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  #37  
Old 06-09-2014, 11:00 PM
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Re: 84 Month Financing?

Here is another tidbit. Say you founded a company and the stock price went way up after going public. It's a good company, not some fly by night thing. You're now worth $2 Billion based on the stock price.

You would think you'd just sell some stock and buy what you want. Buzzzz. Wrong answer. From a long term wealth perspective....assuming you want to maximize your wealth, you just borrow whatever you need to spend. Borrow, borrow, borrow. I know, that's the opposite advice for the non-super rich. You see, if you're super-rich you can borrow on extremely favorable terms...cheap money. You maximize your wealth by never selling and thus never paying taxes on the gain...you USE the gain AS IF you sold BY BORROWING but WITHOUT paying taxes on the "gain". Then when you die, your heirs get the stock on the stepped up basis ... the value at the time of death ... and the $2 Billion gain is never taxed because it now has the new stepped up basis (not addressing other estate taxes in my scenario).

When money is cheap....it is on sale....and should be used as a tool.
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  #38  
Old 06-09-2014, 11:13 PM
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Re: 84 Month Financing?

Well put, Dan!

I simply prefer longer financing terms because I'm more flexible. I can decide how much I pay back each and every month.

Last time I checked with my CU, the difference in APR between 24 and 72 months was 0.25% - and I'll gladly pay this surcharge in order to gain flexibility - just like an insurance.
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  #39  
Old 06-10-2014, 12:13 AM
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Re: 84 Month Financing?

Wealthy people have been asked what is the best way to become wealthy. The majority answered is to stay out of debt by not borrowing money. Investing in individual stocks is very risky by the way. Warren Buffet mostly buys companies outright or if he does buy stock it's a significant portion of stocks and he greatly diversifies all of his investments and he's raking in money with insurance companies he owns.
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  #40  
Old 06-10-2014, 12:20 AM
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Re: 84 Month Financing?

^^^^^^^

There is good debt and there is bad debt. Can be tricky to understand and of course change with the level of debt. For example, college education debt was always thought to be "good debt" ... but has gotten out of hand. Same with buying a home debt, but that got out of hand around 2007.

Buffet uses a lot of debt when necessary and cheap. He gets the Billionaire rate. See:

How Warren Buffett REALLY Makes Money - Business Insider
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  #41  
Old 06-10-2014, 07:43 PM
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Re: 84 Month Financing?

To answere the OP's question I took out a 84 month loan at the beginning of this month when Chrysler did a buy back on my 14 overland and I got A new 14 overland with advanced tech and blue ray. The APR was 4.5% through USBank. Could I have gone with a 72 month loan or less? Yes but I wanted flexibility with payments. Going 84 months is not for everybody but it worked for me. If it works go for it. Like someone else said you only live once.

I don't care what everybody thinks. As you can see from the multiple pages of responses mostly negative your going to get everybody's opinion and financial advice. You know your finances. Good luck.
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  #42  
Old 06-10-2014, 07:53 PM
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For the record, 4.5% is a pretty high rate for an auto loan in today's market.
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  #43  
Old 06-10-2014, 08:04 PM
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Re: 84 Month Financing?

Quote:
Originally Posted by jeepgrady View Post
For the record, 4.5% is a pretty high rate for an auto loan in today's market.
Yes but given 0 money down and some accessories added to the total it was the best I could find. In my situation it worked out good and I plan on having it paid off in 5 to 5.5 yrs.
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  #44  
Old 06-10-2014, 08:09 PM
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Re: 84 Month Financing?

Quote:
Originally Posted by jeepgrady View Post
For the record, 4.5% is a pretty high rate for an auto loan in today's market.
That's pretty much the only reason why I would stay at or below 72 months. As soon as you go longer, there is a pretty steep jump in APR...

All advertised 1.xx%-loans I'm aware of are for shorter periods, which most of them at 60 months or less.
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  #45  
Old 06-10-2014, 08:14 PM
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Quote:
Originally Posted by Jms4218 View Post

Yes but given 0 money down and some accessories added to the total it was the best I could find. In my situation it worked out good and I plan on having it paid off in 5 to 5.5 yrs.
The bottom line is that you are happy. It's wise that you intend to pay it off early.
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  #46  
Old 06-11-2014, 04:10 AM
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Re: 84 Month Financing?

Quote:
Originally Posted by dubwarren View Post
Your post reminds me of the liberal mentality running rampant in America right now, but I digress.
Really? You're going to politicize this? 'Conservatives' aren't capable of posting what you think is incorrect?
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  #47  
Old 06-11-2014, 08:29 AM
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Re: 84 Month Financing?

Calm down.


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  #48  
Old 06-11-2014, 01:56 PM
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Re: 84 Month Financing?

FYI- I appreciate the feedback I was given(good or bad)! It was my decision to ask a public question, and I am adult enough to take constructive comments. No offense taken. The only debt my family carries is the home mortgage payment, in which we budjeted to where if one of us lost our job, we could still get by after paying all of our bills. I have more in savings than what I make in a years salary.
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