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Old 01-23-2016, 09:14 AM   #81
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I financed. Payment is low and I was able to get a nicer new one than a used. I generally do more than the minimum, which worked out well when we traded.
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Old 01-23-2016, 11:58 AM   #82
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That's because they somehow get kickbacks when they push ppl to finance. I don't know exactly how it works but as long as they are not a publicly traded bank they work with dealers for specials rates and kickbacks.


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I love messing with dealers on this finance stuff. The last two vehicles I bought I moaned and whined about how I couldn't handle a $500 or so monthly payment. They always wind up negotiating the deal to get the payment down to less that that. As long as they drop the price but do not increase the term you save money.

I make sure the finance contract specifically says no pre-payment penalty (dealers hate it when I spend 10-15 minutes reading every word in the contract). Then, I make one payment for the agreed amount and then a second payment the next month for the entire amount.

I keep remembering that whenever talking to a dealer most of us are at a disadvantage. Remember: the dealer is a professional negotiator and you're not. They have the upper hand.
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Old 01-23-2016, 06:30 PM   #83
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We got a loan from ourselves. We paid cash as we didn't want to be tied to a monthly payment. But - we are paying ourselves back what the monthly payment would have been to our savings account. In the long run we'll have our money back but if due to unforeseen circumstances we need to miss a payment or two to ourselves we don't have to worry about the repo man or negatively effecting our credit rating. My wife is an outstanding money manager and hasn't missed a payment yet. I know the bean counters will tell you to finance it and take the tax deduction but it wasn't worth the overall hassle to us never mind paying the finance charges and interest to someone else.
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Old 01-23-2016, 06:59 PM   #84
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We got a loan from ourselves. We paid cash as we didn't want to be tied to a monthly payment. But - we are paying ourselves back what the monthly payment would have been to our savings account. In the long run we'll have our money back but if due to unforeseen circumstances we need to miss a payment or two to ourselves we don't have to worry about the repo man or negatively effecting our credit rating. My wife is an outstanding money manager and hasn't missed a payment yet. I know the bean counters will tell you to finance it and take the tax deduction but it wasn't worth the overall hassle to us never mind paying the finance charges and interest to someone else.
Thats awsome!
That's what I'm working towards!!
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Old 01-23-2016, 07:15 PM   #85
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We got a loan from ourselves. We paid cash as we didn't want to be tied to a monthly payment. But - we are paying ourselves back what the monthly payment would have been to our savings account. In the long run we'll have our money back but if due to unforeseen circumstances we need to miss a payment or two to ourselves we don't have to worry about the repo man or negatively effecting our credit rating. My wife is an outstanding money manager and hasn't missed a payment yet. I know the bean counters will tell you to finance it and take the tax deduction but it wasn't worth the overall hassle to us never mind paying the finance charges and interest to someone else.
X2, did the same with my DW's Lexus awhile back.
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