The Hot Deals Thread

[TexasEd 8066]

I'm almost tempted to run the numbers on lease vs the 84 months at 0%.  Just spitballing but probably getting close to the same payments as a 36 month lease.

[ZB'Tejas 593]

I was also thinking about a new truck or Tahoe. 84 months and now no payment for 6 months. Seems like that’s a good deal... better than waiting until next year to pay full price and worse financing.

I may consider in a few weeks if we start to see the light at the end of this tunnel.


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[Jerry Callo 8695]

1 hour ago, ZB'Tejas said:

I was also thinking about a new truck or Tahoe. 84 months and now no payment for 6 months. Seems like that’s a good deal... better than waiting until next year to pay full price and worse financing.

I may consider in a few weeks if we start to see the light at the end of this tunnel.


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I don't think they have the 0%/84 mos with no payment for 6 mos for the Tahoe, just trucks and some smaller suvs.  

[billfromlaketravis 11445]

Cole Haan is giving away the store for those that are interested. At least 50% off of some nice shoes. 

[Nonbryan 173]

46 minutes ago, billfromlaketravis said:

Cole Haan is giving away the store for those that are interested. At least 50% off of some nice shoes. 

Thanks Bill.  I went in and re-stocked on some work shoes!

 

[billfromlaketravis 11445]

7 for all Mankind is also having one hell of a sale. $200 jeans for $65. 

[TwiceHorn 31435]

So I am reasonably sure that most of you that consider or buy a vehicle on a 7-year note don't drive the vehicle for 7 years.

Do you just roll the balance into a new vehicle loan?

Fuck that.  I mean fuck it a lot all over the place.  That shit's for poors only.

[TexasEd 8066]

My current truck is 7 years old and the one before it was 12.

Do 't need 84 months to pay for it though.

 

Edited April 13, 2020 by TexasEd

[Fudge Nuggets 19184]

On 4/11/2020 at 5:13 PM, TwiceHorn said:

So I am reasonably sure that most of you that consider or buy a vehicle on a 7-year note don't drive the vehicle for 7 years.

Do you just roll the balance into a new vehicle loan?

Fuck that.  I mean fuck it a lot all over the place.  That shit's for poors only.

You called?

[Shaddie 1651]

In the market for a 1-2 year old sedan for the wife. (No pictures ya filthy animals). Has anybody bought in the last few weeks from a dealer and how did “negotiations” go? Thinking about getting serious about this in 4-5 weeks and maybe dealers will start to get serious. What say the Surly car gurus?

[Nice Guy Eddie 13507]

84 months is ridiculous because you would never not be upside down perhaps until year 6. But if you were willing to put some cash aside that covers the negative equity, it doesn’t really matter.   It also depends on what are the other rebates you miss out on when you take that financing. If there are no decent rebates, then 84 months is the right choice as long as you can seriously keep it under control. Meaning no using the negative equity side money for something else. 

[Jerry Callo 8695]

On 4/11/2020 at 3:52 PM, billfromlaketravis said:

Cole Haan is giving away the store for those that are interested. At least 50% off of some nice shoes. 

Still not sure which way to go with the doomsday prepping, so I bought two pairs of Cole Haans and a new shotgun today.

[NeverMarryAStripper 21867]

Why not both.  It's always nice to shoot people while wearing a nice pair of shoes.

Edited April 13, 2020 by NeverMarryAStripper

[LTtxfan 49141]

27 minutes ago, Jerry Callo said:

Still not sure which way to go with the doomsday prepping, so I bought two pairs of Cole Haans and a new shotgun today.

 

Be sure and stop off at Bubba's...

 

[fattyflattie 4639]

On 4/11/2020 at 5:13 PM, TwiceHorn said:

 

So I am reasonably sure that most of you that consider or buy a vehicle on a 7-year note don't drive the vehicle for 7 years.

