And that was the point of my post Steve.:biggrin:
Put LIEN on title gn
- Thread starter NationalGN
- Start date
And that was the point of my post Steve.:biggrin:
Stupid people abusing their credit and ACORN putting pressure on the govt and banks to extend the "American Dream" to people that could not afford what they bought.
usetaboost
SAY CAR RAMROD!!
- Joined
- May 4, 2005
Here we go, blame it on the banks. It's all their fault they lend money to dumb @sses that don't know how to use a calculator. I buy a lot of stuff on credit, including the GN. Plus I borrowed money to help finish it. I borrowed to finish my basement. I borrowed to buy the truck I drive every day and still make payments on. I borrowed to buy my house. Guess What? I still have it all! THe way I look at it if you gotta have someone tell you how much you can afford you should just end it all. "The bank told me I can finance whatever I want. I don't understand why I can't afford it
???? I'll just blame it on them and the government and the banks because I'm an educated dumb @ss" Yeah, that's my take on it. I may not have enough to wipe my ass with money but at least I don't have to buy the generic TP because I can't afford the house I live in.
So should we blame the banks, the government, the credit cards, or the people spending too much?
To the OP-If you got decent credit and know how to add and subtract, if you can afford it, go for it. Stretch it out a few years. Most you are gonna pay on a personal loan is 12-14%. Other option, what I did, was I used my truck which I was already paying on and still had a few years left on it, I tacked on 1 more year of payments. That way I'm not paying anymore every month than what I am now.
???? I'll just blame it on them and the government and the banks because I'm an educated dumb @ss" Yeah, that's my take on it. I may not have enough to wipe my ass with money but at least I don't have to buy the generic TP because I can't afford the house I live in.So should we blame the banks, the government, the credit cards, or the people spending too much?
To the OP-If you got decent credit and know how to add and subtract, if you can afford it, go for it. Stretch it out a few years. Most you are gonna pay on a personal loan is 12-14%. Other option, what I did, was I used my truck which I was already paying on and still had a few years left on it, I tacked on 1 more year of payments. That way I'm not paying anymore every month than what I am now.
NationalGN
Member
- Joined
- May 20, 2009
Thank you all for your input, i was thinking of using a lien on my gntitle for 5000$ ,
Let's try and not turn this into a political thread please.
He started it !!! LOL
Honestly a loan costs you more than you think. Most people don't understand interest or how the loan precess works. As an example take a typical car that costs $10K. Most loans are set up so that you pay the interest before you even pay the actual loan back. Now that $10K car that you just bought is financed at a resonable rate, say5%, you're not doing to bad. If you've got crappy credit like most do these days then you can get an interest rate as high as 24%. So let's do a little math th show you what you're up against.
If the loan is done as an anual interest rate then it means that the 24% is multiplied into the loan for every year that the loan is for. A $10K car at 24% for the first year you owe $12400 total. Now let's add the rest and it isn't pretty.:redface:
This means that for each year you multiply that initial $10K and it's subtotal by 1.24 for each year that the loan is suposed to be carried though. Average loan time is a 6 year note now so that the $10K car you bought will cost you$36352.15.
You want to get a loan on your car so you can rebuild the engine and unless you're getting a 1% loan on it then it's just not a good idea. Any type of loan where the item in question can be lower in value or may be a volital comodity like a car just isn't a good idea at all. What they'll try to get you to do is go off some sort of payment plan so that they "can help you fit it in your budget". Sounds great, right? Just remember the total of that loan I posted above. That's a $500 monthly payment so you should be able to fit that in your budget, right?:biggrin:
I completely agree with your point and principle, but the math is wrong. Auto loans don't build in interest on the original loan balance for each year in the life of the loan. No loan works that way except maybe payday loans. Auto loans amortize down the amount of principal outstanding and the interest only applies to the outstanding principal. At the beginning of the loan period the principal portion of the total payment is small, and gradually increases as the interest component decreases over time. So the principal paydown period is back loaded in the life of the loan. The monthly payment on a 72 month, $10,000 loan at 24% APR is $263 per month. Or a total of about $19,000 in principal and interest over the course of the loan. Clearly a ridiculous amount of interest to spend on a toy.
I can't argue with you on how a loan is suposed to work, but I worked for the Heard autogroup for about 9 months. I'm telling you how loans were done through the dealer I worked for.
I stated exactly how they did an auto loan, and 'd bet money that it's the way a lot of loans are stuctured depending on the lender. It may be illegal but there's enough ignorance on money out there that very few would ever understand or complain about improper lending practices.BTW, Heard autogroup went out of business and was under federal inditment (sp) some where in the mid 2000's.:biggrin:
I my self have been through a lot in the past 3 years financially. I had no job for nine months,borrowed all kinds of money on things before that because i had been at a job for 12 years. Then my job was downsized. We lost everything. From that point on I learned to save and get what I wanted. I have now been at my current job for all most 2 years. Thought everything was going pretty good until last Friday. Went to work, 2 hours into my day, my truck was hit by a train. I walked away. You just never know what is going too happen from day to day. Don't know if I still have a job, waiting to find out. One thing I can say is that everything I have I own and I wont lose it.Don't borrow money if you don't have to.
