JJW95SC

Now they're both mine (see sig)! Refinanced actually...equity is a wonderful thing.

Jim

Vic

congratz! now when will you have time to help me out with my car? =)
Vic

Botos

Congratulations! I just made my first payment last week...

Confused

iTrader: (4)

:

Lordrandall

iTrader: (4)

Congratz!!! Isn't that a great feeling?

brianw

iTrader: (3)

Congrats... most excellent!

Makes me realize how scary it is.... I'll be paying for my Maxima up front, 100% of it...

WoodEar

you do realize that, a typical auto loan is ~8%. and leave your money with Fidelity yields more than 20% on their safest funds, right?

Johnny

It hasn't been a good year. My Fidelity Select is negative, and I only get 6.1% in a Janus MM fund. Sometimes it's peace of mind, I'm glad my car is paid for. I mean what I lost in equity since Labor Day could pay for a new car--imagine financing a BMW and losing on the market, that would be a double-whammy. Of course 1995 through 1999 you are definitely right, borrowing and investing would have been the way to go. What you are talking about is managing cash flow--treasurers do it for living! Hopefully the Nasdaq will bounce back, but after the FL ruling anything goes.

WoodEar

true this year can't be compared with past few years.
but you prolly picked a bad fidelity sector fund, mine is still ok, gas sector

Synki

LoL, that is the funniest thing ive hear yet here.

brianw

iTrader: (3)

Yes I do, but the moment I mentioned a "loan" or "debt" or anything sounding like that to my parents, they lectured me for 3 hours (per session) on why debt is bad and why I shouldn't be spending money I don't have on toys.

So, yeah. Not a whole lot of choice here 'cept to save up the needed $15,000 or so and buy it...

WoodEar

ask them if they bought their house with cash j/k
i see what you mean, lots of chinese parents are like that.

AntGVR4

Brian: i had the same lecture except mine was for 1 year..
Debt is bad... The stock market is bad..
sheeesh..
Even for college.. no debt. I am doing a co-op program where i work semester / study semester
just so i'm not in debt

My max I paid for in cash at the auction.. dammit.. if i could've been in debt i would've bought it in High skool

oh well..

Ant

jman965765

iTrader: (1)

Three months ago, when I bought my 2k, I put down 11k. The finance woman tried to convince me to only put down 1500 and invest the rest. As I told her, I could invest it, but I'd end up monkeying around on etrade. Could win big or lose big, but if I give it to you, I'm guaranteed 8%. Glad I did it, especially since the market has been tanking recently. Now I only have 57 more payments to go...

Johnny

When I got my car the payments weren't cheap--$310 per month for 2 years. First they asked me why do I want to tie up 16 grand when I could lease for $29 more per month and put next to nothing down. Then, they tried to sell me some sort of gap (is that the right term?) insurance on my loan. What are you joking? 3 years later my car is worth more wholesale than that gap was in 98.

Market is getting scary as we've gone back more than a year in time. Man I sold Ariba at 136 a few weeks ago, that POS is 69 today. Even my grandma who is over 90 has been asking my mom what the **** happened to her AT&T and Lucent stock.

The lesson in all this text is that all-or-nothing isn't the way. Sometimes you borrow, sometimes you pay cash, but you do what makes you feel the most comfortable. I used to be a credit card junkie, always falling for those teaser rates. Now they put 0% for 6 months in my face and I don't need/want it!!!!

Hopefully we all have a good turkey day and the market roars for half a day friday. Yeah, we'll see.

DOM

I started online trading a while ago. I started with $10,000. After a year, I had $41,000. I got excited bought a GXE for 23,600 with tax, took $4000 out for myself, made a few bad trades, paid $8000 in taxes and now I only have $2600. Sounds bad but at least I got my Maxima. If I kept my money in the market I probably would have less than what I started with and no MAXIMA.

WoodEar

only $8000 in tax for $31k profit?

