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Old 12-16-2009, 08:13 PM   #1
Saul Good Saul Good is offline
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Originally Posted by Tylerthigpen!1! View Post
College kid here. What do you mean by whole life insurance? And do most used car lots run this business model?
Whole life insurance is life insurance that has an investment component attached to it. You've probably heard of the Gerber policies that grandparents buy on their grandkids. For $15 a month you get $10,000 of coverage. It builds up cash value, so the kid can cash it in when they turn 16 and get about $3,000 to buy a car or something.

If you just buy term life insurance on a kid that age, $10,000 costs about $1 a month. You can invest that other $14 and wind up with more than double that amount. Most of the money for a whole life policy goes towards fees and commissions.

Most used car lots don't use this business model, but the "buy here pay here" places all do. Generally, you find them near liquor stores, pawn shops and payday loan stores. Just stay away.

If you ever think about taking out a car loan, find a financial calculator online. Plug in the monthly payment, the loan duration, and the 8%-10% interest rate you could be earning on that money if you invest it instead of buy a car with it.

If you buy a $20,000 with nothing down and finance it at 9% for 5 years including 6% sales tax, your monthly payment comes to $441. If you then trade that car in and do it again every 5 years, you will purchase 8 cars from age 25 to age 65 for a total purchase price of $160,000.

If you had invested that same monthly payment at 9% during the same period of time, you would retire with $2,080,000. Only $185,000 was from money that you saved. The rest is interest.
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Old 12-16-2009, 08:18 PM   #2
Mr. Flopnuts Mr. Flopnuts is offline
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Originally Posted by Tylerthigpen!1! View Post
College kid here. What do you mean by whole life insurance? And do most used car lots run this business model?
If you're going to borrow money to buy a car, line up your own financing with a bank or credit union and go the lot to negotiate a cash price. If you can't do that, don't borrow money to buy a car. That's the best advice I can give on financing vehicles.
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Old 12-16-2009, 08:23 PM   #3
OnTheWarpath15 OnTheWarpath15 is offline
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If you're going to borrow money to buy a car, line up your own financing with a bank or credit union and go the lot to negotiate a cash price. If you can't do that, don't borrow money to buy a car. That's the best advice I can give on financing vehicles.
Yep.

Exactly what we did.

Used Edmonds and others to determine invoice pricing on the car/options we wanted.

Secured financing through a credit union.

Went to the dealership that had what we were looking for in stock and told them, we'll give you "X" amount for this car, or we're walking out.

Best of both worlds - a $35K car for under $30K, and a super-low interest rate - and I didn't have to waste time trying to get fleeced by the dealership's finance manager.
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Old 12-16-2009, 06:55 PM   #4
WilliamTheIrish WilliamTheIrish is offline
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Mic, I recall a similar story (possibly a title loan(?) from you about another friend). Is this the same person?

Let her learn the lesson.
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Old 12-16-2009, 06:58 PM   #5
Micjones Micjones is offline
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Mic, I recall a similar story (possibly a title loan(?) from you about another friend). Is this the same person?

Let her learn the lesson.
No sir. Different girl.

I know I can't make the decision for her, but I'd really like to talk her out of doing something stupid.
This could be a VERY expensive lesson.
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Old 12-16-2009, 07:03 PM   #6
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No sir. Different girl.

I know I can't make the decision for her, but I'd really like to talk her out of doing something stupid.
This could be a VERY expensive lesson.
Trust me, let it happen once, and she'll be much more likely to remember it. Some lessons, even expensive ones, need to be learned the hard way. You've done your part by trying to tell her.

If it happens twice, she's just an idiot.
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Old 12-16-2009, 07:03 PM   #7
WilliamTheIrish WilliamTheIrish is offline
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No sir. Different girl.

I know I can't make the decision for her, but I'd really like to talk her out of doing something stupid.
This could be a VERY expensive lesson.
Mic, if she thinks for even a nanosecond that she's getting any $ back from a "Buy Here-Pay Here" joint, I don't think the individual has the smarts to be talked out of it.

Good luck, man.
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Old 12-17-2009, 09:06 AM   #8
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Originally Posted by WilliamTheIrish View Post
Mic, I recall a similar story (possibly a title loan(?) from you about another friend). Is this the same person?

Let her learn the lesson.
This. I hate to say it, but some people can not be taught...they have to learn it for themselves, and usually the hard way. I have a friend who is like this. Living beyond his means (against advice) and behind on bills/car payment because of it. Car (SUV that was way too expensive for him) got repossessed and I told him to go find an old Civic for $3K and drive that for another 75K miles until he got his finances back in order. Instead, he pays $3K for a beat up, unreliable Saab and it breaks down six weeks later. Wash/rinse/repeat - eventually he'll learn.
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Old 12-16-2009, 06:59 PM   #9
BigMeatballDave BigMeatballDave is offline
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Funny thing about GM cars. Back in '03 I bought a 1994 Corsica for $500. It had 150,000 miles on it. I drove it 2 yrs and had no problems with it and put 30,000 miles on it. At 180,000 miles I gave it to my sister while it was still running great and she locked up the engine.
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Old 12-16-2009, 07:04 PM   #10
Micjones Micjones is offline
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Funny thing about GM cars. Back in '03 I bought a 1994 Corsica for $500. It had 150,000 miles on it. I drove it 2 yrs and had no problems with it and put 30,000 miles on it. At 180,000 miles I gave it to my sister while it was still running great and she locked up the engine.
Another co-worker corrected me. It's actually a Ford.
Not sure there's really any difference though...
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Old 12-16-2009, 07:10 PM   #11
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Another co-worker corrected me. It's actually a Ford.
Not sure there's really any difference though...
There is. In my experience, Fords break down even sooner.
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Old 12-16-2009, 10:28 PM   #12
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Old 12-16-2009, 07:02 PM   #13
MahiMike MahiMike is offline
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What's another repo on her record?
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Old 12-16-2009, 07:05 PM   #14
Micjones Micjones is offline
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What's another repo on her record?
She had a brand new Kia repo'd about 4 months ago after getting behind on her payments.
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Old 12-16-2009, 07:10 PM   #15
OnTheWarpath15 OnTheWarpath15 is offline
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She had a brand new Kia repo'd about 4 months ago after getting behind on her payments.
She might have been better off buying a bus pass.

If she couldn't keep up with payments on a KIA, how is she going to keep up paying $400/mo for a POS?
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