 

I’ve only bought 3 vehicles but right now am averaging 11 yrs ownership. Well, ownership is wrong word because the old one gets sent to the deer lease or parents place for retirement. So 11 yrs between replacement.  I typically do 60 month and add extra each month because I don’t like writing 40-50k checks.  Would have to think back but I probably land in the 48-month range by the time it’s said and done.  Wife or I haven’t had a car payment since ‘14 and it’s going to suck when it comes time again.  
 

But if you listen to the weekend car show (JCW, etc) LOTS of people just keep rolling their negative equity in and on and so forth.  Idiots. 

[TwiceHorn 31435]

Yeah I can see 60 if you have a good low rate, no problem there.

But the negative equity and possibly having to write a fat check somewhere in the seven years would be annoying.  Plus carrying big insurance for the loanco.  Boo.  I'd much rather write a fat check on my own terms than a bunch of little ones and then a big one.

Also, although I understand anecdotally that it exists, you aren't getting the best price if you take 0% most of the time.

Edited April 13, 2020 by TwiceHorn

[Ghost of LL 15531]

On 4/5/2020 at 10:00 AM, ZB'Tejas said:

I was also thinking about a new truck or Tahoe. 84 months and now no payment for 6 months. Seems like that’s a good deal... better than waiting until next year to pay full price and worse financing.

I may consider in a few weeks if we start to see the light at the end of this tunnel.


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I honestly don't know why you would consider a new truck right now.  Oil is a $20/bbl.  Give it two more months and all the repossessions from West Texas are going to flood the used-truck market.

In all seriousness, I've already talked to a few guys (including @Brisketexan) about going out to Midland this summer to hit up the pawn shops.  There are going to be a lot of people who are going to need to sell a lot of the crap they bought over the last decade to pay their mortgage.  And I aim to find some jewelry for the wife's Christmas.

[Jerry Callo 8695]

I honestly don't know why you would consider a new truck right now.  Oil is a $20/bbl.  Give it two more months and all the repossessions from West Texas are going to flood the used-truck market.
In all seriousness, I've already talked to a few guys (including [mention=593]Brisketexan[/mention]) about going out to Midland this summer to hit up the pawn shops.  There are going to be a lot of people who are going to need to sell a lot of the crap they bought over the last decade to pay their mortgage.  And I aim to find some jewelry for the wife's Christmas.

I was thinking the same re: oil prices. I suspect the used truck market to soften over the next few months.

[Nice Guy Eddie 13507]

2 hours ago, TwiceHorn said:

Yeah I can see 60 if you have a good low rate, no problem there.

But the negative equity and possibly having to write a fat check somewhere in the seven years would be annoying.  Plus carrying big insurance for the loanco.  Boo.  I'd much rather write a fat check on my own terms than a bunch of little ones and then a big one.

Also, although I understand anecdotally that it exists, you aren't getting the best price if you take 0% most of the time.

The price of the car and the financing are two separate discussions.  Now it is absolutely possible that you have to choose between the 0% and a rebate.  Sometimes the rebate is better, sometimes the 0% is better.

The longer the term, the more valuable the 0% interest rate over the rebate. Financing for 3 years? Take the rebate.  

[Deej 76750]

12 months left on a 60 with zero interest. I will drive that car until it no longer is driveable. Fuck car payments. 

[Hmbre97 6304]

84 months is ridiculous because you would never not be upside down perhaps until year 6. But if you were willing to put some cash aside that covers the negative equity, it doesn’t really matter.   It also depends on what are the other rebates you miss out on when you take that financing. If there are no decent rebates, then 84 months is the right choice as long as you can seriously keep it under control. Meaning no using the negative equity side money for something else. 

Smart move would be to finance the full amount and take the money you were going to put down and let it earn in some other investment vehicle.

