost nothing in the lot besides a few used Ford's and Rams. My boat neighbor is a Chevy dealer. Last time I talked to him he said he only had 12 new Chevys in stock. Rest was used. Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted October 17, 2021 Share Posted October 17, 2021 1 hour ago, Phenom said: Transparent, how the people are compensated is nobody’s business. Same as a carpenter who gets a bonus from the boss if the customer gives excellent feedback. All those costs and desired profit are part of the price. The customer has the final say so, either they buy the car or hire the contractor. Nobody is forcing them. Where is it the customers right to tell someone how they make their money? And people are saying no to traditional car dealers by the millions. Good on them. Quote Link to comment Share on other sites More sharing options...
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