coltboostin Posted May 14, 2015 Author Report Share Posted May 14, 2015 That's actually a real good price for that car. You won't find many V's below $30K, even with that mileage. And it's 550+ horsepower and torque. I'm all about a deal. JP- better question for you sir (because I am not married) how does your wife feel about the situation and how big of a factor is that for you? Does she say you work your ass off and go for it or is she reluctant not knowing for sure the future? I think this plays a huge roll on the conscious of ones decision She stays home with the kid and I deal with all finances. She trusts me when I say the finances are fine (which they are) and at this point, I pay all bills. Luckily she is pretty low maintenance. As long as she has a nice, reliable car to haul the kid around and her cell works, she is good. As far as cars, well she knows me. She told me to buy a Lambo if that means I would get rid of the RX-7 The same reckless abandon that I am sure attracted her to me is now more of an issue (obviously) with my role as husband/father/breadwinner. Quote Link to comment Share on other sites More sharing options...
Diamonds Posted May 14, 2015 Report Share Posted May 14, 2015 No monthly payments-I like to buy cash. Its just old habit from growing up broke. If I have a car note, its because the Credit Union would beg for it, and give me a ridiculous rate. (My CU is at 1.9% now, get a call every week about it LOL) I'm an American. I expect to have certain debts (house & cars). I will take ANY zero percent credit card option (IE - best buy card 18months no interest) EVERY TIME I buy something where it allows you to get the zero %... you want to give me free money as long as I am responsible and pay it off on time? I WILL TAKE IT (thanks for the tip Dad). Quote Link to comment Share on other sites More sharing options...
kirks5oh Posted May 14, 2015 Report Share Posted May 14, 2015 i have four car payments right now---lol add all those up and its about half what i pay my ex wife per month in child support, which is about 10% my gross income. its all relative. i usually make it a point to buy new cars, and put at least 25% down on the car immediately. that way, if i get rid of the car unexpectedly, i'm not upside down. there are 1000 different ways to look at it. i work incredibly hard for my money, and work even harder as a father---so why not have fun. Quote Link to comment Share on other sites More sharing options...
coltboostin Posted May 14, 2015 Author Report Share Posted May 14, 2015 I will take ANY zero percent credit card option (IE - best buy card 18months no interest) EVERY TIME I buy something where it allows you to get the zero %... you want to give me free money as long as I am responsible and pay it off on time? I WILL TAKE IT (thanks for the tip Dad). For sure. I do the same. I have not had an interest rate on a "DD" credit card for about 7 years now. I do have a rate on my Southwest Card, but it has netted me 6 free flights in 2 years, so its working out in my eye. I am the one percent. Your opinion is not welcome in this thread sir! Quote Link to comment Share on other sites More sharing options...
Doc1647545523 Posted May 14, 2015 Report Share Posted May 14, 2015 I'll happily go over mortgage income qualifications with you and get you prequalified in your comfort level. The general rule is no more than 3 times your monthly gross but I like to keep people below that. I'm having trouble following this. How could it be that someone with an annual gross of 60k (5k monthly gross) would only qualify for a 15k mortgage? Quote Link to comment Share on other sites More sharing options...
C-Mart Posted May 14, 2015 Report Share Posted May 14, 2015 I'm having trouble following this. How could it be that someone with an annual gross of 60k (5k monthly gross) would only qualify for a 15k mortgage? Multiply that 15k by 12. He is talking monthly payment. Quote Link to comment Share on other sites More sharing options...
C-Mart Posted May 14, 2015 Report Share Posted May 14, 2015 When I was looking at buying a loft I was very surprised to see how much I qualified for. It was definitely more than I would have been comfortable paying. As far as cars I am more concerned about lifetime ownership cost than anything. New car prices as inflated because of the warranty that I don't want/need. I would rather buy an old german with some gremlins, get it in working order over my 15-20k mile ownership and sell it for a profit. My project car, a V8 E30, has all of the parts bought and just needs some wrenching and I have a $400 net profit on it as it sits from parting out the donor car. Could I have afforded something faster/cooler? Sure, but I have done really well investing and throwing away $10,000 in opportunity cost adds up. Quote Link to comment Share on other sites More sharing options...
Doc1647545523 Posted May 14, 2015 Report Share Posted May 14, 2015 Multiply that 15k by 12. He is talking monthly payment. If he's talking monthly payments anywhere here, I guess I'll need someone to explain this slowly to me, perhaps using crayons and hand puppets. Quote Link to comment Share on other sites More sharing options...