[gsoda3 3245]

5 minutes ago, Hmbre97 said:

16 hours ago, Nice Guy Eddie said:

84 months is ridiculous because you would never not be upside down perhaps until year 6. But if you were willing to put some cash aside that covers the negative equity, it doesn’t really matter.   It also depends on what are the other rebates you miss out on when you take that financing. If there are no decent rebates, then 84 months is the right choice as long as you can seriously keep it under control. Meaning no using the negative equity side money for something else. 

Smart move would be to finance the full amount and take the money you were going to put down and let it earn in some other investment vehicle.

if you have the discipline to do that then sure.  but 1% on $40,000 is $400. 

[Mantis Toboggan, MD 1501]

84 months is ridiculous because you would never not be upside down perhaps until year 6. But if you were willing to put some cash aside that covers the negative equity, it doesn’t really matter.   It also depends on what are the other rebates you miss out on when you take that financing. If there are no decent rebates, then 84 months is the right choice as long as you can seriously keep it under control. Meaning no using the negative equity side money for something else. 

How many people do you know that take 84 month car loans and also keep cash lying around?

[ChiTownDoc 21139]

4 minutes ago, Mantis Toboggan, MD said:

 

How many people do you know that take 84 month car loans and also keep cash lying around?

 

Anytime I get shit for less than 3% I’m taking it.  My money does much better than 3%.  And not talking about shit under 50k.  

[Mantis Toboggan, MD 1501]

Car buying is a whole different topic. Theoretically, if your investments yield better interest than the car loan than it makes sense to take the loan. Practically, 1) they will just make their money on the price rather than the interest if offering no or low interest. A cash buyer will always get a lower negotiated price. 2) Most people who finance cars are not using the piles of cash they didn’t spend to do sharp investing. Of course there are exceptions.

[tx 3 putt 76862]

8 hours ago, Ghost of LL said:

In all seriousness, I've already talked to a few guys (including @Brisketexan) about going out to Midland this summer to hit up the pawn shops.  There are going to be a lot of people who are going to need to sell a lot of the crap they bought over the last decade to pay their mortgage.  And I aim to find some jewelry for the wife's Christmas.

 

hmm, that's not a bad idea. i remember browsing a well known rolex 2nd hand shop and a walked in with 3 rolex watches to unload. 

Edited April 14, 2020 by tx 3 putt

[ZB'Tejas 593]

15 hours ago, Deej said:

12 months left on a 60 with zero interest. I will drive that car until it no longer is driveable. Fuck car payments. 

Agreed. While I've been financing cars for my wife for years I've had no payment on a car I own for a long time. The 84months at 0% is intriguing as I think car prices will come down to the point that it makes sense. Plus car prices have come up considerably in the last 10-15 years. I think I would rather pay an extra grand or two on the price and have the extra cash flow.

My bigger plan is actually refinancing the house to save enough per month that car payment is a wash. My car is 16 years old... it's time that I treat myself.

[TwiceHorn 31435]

9 hours ago, Hmbre97 said:

On 4/13/2020 at 6:53 AM, Nice Guy Eddie said:

84 months is ridiculous because you would never not be upside down perhaps until year 6. But if you were willing to put some cash aside that covers the negative equity, it doesn’t really matter.   It also depends on what are the other rebates you miss out on when you take that financing. If there are no decent rebates, then 84 months is the right choice as long as you can seriously keep it under control. Meaning no using the negative equity side money for something else. 

Smart move would be to finance the full amount and take the money you were going to put down and let it earn in some other investment vehicle.

Well, at a 7 fucking year term, that starts to make sense.  A little bit.  Because long-term performance of an investment comes into play.  

But to just sit there and say, well the market on average returns 6-7%. or muh stonks or muh bonds return X, and I have 0% financing, well, that's not as smart as it may sound.  If your 7 years includes a significant downturn, you're not going to be ahead of anything.  Of late, you seem to have about 50-50 odds of having your portfolio in major negative territory over the term of the loan.

