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    Thread: A Third of New-car Buyers Roll Debt From Old Vehicles Into Their New Loans

    1. Senior Member Sporin's Avatar
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      10-03-2019 08:07 PM #76
      Quote Originally Posted by Egz View Post
      15k-20k Leases tend to cost more than financing.
      Example?

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    3. Senior Member AZGolf's Avatar
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      10-03-2019 08:42 PM #77
      Quote Originally Posted by Sporin View Post
      Example?
      Yeah I feel like they may be overlooking the impact to trade-in when you buy/finance a vehicle and drive 20k miles a year. Leasing often is competitive with buy/finance even for high mileage drivers because of the depreciation associated with putting a bunch of miles on the car you own.

    4. Senior Member DonL's Avatar
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      10-03-2019 08:56 PM #78
      Quote Originally Posted by The_Real_Stack View Post
      I do the same thing with credit. Max all your CCs and no one can steal your identity.
      That's what my 350 FICO is for.
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      10-03-2019 09:19 PM #79
      Quote Originally Posted by Mr Roo View Post
      This, people are getting 72 or longer car loans. When you are paying for a car for 6, 7 ,8 years you will see more people roll in to another car. I think this will only continue as car prices continue to rise.
      Car prices aren't rising. People are just choosing more expensive cars. There are still plenty of great affordable cars. People just aren't buying them.

    6. How do I resize a picture? Cabin Pics's Avatar
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      10-03-2019 09:41 PM #80
      Quote Originally Posted by CTK View Post
      Car prices aren't rising. People are just choosing more expensive cars. There are still plenty of great affordable cars. People just aren't buying them.
      Why would I want a Nissan when I can drive a Chevy?
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    7. Senior Member Sporin's Avatar
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      10-03-2019 10:31 PM #81
      How much of this is the crap trade in values not matching the crazy used car sales prices.

      Those who know don’t get taken advantage of but I’ve known more ignorant folks who got just slayed on their trade ins for cars the dealer then puts on their used lots at 100% profit.

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      10-03-2019 10:49 PM #82
      I’m just trying to figure out where these 5% money market accounts are and how to set up some of those 527 accounts for my kids...

    9. Senior Member Sporin's Avatar
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      10-03-2019 10:59 PM #83
      Quote Originally Posted by WRX2GTi View Post
      I’m just trying to figure out where these 5% money market accounts are and how to set up some of those 527 accounts for my kids...
      529, 527, whatever it is, it was clear what I meant.

    10. Member Dirty Hatch's Avatar
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      10-03-2019 11:07 PM #84
      Quote Originally Posted by WRX2GTi View Post
      I’m just trying to figure out where these 5% money market accounts are and how to set up some of those 527 accounts for my kids...
      I have an Edward Jones money market and it said my personal rate of return is 6.23%. YTD is 13.13%. Last year was -7.33% though.


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      10-04-2019 12:23 AM #85
      Quote Originally Posted by Sporin View Post
      529, 527, whatever it is, it was clear what I meant.
      It was clear you have no clue what your talking about.

    12. Member MGQ's Avatar
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      10-04-2019 12:23 AM #86
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      10-04-2019 12:26 AM #87
      Quote Originally Posted by Dirty Hatch View Post
      I have an Edward Jones money market and it said my personal rate of return is 6.23%. YTD is 13.13%. Last year was -7.33% though.


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      You must be referring to a money market fund with EJ.

      Completely different animal.

      There are no money market accounts offering over 2.xx APY.

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      10-04-2019 12:38 AM #88
      Quote Originally Posted by Cabin Pics View Post
      Why would I want a Nissan when I can drive a Chevy?
      Get a VW.
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    15. Senior Member Sporin's Avatar
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      10-04-2019 07:32 AM #89
      Quote Originally Posted by WRX2GTi View Post
      It was clear you have no clue what your talking about.
      I bet you’re fun at parties.

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      10-04-2019 07:47 AM #90
      Quote Originally Posted by Egz View Post
      15k-20k Leases tend to cost more than financing.
      That's only possible if you do crazy miles and pay crazy fees.

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      10-04-2019 09:06 AM #91
      Quote Originally Posted by Dirty Hatch View Post
      I have an Edward Jones money market and it said my personal rate of return is 6.23%. YTD is 13.13%. Last year was -7.33% though.


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      Quote Originally Posted by WRX2GTi View Post
      You must be referring to a money market fund with EJ.

      Completely different animal.

      There are no money market accounts offering over 2.xx APY.
      Not only that, but also look at your expense ratio and fees with Edward Jones. EJ is notoriously high.

      https://www.listenmoneymatters.com/t...the-long-term/

    18. Member atomicalex's Avatar
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      10-04-2019 09:38 AM #92
      Quote Originally Posted by Sporin View Post
      If you can’t keep a new car on the road for 60 months (or even 72 months) than that’s on you.
      Gotta agree here.

      My kids whine about new cars - they don't want them, and can't understand why they are so attractive to people. I keep reminding them - a seat for every ass.

