Re: Re: Re: Truck shopping and scores... ROFLMAO!!!! Yes, they are, lol...nuttin like moon pies, RC Cola and a bug-zapper! Too funny. I can picture it sooo well...the bloodhound on the proch and all (yes, we have her already). I may be a yankee-transplant, but I'm a TXan at heart and by blood.
Re: Re: Re: Truck shopping and scores... Equalizer, Yes...i heard that on the news not too long ago (hte triple tax deduct). There was alot of hype over it...and you are right...the writeoff will be worth more than the interest paid, not to mention that is a write off as well. Likin this. Glad you knew what I was talkin about. Well, always accepting new clients, lol.
DH was like a kid on Christmas day when he heard this. In his overexcitement, he forgot we didn't own a business so this would not apply to us. It's nice to know I am not the only one with a truck obsessed DH.....lol BTW, I think as gas prices rise, the deals on trucks are going to get better, at least that is what I tell DH to ward him off....
Re: Re: Re: Truck shopping and scores... Well stupid tax is when you do something "stupid" in making any kind of purchase. Here is one of my own examples: In 99', I decided I just had to have a brand spanking new BMW 323I Convertible. Now although I thought I had made a good deal, I decided not to make a down payment and in order to keep the payments lower, I financed for 60-months. Obvioulsy the car took a hit due to depreciation and I was upside down (owned more than car would bring in resale). After about 18-months, despite my love for the car, it was not suitable for our lifestyle. My wife and I are competitve cyclists and we quickly found that despite the fun of having a convertible, our bikes and related gear do not mesh with a convertible. So we decided we would trade in the BMW and buy an Audi A4 sedan. Problem is we were about $2,000 upside down on the convertible but that was not going to get in my way. I found a sweet car that had been special ordered with some very unique options at the time (17" RS$ wheels/brakes/suspension) and without blinking an eye, I rolled the negative equity from the BMW into the purchase of the Audi. Well guess what, another 18-months go by, and by this time we have started listening/reading Dave Ramsey and we like his ideas on how to become debt free. Unfortunately we also realized that the Audi is not suiting our cycling purposes either! Some friends had bikes stolen off the back of there car while visiting with friends. This made us realize that we needed something that allowed us to put the bikes inside so we started looking at used SUV's (Ford Expedition). Problem is we have to sell the Audi (not even going to think about trading it in) and find that the market for used cars was very soft. I listed it on Autotrader and put ads in the local paper for about 10-15% below what the dealers where selling similarly equipped cars for. After about 45-days and all kinds of calls, I was finding that nobody wanted to pay what we were asking but we were finally able to sell for exactly $2,000 less than what we owed (remember the negative equity from the BMW). That $2,000, the difference between what we sold the car for and what I owed; that was my stupidity tax. I say this because had I not been in such a hurry before, I could have taken my time and sold the BMW (probably at a profit) and in turn would not have rolled the negative equity into the purchase of the Audi. Oh, and to replace the Audi, we were able to find a relatively low mileage, used 99' Ford Expedition for a really good price. We bought from a dealer (all the ones in the classified were sold) and went in at the end of the month (car had been on lot for 40 days) with prearranged financing from our credit union (5.65% interest). We paid 50% in cash and are going to have the 24-month note paid off by the end of the year! Once it is paid off, we bank the money that otherwise would have gone for a car payment and in 2-3-4 years, we should be able to again sell the Expdy and almost pay cash for the next vehicle.
Re: Re: Re: Truck shopping and scores... Wow, thanks for the insight. If buying a new car for $16,000, less $2,000 trade-in, plus $3,000 cash, so financing $11,000 for 4 years at 0% dealer financing, is this going to have any stupid parts to it? (other than that it's not a used car?). Also, what is the prevailing wisdom about buying the manufacturer's extended warranty? (Toyota). And is that part negotiable? (sorry to hijack the truck thread, but I figured since land in Odessa is fair, nobody would mind).
Re: Re: Re: Re: Truck shopping and scores... Land in Odessa, rednecks, moonpies, seems all fair hear. My .02 on the extended warranty. Watch that they don't piggy back it. Lets say it comes with a 3/36 and you buy a 5/50. If you are someone that stays under the mileage, you are buying a 2/24. Now if you put lots of miles on it, and you are going to mileage out of the manufacturer's early, the deal is better.