Edited April 14, 2020 by TwiceHorn

[ZB'Tejas 593]

15 minutes ago, TwiceHorn said:

Well, at a 7 fucking year term, that starts to make sense.  A little bit.  Because long-term performance of an investment comes into play.  

But to just sit there and say, well the market on average returns 6-7%. or muh stonks or muh bonds return X, and I have 0% financing, well, that's not as smart as it may sound.  If your 7 years includes a significant downturn, you're not going to be ahead of anything.  Of late, you seem to have about 50-50 odds of having your portfolio in major negative territory over the term of the loan.

Longer financing (especially at 0%) sounds pretty attractive right now because paying cash would mean that you are either taking money from investments that have just taking a huge hit or paying with cash savings that could be reinvested into a market that "could" be an amazing buying opportunity over the next few months. Plus with the market uncertainty having additional liquidity on hand seems like a decent plan. Sure, being upside down is not perfect but if the intention is to keep that car for long after it's paid off then that only matters when you are forced to trade it in.

[TwiceHorn 31435]

2 minutes ago, ZB'Tejas said:

Longer financing (especially at 0%) sounds pretty attractive right now because paying cash would mean that you are either taking money from investments that have just taking a huge hit or paying with cash savings that could be reinvested into a market that "could" be an amazing buying opportunity over the next few months. Plus with the market uncertainty having additional liquidity on hand seems like a decent plan. Sure, being upside down is not perfect but if the intention is to keep that car for long after it's paid off then that only matters when you are forced to trade it in.

Well, that's true.  BUT, adding a hefty monthly payment right about now increases the odds that you have to dip into savings and lock in losses to keep the plates spinning.

But don't listen to me, I am psychotically debt-averse.

[TwiceHorn 31435]

16 hours ago, Nice Guy Eddie said:

The price of the car and the financing are two separate discussions.  Now it is absolutely possible that you have to choose between the 0% and a rebate.  Sometimes the rebate is better, sometimes the 0% is better.

The longer the term, the more valuable the 0% interest rate over the rebate. Financing for 3 years? Take the rebate.  

They are, yes.

But, when you take 0%, you are a) taking dealer financing and b) psychologically locking your squeal point not to the amount financed but to the monthly payment.  Item a) may disincent a dealer to come down in price beyond "no rebates" because the sale price/dealer profit and dealer financing may be related in some way; and item b) certainly disincents the salesman from giving you the best cash price because he doesn't need to to move the vehicle.

[CHEF DIESEL 126]

I need to but new tires for my 4x4 SUV soon. Should I wait hoping the prices are slashed or will there be scarcity of supply soon due to manufacturing supply chains being interrupted.

[Nice Guy Eddie 13507]

6 minutes ago, TwiceHorn said:

They are, yes.

But, when you take 0%, you are a) taking dealer financing and b) psychologically locking your squeal point not to the amount financed but to the monthly payment.  Item a) may disincent a dealer to come down in price beyond "no rebates" because the sale price/dealer profit and dealer financing may be related in some way; and item b) certainly disincents the salesman from giving you the best cash price because he doesn't need to to move the vehicle.

I don't disagree that many people probably walk onto the lot and the first thing out of their mouth to the salesman is "I want that 84 month 0% interest option" because they're ignorant.

When I'm looking for a car and the salesman asks me how I'm looking to pay for it, I tell him that "I might pay cash, I might finance through the manufacturer, I might finance through my bank, or I might lease."  Basically I tell him that it's none of his business what payment deal I work with the F&I guy. I'm only working out the sales price with the salesman and mgr.  That's how EVERYONE needs to buy.

and when the sales guy starts to calculate my monthly payments, I stop it the conversation right there. I'm not buying a monthly payment, I'm buying a sales price and maybe a trade-in if I feel too lazy to sell it myself.

 

[Storm the Field 5291]

Hot Deals thread has been completely taken over by Auto Loan Battle Royale: Ballers vs. Poors. 

