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Message
re: Financing is OOC
Posted on 5/4/19 at 7:32 pm to slackster
Posted on 5/4/19 at 7:32 pm to slackster
quote:
You and a few others seem to have a difficult time grasping apples to apples in this thread.
You brought the orange to the apple fight
So you think 4% is a good interest rate. Not that profound of a point.
1
Posted on 5/4/19 at 7:39 pm to GreatLakesTiger24
quote:
not really. only when they're trying to get rid of a product that has terrible sales (cruze).
Ok, try Subaru or Mazda or anyone else. And still, the point is the asset matters, which you just said yourself.
Are y’all seriously trying to argue that the asset you buy doesn’t influence the interest rate?
Houses have different rates than cars, business loans differ by type of business being run
Posted on 5/4/19 at 7:39 pm to OceanMan
quote:financing anything can make sense based on the circumstances
OceanMan
but it's not the same thing for everyone, and the truth is that FAR too many people wind up financing things they can't really afford
so the guys that argue that financing is bad, are correct for most people
most people miss out on the opportunity to accumulate wealth because they tie all, or most, of their income on payments
so that advice (do not finance) is wise for MOST people
does not mean you're wrong that financing can make sense for someone that can actually write a check for something
Posted on 5/4/19 at 7:43 pm to OceanMan
quote:not really
which you just said yourself.
the manufacturer will pay their captive lender to make up the difference. the underwriting remains the same.
it's all subsidized by manufacturers.
Posted on 5/4/19 at 7:46 pm to iAmBatman
quote:amazing that anyone is arguing against this
The riskiness of the borrower determines the interest rate, not the asset being financed.
Posted on 5/4/19 at 7:55 pm to dcbl
quote:
amazing that anyone is arguing against this
Yet here we are
Posted on 5/4/19 at 8:00 pm to Koach K
Already is. I thought the 2014 oil bust would allow me to scoop up a decent bay boat for a good price. Most were so upside down they could pay the balance if I paid the nada value of the boat. Banks aren’t repoing either. They will never get the principle back if they had to move it. As long as owner makes some sort of payment every so often they leave it where it’s at.
Posted on 5/4/19 at 8:04 pm to OceanMan
quote:
You brought the orange to the apple fight
quote:
So you think 4% is a good interest rate. Not that profound of a point.
It went off the rails when people started talking about how financing a depreciating asset for a long time was a bad decision. I disagree with that, and I laid out why that kind of criteria is dumb.
I'd finance a vacuum cleaner for 30 years at 4% if they'd let me.
Posted on 5/4/19 at 8:05 pm to LSUintheNW
quote:
Jones's
Posted on 5/5/19 at 3:21 am to FightnBobLafollette
quote:and boats aren't for everyone in the first place
So basically everyone can’t afford a boat.
Coo.
Posted on 5/5/19 at 6:25 am to chalmetteowl
quote:
and boats aren't for everyone in the first place
All of this.
Since I have been a boat owner all my life and am pretty well versed on them, friends always ask me to evaluate a certain boat that they are contemplating purchasing. Everyone has those certain friends that should not own a boat. Not mechanically inclined and maintenance would eat them alive. I always shoot them a couple questions;
1) Do you have friends with boats?
2) Do you mind chipping in on fuel, beer, etc on excursions?
If the answers are yes, save yourself the note, insurance, maintenance, heartache etc.
Ride/fish with your friends.
Posted on 5/5/19 at 7:50 am to slackster
quote:
Fwiw, your complaint should be focused on the actual price, not the financing. $230k is the bigger problem.
The actual price is $230 because people will finance it.
Posted on 5/5/19 at 12:38 pm to DownshiftAndFloorIt
Not owning a boat is an absolute blasphemy.
Against the law, as a matter of fact, in the near east countries.
Against the law, as a matter of fact, in the near east countries.
Posted on 5/5/19 at 12:45 pm to GEAUXT
Thank god for this terrible financing. Sensible people can get a nice boat on the cheap from somebody upside down trying to offload.
Posted on 5/5/19 at 12:56 pm to fr33manator
quote:
What if...and bear with me here...that boat was NEVER worth anything close to $230,000.
I can’t think of any scenario that a boat like that wouod achieve that actual value (and yes I realize that the value of something is whatever you can get people to pay for it) but come on.
It’s not even that big or nice a boat. Inflation is OOC
10 years ago we found a 3 year old 36 ft. w/ 900hp Yamaha for one fiddy.
That boat brand new would be over 300k right now which is absolutely absurd.
Posted on 5/5/19 at 1:09 pm to GEAUXT
Out Of Conference?
Posted on 5/5/19 at 2:21 pm to Johnpettigrew
I think you are absolutely right. Banks incentivize stupidity. It takes a divorce or death to get something like that ‘resold.’
Posted on 5/5/19 at 4:17 pm to Slagathor
Hell of an observation champ
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