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Can you modify a vehicle that the bank owns?

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Old 05-05-2013, 11:54 PM   #21
I support a velociraptor free workplace.
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hahah sheeit
Don't shit on the bitches.

Thats rude.
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Old 05-05-2013, 11:55 PM   #22
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yea my bad. Pee pee on the other hand...Bitches love pee pee.
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Old 05-05-2013, 11:56 PM   #23
I support a velociraptor free workplace.
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yea my bad. Pee pee on the other hand...Bitches love pee pee.
Also, I suppose I shouldn't have been so hasty. Some bitches love a good hot lunch.
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Old 05-06-2013, 12:00 AM   #24
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Also, I suppose I shouldn't have been so hasty. Some bitches love a good hot lunch.

hahah ........
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Old 05-06-2013, 12:01 AM   #25
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Originally Posted by BrokenTusk View Post
Also, I suppose I shouldn't have been so hasty. Some bitches love a good hot lunch.
they gotta have the cupes for that
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Old 05-09-2013, 09:24 AM   #26
Very Nice !
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Youre thinking of a lease. You are turning that car back in to the dealer. Any mods will be deducted from the value of the car. If you 'buy' the car, the bank wont careone way or another what you do to it as long as you pay for the loan.

Now if you default on the loan, and your mods detract from the value of the car ... youre liable. If you added a new bumper and tires, they wont do anything to you. They will take it back, file a judgement against you for the balance and auction the car.
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Old 05-09-2013, 09:28 AM   #27
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Modify it. Modifications are a depreciating investment. say you plan on having a car 10 years. At year 10 your modifications are worth almost nothing when you sell it. If you put 5,000 into your truck after you have had it 5 years and paid it off. Your mods depriciate at 1,000 a year. If you mod on day 1. your mods depricate at only 500 a year and you get to enjoy them longer.
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Old 05-09-2013, 10:23 AM   #28
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Quote:
Originally Posted by Mademan925 View Post
Modify it. Modifications are a depreciating investment. say you plan on having a car 10 years. At year 10 your modifications are worth almost nothing when you sell it. If you put 5,000 into your truck after you have had it 5 years and paid it off. Your mods depriciate at 1,000 a year. If you mod on day 1. your mods depricate at only 500 a year and you get to enjoy them longer.
Agreed! Anything that depreciates is a liability, not an investment, though you may have spent tons of money on it. Enjoy it while you can, and, for insurance purposes, I suggest you take a picture of everything you add immediately after you add it, just in case somebody else decides you have a sweet ride and wants to borrow it, or use it as a bumper car.
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Old 05-09-2013, 10:29 AM   #29
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Originally Posted by Fifthwind View Post
Agreed! Anything that depreciates is a liability, not an investment, though you may have spent tons of money on it. Enjoy it while you can, and, for insurance purposes, I suggest you take a picture of everything you add immediately after you add it, just in case somebody else decides you have a sweet ride and wants to borrow it, or use it as a bumper car.
Should have said depreciating asset.
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Old 05-09-2013, 10:31 AM   #30
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I mod mine and I'm still 50 payments away from owning it. And agreed. I didnt have 32k in cash but I make enough to pay extra on my payments and mod my truck.
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Old 05-09-2013, 11:04 AM   #31
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I guess I just don't understand why you wouldn't just pay MORE extra on the payments and let the mods wait till you pay it off.
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Old 05-09-2013, 11:39 AM   #32
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I loaned 6k on my truck over 3 years and spent close to 5k in mods the first year I had it but I still had the loan paid off in a year and a half.
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Old 05-09-2013, 11:41 AM   #33
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Quote:
Originally Posted by steve o 77 View Post
I guess I just don't understand why you wouldn't just pay MORE extra on the payments and let the mods wait till you pay it off.
Who likes waiting? Lol
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Old 05-09-2013, 12:07 PM   #34
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Originally Posted by steve o 77 View Post
I guess I just don't understand why you wouldn't just pay MORE extra on the payments and let the mods wait till you pay it off.
Because you want the truck of your dreams but dont have enough money to payoff the truck and complete the build.

Example:

You just bought a house. You got a 30 year loan on the house but you have always wanted a pool. A pool costs a lot more then the value it adds to your house. You want to enjoy the pool the 30 years you live there. Not wait to payoff the house before you get the pool.
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Old 05-09-2013, 12:15 PM   #35
slow is smooth, and smooth is fast.
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Quote:
Originally Posted by Mademan925 View Post
Because you want the truck of your dreams but dont have enough money to payoff the truck and complete the build.

