what to do with my malibu?
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Originally Posted By: Cutehumor
Originally Posted By: hpb
So here in Oz, all the major insurance companies have a clause where if a new vehicle is written off (totaled) within the first 2 years, it's replaced with another brand new one. Is that not a "thing" in America?
People would total their car on purpose to get a brand new car. I know, it sounds dumb, and could hurt yourself. But don't count out the general public to figure a way to make it work! I got a lemon, I can put a brick on the pedal and ram it against the wall. lol
Here in the States, you have to pay extra for new-car replacement, and I think it only goes to 1 year, as in Liberty Mutual's heavily advertised feature option.
Originally Posted By: hpb
So here in Oz, all the major insurance companies have a clause where if a new vehicle is written off (totaled) within the first 2 years, it's replaced with another brand new one. Is that not a "thing" in America?
People would total their car on purpose to get a brand new car. I know, it sounds dumb, and could hurt yourself. But don't count out the general public to figure a way to make it work! I got a lemon, I can put a brick on the pedal and ram it against the wall. lol
Here in the States, you have to pay extra for new-car replacement, and I think it only goes to 1 year, as in Liberty Mutual's heavily advertised feature option.
Originally Posted By: Mr Nice
If he was trying to impress women, he would be driving a BMW or Benz.... not a Chevy Malibu. LOL.
It depends where you live and what economic class you are in. You are a guy who makes nearly six figures a year. A Benz would do it for you lol
If he was trying to impress women, he would be driving a BMW or Benz.... not a Chevy Malibu. LOL.
It depends where you live and what economic class you are in. You are a guy who makes nearly six figures a year. A Benz would do it for you lol
Originally Posted By: Cutehumor
Originally Posted By: Mr Nice
If he was trying to impress women, he would be driving a BMW or Benz.... not a Chevy Malibu. LOL.
It depends where you live and what economic class you are in. You are a guy who makes nearly six figures a year. A Benz would do it for you lol
Mr Nice just shows them a statement from his retirement accounts.
Originally Posted By: Mr Nice
If he was trying to impress women, he would be driving a BMW or Benz.... not a Chevy Malibu. LOL.
It depends where you live and what economic class you are in. You are a guy who makes nearly six figures a year. A Benz would do it for you lol
Mr Nice just shows them a statement from his retirement accounts.
The 16k total amount is usually a percentage amount of the value. Plus some insurance carriers offer replacement car coverage on newer vehicles.
Originally Posted By: Mr Nice
Does the OP want his car totaled by insurance company ?
It sucks his new car was hit by woman.
I do but i dont. I love tht car. On the other hand i dont really have $ 2 put another down payment again.
Does the OP want his car totaled by insurance company ?
It sucks his new car was hit by woman.
I do but i dont. I love tht car. On the other hand i dont really have $ 2 put another down payment again.
Originally Posted By: Mr Nice
Lots of people finance for 7 years at 0.9% interest rate.
Hopefully the car gets totaled and you can buy a 2016 Accord Sport.
Yes that is how they quietly raised car prices and equipment levels. Car makers and banks work together to keep these folks in perpetual debt when life turns into elongated payments at a "low interest". My guess is low interest is a discount on an overpriced MSRP vehicle and game to make folks think it is a deal. Banks never offer such low interest rates. Only the car financing company does because they are in bed with one another to get paid.
You even here it on this board who think they have the world "beat" by financing a vehicle they could afford and "investing elsewhere". However not realizing it was trick for that overpriced truck MSRP they fell for. Very effective psych on folks.
I realized in life wealthy folks who started with little got there by not financing depreciated assets.
Lots of people finance for 7 years at 0.9% interest rate.
Hopefully the car gets totaled and you can buy a 2016 Accord Sport.
Yes that is how they quietly raised car prices and equipment levels. Car makers and banks work together to keep these folks in perpetual debt when life turns into elongated payments at a "low interest". My guess is low interest is a discount on an overpriced MSRP vehicle and game to make folks think it is a deal. Banks never offer such low interest rates. Only the car financing company does because they are in bed with one another to get paid.
You even here it on this board who think they have the world "beat" by financing a vehicle they could afford and "investing elsewhere". However not realizing it was trick for that overpriced truck MSRP they fell for. Very effective psych on folks.
I realized in life wealthy folks who started with little got there by not financing depreciated assets.
Originally Posted By: gabriel9766
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
Whoooaaaa nelly, lets slow down here.
7 year loan? Trading in a 2015 car for a new 2016 car? Let's be honest, the majority of those that take out these long loans are because they can't afford the car and should have bought a cheaper car to begin with.
