- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- 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
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
DanielTosh
| Favorite team: | |
| Location: | |
| Biography: | |
| Interests: | |
| Occupation: | |
| Number of Posts: | 32 |
| Registered on: | 2/25/2014 |
| Online Status: | Not Online |
Recent Posts
Message
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 11:43 pm to Teddy Ruxpin
quote:
Not that it matters but what this thread is about revolves around consumer psychology. Needs and wants, patience, etc. My psychology is a car is a tool, like a hammer. I know not everybody it's like me and that's fine, and I've said my piece on the subject. I just don't understand the psychology of new expensive car buying, just as I don't understand spending tons on clothes. I shop for clothes maybe twice a year and at 29, I drive the car my dad bought me when I was 17 years old even though I could buy so much more. That's just me.
Everyone has different things they like. I have always been big on vehicles. I don't go out but maybe once or twice a month now and I never go spend a ton on clothes or anything like that. Just the money I save on not going out anymore could pay for the truck note. Like I've said before, if I was making 1/3 of what I make or if I already had a ton of bills I wouldn't consider buying a nice truck. This will be the first new vehicle I have ever bought. I love trucks and cars so I will buy the truck I want but I don't overspend on anything else anymore.
0
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 11:32 pm to betheone
quote:
Man we were all young at one point too. I threw away money on more stupid things than I can count. I think everyone here is just trying to help
I understand that and I probably seem very unintelligent to many of you that are older. I also know that I will probably do many things I regret throughout my life but I'm putting back a decent amount of money too. I know there are a few but I literally don't know one person my age that is putting back anything significant. I actually am but I won't a nice truck. I really want a big $60k diesel but I don't want to spend any more than I already plan on with this truck.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 11:23 pm to betheone
quote:
You sound like you have it all figured out. What did you come here for?
Pretty sure I asked a simple question in the OP. It turned into a life coaching session by people that most likely aren't perfect with their money.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 11:03 pm to Dead Mike
quote:
Ok, then your nice truck is your reward. Trying to justify it as the wise financial decision that it's not (building credit, "writing off", etc.) is silly.
I'm not saying it's the wisest decision in the world but at least I am putting money back. Almost everyone I know making close to what I make spends every dollar they have. They have nice things but no cushion. I will have a cushion and a nice truck that costs 10k less than their trucks.
Also just because my company cuts back enough to let me go(highly unlikely) doesn't mean I can't find the same job at the 100+ other companies that I could find work with will cut back. Plus I'm 100% confident a lot of people would be let go before me.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 10:58 pm to Will Cover
There is a big difference in a movie company and an industry that literally runs the world. Even if it slowed down I have enough contacts to keep working. The chances of me getting injured where I can't work are probably <1%. I'm not going to quit living life because of a highly unlikely possibility. I have it set up with my CPA to safe around 40k a year. I feel like that's a pretty good bit and I am going to live decent off of the rest I make. Most people my age making what I make have $60k+ trucks, nice boats, RZRs, and go out and spend $200 every night they are home. Not many are saving money.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 10:53 pm to Teddy Ruxpin
I've done a lot of research on it lately and a fair amount of time when a BK falls off of your credit report it hurts your credit score. It could take a while to bring it up anyway. If I get an 8% loan and double up on the payments I wouldn't get hurt that bad. I know I can be disciplined enough to do it because I had a Harley with a cosigner that I bought at 22 when I was blowing money like crazy and I made myself pay it off 2 years early.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 10:50 pm to Dead Mike
quote:
He's ~29, he wrecked his credit when he was 20-22.
Yes I'm almost 28. I really messed it up bad at 20. I started being smarter with my money and paying off debts at 23-24.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 10:47 pm to Teddy Ruxpin
quote:
Tosh, you kept harping on the tax deduction for buying new on the OT, but did you ever consider the opportunity cost that will cover is describing above?
It doesn't matter. I want a nice truck and I was advised to buy a brand new one. I don't blow money anymore like I used to. As much as I work I want to spoil myself some and a nice truck is how I want to do it.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 10:43 pm to Will Cover
I'm not 22. I'm 27 and I know that's still young so I'm not trying to act like some old wise man.That is when I messed up my credit. I highly doubt the 2nd largest company in my field(multibillion dollar company) in the world is going to close shop. I have a 401k with close to 60k(I know it's not enough to last forever) in it plus my fiancé is an RN so in the rare event that something happens to me I can make it. I spend a lot of time in my truck so I want something nice. Plus you can write off more if you buy brand new. I've been disciplined enough to pay off all my debt and have worked my way up to a fairly high paying job and a nice truck is my reward. I have set up a savings account that 35% of my pay is direct deposited in so that's some of the money I will be saving. I plan on setting up auto bill pay for it and I will double up payments on it. I have learned a lot over the last few years and have gotten a lot better. I want a nice truck and that is the one place I plan on spending a little extra.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 10:22 pm to Will Cover
quote:
Just be truthful and say you want the $50K + vehicle. It's much easier that way.
