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144-month Car Loan?!?!


zeitgeist57

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agreed 100%. Geeto assumes JP doesn't know shit about finance.

 

I don't assume that at all. However he made comments that indicated he thought debt was bad and that this debt was particularly bad. I don't agree, stated why, and then he got butt hurt and we are here.

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Bubble mentality: "The market keeps going up. I'll leverage as much as I can to ride the wave I normally wouldn't support/qualify for on my own." This definitely works...until it doesn't. If you get upside down, you can always just default or declare bankruptcy to get out of it. Depends on how you want to look at your own personal finances...but that's none of my business. (#2007FloridaNevadaRealEstate #StatedIncomeMortgages :lol:)

 

I'm sure a lot of people thought they were going to make a ton of money buying BTC on credit cards at 11,000...until the price dropped to 7,800. :dumb:

 

To Andy and Kerry's credit, maybe a handful of marques can support high-line leases and 144-month loans by people that qualify for them. But "Miss 96-month Tahoe" rolled sales tax into that note and will be paying for it for years to come. That's the dumb I'm talking about.

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If its not making you money...

 

This.

 

...I dont have $10 to feel my kids...

 

N...not this.

 

....aaaaaand this is why Kerry has made so many friends on this board. :lol:

 

Clay: "Porsche 12 year loan is dumb. Don't do it. This car is not an investment."

 

JP: "America is way too chill with debt and doesn't even consider the long term ramifications. This car is not worth it."

 

Kerry: "LET ME EDUCATE ALL OF YOU ON OTHER TYPES OF DEBT NOT RELATED TO THIS POST WHATSOEVER THEN TALK TRASH WHEN YOU DON'T READ MY NOVELLA!!!"

 

Depends on what you define as a "friend": you and I are cool, but I disassociate myself from you when you go on your rants. It's a little too much to bear, sometimes.

 

Might as well hear it directly from me!

 

Mic. Drop.

 

As long as I can borrow your pickup from time to time, I'm ok with that. :)

 

Didn't he already say he learned from his past experiences in another thread? :lol:

 

I read JP's post 100% as the way he intended it, not how Kerry went off on a tangent about.

 

As did literally every other person who uses common sense on the board. :lolguy:

 

New truck is off the table. Hit up Randy.

 

not just you, if it makes you feel better...

 

http://www.reactiongifs.com/r/hhn.gif

 

Nah, you went full geetard.

 

:lol:

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Eh....more like

 

Clay: “look at this crazy debt instrument I don’t really understand fully, and let’s all shit on fictional people who probably don’t qualify for this product but we think do so we can feel better about ourselves”

 

The rest of Cr: “debt is the devil, this is exactly like 96 month leases on yugos and other pedestrian cars. Also fuck people who have debt”

 

Me: “debt is not the devil, you don’t really understand this product, and this isn’t anything like 96 month financing on a Camry”

 

The rest of CR: “burn him he’s a witch who speaks heresy!!!!!!”

 

By the way, since when is CR for making friends? This place literally exists so a bunch of local guys can shit talk each other.

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By the way, since when is CR for making friends? This place literally exists so a bunch of local guys can shit talk each other.

 

I don't normally pick apart your comments on here, but that's a pretty dumb statement

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Eh....more like

 

Clay: “look at this crazy debt instrument I don’t really understand fully, and let’s all shit on fictional people who probably don’t qualify for this product but we think do so we can feel better about ourselves”

 

The rest of Cr: “debt is the devil, this is exactly like 96 month leases on yugos and other pedestrian cars. Also fuck people who have debt”

 

Me: “debt is not the devil, you don’t really understand this product, and this isn’t anything like 96 month financing on a Camry”

 

The rest of CR: “burn him he’s a witch who speaks heresy!!!!!!”

 

By the way, since when is CR for making friends? This place literally exists so a bunch of local guys can shit talk each other.

 

Correctly incorrect.

 

People who have made a success living in the financial industry: "This is a bad idea."

 

Kerry, an attorney who works for a bank I guess: "You're all wrong. A 12 year loan on a vehicle makes sense. I'm right once again"

 

CR collective: "You're an idiot."

 

Kerry: "Suburbans are Yugos."

