- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- SEC Score Board
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: How mad wold you be if your dealership screwed you this hard? WWYD?
Posted on 8/10/17 at 2:48 pm to slackster
Posted on 8/10/17 at 2:48 pm to slackster
quote:
Paying cash doesn't stop the depreciation. The financial aspect of cash vs finance hinges on the rate and the salvage value and opportunity cost.
Fify...
This post was edited on 8/10/17 at 2:57 pm
0
Posted on 8/10/17 at 2:55 pm to Gusoline
They're assholes, but you still signed it.
Posted on 8/10/17 at 2:58 pm to NYNolaguy1
quote:
But I also abhor debt, so you can disagree with me there if you wish
I will
Money is so cheap these that there isn't much benefit in saving the "monthly payments" for years so that you can pay cash upfront IMO. You're spending the money one way or the other.
Plus, let's say you are buying a 3 year old used car, with the option of financing today or waiting 5 years to save up the cash. If you decide to save up for 5 years to buy that car instead of just paying the 4%APR or whatever it is, the car prices are going to go up during that time. So sure, you didn't pay interest on that 5 year old used car when you do buy it, but you're paying more than a 3 year old car would have cost today.
And on top of all that, life is too short to drive crappy cars
Posted on 8/10/17 at 3:03 pm to Gusoline
I fail to see where they "screwed you".
The held a few points off are on you.
So what? No their fault you're uninformed.
The held a few points off are on you.
So what? No their fault you're uninformed.
Posted on 8/10/17 at 3:11 pm to Cosmo
quote:
Lol, ive never had a car rate higher than 2.9 i think
1981,16%.
And that was a good rate back then. 
Posted on 8/10/17 at 3:13 pm to NYNolaguy1
quote:
Then if you finance it you get double fricked by paying interest on a depreciating asset.
Depends on the interest rate. If you can get 2% or lower on interest rate, why not finance it? You can use the finance company's money to buy the car and use your own money to invest in something relatively conservative and still get better than a 2% ROI
Posted on 8/10/17 at 3:23 pm to LNCHBOX
quote:
If you decide to save up for 5 years to buy that car instead of just paying the 4%APR or whatever it is, the car prices are going to go up during that time. So sure, you didn't pay interest on that 5 year old used car when you do buy it, but you're paying more than a 3 year old car would have cost today.
Lets assume you take that savings and stick it in the stock market at, lets assume 7% yield. The price of a new car presumably would vary with inflation, lets say 1.5-2%. That difference in ROI is how much nicer of a car you'd be able to purchase in cash (debt free, without interest) vs if you financed, plus if you didnt buy new you get a higher salvage net value.
I understand some people always want the newest and nicest things, so its definitely a lifestyle choice I have made in the past.
The funny part is that I dont own a car after I left New Orleans, so take my opinions with a grain of salt
.Posted on 8/10/17 at 3:24 pm to Gusoline
quote:
So as of now my only option is to pay the fee and have it refinanced through the bank
Why is there a fee and how much is it? On more than one occasion when I've bought cars out of state I just financed through the dealership for simplicity's sake, then refinanced through my credit union when I got home. Never had any early payoff fee involved.
This post was edited on 8/10/17 at 3:25 pm
Posted on 8/10/17 at 3:25 pm to Gusoline
In LA, youve got 3 days to return the car... AL no such law?
Posted on 8/10/17 at 3:25 pm to Tiger Prawn
quote:
You can use the finance company's money to buy the car and use your own money to invest in something relatively conservative and still get better than a 2% ROI
Thats true too. But in terms of the OP? 8% is long term stock market average yield territory, so good luck beating that year to year...
Posted on 8/10/17 at 3:30 pm to Gusoline
You just learned a lesson.
Always pre-qualify with your bank before buying a car. Then just write a personal check at the dealership then close on the loan in a few.days.
Always pre-qualify with your bank before buying a car. Then just write a personal check at the dealership then close on the loan in a few.days.
Posted on 8/10/17 at 3:32 pm to Gusoline
DEFINITELY NOT let everyone on Td know that I DIDN'T rent a vehicle to get home
Posted on 8/10/17 at 3:34 pm to Gusoline
quote:
First the told me my credit score was 70 points lower than it actually is ( multiple mortgage approvals and even one denial from a credit union I never told them to apply through tell me this.)
So they told me since i was under 700 i had to finance for 8%. I told them to run it through MY credit union. They came back and told me I was denied, So I said well whatever ill refinance when I get home and have time to yell at my bank, since there's no reason I should ever be denied.
I called my credit union today and they told me They approved me at 3.1% and were waiting for info from the dealership to process the loan.
I called the general manager who was a complete redneck unprofessional Tpos, said " you signed the paperwork idk what to tell ya". I said yea you frick after you lied to my face multiple times. he said credit scored are different for car dealerships and thats why theres a 70 point swing. WTF?
I called Hyundai loans and they said they cant cancel anything and aren't interested in changing the rate close to what my bank is offering, and that its actually financed at 8.999%. Grrrr.
You deserve it all. You are the reason they give smart fellows like myself so much shite. Thanks frick head for letting them get away with it.
Posted on 8/10/17 at 3:37 pm to tke857
quote:
#1 rule when buying a car go into the deal with financing already taken care of from a 3rd party.
This. I never finance through a dealership anymore.
Posted on 8/10/17 at 3:49 pm to NYNolaguy1
No, not in terms of the way OP got screwed. But if the dealer wouldn't have lied to him about the credit union actually approving him at a lower rate, then financing vs paying cash makes sense.
Posted on 8/10/17 at 3:54 pm to Gusoline
quote:
got a 17' Sonata for 16.9K. Worth
A 17 foot Sonata?
That's definitely a full size car.
Posted on 8/10/17 at 4:25 pm to Gusoline
quote:So wait, you actually signed a contract at 8%?
So they told me since i was under 700 i had to finance for 8%. I told them to run it through MY credit union. They came back and told me I was denied, So I said well whatever ill refinance when I get home and have time to yell at my bank, since there's no reason I should ever be denied.
Posted on 8/10/17 at 4:43 pm to Gusoline
quote:
I went to the dealership Monday to buy a new car to drive home to NC with ( 550 miles).
Sounds like you went Clark W. Griswold on this one. Did you get the metallic pea?
This post was edited on 8/10/17 at 4:45 pm
Posted on 8/10/17 at 4:52 pm to NYNolaguy1
quote:
Then if you finance it you get double fricked by paying interest on a depreciating asset.
Its not a good financial move.
So lets say I have $50k cash and want a new car. I can:
a) buy the car outright or
b) finance at 1% with $15k down, invest the rest and make way more than 1% on average even in moderately conservative investments.
It's not simply a black and white situation. Is option B going to save you thousands of dollars? Probably not, but odds are it the car will ultimately cost less if you financed it in that scenario.
Posted on 8/10/17 at 4:56 pm to Gusoline
Wow dude that is ridiculous. I had royal nissian do that to me 6 years ago. I had a 710 credit score they told me I had 590. I check my credit score immediately when I got home no such thing.
Page 5 of 7
Popular
Back to top
Follow TigerDroppings for LSU Football News