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  #25  
Old 04-24-2015, 03:44 PM
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Re: Deal or no deal on remaining 2014 overland

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Originally Posted by 14SummitHemi View Post
Cash HURTS your negotiating position for a vehicle, always....Dealers make serious coin (1/2 to 3% of sale price) for arranging the loan. Getting that gives them more more wiggle room. A cash sale removes that wiggle room.
You might have meant to tell that to the other guy. I was the one saying don't pay cash for the car unless ofcourse you have so much money that 40 grand doesn't even make a dent in your account. With such low rates might as well keep that big chunk of change in your account?

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  #26  
Old 04-24-2015, 04:47 PM
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Re: Deal or no deal on remaining 2014 overland

Only financed 2 Jeeps --- one there was an incentive ($1000+) if financed at least $6K and didn't pay off for three months and the second my 2014 that at 0% for 36 months putting the money in a 1% savings account still yielded a savings of around $500 after paying taxes on the interest earned. If money is cheap, I'll borrow. You have to do the calculations.
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  #27  
Old 04-24-2015, 09:48 PM
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Originally Posted by lstowell View Post
It only hurts if you mention cash at the beginning--and it doesn't always hurt.
If someone asks if you'll be financing, just tell them "it depends" and nail down both the sale price as well as the price on the trade-in.
I hear ya on that as a negotiating tactic to get them off the "selling payment" thing up front but your final price will be predicated on the actual situation you represent to them in the end. Does no good to hold back being a cash buyer if that is what you are.

Point is that cash is not king like many think it is. Now in real estate, cash is the king of kings.
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  #28  
Old 04-24-2015, 10:33 PM
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Re: Deal or no deal on remaining 2014 overland

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Originally Posted by JTS97Z28 View Post
You might have meant to tell that to the other guy. I was the one saying don't pay cash for the car unless ofcourse you have so much money that 40 grand doesn't even make a dent in your account. With such low rates might as well keep that big chunk of change in your account?
Ya, I was too lazy to find that post on my droid so I used yours but trimmed it..
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  #29  
Old 04-26-2015, 05:00 PM
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Re: Deal or no deal on remaining 2014 overland

Did you (original poster) get the Jeep?

Quote:
Originally Posted by JTS97Z28 View Post
don't pay cash for the car unless ofcourse you have so much money that 40 grand doesn't even make a dent in your account.
Just the opposite. If you have lots of money you can afford to have something go wrong and it only be an inconvenience. If you have little money and something goes wrong, that debt can easily make things much worse. Debt for a vehicle also uses credit capacity better used to purchase real estate, especially appreciating real estate.
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  #30  
Old 04-27-2015, 12:50 AM
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Re: Deal or no deal on remaining 2014 overland

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Originally Posted by FStephenMasek View Post
Debt for a vehicle also uses credit capacity better used to purchase real estate, especially appreciating real estate.
Not always.

If you apply for a mortgage soon after buying a car, it might hurt you, especially if you owe more than the book value of the car. That's why you might end up paying gap insurance if you don't put enough down on the vehicle.

However, if you're a couple years into the loan, have good payment history and aren't carrying any significant credit card balances (under 15% of your available credit), you shouldn't have any major issue getting a mortgage - assuming you can put down roughly 20% (under that might still get you the mortgage, but it won't be at the best rate) and the monthly payment isn't going to be more than 30% of your monthly household income.

Having said that, if you plan to buy a home, do that first, then buy the car. It's much easier to get a car loan with a newly obtained mortgage than a mortgage with a newly obtained car loan.

But...

If you know you'll want to buy a home in a few years and haven't financed a vehicle in 10, the vehicle loan can help improve your score by providing recent installment loan history. Without that, your credit score can drop as much as 50 points even if you have little or no consumer debt and have a record free of late payments.

In other words, a little bit of debt once in a while is a good thing. Too much or too little, can hurt you, though.
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  #31  
Old 04-27-2015, 10:43 AM
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Re: Deal or no deal on remaining 2014 overland

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Originally Posted by NetworkTV View Post
Not always.