C-Mart Posted May 14, 2015 Report Share Posted May 14, 2015 That came out wrong. He was talking monthly, but I believe he meant yearly. 3x yearly gross is a pretty conservative mortgage. Quote Link to comment Share on other sites More sharing options...
coltboostin Posted May 14, 2015 Author Report Share Posted May 14, 2015 Mark's wording is goofy, but he is speaking monthly payment. I don't advertise on CR but I am a manager for a mortgage bank and can also answer any question people have on that subject. If anyone is in the market to buy or refi, we can do as low as 560 Fico in some situations, so do not be afraid to ask if you qualify. Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted May 14, 2015 Report Share Posted May 14, 2015 If he's talking monthly payments anywhere here, I guess I'll need someone to explain this slowly to me, perhaps using crayons and hand puppets. That came out wrong. He was talking monthly, but I believe he meant yearly. 3x yearly gross is a pretty conservative mortgage. Or based on the 60k doc said before, it would be the same. 15k x 12 months is 180k or 60k a year x 3 years same way just different wording Quote Link to comment Share on other sites More sharing options...
dq driver Posted May 15, 2015 Report Share Posted May 15, 2015 ...That makes a TON of sense Mikey... May it please the court, let the record reflect that JP agreed with my opinion/comment. This thread has spun out of control with mortgage talk, let me get it back on track... JP earns at least 3 times more than I do in income, he has 1/20 invested in his cars which are faster, his returns on investments put Berkshire Hathaway to shame, his sperm are better at producing offspring, and my college education was a waste. Buy a Viper. /End coltboostin Thread Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted May 15, 2015 Report Share Posted May 15, 2015 May it please the court, let the record reflect that JP agreed with my opinion/comment. This thread has spun out of control with mortgage talk, let me get it back on track... JP earns at least 3 times more than I do in income, he has 1/20 invested in his cars which are faster, his returns on investments put Berkshire Hathaway to shame, his sperm are better at producing offspring, and my college education was a waste. Buy a Viper. /End coltboostin Thread http://i.imgur.com/nHSF0Hv.gif Quote Link to comment Share on other sites More sharing options...
coltboostin Posted May 15, 2015 Author Report Share Posted May 15, 2015 May it please the court, let the record reflect that JP agreed with my opinion/comment. This thread has spun out of control with mortgage talk, let me get it back on track... JP earns at least 3 times more than I do in income, he has 1/20 invested in his cars which are faster, his returns on investments put Berkshire Hathaway to shame, his sperm are better at producing offspring, and my college education was a waste. Buy a Viper. /End coltboostin Thread Ha!! I'm sure we still agree with more than you think old friend. Scary fact; I have "left it in" only twice in my life, ever, and I have 2 kids! No wonder PR's breed like rabbits!! So yes, Viper time. Fuck back seats :lolguy: Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted May 15, 2015 Report Share Posted May 15, 2015 I see no real reason to go with a 15yr fixed with today's interest rates. There isn't THAT much of a difference and we have no pre-pay or early term penalties. I sell the 30 so you have a cheap payment, give the 15yr am schedule so you can pay it off quickly if you want, but have the low payment cushion if something serious comes up unexpectedly. And you have a better write-off at the end of the year. If your money isn't earning you 6+% today, you need a new financial advisor. But, I also would suggest an ARM for the super low rates. With the caps in place, you are well protected. I am personally on a 1yr ARM that is adjusting DOWN this year. Over the past 22 years, our ARMs have outperformed the 30yr fixed every single year. Lots of options, just depends on you risk tolerance and how you are managing your money. -Marc I agree but I'm on the Dave Ramsey plan and I like the 15-year deal. My only problem with it is most people go in trying to buy more house than they can afford when they look at the 30-year option. I'm an American. I expect to have certain debts (house & cars). I will take ANY zero percent credit card option (IE - best buy card 18months no interest) EVERY TIME I buy something where it allows you to get the zero %... you want to give me free money as long as I am responsible and pay it off on time? I WILL TAKE IT (thanks for the tip Dad). To much BS dealing with that credit card crap, I'd rather just pay the cash and not worry about it. i have four car payments right now---lol add all those up and its about half what i pay my ex wife per month in child support, which is about 10% my gross income. its all relative. i usually make it a point to buy new cars, and put at least 25% down on the car immediately. that way, if i get rid of the car unexpectedly, i'm not upside down. there are 1000 different ways to look at it. i work incredibly hard for my money, and work even harder as a father---so why not have fun. Wait, how the hell did she end up with the kids? That's some BS...but you're living the BALLER LIFE so probably doesn't mean crap now.. :fuckyeah: Quote Link to comment Share on other sites More sharing options...