Re: Re: Re: Re: Truck shopping and scores... Take a moment and look around this site: www.carbuyingtips.com As for a new car purchase - simple process. 1) Determine the fair market value for the car you intend to trade-in (www.kbb.com, www.Edmonds.com) and decide if it is more prudent or better for your time line to trade or sell it yourself. 2) Get pre-approved for maximum amount that you are willing to spend at a prefered financial institution (we have 2 credit unions to choose from). 3) Shop for car but under no circumstances should you mention the words trade-in (or monthly payment for that matter). Remember that you want the dealers price as if your were going to open your checkbook/wallet/purse and pay cash. 4) Once you have negotiated the best deal you think possible and have settled on a cash price, then if you have decided to use a car as a trade-in, then it is time to bring your trade into the arrangement! keep in mind that if you do not follow this order, then you more than likley will never be able to figure out what this new car is actually going to cost. Often times a dealer makes the majority of the profit on the sale of your trade-in (as well as the extra's you sign on for in the finance office). 5) Once the price for car/trade is negotiated, then you are set to talk finance. Be forewarned, only the cream of the credit crop qualify for the maginal 0% deal. In fact, they may try to 'scam' you by implying that your credit score is insufficient to qualify. If you know in advance that you are 760 or higher (some say 720) from all 3 CRA's and they are telling you this kind of stuff, then it is time to find another dealer. Also, dont even think about taking a 0% and 0 payments for one year type finance contract. That is simply another name for a 60-month auto loan only in this case, since you are paying nothing on the principle, you will be impossibly upside down at the end of the first year. Remember that the dealer often gets big incentives from factory or inhouse financing (15-25%) and you are the one who pays for it! Bottom line, you need to remember that just because the car salesman has dropped you off at the finance office, that does not mean the selling tactics have stopped! Whats wrong with the factory warranty? At a minimum it covers you for 36 months or 36,000 miles right? As others have said, as long as you are under the normal mileage limits, shop for an extended warranty in the second, third (or fourth year) of the factory warranty. Extended warranties can be had from companies like warranty gold for much, much less than what the dealer is going to offer - just say no.
Re: Re: Re: Re: Truck shopping and scores... michael... After reading your story, I now know why you have the knowledge and belief that you do, lol. Many of us here have made that mistake. Funny thing is that this actually happened with the car we're trading in. BUT, after lengthy talks with the dealership, they will eat the whole cost of the trade-in AND sell us the new truck for 4k less than the price...no tack-on whatsoever. Not sure how hubby worked this one, but he did. I've been nagging him (not MEEE, lol) to be wary of this tactic. Burying any negative equity is always a bad idea if you can avoid it. Of course, there are situations where this is inevitable, but that is up to the individual's predicament. As far as long finance terms, we are not trading this truck in for many years. It is "the dream truck" and so paying on it longer, despite the loss of immediate value is something we thought about and found to be immaetrial in our situation. That and the ineterst is tax deductible along with other things we discussed in this thread. Just wanted to let you know that the info you gave from what you learned IS very valuable to people who are buying vehicles who havent really put much though into it. Sorry I got upset!
Re: Re: Re: Truck shopping and scores... Sounds like me!! Whenever I want to go to the great state of Texas, I drive 18 miles!! LOL
Re: Re: Re: Truck shopping and scores... psp... ever make it out to the Hill Country? Bluebonnets are out! Looks like blue grass!!!
Yes, George, you dont have to remind me! In comparison, our house was only 125k. I told hubby...hey, for another 10 grand, we could get my hummer... Got an evil glare for that one, lol.
Re: Re: Re: Re: Re: Truck shopping and scores... You dont even want to here how bad a mistake it was when I leased a car back in the 80's! But here something really amusing? I missed having the convertible so much, that the following month after purchasing the Audi, I bought a 1992 Mazda Miata was in need of some serious TLC from an individual for $2200. 1 year later, nearly $3,000, and a lot of elbow grease, that car looked (and still does) as if it came off the show room floor. The Miata is paid for and other than finding a sweet deal on something like a '59 Porcshe 959, it will take a lot for me to part with that car! Ironically, our 'new' Expedition (like the Audi) sits parked in our garage and is only used for our weekend bike trips and during inclement weather, while my 11-year old Mazda is my daily driver.
Re: Re: Truck shopping and scores... You'd have to be a Texan to understand. Ever heard the expression "Cowboy Cadillac". LOL!
Re: Re: Truck shopping and scores... Now those are cool! But gonna have to stick with my Wrangler for playtime. My Spring Fever is beginning to get the best of me. Somebody give me a fix! BTW - got my $1500 no PP check from Home Depot today. Its NOT helping matters.
Re: Re: Truck shopping and scores... No, jlynn....CowGIRL cadillac!! Hubby doesnt know I plan on drivin it, lol. (LOOOKOUT!!-Hey, who put that drive-thru pole there?) Well, that no-pp check sure is burnin a hole, isnt it?? Whatcha gonna do? That is so awesome...you got em and they didnt even put up a fight! As far as my hummer...everybody's gotta dream, right?
Re: Re: Truck shopping and scores... If I spent that much...I would buy a SUBURBAN LT with all the BELLS AND WHISTLES...3/4 TON 4x4 ABOUT $45,000
Re: Re: Re: Truck shopping and scores... Why George! There may just be a bit of redneck in ya. Suburbans count too! Four20 has dogs though. BTW- you'd be surprised at the bells and whistles that come on the trucks in these here parts.
Re: Re: Re: Truck shopping and scores... Nope, not a fight at all 3 letters (took that many to get to the right person, 1 phone call, 1 Fedex today, and poof I'm rich LOL! Originally I planned to pay an Amex charge off. But, got to thinking - DH has only one CO on his reports (Crap 1) that I could pay off. This would only leave him with lates from when he had no job. I'm thinking of paying this instead, that will speed up the house buying process. He is the sole income source, so in applying for a home loan, we could apply only in his name. What ya think? Sorry, nothing fun or exciting with it....I'm being a good girl, despite the chest pains I am feeling.
