04-28-2017, 04:07 PM | #23 |
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22 Phytonic/Coffee X5 45e (CoVID-free)
08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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iconoclast7265.50 |
04-28-2017, 04:09 PM | #24 | |
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My first point that I made is still valid, just make sure your "cost of acquiring the loan" (loan interest + finance charges) isn't more than the discount you achieved on the MSRP. "Finance charges" is a formal term in the consumer loan industry. They will disclose to you the additional cost of getting credit (credit report fee, application fee, admin fee, dick sucking fee, getting coffee fee, etc, but you get the idea, they can dump any fee into this category). Then you add finance charges to interest paid, and that's your ACTUAL cost of acquiring the loan. Then you simply figure out how many interest payments you will actually make before doing a lump sum payoff. Also keep an eye out on the disclosure for any early loan prepayment penalties. (They're not dumb bruh, they gonna get their interest in one form or another!) BTW, your amount financed is just under the cusp of a Reg Z covered loan, so they will disclose to you a concept called "finance charges". Take if from me, I work in the consumer finance industry. If what I'm saying is over your head, or you can't be bothered to do the calculation or read the disclosures, then pay cash. There is no gaming the system. It is set up so the creditor makes money for every loan originated. and for those reading this later, if the answer after all this is, I can't afford to pay cash all up front, then you can't really afford this car
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22 Phytonic/Coffee X5 45e (CoVID-free)
08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) Last edited by Flying Ace; 04-28-2017 at 04:19 PM.. |
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iconoclast7265.50 |
04-28-2017, 10:36 PM | #25 |
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Drives: 201X BMW 328i - soon
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I'd seen the word "truck" used in here a few times in reference to the x5, so I was trying to be hip
Anyway, the 45k I have in cash is for a 2014 CPO X5. I mentioned that in my first post. That price is easily what used X5's are going for in my area. I think like someone earlier said I'll go in and play dumb. Just get the write up of all the costs, terms, etc and "sleep on it". I bought my 328i from the same dealer and they were awesome in showing me where every number came from. There were no surprises when I sat with the finance guy who even talked me out of extending the service plan thing. Not that I was gonna go for it, but he said I wouldn't get my money's worth in oil changes, wipers and whatever. But honestly I was dead set on leaving with that car and they probably picked up on that. I was recently divorced, payed off all my debt except the mortgage and wanted a car that I wanted. |
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04-29-2017, 07:06 AM | #26 | |
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04-29-2017, 11:57 AM | #27 |
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Yes... I am aware. I told him to check for other costs of financing. If you read what I wrote about "financing charges", financing is more than interest you pay.
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22 Phytonic/Coffee X5 45e (CoVID-free)
08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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