20k Over MSRP!

Snoopy49

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But it is YOUR money every month that your deciding to pay or not

Yes, but in your case, your money is being used to pay back a loan, you quit paying and someone shows up at your door and takes your car. You don't own your car until you pay back the loan. In my case there is no loan and the car is mine. The money I use to buy the car is "My" money, you are using someone else's money. I pay no interest and you do. I am not willing to give a stranger "My" money, so no ADM. If you don't mind paying an ADM or going further into debt, go for it, as long as I don't have to pay.
I'm happy, as long as you don't try to tell me how to spend "My" money.
 

03cobra#694

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yup, I haven't gotten a loan in 10 years. I'm not even sure what my credit score is and don't care.
Still good I'm sure. We haven't either. If I can't buy it outright, I'm out, unless it's some deal to save a few bucks. We then pay it right off. I think I was like a 820 when I bought my truck last year to save $1K.
 

Snoopy49

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I don't have a problem with loans as long as they are 0% loans, I do have a problem paying interest. Unfortunately, my $120 cell phone is the only thing I have been able to find with a 0% 24 month loan at $5 a month, 21 more months and that baby is all mine.
 

conceptmachine

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I remember after 2008 financial crisis Toyota was selling some of their cars at 0% for 4 years. I think that went on for 6 or 7 years. It wouldn't surprise me if we see them start to sell them again like that , after the next recession.
 

LostM

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Yes, but in your case, your money is being used to pay back a loan, you quit paying and someone shows up at your door and takes your car. You don't own your car until you pay back the loan. In my case there is no loan and the car is mine. The money I use to buy the car is "My" money, you are using someone else's money. I pay no interest and you do. I am not willing to give a stranger "My" money, so no ADM. If you don't mind paying an ADM or going further into debt, go for it, as long as I don't have to pay.
I'm happy, as long as you don't try to tell me how to spend "My" money.

ok, but you are using that as a basis for saying people spend differently when its "their" money.

We both just agreed, its still "our" money. whether i spend it monthly, or in 1 shot, its still "mine"

How I allocate it, is no different whether its 1200/month, or 90k over 6 years. it. is. my. money
 

Snoopy49

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$90,000 loan at 4% for 84 months.
Loan = $90,000 = $80,000 + $10,000 ADM
Monthly Payment = $1,230
Interest = $13,336
Total = $103,336

$80,000 loan at 4% for 84 months.
Loan = $80,000 = $80,000 + $.00 ADM
Monthly Payment = $1,094
Interest = $11,854
Total = $91,854

ADM $10,000 + Interest $1,482 = $11,482

Cash = $80,000 and no payments
 

13COBRA

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Greg Smith posted this on another forum.
"If it helps, our base allocation is still able to be customized, we are selling it at $25k ADM, we have a golden ticket sold at $100k, he offered to pay that much because he wants it that bad. Its not price gouging, it's economics. Supply is low, Demand is high, there is a price to pay and the ones who can afford it are willing to pay it."

Something doesn't compute.

A fully optioned car would be over $100k MSRP.
 

LostM

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$90,000 loan at 4% for 84 months.
Loan = $90,000 = $80,000 + $10,000 ADM
Monthly Payment = $1,230
Interest = $13,336
Total = $103,336

$80,000 loan at 4% for 84 months.
Loan = $80,000 = $80,000 + $.00 ADM
Monthly Payment = $1,094
Interest = $11,854
Total = $91,854

ADM $10,000 + Interest $1,482 = $11,482

Cash = $80,000 and no payments

I understand #s.. but at what point is it not their money? 80k at once, or 90k over 80 months.. buyer is spending their money. argument holds no weight
 

Snoopy49

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I understand #s.. but at what point is it not their money? 80k at once, or 90k over 80 months.. buyer is spending their money. argument holds no weight

Buyer is spending someone else's money and paying it back over 80 months.

Someone is loaning you their money because you can not afford to pay for it with your money. I was brought up to consider any loan, with the exception of home, health related or emergency loans, as a bad idea and was to be avoided.

When I want something the first question I ask myself is, do I have enough money to pay for it and if the answer is no, I wait until I do. Most people ask themselves is, after paying all my other payments, how much money can I afford to payout for another loan? Debt is constant, income is not, you lose your job, you still owe the debt.

I have had friends with $40,000 in credit card debt who refinanced their homes and added their credit card debt to the loan and then bragged that they had paid off all their credit cards and were debt free. Three years later all the cards are maxed out again and the refinance solution is used again.
Not all people see things the same way.
 

13COBRA

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He was talking about a $100K ADM.

Well this should answer all questions.

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PowerWheels

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Buyer is spending someone else's money and paying it back over 80 months.

Someone is loaning you their money because you can not afford to pay for it with your money. I was brought up to consider any loan, with the exception of home, health related or emergency loans, as a bad idea and was to be avoided.

When I want something the first question I ask myself is, do I have enough money to pay for it and if the answer is no, I wait until I do. Most people ask themselves is, after paying all my other payments, how much money can I afford to payout for another loan? Debt is constant, income is not, you lose your job, you still owe the debt.

I have had friends with $40,000 in credit card debt who refinanced their homes and added their credit card debt to the loan and then bragged that they had paid off all their credit cards and were debt free. Three years later all the cards are maxed out again and the refinance solution is used again.
Not all people see things the same way.
I'd add when you have a mortgage you don't own the house, the bank does.

I hate when people ask do you rent or own. They should ask to you rent, owe on a mortgage or own?

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13COBRA

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I'd add when you have a mortgage you don't own the house, the bank does.

I hate when people ask do you rent or own. They should ask to you rent, owe on a mortgage or own?

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Any credit application I've ever seen give you those three options.
 

tones_RS3

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$90,000 loan at 4% for 84 months.
Loan = $90,000 = $80,000 + $10,000 ADM
Monthly Payment = $1,230
Interest = $13,336
Total = $103,336

$80,000 loan at 4% for 84 months.
Loan = $80,000 = $80,000 + $.00 ADM
Monthly Payment = $1,094
Interest = $11,854
Total = $91,854

ADM $10,000 + Interest $1,482 = $11,482

Cash = $80,000 and no payments
Don't forget to add sales tax and dealer fees, unless you pay for those and not roll them into your monthly payment.
 

LostM

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I keep forgetting how knowledgeable everyone on the internet is. my money isnt my money if i use a loan, but the item is the security against the loan, and also in my name, but somehow im not spending my money anymore, even though my money ( is it really mine if i have to pay taxes on it?) is being spent on the item every month.. and then add in TTL, even though every car has to have that paid on it, so blur the argument even more

mind bottling

How about you either buy the car at the price and time you want, for the lowest price you can find, or you come back on here to complain about ADM's that wont apply to you anyway?
 

svt662

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I'd add when you have a mortgage you don't own the house, the bank does.

I hate when people ask do you rent or own. They should ask to you rent, owe on a mortgage or own?

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The Old saying goes, Cash is King!
 

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