kirks5oh Posted May 15, 2015 Report Share Posted May 15, 2015 Wait, how the hell did she end up with the kids? That's some BS...but you're living the BALLER LIFE so probably doesn't mean crap now.. :fuckyeah: I have 50% custody. I have my kids every other week. I still pay child support to take into account the massive disparity in lifestyle the kids would have living with her if I didn't. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 15, 2015 Report Share Posted May 15, 2015 Wait, how the hell did she end up with the kids? That's some BS...but you're living the BALLER LIFE so probably doesn't mean crap now.. :fuckyeah: The wife usually does. He's a sugeon thus she likely has way more time. court isn't going to force him to be a part time doctor which would then cut into the finances even more. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted May 15, 2015 Report Share Posted May 15, 2015 I'm having trouble following this. How could it be that someone with an annual gross of 60k (5k monthly gross) would only qualify for a 15k mortgage? Sorry...I should have clarified. I was speaking of debt to income rules of thumb. For those that do not really understand debt to income, take a look here: http://en.wikipedia.org/wiki/Debt-to-income_ratio -Marc Quote Link to comment Share on other sites More sharing options...
kirks5oh Posted May 15, 2015 Report Share Posted May 15, 2015 The wife usually does. He's a sugeon thus she likely has way more time. court isn't going to force him to be a part time doctor which would then cut into the finances even more. see above. wisconsin is very good in terms of giving equal custody. i was very concerned how i was going to be productive and earn the same living, have a worthwhile practice, with being a good father, and legitimately doing 50% custody. it is HARD fucking work when i have the kids and have to work a full time job. i just buckle down, man-up, and prepare my ass off. that's why i justify buying stupid shit i don't really need. Quote Link to comment Share on other sites More sharing options...
Jewtoys Posted May 15, 2015 Report Share Posted May 15, 2015 see above. wisconsin is very good in terms of giving equal custody. i was very concerned how i was going to be productive and earn the same living, have a worthwhile practice, with being a good father, and legitimately doing 50% custody. it is HARD fucking work when i have the kids and have to work a full time job. i just buckle down, man-up, and prepare my ass off. that's why i justify buying stupid shit i don't really need. Only on this blue marble once! Quote Link to comment Share on other sites More sharing options...
Exodus Posted May 15, 2015 Report Share Posted May 15, 2015 I will never finance a car ever. I also buy very smart as daily or toy it's always a investment. If you can afford it buy it. If you have to question it you can live without it. I also step back and know what I "want" and of what I want is not in my price range I find a way to make that extra money up like working extra hours, flipping a car, side job anything I can so I can justify the added cost This. Quote Link to comment Share on other sites More sharing options...
Ben Posted May 16, 2015 Report Share Posted May 16, 2015 Or, buy this, put 2 car seats in it, drive it for 3 years, and break even. http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?zip=44131&endYear=2010&modelCode1=CTS&sortBy=derivedpriceASC&showcaseOwnerId=0&startYear=2007&makeCode1=CAD&engineCodes=8CLDR&engineCode=8CLDR&searchRadius=0&trim1=CTS%7CV&mmt=%5BCAD%5BCTS%5BCTS%257CV%5D%5D%5B%5D%5D&listingId=391763457&Log=0 Maybe I'm just too stuck on the years when Cadillacs were granny-mobiles with bumpers that regularly fell off and cracking plastic bits on the exterior... But $27k for a five-year-old 100,000-mile Cadillac?!?!?! Quote Link to comment Share on other sites More sharing options...
coltboostin Posted May 16, 2015 Author Report Share Posted May 16, 2015 Maybe I'm just too stuck on the years when Cadillacs were granny-mobiles with bumpers that regularly fell off and cracking plastic bits on the exterior... But $27k for a five-year-old 100,000-mile Cadillac?!?!?! Honest question; do you know what a CTS-V is? Quote Link to comment Share on other sites More sharing options...
Forrest Gump 9 Posted May 16, 2015 Report Share Posted May 16, 2015 Maybe I'm just too stuck on the years when Cadillacs were granny-mobiles with bumpers that regularly fell off and cracking plastic bits on the exterior... But $27k for a five-year-old 100,000-mile Cadillac?!?!?! Yes, the CTS-V hold its value extremely well. That one is still considered good deal. May not be JB good deal, but it's good deal to most people. Quote Link to comment Share on other sites More sharing options...
Bam Posted May 16, 2015 Report Share Posted May 16, 2015 I'd love a newer V but I have a hard time spending that amount of money on that old/many miles only because of my fear of it costing me a lot more in the near future. Probably unlikely but whatcha gonna do. I don't have a problem spending that much on a car though. Sure I'd love to not have a car payment but I wouldn't love what I would be driving. Is it good or bad that my car payment for 2 cars is within a hundred dollars of my mortgage payment? Not sure but all three payments are manageable and we enjoy/use them as intended. We're also on a 15 year mortgage since I'd like to be out of debt sooner than later.................or free up more money for toys, LOL. I say go for it, I'll live vicariously through you! Quote Link to comment Share on other sites More sharing options...
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