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GA Tacoma Owners BS Thread

Discussion in 'Georgia' started by BYJOSHCOOK, Oct 29, 2008.

  1. Dec 2, 2019 at 5:27 PM
    thewarriordinghy

    thewarriordinghy Kyle Busch Wannabe

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    Do I even have enough history to get a decent payment? Paying cash is basically to avoid payments
    wouldn't you still lose money with only a 1% yield. Inflation itself would negate those gains surely?
     
  2. Dec 2, 2019 at 5:27 PM
    backcountryj

    backcountryj Well-Known Member

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    Delta Credit Union and USAA. I use them for just about any loan I ever need (auto or investment [buy to sell]).

    Agreed on the don’t show the dealership the ‘you wanna pay cash’ card. Buying a vehicle for the best price, for you, is simply a poker game.

    I personally only negotiate pricing on an all-in OTD basis. It isn’t until we have a final agreed upon figure in writing before I let them know I don’t need their financing.
     
  3. Dec 2, 2019 at 5:28 PM
    thewarriordinghy

    thewarriordinghy Kyle Busch Wannabe

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    Yeah I am just trying to figure out the game. I agree on the OTD basis.
     
    backcountryj likes this.
  4. Dec 2, 2019 at 5:42 PM
    Stig

    Stig Resident smartass

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    Yes, not saying you will make money, but getting 1% on your money is always better than nothing....in my opinion.

    Some numbers that popped up...

    $20k loan at 3.1% interest for 60 months. Total cost of loan is $21,600.
    So you're paying $1600 over 5 years to borrow that money. If you had that money making 1% in an account, that'll save you $500 off total cost and be at $1100, just over $200/yr.

    The benefits of having $20k in the bank and making a monthly payment vs having $20k less and having title in hand, well worth that little you'll pay.

    Your loan may come with gap coverage, so if you total it 2 years in and it's only worth 12k and you owe 15k, that'll be covered.

    That's all simplified and rounded numbers, but gaining credit is much more important than not having a payment.

    This all goes out the window when you start talking bigger numbers (mainly interest rates), but when they are so close to zero, it's hard to argue against using someone else's money.

    Edit: just talking about simple auto loans... On something that most likely will continue to depreciate.
     
  5. Dec 2, 2019 at 6:19 PM
    thewarriordinghy

    thewarriordinghy Kyle Busch Wannabe

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    Only thing is, being under 25 (at least until next month) my insurance is high so i am trying to keep costs down. I wouldn't buy new, as someone else can eat the biggest bit of depreciation
     
  6. Dec 2, 2019 at 6:28 PM
    CowboyTaco

    CowboyTaco $20 is $20

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    PM me. I can call you on my way home from work tomorrow.
     
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  7. Dec 2, 2019 at 7:24 PM
    MDB Taco

    MDB Taco Well-Known Member

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    So I’m pretty close to your age. When I bought my Ford, I did what my old man taught me. I arranged primary and backup financing with my credit unions before even showing up, even though I could’ve paid cash. When the sales guy asked about financing, I answered “I’ve already got X%, but if you can beat it by all means please do”. As the others here have mentioned, the dealerships don’t care about the interest rate. Most times they just get a flat commission for every corporate finance account they open. So they WILL give you lower if they can. Plus they can usually offer an extra incentive off the drive out price for financing. There’s very seldom an early payoff penalty too. So theoretically you can take the “get $X off when you finance through Ford (or whoever)” and then pay the account off in full the next day.

    BUT, being very close in age to you, one hurdle I didn’t expect was that since I’d only had credit cards in my credit history, it didn’t have the “diversity” lenders want to see. So what I ended up doing is instead of paying cash, I took the crazy low interest and am making auto payments from what would’ve been the cash payment. Basically I’m paying a couple hundred to up my credit for when I get ready for a mortgage. I’m told that usually a year or so of a “long term loan” like a car payment is what lenders will look for.

    As far as insurance, my biggest advice is shop around. Talk to everyone you know, see who they have and get a quote from their provider. I ended up seeing an almost $700/year spread after all the quotes I’d called around for.
     
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  8. Dec 2, 2019 at 7:47 PM
    thewarriordinghy

    thewarriordinghy Kyle Busch Wannabe

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    I shopped around lowest insurance on my tacoma is 208 a month (and I only drive it on weekends since I have a company truck). I guess theoretically I could open a bank account, pay the cash to it then take the payment from that account?
     
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  9. Dec 3, 2019 at 1:54 AM
    MDB Taco

    MDB Taco Well-Known Member

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    Yes, that’s definitely an option. IMO it would boil down to three things: do you want/need the credit diversity, are there any financing incentives from the dealership, and is liquid/mobile/etc cash important to you.

    At the end of the day, I’m no financial expert, so take whatever I say with a grain of salt. Hahaha.
     
    Last edited: Dec 3, 2019
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  10. Dec 3, 2019 at 4:01 AM
    thewarriordinghy

    thewarriordinghy Kyle Busch Wannabe

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    It's just debt scares the hell out of me man...
     
  11. Dec 3, 2019 at 4:26 AM
    Pizzasteve5717

    Pizzasteve5717 Well-Known Member

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    Nice! Let me know how much you gonna sale those billies on 886s though
     
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  12. Dec 3, 2019 at 4:47 AM
    cubie

    cubie Redneck Asian

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    Sweet home Alabama with a shotgun, rifle and a 4wd
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    Mornin' GA!
     