DOM

I work 19 hours a week and I don't make very much money. My stock stuff WAS almost all of my income. I added a little bit of money but not much. I bought CNQR at $9.60 per share and sold a week and a half later at 29 per share. In Cal, it came out to about $1900 for state and almost $6000 for Federal. So it's close to $8000 for taxes. Consider that I made about $9100 working. My Dad is the tax man and he got me breaks for renting on my own, going to school and so on.

DOM

You know, that $8000 in taxes is almost the same amount I started with. I almost had a heart attack when I had to write the check. It sucks how I can make money and pay a lot of taxes. If I lose like I have with WCOM I don't get any back!
I am going to sell for a loss and buy AAPL. PE of 9, positive earnings, very low debt, and the company is valued at $6 billion while they have 5.4 billion in cash. With Jobs, sounds like a good long term for me!!

shumax

Hey, someone said Insurance! STOP GAP coverage is what it's called and its a great idea if you decide to finance a car:

Say you buy a 30k maxima and have paid 24k on it and total it in an accident. At that point, you have 24k into a totalled car. The insurance company gives you fair market value, say 17k. You get a check for 17k and one sore A$$ for the differance; 6k that you still have to pay on it.
STOP GAP coverage would prevent that from happening. The Insurance company would pay off what you owe on the car,6k, and give you what the car is worth;17k. Not to mention that most 'B', or better, rated Insurance companies offer this coverage for less than $20/yr. Seems silly to this 'insurance guy' NOT to have it!

SHUMAX

I may not know cars perfectly..but hit me up for insurance questions and I most likely know it or can figure it out for you!

WoodEar

I don't know about that bro
If my old Maxima had stolen, insurance would have paid me way more than what I owe or what it's worth.
Ask maxhark, he wrecked a Maxima before he went S4, I believe his insurance paid low 20's for his '97 SE. I only got $18k for my '98 GLE.

shumax

Woodear-
Lets use some common sense here. Why would an insurance company pay you MORE than what your car is worth? I don't buy into that at all. They may give you 'fair market value,' but they sure aren't going to give you MORE than its value. Trust me that your monthly premium for 10 years won't compensate for that payout of 30k when its stolen.

SHUMAX

WoodEar

common sense is better than guessing, but fact is better than common sense.
i was VERY surprised as well after I heard Robert aka Maxhark got 20's something for totaling his '97. I think insurance co might go by the book value, and we all know blue book has some crazy value for Maxima's.

JJW95SC

My loan was refinanced using a home equity loan as part of a 'debt consolodation' effort. I am cash poor right now but have tremendous equity in the house due to significant increases in home values in my area. I save hundreds in interest payments, lower my monthly payment, retain the ability to pay-down the debt, and the h/e loan is tax deductible.

There are different schools of thought when it comes to debt, risk, and investment. Some folks can easily get in over their heads, especially when young and inexperienced. The best case scenerio would be to drive a cheaper car and invest the difference but nobody wants to do that.

Jim

madmax2k

Another reason why I lease....gap coverage is included. My total investment in my 2k SE with a sticker of $28k was $800 up front and the first months payment of $374.69. I save about $150 a month by leasing versus buying. This works well for me as I have little interest in owning a car that is more than 3 years old (ie, out of warranty).

WoodEar

I am young but it doesn't mean I am inexperienced. I own my house too and I don't even need a home equity loan to consolidate debt.
The best senario will be not driving a car at all, and not spent any money that's not necessary to make your life go on. But what's the point to live?

WoodEar

Exactly! good to see some samrt soul here!
If you buy instead of lease, in the 1st 3 yrs, you would pay $150x36=$5400 more, then game ain't over, since $374+$150=$524, which must be a 5 yr loan, so another two years of payments is $524x24=$12576.
Altogether you pay $5400+$12576=$17976 more for 5yr loan instead of 3 yr lease, and the 5 yr old Maxima you can so proudly claim that you own, will not worth anywhere near $17976.
P.S. if you get lucky and make some samrt investment with the $17976 you saved, and it turns out to be $80k in 5 yrs, you will be pimp in a CLK55

Kenneth

iTrader: (8)

wonder if the parents paid mine off already

thanjp

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