GNBRETT
Pelennor Fields
- Joined
- Feb 8, 2004
make sure u get wheel locks for that Billy.....
a home equity line of credit is not what the kid wants to do. apples to orangesnovaderrik
Well-Known Member
- Joined
- May 12, 2004
the only thing i'll add at this point is to not do it thru Wells Fargo. they are evil. find a small local bank- the kind of place where the owner or president has an office right up front and he's the guy you talk to about getting a loan- or credit union.
i learned my lesson about big vs small banks 8 years ago..
i learned my lesson about big vs small banks 8 years ago..
Well that explains it!
usetaboost
SAY CAR RAMROD!!
- Joined
- May 4, 2005
Couldn't agree with this statement any more.
This should help you understand what I was talking about.
http://www.ripoffreport.com/directory/bill-heard-chevrolet.aspx
NationalGN
Member
- Joined
- May 20, 2009
agreed,this forum is the bet for info. guess i mught have to sell that GN1 front mont intercooler ,, i paid 700$ for it extreme version less than a 100 miles on it,,, im thinking wells fargo is not good company.
KEEP THE TIRE SMOKE GOING FOR -MOLLY---
This should help you understand what I was talking about.
bill heard chevrolet | Ripoff Report Directory | Complaints Reviews Scams Lawsuits Frauds Reported
I understood what you were getting at. My point was simply that the practice was illegal and now they are out of business. What you experienced in auto lending was definitely not normal or common practice.
WH1_T-Type
Well-Known Member
- Joined
- Jun 1, 2009
It's funny some of the responses in this thread..it is not 'stupid', 'silly', or a bad idea to 'fininance toys'....Hypothetical situation: Steady job, living well within their means, paid for car, pretty much no debt except a small revolving credit source (ie: credit card)..why should this person NOT finance a toy if they want one? No reason what so ever. What is my point? Same as before; each situation is different, and without knowing the very specifics of your financial situation NOBODY can truly tell you yes do it, or no don't do it. We CAN, however, point out the pros and cons of the concept of taking a loan against your property.
People want to compare anyone that ever asks a financial question to all the people that caused the meltdown. There is NOTHING wrong with using YOUR equity. IT IS A CAR!!!!! You want to use YOUR equity then do so. However, make sure you have a stable foundation to start with. You mention a PT job..I don't know if I would consider that a stable position. If something goes south a company normally looks at long time expensive employees and PT employees to terminate first. Something to think about.
Part of my reasoning for being on the other side of the debate is that I have a very steady job being active duty Navy, in the submarine force, and over 10 years already. The Navy has a LOT of money tied up in my training and they also have a very difficult time getting people to 1) sign up for the submarine force, 2) to sign up for a techinical, training intense, job on the submarine. The only way I lose my job is if I screw up really bad or if I don't re-enlist.
People want to compare anyone that ever asks a financial question to all the people that caused the meltdown. There is NOTHING wrong with using YOUR equity. IT IS A CAR!!!!! You want to use YOUR equity then do so. However, make sure you have a stable foundation to start with. You mention a PT job..I don't know if I would consider that a stable position. If something goes south a company normally looks at long time expensive employees and PT employees to terminate first. Something to think about.
Part of my reasoning for being on the other side of the debate is that I have a very steady job being active duty Navy, in the submarine force, and over 10 years already. The Navy has a LOT of money tied up in my training and they also have a very difficult time getting people to 1) sign up for the submarine force, 2) to sign up for a techinical, training intense, job on the submarine. The only way I lose my job is if I screw up really bad or if I don't re-enlist.
NationalGN
Member
- Joined
- May 20, 2009
( quote wh1-t-type)(People want to compare anyone that ever asks a financial question to all the people that caused the meltdown. There is NOTHING wrong with using YOUR equity. IT IS A CAR!!!!! You want to use YOUR equity then do so. However, make sure you have a stable foundation to start with. You mention a PT job..I don't know if I would consider that a stable position. If something goes south a company normally looks at long time expensive employees and PT employees to terminate first. Something to think about. )))
Thanks for the advice ,iv;e decicded to---------- save- up ----and buy engine internals over time,,,
Thanks for the advice ,iv;e decicded to---------- save- up ----and buy engine internals over time,,,
Ms. FastNasty
Active Member
- Joined
- Oct 29, 2008
Could be wrong, but I believe MOST financial institutions won't use older vehicles as collateral. I know my dad tried to do something similar before he gave the GN to me, and they wouldn't do it because the car was too old / had too many miles. So, it may be a moot point anyway.
novaderrik
Well-Known Member
- Joined
- May 12, 2004
i used m
i used my 71 Nova as collateral on a couple of smallish loans- they didn't even blink at using a 30 year old car for collateral on a loan for a couple of thousand dollars..
this was, of course, a small town locally owned bank and the loan was written by one of the vice presidents..
Could be wrong, but I believe MOST financial institutions won't use older vehicles as collateral. I know my dad tried to do something similar before he gave the GN to me, and they wouldn't do it because the car was too old / had too many miles. So, it may be a moot point anyway.
i used my 71 Nova as collateral on a couple of smallish loans- they didn't even blink at using a 30 year old car for collateral on a loan for a couple of thousand dollars..
this was, of course, a small town locally owned bank and the loan was written by one of the vice presidents..