[Updawg 2266]

Need Bernard to chime in


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[crash_davis 23096]

2 minutes ago, Updawg said:

Need Bernard to chime in


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[Nice Guy Eddie 13507]

14 minutes ago, Storm the Field said:

Hot Deals thread has been completely taken over by Auto Loan Battle Royale: Ballers vs. Poors. 

not sure which side is the 0% side since the poors normally don't qualify. If I had cash to pay for a car but they offered 0% I would put enough down to effectively ensure I would never be upside down, and then finance the rest. It's someone giving you free use of their money.  Why would someone not want that deal? Are they really worried about a $400-700 monthly car payment? If that is the case, then then a new car is probably something they should avoid.

Another point is that they don't want to carry comprehensive insurance which I believe is required on financed cars. If you really don't want it for a new car, then I agree 0% (or any %) financing is a bad deal for you. Of course,  I can't see how someone wouldn't want comprehensive for a new car but whatever floats your boat.

[ZB'Tejas 593]

7 minutes ago, Nice Guy Eddie said:

Another point is that they don't want to carry comprehensive insurance which I believe is required on financed cars. If you really don't want it for a new car, then I agree 0% (or any %) financing is a bad deal for you. Of course,  I can't see how someone wouldn't want comprehensive for a new car but whatever floats your boat.

I thought you just had to carry full coverage on financed cars? Has that changed? But I guess the benefit of comprehensive would be that in case of a total loss you would be covered for the portion your are upside down?

[NeverMarryAStripper 21867]

40 minutes ago, CHEF DIESEL said:

I need to but new tires for my 4x4 SUV soon. Should I wait hoping the prices are slashed or will there be scarcity of supply soon due to manufacturing supply chains being interrupted.

If they offer 84 month 0% financing take it.  You can invest the money you save in the stock market and catch it on the rebound

[NeverMarryAStripper 21867]

8 minutes ago, ZB'Tejas said:

I thought you just had to carry full coverage on financed cars? Has that changed? But I guess the benefit of comprehensive would be that in case of a total loss you would be covered for the portion your are upside down?

That's gap insurance, not comprehensive

[TwiceHorn 31435]

12 minutes ago, ZB'Tejas said:

I thought you just had to carry full coverage on financed cars? Has that changed? But I guess the benefit of comprehensive would be that in case of a total loss you would be covered for the portion your are upside down?

Comprehensive doesn't cover finance balance, just the FMV of the car.  You'd need gap insurance for that.

While yes, you probably want comprehensive on a newish car, financed or not, the loanco can dictate a lower deductible than you might otherwise pay, increasing your payment.

Edited April 14, 2020 by TwiceHorn

[KYHorn 17004]

13 minutes ago, Nice Guy Eddie said:

If I had cash to pay for a car but they offered 0% I would put enough down to effectively ensure I would never be upside down, and then finance the rest. It's someone giving you free use of their money.  Why would someone not want that deal?

I think the original point was that in these 0% situations, if you pay in cash you can usually negotiate a much lower price than the financed price. 

If (financed price-cash price) is > the amount you think you can earn on the financed price in an investment vehicle for 84 months (or whatever the terms are), then you take the cash price.  Really, you have to factor in uncertainty into that as well because the savings on the cash price is certain, whereas the interest you think you can gain on the financed price is much less certain. 

Others have mentioned that you may want to take the financing because you don't want to lock in the losses on your current investments, but if you were planning on buying a car, then you either 1. should've taken the $$ out of volatile investments ahead of time (perhaps progressively) or 2. should've kept it in your investments while accepting the risk that comes with that choice. In either case, you would've avoided the issue of locking in losses. Granted, there may be situations where you didn't anticipate buying a car right now, or something like that.

Now, my non-vehicle financing contribution is that I've noticed some fitness places near me have been selling their equipment on craigslist- I assume because of COVID. You may want to check that out.

