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Old 08-24-2010, 09:57 PM
 
21 posts, read 49,850 times
Reputation: 15

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Quote:
Originally Posted by AlfredB1979 View Post
I wouldn't call that buyer's remorse, that's just stupid.

When the lender calls to make sure the OP still has that full time job the loan was approved under and finds the OP has moved onto less green pastures....that car is coming back.

So, if the OP doesn't even have a few grand for a down payment on said new car, well...delete the question now, because this exercise will be pointless.
Oh did I need to tell how much down I was planning to put? Well, that will be at least 20% of a purchase price. If I also needed to give you the price of a car, it will be less than $20,000. So, you can tell that I will be putting at least $4,000 down on my second car in the beginning.

Just in case where there are still people who worry about my financial situation, even after paying $4,000 on the car, I still have enough money to live without working for a while. Please I don't wanna see judgemental statements here
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Old 08-25-2010, 07:19 AM
 
Location: Metro Washington DC
13,112 posts, read 19,963,661 times
Reputation: 7734
Quote:
Originally Posted by Greg.Hage View Post
Like I said, I have no debt, that is, no payments on my current car. I don't see any problem with my plan because I know that it won't lead me to a financial disaster. I hate to see my credit scores (now 800+) go down so much by not paying mortgages, autos, and so on. So, the question is NOT whether my getting a second car is a good idea or not. I wanted to know if there will be a difference in the interest rate between before and after my move, given my situation. Luckily, I've already gotten a real good advice here
I gave you good advice. Just trying to help. No judgmental attitude here. I just want to point out the obvious problem with your plan though. Your plan depends on nothing going wrong, like no accidents, disease, or other things that can, and do happen. If you're okay with not factoring that in then that's fine. I only bring it up because it happened to me.
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Old 08-25-2010, 03:29 PM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,010 posts, read 13,186,366 times
Reputation: 2440
Quote:
Originally Posted by MoNative34 View Post
So you're saying if someone doesn't have the money for a two thousand dollar used car, they should go out and buy a new one while they only have a part time job? That's the recipe for buyer's remorse.

So everyone who has the monthly income to make payments but not the lump sum is experiencing buyer's remorse?

That's why they have payments, so you can break it down into affordable monthly installments. For a lot of manufacturers, you don't even have to pay interest to do so.

And a $2K used car would be a POS that I wouldn't trust to get me out of my driveway.
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Old 08-25-2010, 03:33 PM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,010 posts, read 13,186,366 times
Reputation: 2440
Quote:
Originally Posted by AlfredB1979 View Post
I wouldn't call that buyer's remorse, that's just stupid.

When the lender calls to make sure the OP still has that full time job the loan was approved under and finds the OP has moved onto less green pastures....that car is coming back.

So, if the OP doesn't even have a few grand for a down payment on said new car, well...delete the question now, because this exercise will be pointless.

Lenders don't call on car loans unless the person is a substantial credit risk, and they can't repossess the car because you lost / quit your job. As long as you make the payments, they don't care.

But they can only repo the car for failing to make good on the loan.
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Old 08-25-2010, 09:27 PM
 
5 posts, read 14,996 times
Reputation: 10
Quote:
Originally Posted by dkf747 View Post
I gave you good advice. Just trying to help. No judgmental attitude here. I just want to point out the obvious problem with your plan though. Your plan depends on nothing going wrong, like no accidents, disease, or other things that can, and do happen. If you're okay with not factoring that in then that's fine. I only bring it up because it happened to me.
That's not a good advice at all. People like you should live with $CASH$
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Old 08-25-2010, 10:23 PM
 
Location: Denver, CO
3,133 posts, read 9,429,414 times
Reputation: 2471
The problem I see is he is getting a POS eco car when he is going to live in Cali! I would get a nice convertible or a used sports car. You can get a 400hp 2006 Pontiac GTO with under 30k miles for around your price. Can get a 2005+ Mustang GT vert for the same price too.
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Old 08-25-2010, 10:33 PM
 
21 posts, read 49,850 times
Reputation: 15
Quote:
Originally Posted by PokerMunkee View Post
The problem I see is he is getting a POS eco car when he is going to live in Cali! I would get a nice convertible or a used sports car. You can get a 400hp 2006 Pontiac GTO with under 30k miles for around your price. Can get a 2005+ Mustang GT vert for the same price too.
Thanks, PokerMunkee. I'm afraid of getting a used car because I don't know anything about cars and repairs 400hp sounds like eating lots of gas, no?
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Old 08-26-2010, 06:47 AM
 
Location: Metro Washington DC
13,112 posts, read 19,963,661 times
Reputation: 7734
Quote:
Originally Posted by kyarin View Post
That's not a good advice at all. People like you should live with $CASH$
What was wrong with advising him to consider risk? What's wrong with living on cash?
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Old 08-26-2010, 01:01 PM
 
Location: Eastern Washington
14,268 posts, read 44,963,902 times
Reputation: 12877
Quote:
Originally Posted by Greg.Hage View Post
Thanks, PokerMunkee. I'm afraid of getting a used car because I don't know anything about cars and repairs 400hp sounds like eating lots of gas, no?
A new car with a warrenty is not really a substitute for knowing your way around cars. As good a place to start as any would be Sir Jackie Stewart's books on "owner-driver" knowledge. He writes as well as he drives.

If you don't know diddly about cars, and won't make the effort to learn, you'll be sold muffler bearing replacement jobs, and rightly so, anyone who participates in a technology but does not know what they are doing is essentially signing up for some abuse.

The GTO will use a lot of gas if you are hard on the throttle all the time, if it's driven reasonably, it's not bad at all.
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Old 08-26-2010, 01:21 PM
 
34,421 posts, read 41,527,053 times
Reputation: 29890
Quote:
Originally Posted by MoNative34 View Post
So you're saying if someone doesn't have the money for a two thousand dollar used car, they should go out and buy a new one while they only have a part time job? That's the recipe for buyer's remorse.
But thats the American way..
No job? = buy new car
Part time job? buy 3000sq/ft house.
Greg if you are going to school? with marginal income rent a bachelors apartment till you get your career type job, with room mates if possible,
Also go find a used Toyota Corolla with under 100k for about $3-$5k.
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