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  13. Dec 3, 2019 at 5:13 AM
    Gilmorec61

    Gilmorec61 Well-Known Member

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    Wot R Modz
    they are OME nitrochargers on 885's
     
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  14. Dec 3, 2019 at 5:14 AM
    Stig

    Stig Resident smartass

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    Don't let it get to you. There's all the difference between being responsible and not. You have the cash in hand to cover said debt.

    People get in trouble when they can't afford things and just think the can barely make a monthly payment and they buy crap, and more crap. Then you miss one payment.. Then the next.

    Here's even more reasons to throw money into a bank account... They'll pay you a bonus to do it.

    https://www.moneycrashers.com/best-new-bank-account-promotions-offers/

    Do you have a checking or savings account at all? How about credit card?

    As far as credit card, there's no reason to fear using one, just like any other debt. Make sure you do have the money, and pay it off each month. It's just like a temporary account for stuff you buy. You can apply for a credit card that'll give you $500+ bonus if you spend $3k in the first 3 months. So if you're going to spend the money anyways do it. Biggest thing I avoid is annual fees, there are plenty out there that don't have them but offer great perks.

    For example, say you buy a new tv for $1500 with a credit card, you'll get reward points for what you spent. On some cards, if that tv goes on sale for $1350 within 90 days, you can request the difference of what you paid, then you get $150 back. If the TV had a 1 year warranty, the credit card might double that to two years for free.

    So just make sure you don't overspend what you can afford on credit whether it's a loan or credit/charge cards and you'll be ok. Don't think a $5k limit card means you go out and spend $5k (you should typically spend no more than 30-50% of a cards limit for best credit score impact).
     
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  15. Dec 3, 2019 at 5:53 AM
    MAG GRY TACO15

    MAG GRY TACO15 Well-Known Member

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    Same crap everyone else got
    Debt should only be scary if you don't think you are responsible enough to handle it. The fed fund rate has dropped so the interest you will earn on your money has also dropped. Lending rates have lagged and have not dropped as much. You are buying a used vehicle, so the lower the term or life of the loan the lower the rate will be. It will be unlikely you will be able to find a risk free investment vessel to offset what interest you will pay on a vehicle loan but for the sake of off setting it some, put the money in a high yield savings like amex or another online one that yields 1.75% right now. If you were to have A+ credit on a short 36 month loan on a 2017 vehicle you would be getting a 3.05% with my Credit Union. So effectively paying a rate of 1.3% in interest. Do this for a year to est auto loan history, build credit. If the market recovers the yield on the savings account increases also.
     
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  16. Dec 3, 2019 at 6:01 AM
    iK0NiK

    iK0NiK Insert custom title here.

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    Bil 6112/5160's etc.
    Anyone feel like schooling on investments? I'm 31, I've got my truck almost paid off, 2 years into mortgage and everything is looking good, and got a decent chunk in the bank, but that's as far as I've made it. I work for a small company so no 401k, no stocks, no tenure, etc. Kinda not sure what to do with my savings to benefit me other than what they're doing right now... sitting in a savings account earning about $0.50 per month in interest. PM is fine, I could really use some guidance.
     
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  17. Dec 3, 2019 at 6:03 AM
    Stig

    Stig Resident smartass

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    Quick and easy.. Some money into a high yield savings preferably one that gives you a bonus for startingan account. And start putting money in a 401k or IRA now. It'll add up quickly.
     
    MAG GRY TACO15 likes this.
  18. Dec 3, 2019 at 6:10 AM
    MAG GRY TACO15

    MAG GRY TACO15 Well-Known Member

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    Same crap everyone else got
    Something simple is to fist move it to a high yield savings account like mentioned above. That will allow it to earn while you decide how much you want to keep there and how much you want to invest. Most suggest 6months of earnings to keep in a savings account. I'm paranoid so I keep more. The rest is in various CD's. 3 fund portfolio at vanguard. S&P 500. (so more like a 4 fund portfolio but the S&P is more redundant in my case) If you are wanting to simple, the Warren Buffet school of thought is to invest in the S&P 500 index. It's less yield but less risk. Or just find a target retirement age index fund and let your money ride. You're still young enough to ride out ups and downs. Also open a Roth IRA and max that out each year. If you can open a health savings account, do so also. That will earn and allow you to pay for your health cost with pre taxed money. Highly suggest if you have a child. There are so many avenues to invest, you have to determine what your goals are and what you are willing to risk. High risk, High reward.
     
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  19. Dec 3, 2019 at 6:36 AM
    CowboyTaco

    CowboyTaco $20 is $20

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    Capital One Money Market is @ 2% for account balances over $10k. I might even get a referral bonus if you sign up.

    If you want a capital one credit card, let me know. I definitely get a referral bonus there. Heck, I'll even split the referral bonus with you. It is currently $100.

    Now, that being said, Capital One is not the best interest rate. The rewards system is competitive with other big brand credit card providers. If you pay it off each month, the monthly interest rate doesn't matter.
     
  20. Dec 3, 2019 at 6:38 AM
    CowboyTaco

    CowboyTaco $20 is $20

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    I'm no expert, but I'll be happy to discuss financial planning with anyone.
     

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