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Eh....more like

 

Clay: “look at this crazy debt instrument I don’t really understand fully, and let’s all shit on fictional people who probably don’t qualify for this product but we think do so we can feel better about ourselves”

 

The rest of Cr: “debt is the devil, this is exactly like 96 month leases on yugos and other pedestrian cars. Also fuck people who have debt”

 

Me: “debt is not the devil, you don’t really understand this product, and this isn’t anything like 96 month financing on a Camry”

 

The rest of CR: “burn him he’s a witch who speaks heresy!!!!!!”

 

By the way, since when is CR for making friends? This place literally exists so a bunch of local guys can shit talk each other.

 

Kerry, you're so full of shit I can smell you through my monitor.

 

Because I don't think it's a good idea to finance a used car for 12 years, makes you the authority of where this loan is appropriate in the used-car marketplace?

 

You really think I don't understand this product, or is it convenient for you to position me as misunderstood to help your passive-aggressive naysaying on this topic?

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....aaaaaand this is why Kerry has made so many friends on this board. :lol:

 

...aaaaand, wait a second, aren't you counted as one of them? ;) :grin2:

 

Depends on what you define as a "friend": you and I are cool, but I disassociate myself from you when you go on your rants. It's a little too much to bear, sometimes.

 

Might as well hear it directly from me!

 

 

By the way, since when is CR for making friends? This place literally exists so a bunch of local guys can shit talk each other.

 

tenor.gif?itemid=7551542

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Kerry, you're so full of shit I can smell you through my monitor.

 

Because I don't think it's a good idea to finance a used car for 12 years, makes you the authority of where this loan is appropriate in the used-car marketplace?

 

You really think I don't understand this product, or is it convenient for you to position me as misunderstood to help your passive-aggressive naysaying on this topic?

 

giphy.gif

 

PS - get a new monitor Clay. I don't think that's suppose to happen.

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Eh... I wouldn't take on a 12 year loan on a GT4 at 104k. I think those are coming down to $50k before they bottom out and that's a lot of depreciation to eat while paying interest. But I probably wouldn't worry too much about doing it on something that I could likely sell at or prior to maturity for principle + interest + profit. Say, rosa corsa manual F430?

 

That said, I've actually never used a car loan (though I did lease the 135i before I bought it just to make sure I could return it if the N55 motor turned out to be a lemon). So maybe I'm more debt adverse than the game I talk.

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I would never do a 12 year loan. That being said it really sucks that I'll never be able to buy a new truck. I currently have an 06 Duramax. To get a new replacement it would be in the $60-70k range and financed over 5 years would almost look like another mortgage payment. I would have to show up with a boat load of cash to buy one. That's if I thought a new Duramax was even worth that kinda money.....it's not.
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Eh... I wouldn't take on a 12 year loan on a GT4 at 104k. I think those are coming down to $50k before they bottom out and that's a lot of depreciation to eat while paying interest.

 

I think that’s gonna take either a LONG time or Porsche drastically upping production of GT4s to get to $50k as an average price and not an outlier (wrecked, high miles, etc). Considering the most comparable car in the Porsche lineup is the 996 GT3 and at 14 years old they still regularly pull $60k plus.

 

If You are in the market to own a high dollar car that doesn’t depreciate for a short period and want it to cost as little out of pocket as possible, then this is the loan product to do that.

 

Im nowhere in a position to be attempting those plays and can’t keep cars short term, so this product isn’t for me.

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Again, let met state that at 144 month loan on a car is completely foolish if you plan on actually making payments for all 144 months and simply living beyond your means. While I'm not debt adverse the only debt I have is a single car payment but I'm not here to preach about debt and 'Merica or whatever.

 

Let me run this scenario past you. Next year when I go back to Europe to visit the Nurburgring and Spa again which Scenario should I follow:

 

1 ) Spend $1000 on a rental car for the period I'm there. Spend $2000 on rental car (BMW 135/235) for Nurburgring lapping. Spend $1500 for rental car (Same BMW 135/235) for Spa lapping.

