We financed the Nissan through the CU that has our mortgage. Their part of it was incredibly easy. The car's sale price was 1/2 of what they estimated the value at. Credit Score was > 800. All they needed was a purchase agreement with the VIN and mileage ... the dealers were being real stupid
Another story that validates never to finance with the f and I guy at the car dealership
- Thread starter GON
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We financed the Nissan through the CU that has our mortgage. Their part of it was incredibly easy. The car's sale price was 1/2 of what they estimated the value at. Credit Score was > 800. All they needed was a purchase agreement with the VIN and mileage ... the dealers were being real stupid
I put every purchase I can on a MasterCard Rewards card and pay it off in full every month. I collected over $2,500 in debit cards last year.
Im at 5.74% for 72mo.
I listen to him often but dont follow a lot of what he says. I think he lives in a fantasy world where you can buy a reliable car for 2-3k.
Hes good for "rehab", but not for a savvy lifestyle with a financially healthy person.
Hes who you go to if you're a indebted recent college student struggling to eat and paying more in CCs than rent.
GON
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Not sure I concur exactly with your statement the way it is written.
"there are plenty of us in the world who use debt wisely".... you should ad "it is a full time job taking on the New York bankers and lawyers at their own game, but a few of us- do in fact beat them. The vast majority do not."
And further, many said this and were very successful right before the great 1929 depression
What happens if the USD no longer happens to be the world's reserve currency? What happens if chips made in the Indo Pacific region are no longer available to the western world? Very wise billionaire Ken Griffen wrote an article on this three months ago, and states the US will immediately go into a depression if the chips are cut off. The survivors will be those with inflation protected assets (income producing land), and those with zero debt.
Yeah...that scenario is the end of the world as we know it and nothing Dave or anyone else says is going to protect their flock from that fallout.
I'm not trying to beat the bankers because I don't have to beat the bankers. Those bankers will always have more money than me, so what, I have plenty to live my life and that's all I really care about here.
When I worked at BMW I was primarily a product specialist but the GM also let me take ups if everyone else was busy. My first "sale" was a lease on an X3. It went really well and I had a very happy customer. However, the previous NCM had punched the car as a loaner to bump up the sales numbers; for some reason that salient fact was not included in the car’s file. As a result we applied $2,500 in incentives that only applied to new cars. We didn’t find out about the loaner status until a day later. Even though it was punched as a loaner it was never actually used as one- it had around 30 miles on it. Needless to say we ate the $2,500 and the customer was none the wiser. At no time did we consider calling the customer to renegotiate the deal.
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This.
Dave Ramsey offers a solid approach for people without financial savvy or self control to rid themselves of debt.
Dave Ramsey has done a wonderful job of wrapping up commonsense in a palatable package and marketing it
Dave Ramsey has been well rewarded for doing so.
However, is he the end all be all for financial advice?
No.
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Exactly!
It's Jerry Springer for the financially illiterate, or those desiring to witness it.
Daves message is so simple you cant build a show around it.
So he builds the show around the callers predicaments and questions.
Strategic debt is one of the most powerful tools an individual has at their fingertips, but it has to be used correctly which is where wisdom, experience and real guidance come into play and Dave has time for very little of these elements.
There’s no such thing as strategic debt when it comes to automobiles unless perhaps you’re a fleet manager. Or maybe if you predicted the Covid bubble.
Strategic debt is buying an apartment building on credit and then making a profit on the rent. Buying a depreciating asset on credit is just a loss of the interest paid In exchange for a more expensive car than you can afford...which is something you might need to do on occasion. But you do it because you need a reliable car right at that moment, not because you’re making money on the deal. Unless you want to make the argument that a reliable car is an investment because it allows you to do your job earn the interest back plus more.
I once financed a vehicle at 2.9%, but that was at a time when a 12 month CD was paying somewhere around 3.5%. With todays interest rates the only way the average Joe is profiting from automobile debt is if they’re a really savvy stock trader.
My home equity line of credit rate right now is like 6-6.5%. We financed about half the Subaru in August for 2.9%. I don't understand why we wouldn't use their financing.
I would agree autos are rarely if ever "strategic debt" unless at the high end collector level which very few guys really do.
Im talking about rental homes, or business investments and Dave isnt the guy to talk about that stuff with.
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