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Down payment depends:McQueenBalls wrote: ↑Tue Sep 17, 2019 1:50 pm theres some pictures, now I know. Sick!
going to the credit union today or tomorrow to buy this piece of shit. what are everyone's feelings on down payments? I was looking at like $7500 down. Was orig gonna do $10k but the extra $2500 in my pocket now is the difference of like 20 bucks of month or something. But since I'm buying the car for epic cost, I'm essentially throwing money in a black hole to get 'even' with even remote value of the car, mainly in case its totaled or something. In a few years it should even out and have some 'equity' which if you know anything about $ or cars, you know equity is a total illusion if you actually factor in what it cost on the front end to get to that equity. Anyway. Do I go for the big boss DP and do the full 10k or keep the $2500 in my pocket and do the $7500.
PS: you bros who live in Missouri with $1500 a month overheads or you Silicone valley bros who make like $500k p/yr living that App life can save the "I buy all my cars cash" comments.
Put down as much as you can, unless you plan on walking away from an upside down Kamry. Your online savings is not offsetting your interest expense so the more you put down the less you owe to slimy suit wearing banks monthly.McQueenBalls wrote: ↑Tue Sep 17, 2019 2:57 pm The cash is earning 2% in an online savings account. we're talking cash here. I always need lots of cash because I'm hemorrhaging $$ with this current separation with the ex and 2 children. So I should really be buying a $5k Camry but we've covered that I'm a dipshit, so lets not harp on that. We know I'm buying the car so lets accept that.
Lowest avail rate is 3.24% from my credit union. I've shopped around. BMW's best rate is 4%. I could get 2.9% from my CU if I insured my car with them but Geico has way better rates so its not worth it.
The main thing is I don't want to finance more than what the car is worth hence the larger down payment. Otherwise, I'd put less down.
Chime in asap cuz Im going to do this shit today. xoxox
McQueenBalls wrote: ↑Tue Sep 17, 2019 4:31 pm The plot thickens.
I was about to just take the payoff quote to the credit union and put $8k down and call it a day but if I instead pay BMW the down payment of $8k and get a revised payoff quote, I'll be paying sales tax on the reduced amount vs. the orig payoff amount, effectively saving myself $906 on the car. Boom. Ben fucking bernanke over here. So now: $8k to BMW, BMW sends me revised payoff quote, I then finance that entire amount + sales tax @ 3.24% and my payment will be like $380 a month. Fuckin A.
Math
Why would you pay the sales tax on the pre pay off reduction amount... you don't own the car? You're buying that car at the -8k price so this makes sense... now... do you need to go to the DMV?McQueenBalls wrote: ↑Tue Sep 17, 2019 4:31 pm The plot thickens.
I was about to just take the payoff quote to the credit union and put $8k down and call it a day but if I instead pay BMW the down payment of $8k and get a revised payoff quote, I'll be paying sales tax on the reduced amount vs. the orig payoff amount, effectively saving myself $906 on the car. Boom. Ben fucking bernanke over here. So now: $8k to BMW, BMW sends me revised payoff quote, I then finance that entire amount + sales tax @ 3.24% and my payment will be like $380 a month. Fuckin A.
Math
I don't get this transaction... What was the sales price of the car? That's what you should be paying the taxes on.McQueenBalls wrote: ↑Tue Sep 17, 2019 6:22 pm no. i did the math wrong.. the amount paid was off the residual, then they apply the $4k price reduction etc. and that is the amount I finance w/the credit union. In the end, it saved me about $150.
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Yea cars areMcQueenBalls wrote: ↑Tue Sep 17, 2019 6:42 pm sales tax is on the payoff amount i.e. the cost of the car. thats tacked on and that gives you the final amount and then your down payment reduces that.
its too boring and intricate to explain. Basically instead of taking the payoff amount, giving that over to my credit union and then paying my credit union the down and getting the remainder to finance, I paid what would be the down to BMW and that reduced the overall amount which saved me a little on sales tax. but say your residual is x and bmw gives you a payoff (which includes the $4k reduction) of y. if you throw a bunch of money at that amount, it applies to the residual, not the payoff amount, so then they adjust from there and give you a new payoff amount. the order in which it happens means i saved almost nothing in sales tax vs. just doing it directly w/my credit union. its almost 6 1/2 dozen the other basically. in the end, its just about the worst financial decision ive ever made but hey, fuck it.
When I was thinking ofMcQueenBalls wrote: ↑Wed Sep 18, 2019 12:09 am Yessir. I try to look at it like anything that is almost worthless after a certain amount of time. Like the 55" UHD smart TV I bought when smart TVs were new, for like $1000 that would sell for like $50 now. But I can drive it to work and to the store and shit.
Gotta get 2 more bro flats from Pepe's Tires & Tacos in SF Valley this week. I replaced two a while back because of sidewall bubbles so those 2 are 'new' and the other 2 have like 3/32 left so I should swap those so I have a fairly 'new' set on there. Two hundred buckarones (thats Spanglish for dollars) and I'll be good to go. SO I guess that slightly debunks my theory that broflats are more durable, except I rolled on those sidewall bubble tires w/zero fucks for like a 6 months before replacing.
Oh and it is done. Finished everything up at the ol' credit union today. I am the proud owner of, no wait, some other bank is the proud owner of 2016 douche transporter. So much car-ness. Such wow.![]()
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