Example:

You just bought a house. You got a 30 year loan on the house but you have always wanted a pool. A pool costs a lot more then the value it adds to your house. You want to enjoy the pool the 30 years you live there. Not wait to payoff the house before you get the pool.
exactly,.....You might have problems in the future. I say live it like there is no tomorrow
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Old 05-09-2013, 08:07 PM   #36
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Quote:
Originally Posted by Mademan925 View Post
Modify it. Modifications are a depreciating investment. (snip)
Actually, since the vehicle itself depreciates over time, it's not really an investment. You don't buy, at least not realistically buy, a vehicle with the goal of getting any substantial financial return on the money spent. Instead, it, along with anything done to it, is an expense. Your return on that expense is the use you'll hopefully get from the vehicle (& any mods) over time.

Quote:
Originally Posted by steve o 77 View Post
I guess I just don't understand why you wouldn't just pay MORE extra on the payments and let the mods wait till you pay it off.
Okay, perhaps I can explain with an example. I buy a truck to tow a travel trailer - the modification I want. Your premise is that I wait to buy the travel trailer until the truck is paid off. Of course, by that time, the truck, now years older, is not really capable any longer of reliably towing a trailer. I've now defeated the whole purpose of buying the truck. Of course, I could just buy another truck, but then I'd have to wait once again until it's paid off before buying the trailer. This process could repeat indefinitely, without ever the benefits of a travel trailer.

Actually, your premise taken to its logical extreme, might even be an better example. Why are you buying a truck on time? Why didn't you just wait on the truck until you could pay it off? Your likely response is that you needed or wanted the truck. Well, others need or want the modifications.

Of course, this is not exactly living like there's no tomorrow (as another said). The money is ultimately coming out of your pockets, whether its cash now or payments tomorrow. Given that, you had best consider tomorrow darn carefully.
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Old 05-09-2013, 08:18 PM   #37
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Quote:
Originally Posted by Mademan925 View Post
Because you want the truck of your dreams but dont have enough money to payoff the truck and complete the build.

Example:

You just bought a house. You got a 30 year loan on the house but you have always wanted a pool. A pool costs a lot more then the value it adds to your house. You want to enjoy the pool the 30 years you live there. Not wait to payoff the house before you get the pool.
Key difference, "mods" to a house increase its value. Mods to a truck decrease it.

Quote:
Originally Posted by stewartx View Post
Actually, since the vehicle itself depreciates over time, it's not really an investment. You don't buy, at least not realistically buy, a vehicle with the goal of getting any substantial financial return on the money spent. Instead, it, along with anything done to it, is an expense. Your return on that expense is the use you'll hopefully get from the vehicle (& any mods) over time.



Okay, perhaps I can explain with an example. I buy a truck to tow a travel trailer - the modification I want. Your premise is that I wait to buy the travel trailer until the truck is paid off. Of course, by that time, the truck, now years older, is not really capable any longer of reliably towing a trailer. I've now defeated the whole purpose of buying the truck. Of course, I could just buy another truck, but then I'd have to wait once again until it's paid off before buying the trailer. This process could repeat indefinitely, without ever the benefits of a travel trailer.

Actually, your premise taken to its logical extreme, might even be an better example. Why are you buying a truck on time? Why didn't you just wait on the truck until you could pay it off? Your likely response is that you needed or wanted the truck. Well, others need or want the modifications.

Of course, this is not exactly living like there's no tomorrow (as another said). The money is ultimately coming out of your pockets, whether its cash now or payments tomorrow. Given that, you had best consider tomorrow darn carefully.
Thanks, that makes sense.
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Old 05-10-2013, 05:25 AM   #38
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Quote:
Originally Posted by steve o 77 View Post
I guess I just don't understand why you wouldn't just pay MORE extra on the payments and let the mods wait till you pay it off.
I don't understand why you would wait! Why make big payments on a truck thats not exactly what I want? At least I'll get to enjoy my mods for more years and while the truck still has low miles. The only money I'd save by paying off the loan early is probably a moot point when looking at the big picture of 10+years, especially considering the coin is going to be dropped on mods either now or later...
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Old 05-10-2013, 06:12 AM   #40
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Quote:
Originally Posted by Mademan925 View Post
Because you want the truck of your dreams but dont have enough money to payoff the truck and complete the build.

Example:

You just bought a house. You got a 30 year loan on the house but you have always wanted a pool. A pool costs a lot more then the value it adds to your house. You want to enjoy the pool the 30 years you live there. Not wait to payoff the house before you get the pool.
Good analogy. I did that 3 yrs ago..once we paid off my wife's Rav4 we financed the pool purchase (had the $$ for install, wiring, and such). Didn't want to do it that way but it benefited us in that she just had shoulder surgery and could do her rehab in the pool versus spending nearly a grand to do it at a PT place.

Not the same, but I didn't want to wait 30 years to repair the crappy drywall in my spare room either.

Similarly, I bought the Nerf bars for my truck in part to help my father in law when I take him to appointments..he has Alzheimers and has trouble getting in my truck otherwise.
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