[ZB'Tejas 593]

1 minute ago, KYHorn said:

I think the original point was that in these 0% situations, if you pay in cash you can usually negotiate a much lower price than the financed price. 

If (financed price-cash price) is > the amount you think you can earn on the financed price in an investment vehicle for 84 months (or whatever the terms are), then you take the cash price.  Really, you have to factor in uncertainty into that as well because the savings on the cash price is certain, whereas the interest you think you can gain on the financed price is much less certain. 

Others have mentioned that you may want to take the financing because you don't want to lock in the losses on your current investments, but if you were planning on buying a car, then you either 1. should've taken the $$ out of volatile investments ahead of time (perhaps progressively) or 2. should've kept it in your investments while accepting the risk that comes with that choice. In either case, you would've avoided the issue of locking in losses. Granted, there may be situations where you didn't anticipate buying a car right now, or something like that.

Now, my non-vehicle financing contribution is that I've noticed some fitness places near me have been selling their equipment on craigslist- I assume because of COVID. You may want to check that out.

However to Eddie's point the price you agree to pay on the car is a different process than how you agree to pay for it. For the savvy surly's you would get to an agreement on price first with the salesman before you talk through financing options (as that's someone different in a lot of situations). 

[Jerry Callo 8695]

There are no hot deals in the new car buying arena - only deals that the automakers and financiers want you to think are hot deals.

[Treefidy 1463]

18 hours ago, Nice Guy Eddie said:

The price of the car and the financing are two separate discussions.  Now it is absolutely possible that you have to choose between the 0% and a rebate.  Sometimes the rebate is better, sometimes the 0% is better.

The longer the term, the more valuable the 0% interest rate over the rebate. Financing for 3 years? Take the rebate.  

So here's a scenario, wondering about the legality.

after 9/11 the heavy machinery deal passed, vehicles over 6,000# qualified for 100% depreciation in first year.  So say someone were to buy a Tahoe taking the 60/0%, depreciating the vehicle 100% that first year, and then their accountants let them expense the payments over the 60 months.  Theoretically is this all ok, and secondly are there statute of limitations on that sort of thing?

Edited April 14, 2020 by Treefidy
Forgot to add as a business vehicle to the hypothetical

[NeverMarryAStripper 21867]

There was no interest to deduct.  The hypothetical someone (you) depreciated the basis twice.  That is not OK.

[Jerry Callo 8695]

[Nice Guy Eddie 13507]

58 minutes ago, ZB'Tejas said:

However to Eddie's point the price you agree to pay on the car is a different process than how you agree to pay for it. For the savvy surly's you would get to an agreement on price first with the salesman before you talk through financing options (as that's someone different in a lot of situations). 

Exactly.  I don't know if people think that paying cash somehow incentivizes the salesman to lower the price, but it doesn't. They'll take cash/check for the full amount but it's not like they come out ahead. the salesman and manger earn a smaller commission by giving you a lower sales price.  The customer paying cash doesn't help them.  And the dealer probably comes out behind because I believe they get a cut from the financing institution when you finance through them.

Now it's 100% true that you might get a manufacturer rebate if you pay cash, which includes finding your own financing. But the salesman isn't lowering the sales price $1 for the cash buyer. 

At the end of the day, probably the "best" customer for the dealer is the one who can only qualify for the their lender-of-last-resort financing. that person might be the worst negotiator and they earn the dealer the best financing fees. Win-win.

 

[NeverMarryAStripper 21867]

It's generally the opposite.  They'll give you a better price if they're making money on the financing.  Finance through them, get a better deal, then immediately pay off the note.

[hornbri 1391]

1 hour ago, NeverMarryAStripper said:

It's generally the opposite.  They'll give you a better price if they're making money on the financing.  Finance through them, get a better deal, then immediately pay off the note.

This is what I always thought. I do not think Cash buyers are getting a better price on cars.