I see bad decision after bad decision being played out here. If you trade that car in for a new 2016, you'll be hugely upside down. They will roll that into your new 10 year loan, and you will find yourself, again, with a hugely upside down loan, gap coverage, and a ridiculously long loan.
Best thing that could occur is the car gets totaled. If that doesn't occur, 2nd best option is stick with your current car, pay it off and run it into the ground. You'll likely be upside down 10K dollars or more if you trade it at this point, so that is a really bad idea.
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
Whoooaaaa nelly, lets slow down here.
7 year loan? Trading in a 2015 car for a new 2016 car? Let's be honest, the majority of those that take out these long loans are because they can't afford the car and should have bought a cheaper car to begin with.
I see bad decision after bad decision being played out here. If you trade that car in for a new 2016, you'll be hugely upside down. They will roll that into your new 10 year loan, and you will find yourself, again, with a hugely upside down loan, gap coverage, and a ridiculously long loan.
Best thing that could occur is the car gets totaled. If that doesn't occur, 2nd best option is stick with your current car, pay it off and run it into the ground. You'll likely be upside down 10K dollars or more if you trade it at this point, so that is a really bad idea.
If car does get totaled, I would buy a 7 year Civic or Corolla...... drive it for a while and allow your financial situation to improve. 36 months was the longest I financed any car, I paid them off within 14-16 months.
Some BITOG members think to finance at 0% or 0.9% interest rate.... While getting 7-8% returns on their financial investments. I can understand both side of the financing game.
Some BITOG members think to finance at 0% or 0.9% interest rate.... While getting 7-8% returns on their financial investments. I can understand both side of the financing game.
Originally Posted By: hpb
So here in Oz, all the major insurance companies have a clause where if a new vehicle is written off (totaled) within the first 2 years, it's replaced with another brand new one. Is that not a "thing" in America?
Standard automobile contract in the US of A is to pay the market value of the car before the crash. There are a few companies that are stepping up their contracts to something along the lines of what you have in Oz. But I don't think the time period extends to two years yet.
So here in Oz, all the major insurance companies have a clause where if a new vehicle is written off (totaled) within the first 2 years, it's replaced with another brand new one. Is that not a "thing" in America?
Standard automobile contract in the US of A is to pay the market value of the car before the crash. There are a few companies that are stepping up their contracts to something along the lines of what you have in Oz. But I don't think the time period extends to two years yet.
Originally Posted By: Pop_Rivit
Originally Posted By: gabriel9766
what to do with my malibu?
Get rid of it and buy something you can actually afford?
Originally Posted By: gabriel9766
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
You didn't learn the first time through, so you're going to do the same thing again? The finance companies thank you for your support.
I still think low APR is the way to buy a car. Few folks in the USA can buy a $25,000 vehicle cash.
Originally Posted By: gabriel9766
what to do with my malibu?
Get rid of it and buy something you can actually afford?
Originally Posted By: gabriel9766
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
You didn't learn the first time through, so you're going to do the same thing again? The finance companies thank you for your support.
I still think low APR is the way to buy a car. Few folks in the USA can buy a $25,000 vehicle cash.
Originally Posted By: gabriel9766
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
Wrong. "Afford" means something different than you think it does.
However this works out, please don't repeat this huge financial blunder.
You should really look at your budget and see where else you are overpaying. New iPhone? $80/month cell phone plan? cable/satellite? ...
To all the BITOGers who complain when myself or similar-minded posters harp on people by "preaching" financial responsibility - SEE! This is what we're trying to help people avoid.
A 7 year car loan for a Malibu!?! You could get one off the rental lot for $12k and 45k miles, I'd wager. Then you wouldn't have been underwater the second you drove it off the lot.
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
Wrong. "Afford" means something different than you think it does.
However this works out, please don't repeat this huge financial blunder.
You should really look at your budget and see where else you are overpaying. New iPhone? $80/month cell phone plan? cable/satellite? ...
To all the BITOGers who complain when myself or similar-minded posters harp on people by "preaching" financial responsibility - SEE! This is what we're trying to help people avoid.
A 7 year car loan for a Malibu!?! You could get one off the rental lot for $12k and 45k miles, I'd wager. Then you wouldn't have been underwater the second you drove it off the lot.
Yes, I hear afford thrown around all the time, but folks don't know what it means.
Phrases such as "the Affordable Care Act" or an "Affordable Car Loan" generally mean we don't understand or don't critically examine what we are being told.
If someone has to give you a subsidy to buy a product or service, then you probably can't afford it. If you have to take out a long term loan for a depreciating asset, then you probably can't afford it.
