what to do with my malibu?

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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'm confused. At 0.9% APR he's beating inflation with this loan. What do the finance companies gain, exactly? In this scenario, it appears to me that he is actually making money off the "finance companies". It also leaves him free to invest his cash as he sees fit. Basic online savings accounts have 1% rates right now.
 
I doubt the OP is paying .9%, typically 84 months loans are in the 3%-5% range. If he has so so credit, he is going to be in the 5%-12% range.


In today's low interest rate environment they are a poor deal. The feds stated goal is 2% inflation per year, so what I do if the money is 2% or less I take it if its more I pay for it. GM pushes the 0% 60 month loans all the time, with a GM vehicle that's the best deal. His payments would only be $1XX more a month and he would be cutting his interest payments over the life of the loan by a significant amount.

I'd happily take $10m if someone would give it to me at 2% or less.

People who say only pay cash for a new car have not bought a new car in ages. Manufactures give you incentives to take the loans, you can pay them off the first month but your foolish to leave the money on the table. Ford just gave my buddy $4300 off his F150 for taking a 5% 60 month loan. He is either going to pay it off the first month or refinance it with his credit union at 2%, he was planning on writing a check for the truck but they deals are better with financing. Who in their right mind would thump their chest and say no I pay CASH I'll give you an extra $4300 of my CASH because debt is bad.

This simplistic [censored] gets old.
 
Last edited:
Originally Posted By: gabriel9766
Well im only 21 and still live with my parents. I can afford higher payments i just choose not 2.


Great that you live at home to save money - bad that you blew it all on a brand new car, though.
I do remember the allure of new cars at that age, though. Although if your new car attracts a lovely female, what good is that when you can't take her home???

"Mom, Dad, I'm gonna need you to clear out tonight - I've got a hot date coming over"
 
Just pay off the car, enjoy it and focus on finishing college.

About car financing.... Many Americans need to finance to buy a car, even a $10,000 car.
 
Originally Posted By: hattaresguy
I doubt the OP is paying .9%, typically 84 months loans are in the 3%-5% range. If he has so so credit, he is going to be in the 5%-12% range.


In today's low interest rate environment they are a poor deal. The feds stated goal is 2% inflation per year, so what I do if the money is 2% or less I take it if its more I pay for it. GM pushes the 0% 60 month loans all the time, with a GM vehicle that's the best deal. His payments would only be $1XX more a month and he would be cutting his interest payments over the life of the loan by a significant amount.

I'd happily take $10m if someone would give it to me at 2% or less.

People who say only pay cash for a new car have not bought a new car in ages. Manufactures give you incentives to take the loans, you can pay them off the first month but your foolish to leave the money on the table. Ford just gave my buddy $4300 off his F150 for taking a 5% 60 month loan. He is either going to pay it off the first month or refinance it with his credit union at 2%, he was planning on writing a check for the truck but they deals are better with financing. Who in their right mind would thump their chest and say no I pay CASH I'll give you an extra $4300 of my CASH because debt is bad.

This simplistic [censored] gets old.

3.19% i think through a credit union.
 
Originally Posted By: gabriel9766
I was paying 6.9% APR fpr my 2010 impala 4 5 yrs. But tht was when I had just started building credit.
You had a car payment at 16 years old?

People need to figure out their priorities.
 
Originally Posted By: gabriel9766
I was paying 6.9% APR fpr my 2010 impala 4 5 yrs. But tht was when I had just started building credit.


33.gif


Wow! Two new cars that were financed in less than 6 years??? And a payment on a car when you were about 16 years old?? Two huge financial mistakes in a row - you didn't learn from the first one? I guess it's the new American way...

I find it amazing where so many people put their priorities. I purchased my first vehicle (used) in cash. I am still driving that truck today. I wouldn't finance a car even if I "had" the money.
 
There was a younger BITOG member that financed like 4 cars in a 5 year period.

Anybody remember the guy.... I forget his name.
 
Originally Posted By: ClutchDisc
Originally Posted By: gabriel9766
I was paying 6.9% APR fpr my 2010 impala 4 5 yrs. But tht was when I had just started building credit.


33.gif


Wow! Two new cars that were financed in less than 6 years??? And a payment on a car when you were about 16 years old?? Two huge financial mistakes in a row - you didn't learn from the first one? I guess it's the new American way...

I find it amazing where so many people put their priorities. I purchased my first vehicle (used) in cash. I am still driving that truck today. I wouldn't finance a car even if I "had" the money.

Yeah I don't see the benefit of having a new car and dumping your money into it unless you make great money and the car is a great deal.

My old Camry is very reliable, I've put 5,000 miles on it in almost 2 1/2 months and it hasn't given me a single problem.

Sure I don't look as cool driving it, but it probably gets better gas mileage than a Malibu too.

And if my Camry got rear ended like that I would be happy to collect the insurance check and throw a strap over the trunk to hold the trunk lid down and have $2,000 in my pocket. The damage wasn't that bad, sure the damage to a new car is expensive but it wasn't anything that changed how the car drove.
 
Originally Posted By: Nick1994
Originally Posted By: gabriel9766
I was paying 6.9% APR fpr my 2010 impala 4 5 yrs. But tht was when I had just started building credit.
You had a car payment at 16 years old?

People need to figure out their priorities.

I had the impala 4 2 yrs and 30k. Traded it in in August. Put 5k in tht car in 2 yrs. Had 93k when traded it in.
 
Originally Posted By: gabriel9766
Originally Posted By: Nick1994
Originally Posted By: gabriel9766
I was paying 6.9% APR fpr my 2010 impala 4 5 yrs. But tht was when I had just started building credit.
You had a car payment at 16 years old?

People need to figure out their priorities.

I had the impala 4 2 yrs and 30k. Traded it in in August. Put 5k in tht car in 2 yrs. Had 93k when traded it in.


Hard to understand your reply.

Are you saying you spent $5,000 in payments on it over the 2 years you had it?

What was the purchase price and the trade in price?
 
Originally Posted By: Mr Nice
Just drive your Malibu after it gets repaired and be happy.

Thts the plan. Already bought some PP amd a fram XG filter when i get her back back. Going 2 the body shop today to check on progress.
 
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