I already said that. There are multiple reasons that I want it. I could see if I made half of what I'm making and owed money to everyone. I have paid everyone off and most of the negatives on my credit report will be off in about 2 weeks so that should help my score also. I called a finance company today and told my entire situation and not did she say I could get the loan but I could get a single digit interest rate. Y'all are judging me off of being a 20-22 year old kid who grew up poor and started making decent money and bought a lot of things and then got laid off. I couldn't find a job paying well enough to pay my bills back then and wrecked my credit. Now I have 7 years experience and a good name so a job won't be an issue anymore. I have been on time with everything the last 4+ years and make more than twice what I was making then.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 10:08 pm to LSUFanHouston
quote:
No one has directly asked this, so I will... why do you want to buy a 50K truck? Do you need it for work?
Well I need a reliable truck because I could have to drive fairly long distances but I know I could get a used reliable one for cheaper. I literally have paid off every single debt. I ran my credit report and some things were on there that shouldn't have been. I called 2 places today and both agreed to send the bureaus a letter of deletion. This is a secure job and I will make at least $12,000 a month(not bragging that's part of the reason I am posting from an alter account). If I get the truck my monthly bills will be around $2,500 a month so I can easily afford it. I am trying to build credit and only have a $500 credit card that I keep a balance of ~$150. So financing $30-35k and will help build my credit a lot. Also I am a car/truck enthusiast so having a nice truck when I can easily afford it is what I would like to do.
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 1:05 am to saderade
quote:
So you bought a bunch of shite when you were young and then lost your job causing bankruptcy. You work 7 years to get everything back to where it should be making 85k. Now you are making 12k/month for 2 months and the first thing you want to do is buy a 50k truck? You obviously didn't learn from your mistakes. Buy a reasonable vehicle- start saving for your future house.
No it took a couple of years to get to 85k and made it the last few years. This job is pretty secure and yes I make 12k a month and I'm putting down a minimum of 15k maybe 18-20k. I don't plan on financing anything else until I buy a house. Me financing 30-35k will make me have about $2,500 in total bills a month so I can easily afford it. I will pay it off in less than 2 years so the interest won't hurt as bad. If I pay cash for a truck or finance 5k it won't build my credit as much. Also as I previously said there are benefits to having a brand new truck for my business.
ETA- when I lost my job before I was 22 years old with very little experience. I have since made a name for myself and made a lot of good contacts. I will never have much trouble finding a job again. Since I have gone consulting I've had 3 other companies ask if I wanted to consult for them.
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 12:59 am to eazyeric23
Got it
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 12:54 am to Hog Springs
quote:
Nice. I work at a GMC store so I love the new ones. I'm looking at getting a Denali version later this year. These trucks are bad arse and once the word starts getting out on them we're going to start selling the shite out of them. GMC finally did something right with these new models. They're so bad arse.
Yes I have test driven them and a friend just bought the All-Terrain package
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 12:53 am to eazyeric23
quote:
I am a finance director. I can get you a very good rate through a subvention program. Let me know if you are interested. Don't mind helping out a fellow TD'er.
I am interested in finding out more. You have a website or email?
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 12:41 am to Hog Springs
quote:
Good luck. seriously, and be smart this time.... Btw, what kind of truck are u looking at? Just out of curiosity.
Thanks. I have a $500 limit credit card that I put about $150 on a month, rent, and utilities so I should easily be able to afford it and pay it off fast. I'm looking at the 2014 GMC Sierra 1500 4x4 SLT.
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 12:35 am to weadjust
quote:
Are you a self employed 1099?
Yes and I have an S Corp.
re: Bad credit auto loan, big down payment
Posted by DanielTosh on 2/26/14 at 12:26 am to Mr.Perfect
quote:
God you are bad with money
I messed up bad when I was 20-22 years old and I'm still recovering from it. I have gotten a lot better since then. A lot of the money I made was paying off debts from years ago. I know I've made some dumb decisions and this truck may be one but I know I will pay it off in less than 2 years.
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 12:23 am to Golfer
quote:
And I just looked, you can only depreciate $11,600/yr on the vehicle. So you're better off buying a 15k used vehicle and depreciating the $3000 or so a year that the IRS allows. But you shouldn't be able to do both since you are receiving a mileage reimbursement for business use above the federal level.
Some of that may be true but I've talked to 2 different CPA's and several people who write off things every year. Some of it probably depends on what your business is classified as
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 12:20 am to foshizzle
quote:
Alter, never mind.
Well yea lol. For one I don't want everyone knowing my business and two I didn't want to look like a tool trying to act like I make good money
re: Bad credit auto loan with big down payment?
Posted by DanielTosh on 2/26/14 at 12:16 am to Teddy Ruxpin
quote:
Why in the frick don't you wait until May then? I'm getting pissed off that you make more money than me.
For one I don't have a vehicle at all right now and don't want to buy one now and pay tt&l just to buy another in a couple of months and pay tt&l again on a new one for taxes. I will for sure pay it off quick. Part of the reason for getting it is to build my credit to build a house.
Lol I've put in hard work and been in the right place at the right time.
Popular
33