I'm not saying there are not times when it's to your advantage to borrow the money. If you are making 10% on that money in an investment and someone will loan you the money at 0% to buy their product, then it may be in your best interest to take the loan.
But if you are over-leveraged. If you have too much debt, even a 0% loan is a problem.
Phrases such as "the Affordable Care Act" or an "Affordable Car Loan" generally mean we don't understand or don't critically examine what we are being told.
If someone has to give you a subsidy to buy a product or service, then you probably can't afford it. If you have to take out a long term loan for a depreciating asset, then you probably can't afford it.
I'm not saying there are not times when it's to your advantage to borrow the money. If you are making 10% on that money in an investment and someone will loan you the money at 0% to buy their product, then it may be in your best interest to take the loan.
But if you are over-leveraged. If you have too much debt, even a 0% loan is a problem.
Originally Posted By: Mr Nice
Originally Posted By: Pop_Rivit
Originally Posted By: gabriel9766
what to do with my malibu?
Get rid of it and buy something you can actually afford?
Originally Posted By: gabriel9766
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
You didn't learn the first time through, so you're going to do the same thing again? The finance companies thank you for your support.
I still think low APR is the way to buy a car. Few folks in the USA can buy a $25,000 vehicle cash.
+1.
I can afford to buy a car and pay 25K cash.
However, at the same time, I don't know why I would want to buy a car that way if I can buy a car, haggle the price to the minimum, and still walk away with 0.9 financing like I did on my Accord.
I would much rather conserve 25K in cash, enjoy the income that will accrue from the cash saved in a solid investment and after enough of a downstroke to make the payment comfortable, float the purchase out over time.
Originally Posted By: Pop_Rivit
Originally Posted By: gabriel9766
what to do with my malibu?
Get rid of it and buy something you can actually afford?
Originally Posted By: gabriel9766
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
You didn't learn the first time through, so you're going to do the same thing again? The finance companies thank you for your support.
I still think low APR is the way to buy a car. Few folks in the USA can buy a $25,000 vehicle cash.
+1.
I can afford to buy a car and pay 25K cash.
However, at the same time, I don't know why I would want to buy a car that way if I can buy a car, haggle the price to the minimum, and still walk away with 0.9 financing like I did on my Accord.
I would much rather conserve 25K in cash, enjoy the income that will accrue from the cash saved in a solid investment and after enough of a downstroke to make the payment comfortable, float the purchase out over time.
Originally Posted By: surfstar
Originally Posted By: gabriel9766
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
Wrong. "Afford" means something different than you think it does.
However this works out, please don't repeat this huge financial blunder.
You should really look at your budget and see where else you are overpaying. New iPhone? $80/month cell phone plan? cable/satellite? ...
To all the BITOGers who complain when myself or similar-minded posters harp on people by "preaching" financial responsibility - SEE! This is what we're trying to help people avoid.
A 7 year car loan for a Malibu!?! You could get one off the rental lot for $12k and 45k miles, I'd wager. Then you wouldn't have been underwater the second you drove it off the lot.
Agreed. Not going to give you a lecture, but if you have to finance a Chevy Malibu out 7 years to pay for it, you can't afford it.
Many say less, but to me the absolute maximum to finance a car is 4 years. I generally go out 4, and throw additional cash at it monthly to shave time off unless the loan rate is ridiculously low, like I received on the Accord.
Originally Posted By: gabriel9766
Yea 7 yr loan. Got a low interest rate and payment I could afford. I'd prob end up buying another malibu.
Wrong. "Afford" means something different than you think it does.
However this works out, please don't repeat this huge financial blunder.
You should really look at your budget and see where else you are overpaying. New iPhone? $80/month cell phone plan? cable/satellite? ...
To all the BITOGers who complain when myself or similar-minded posters harp on people by "preaching" financial responsibility - SEE! This is what we're trying to help people avoid.
A 7 year car loan for a Malibu!?! You could get one off the rental lot for $12k and 45k miles, I'd wager. Then you wouldn't have been underwater the second you drove it off the lot.
Agreed. Not going to give you a lecture, but if you have to finance a Chevy Malibu out 7 years to pay for it, you can't afford it.
Many say less, but to me the absolute maximum to finance a car is 4 years. I generally go out 4, and throw additional cash at it monthly to shave time off unless the loan rate is ridiculously low, like I received on the Accord.
84 months is very common on new vehicles as the average price is near $30,000. Thats how many Americans are buying new, sales are booming.
OT: I'm getting a new company car next year.... one of my options is the Malibu, they look very sporty.
OT: I'm getting a new company car next year.... one of my options is the Malibu, they look very sporty.
Keep it and drive it, your underwater on the note so you don't really have much of a choice.
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