      It does boggle my mind that people roll debt in cars. I just can't even. I have too much self-preservation instinct to do that.
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    19. Senior Member 6cylVWguy's Avatar
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      10-04-2019 10:10 AM #93
      I know a guy who has done this on several cars in a row. According to him, when he bought a Focus ST a bunch of yrs ago, he rolled in what he owed on a previous car. When I met him (SIL's BF---ugh...), he had the ST. About every 3 times I saw him, I'd hear about how much he owed on the car vs how much it's worth. Said dude and SIL had an unplanned kid. SIL can't drive stick. Within 6 months (starting in January 2018), they lease a new Highlander (trading in a perfectly functional Ford Escape) and buy a new Camry (both 2018 MY cars)---what's owed on the ST is rolled into the Camry. Oh, and dude doesn't work. He's a stay at home dad. Nothing wrong with that in itself, but SIL has now strapped herself to a whole lot of financial responsibility over the course of 18 months. In this situation, I think there's a bit of jealousy between their current situation and what the rest of the SIL's siblings have. The SIL is frankly a weirdo (typical engineer, LOL) and dude is nice enough on his own, but the constant reminders of their blantantly stupid money spending is tough. My wife once commented to her sister about the unusual and irresponsible spending they were doing and it was definitely not taken well.


    20. 10-04-2019 10:31 AM #94
      Quote Originally Posted by 6cylVWguy View Post
      I know a guy who has done this on several cars in a row. According to him, when he bought a Focus ST a bunch of yrs ago, he rolled in what he owed on a previous car. When I met him (SIL's BF---ugh...), he had the ST. About every 3 times I saw him, I'd hear about how much he owed on the car vs how much it's worth. Said dude and SIL had an unplanned kid. SIL can't drive stick. Within 6 months (starting in January 2018), they lease a new Highlander (trading in a perfectly functional Ford Escape) and buy a new Camry (both 2018 MY cars)---what's owed on the ST is rolled into the Camry. Oh, and dude doesn't work. He's a stay at home dad. Nothing wrong with that in itself, but SIL has now strapped herself to a whole lot of financial responsibility over the course of 18 months. In this situation, I think there's a bit of jealousy between their current situation and what the rest of the SIL's siblings have. The SIL is frankly a weirdo (typical engineer, LOL) and dude is nice enough on his own, but the constant reminders of their blantantly stupid money spending is tough. My wife once commented to her sister about the unusual and irresponsible spending they were doing and it was definitely not taken well.

      First, may I ask what a SIL is? Second, I have people at work that have done very similar. We had this one guy that literally drove a different car every year. I knew they were not leases so one day in conversation I asked about his cars. From so of what he drove, I figured he might be a car guy. He pretty much said I drive until I dont like them and then trade them in. I fully assume this guy is taking a bath at this point. He would literally go from a Jeep to a Charger, a Porsche to a WRX, then over to a Tahoe. No rhyme or reason to any of the purchases. Just want tickled his fancy at the time.

    21. Member 91gti20v's Avatar
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      10-04-2019 10:35 AM #95
      Quote Originally Posted by Mr Roo View Post
      First, may I ask what a SIL is? Second, I have people at work that have done very similar. We had this one guy that literally drove a different car every year. I knew they were not leases so one day in conversation I asked about his cars. From so of what he drove, I figured he might be a car guy. He pretty much said I drive until I dont like them and then trade them in. I fully assume this guy is taking a bath at this point. He would literally go from a Jeep to a Charger, a Porsche to a WRX, then over to a Tahoe. No rhyme or reason to any of the purchases. Just want tickled his fancy at the time.
      SIL = Sister In Law
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    22. Member Dirty Hatch's Avatar
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      10-04-2019 10:40 AM #96
      Quote Originally Posted by WRX2GTi View Post
      You must be referring to a money market fund with EJ.

      Completely different animal.

      There are no money market accounts offering over 2.xx APY.
      Yep, my mistake. My money market through our credit union is a whopping .70%

    23. Senior Member 6cylVWguy's Avatar
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      10-04-2019 10:46 AM #97
      Quote Originally Posted by Mr Roo View Post
      I fully assume this guy is taking a bath at this point. He would literally go from a Jeep to a Charger, a Porsche to a WRX, then over to a Tahoe. No rhyme or reason to any of the purchases. Just want tickled his fancy at the time.
      It's one thing to lose money on purchases, but it's something else if he's just rolling debt into the next car. If he's making enough of a salary and a cheap enough cars (relative to his salary), then he wouldn't need to roll debt into the next purchase. Neither is smart, but it's a whole different animal owing $60k on a $40k car, particularly if you're dealing with interest rates on a loan.

      Quote Originally Posted by 91gti20v View Post
      SIL = Sister In Law
      Yup

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      10-04-2019 02:05 PM #98
      Quote Originally Posted by Iroczgirl View Post
      It's just ridiculous.

      I'll keep driving my daily, '97 Nissan hardbody. Paid for. Mint! Reliable! And without nannies.
      Great truck ! i've had a couple over the years. Should have kept the last one. Super minty ! I have a 07 ranger 2.3 single cab, rwd - 5 sped that i plan on keeping until the wheels fall off then i will put the wheels back on.

      Related to this thread. Live well below your means. Don't buy new and you can have lots of nice/fun toys !

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      10-15-2019 07:06 PM #99



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      10-15-2019 09:15 PM #100
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