 

OR

 

2) Purchase a new GT4 or GT4 RS from my buddy who is the sales manager at Byers at Sticker price and do so with European Delivery option. Buy the car on one of these foolish 144 month loans. drive around Europe in a GT4 for the time we are there and do both track events without the need to pay for a rental car ($4500 savings). Drop the car back off and wait for 3-4 weeks for it to show up at home, where I'll then sell it for $10-15k OVER sticker.

 

...which one should I do?

 

Before you say it yes, I'll have to eat the taxes but the money still works out in my favor.

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Again, let met state that at 144 month loan on a car is completely foolish if you plan on actually making payments for all 144 months and simply living beyond your means. While I'm not debt adverse the only debt I have is a single car payment but I'm not here to preach about debt and 'Merica or whatever.

 

Let me run this scenario past you. Next year when I go back to Europe to visit the Nurburgring and Spa again which Scenario should I follow:

 

1 ) Spend $1000 on a rental car for the period I'm there. Spend $2000 on rental car (BMW 135/235) for Nurburgring lapping. Spend $1500 for rental car (Same BMW 135/235) for Spa lapping.

 

OR

 

2) Purchase a new GT4 or GT4 RS from my buddy who is the sales manager at Byers at Sticker price and do so with European Delivery option. Buy the car on one of these foolish 144 month loans. drive around Europe in a GT4 for the time we are there and do both track events without the need to pay for a rental car ($4500 savings). Drop the car back off and wait for 3-4 weeks for it to show up at home, where I'll then sell it for $10-15k OVER sticker.

 

...which one should I do?

 

Before you say it yes, I'll have to eat the taxes but the money still works out in my favor.

 

You should definitely buy the porka and have an awesome experience

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Is anyone really surprised? You've still got people LEASING cars...lol

 

leasing makes total sense when done correctly. it's really the only way to drive off in a brand new car and not get fucked. The reality is a vehicle is just an expense and an item that depreciates over time so to tie equity up in it is pretty unwise; especially when the cost of money today is still dirt cheap. The rates on both our leases 1.7% and 1.2% respectively. If you're not going to buy used and drive it until the wheels fall off, just lease a new vehicle.

 

By the way, since when is CR for making friends? This place literally exists so a bunch of local guys can shit talk each other.

 

I can't tell if you're serious :confused:

 

The thing to remember about the very wealthy is that there is no value in liquid money long term. Inflation will significantly errode the spending value of the liquid money even in as short a term as a year. So the majority have their money parked in assets and instruments that are not always easy to extract it from. Having access to credit that has a low monthly carrying cost means they can still take advantage of a buying opportunity while they try to liquidate another asset to pay for it.

 

I wouldn't say the above is limited to the very wealthy. Same thing applies to the rest of us as well.

Edited by TTQ B4U
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Again, let met state that at 144 month loan on a car is completely foolish if you plan on actually making payments for all 144 months and simply living beyond your means. While I'm not debt adverse the only debt I have is a single car payment but I'm not here to preach about debt and 'Merica or whatever.

 

Let me run this scenario past you. Next year when I go back to Europe to visit the Nurburgring and Spa again which Scenario should I follow:

 

1 ) Spend $1000 on a rental car for the period I'm there. Spend $2000 on rental car (BMW 135/235) for Nurburgring lapping. Spend $1500 for rental car (Same BMW 135/235) for Spa lapping.

 

OR

 

2) Purchase a new GT4 or GT4 RS from my buddy who is the sales manager at Byers at Sticker price and do so with European Delivery option. Buy the car on one of these foolish 144 month loans. drive around Europe in a GT4 for the time we are there and do both track events without the need to pay for a rental car ($4500 savings). Drop the car back off and wait for 3-4 weeks for it to show up at home, where I'll then sell it for $10-15k OVER sticker.

 

...which one should I do?

 

Before you say it yes, I'll have to eat the taxes but the money still works out in my favor.

 

:masturboy:2

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Some of you have waaaaaay too much time on your hands to debate this to the level it is being taken.

 

Get off your ass and get to work and make some more money and buy whatever the hell you want.

 

So I say as I'm sitting on my own ass taking a mental break by coming on CR for 3 minutes to get a laugh out at some of the posts.

 

If 1/4 of CR worked just as hard as they debated certain topics, could then just go pay cash for the damn car/toy/whatever strikes your fancy item.

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