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Author Topic: Was your current vehicle fairly financed? Back to Topics
midorishonen

Champion Author
Houston

Posts:1,112
Points:456,655
Joined:Jul 2011
Message Posted: May 26, 2014 12:19:48 AM

I got my first financed vehicle and turns out they got me on the interest! oh well.
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Rudolf_Golf
Rookie Author Columbus

Posts:95
Points:7,320
Joined:Feb 2014
Message Posted: Aug 30, 2014 9:49:55 PM

Yes but at 2.9% so I can see the balance actually move downwards each month.
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chocolateflash
Champion Author Las Vegas

Posts:16,090
Points:2,998,695
Joined:Apr 2005
Message Posted: Aug 28, 2014 12:22:35 AM

Paid cash. Don't let the SOBs have anything extra.
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Treasurehuntxxx
Champion Author Toronto

Posts:4,538
Points:55,655
Joined:May 2005
Message Posted: Jun 20, 2014 11:09:23 PM

yes
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gator2002
Champion Author Calgary

Posts:13,647
Points:3,177,645
Joined:Jul 2003
Message Posted: Jun 20, 2014 10:18:46 PM

Yes
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deant99
Champion Author Ontario

Posts:132,727
Points:357,490
Joined:Sep 2011
Message Posted: Jun 20, 2014 9:56:22 PM

Paid cash
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nichols
Champion Author Halifax

Posts:8,981
Points:2,383,615
Joined:Aug 2003
Message Posted: May 31, 2014 12:26:34 PM

you didn't know the interest rate ?
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Sneakers55
Champion Author Houston

Posts:62,014
Points:2,672,545
Joined:Nov 2005
Message Posted: May 26, 2014 1:58:58 PM

On May 25, 2014 11:19:48 PM, midorishonen wrote:

>I got my first financed vehicle and turns out they got me on the interest!

I had one case where they got me on the interest. I turned around, made one payment, and then refinanced with my friendly local credit union. Didn't make my payments go down, but I cut nearly a year off of the payment schedule. And then I started working a lot of overtime and I paid the vehicle off in fourteen months. And the vehicle was a Detroit piece of junk to boot! Traded it in four years later on a Nissan.

After that, I financed my vehicles through 401(k) loans where I paid the interest back to myself. They had the interest rate set at the prime rate, which is about what I was able to earn through the stable value fund.

After I retired, I bought my first vehicle with a Roth IRA tax-free withdrawal (can only do that once). That vehicle got totaled three and a half months later and I went out and bought its replacement with the check from my insurance company (they paid off under my collision coverage, then went and sued the other driver for what they paid out on my claim and my collision deductible). The accident happened in 2011, but I didn't get the collision deductible back until earlier this month. My saleslady said that it only cost me $600 to drive the vehicle for three and a half months, but now you can make that $100!



[Edited by: Sneakers55 at 5/26/2014 2:07:18 PM EST]
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LonghornBubba
Champion Author Houston

Posts:16,022
Points:3,253,085
Joined:Jul 2005
Message Posted: May 26, 2014 11:17:01 AM

1.7 which I think was high.
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marcelpr
Champion Author New Orleans

Posts:3,402
Points:985,605
Joined:Dec 2011
Message Posted: May 26, 2014 10:50:40 AM

0.0% for 60 months from Toyota (one reason I'm driving a Camry, and not an Accord)
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Baron62nd
Champion Author Illinois

Posts:9,722
Points:2,263,095
Joined:Sep 2007
Message Posted: May 26, 2014 10:06:24 AM

Yes, for the last 5 vehicles I wrote a check and so it was paid for before I drove it away.
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Bad_Petroleum
Champion Author Miami

Posts:99,740
Points:743,105
Joined:Jan 2013
Message Posted: May 26, 2014 8:00:25 AM

NOTHING is ever financed fairly, unless it's 0% Interest.

[Edited by: Bad_Petroleum at 5/26/2014 8:00:34 AM EST]
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jes
Champion Author Pennsylvania

Posts:18,745
Points:3,950,765
Joined:Jun 2003
Message Posted: May 26, 2014 7:48:06 AM

Paid cash.
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