If you apply for a mortgage soon after buying a car, it might hurt you, especially if you owe more than the book value of the car. That's why you might end up paying gap insurance if you don't put enough down on the vehicle.

However, if you're a couple years into the loan, have good payment history and aren't carrying any significant credit card balances (under 15% of your available credit), you shouldn't have any major issue getting a mortgage - assuming you can put down roughly 20% (under that might still get you the mortgage, but it won't be at the best rate) and the monthly payment isn't going to be more than 30% of your monthly household income.

Having said that, if you plan to buy a home, do that first, then buy the car. It's much easier to get a car loan with a newly obtained mortgage than a mortgage with a newly obtained car loan.

But...

If you know you'll want to buy a home in a few years and haven't financed a vehicle in 10, the vehicle loan can help improve your score by providing recent installment loan history. Without that, your credit score can drop as much as 50 points even if you have little or no consumer debt and have a record free of late payments.

In other words, a little bit of debt once in a while is a good thing. Too much or too little, can hurt you, though.
Hopefully we'll find out soon. We bought our '14 in March (suckered the dealership into taking a $11.5k down payment on a credit card ) and we're putting our condo on the market this weekend. Fingers crossed that it sells quickly and we make some decent money on it. I don't forsee any problem with a mortgage based on our recent car purchase, our only debt is our current mortgage and the newly acquired Jeep.
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  #32  
Old 04-27-2015, 12:09 PM
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Re: Deal or no deal on remaining 2014 overland

[QUOTE=FStephenMasek;1174556]Did you (original poster) get the Jeep?

No I didn't. And if I get one I think I'll go 2015 or maybe even 2016 at this point. The internet sales manger, who thinks he knows it all, only wants to discount $5k off sticker price. I can get a 2015 cheaper and exactly what I want. So I'm sure a visit to the dealer with an offer in hand would persuade them to go less, much less but a. I don't have time and b. the Internet sales manager turned me off to their dealer by acting like they were doing me the favor by "losing money" on the deal.


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  #33  
Old 04-27-2015, 12:21 PM
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Re: Deal or no deal on remaining 2014 overland

[QUOTE=Taws600;1174796]
Quote:
Originally Posted by FStephenMasek View Post
Did you (original poster) get the Jeep?

No I didn't. And if I get one I think I'll go 2015 or maybe even 2016 at this point. The internet sales manger, who thinks he knows it all, only wants to discount $5k off sticker price. I can get a 2015 cheaper and exactly what I want. So I'm sure a visit to the dealer with an offer in hand would persuade them to go less, much less but a. I don't have time and b. the Internet sales manager turned me off to their dealer by acting like they were doing me the favor by "losing money" on the deal.


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  #34  
Old 04-27-2015, 12:30 PM
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Re: Deal or no deal on remaining 2014 overland

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  #35  
Old 04-27-2015, 02:33 PM
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Re: Deal or no deal on remaining 2014 overland

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Originally Posted by JTS97Z28 View Post
People see things differently so telling someone to only pay cash for a $40,000+ vehicle isn't necessarily the best choice for everyone. I mean you could say that about anything regarding debt, why pick on vehicle debt? Why get a mortgage, why have cell phone payments, or student loans etc etc. I personally would prefer that $40,000 in my savings account collecting interest or available to use for emergencies or just to have. Interest rates are still nice and low. IMO, get the car and still keep the money in your bank. Well obviously out a good down payment down so payments aren't through the roof, but I guess I just don't understand the only pay cash thing.
Right that was a totally weird comment to make about cash. Plenty of good reasons to have vehicle dept. Several times I've sold a car that was paid for, to get cash for property. And immediately after I bought the property. I got another Vehicle with dept.

Sometimes you can get 0% financing. I did on my 2014 Limited. It's not advertised as being available.

Sometimes you can get a BETTER deal with a loan because the dealer gets a kickback from the bank. Then pay it off immediately.

Everyone's situation is different and can vary from one time to another.
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