Quote:
Originally Posted by R.C. Collins
RedHotAtl, if you read my post you would see, "I've found that some who brag", which was my way of not fingerpointing at anyone specific, but rather to use my statement as a cautionary tale to the O.P. that some people will embellish the facts of their deal. (Edit) I was ready to drop it right there, but then you had to try and school me on it. That's when i took a second look at your numbers and determined they just don't add up. Let's do the math:
Facts you provided: In an earlier post you stated you paid $42,000 out the door for your car. I believe that, and it's a good price. You had no trade. You put $2354 down against the total. That leaves apx $39,646 to be financed; You did not lease. You financed for 60 months. You used Penfed for financing because that's where "smart shoppers get financed". Your monthly payment is $389.95/mo. You did not mention an interest rate, so i'll assume you have great credit and are a pro negotiator.
Best case scenario: $39,646 financed for 60 months at 0% interest = $16.67 per thousand financed. $16.67×39.65= $660.97/month. Maybe Penfed is so good they'll even pay a chunk of your payment for you! Put another way; if your payment is only $389.95/mo×60months = $23,397 total financed, again assuming a best case scenario of zero interest. That means you would have to come up with a down payment of $18,603 instead of $2354 to drop your payment down that low.
OK, enough beating a dead horse. I don't like doing this to a fellow member, but you kinda asked for it.
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R.C. Collins rest assured you're not doing anything to me what so ever. You're simply making a fool of yourself. Instead of just licking your wounds you had to open your mouth again.
Did I not say that I could back any claims I put out on the net. Did you seriously think I would say that and then claim something absurd or that you had a monopoly on smart car buying?
Well since you mentioned schooling let me educate you. Penfed has a great product you can't just find anywhere. Its called a payment saver loan and it has the benefits of a lease without any of the drawbacks.
If you're buying a car and are not upside down in your trade and don't plan on running up a bunch of miles on it but also want the flexibility of being able to do whatever you want to the car such as adding spoilers or a supercharger or chip tuning then this loan can't be beat. No worries about mileage caps and other b.s. you deal with if you lease.
The main advantage is that you only pay the value of the car for the loan term and when your 60 months are up and the cars residual value is still 20k you haven't had to pay that upfront.
Just sell, trade in, or refinance the remainder which penfed will happily do for you if you like and you're done. I have been buying cars this way for years with them and the payments can't be beat and the interest rates are low. This car was the highest rate I have ever paid with them and its just 3.25% so not horrible at all. As long as you don't go put 30k miles a year on it or something that seriously devalues the residual value of your car you won't have any problems. 7 cars done this way and I have never had an issue.
https://drive.google.com/file/d/1jZz...w?usp=drivesdk
Since you don't have to pay the 20k in those 60 months then your payments are sooo much nicer. I think we can agree that the 1LE given how rare it is should hold its value and be a car still in demand after 5 years correct? Well then no reason to want to pay any more on my monthly payments then needed. To me that seems smart I don't know what your thoughts are on that maybe you prefer to give your money away to finance companies but I don't which is why I do the research to find the best product out there for my needs hence the comment that smart shoppers use penfed for their purchases.
Since its a conventional loan you own the car and can do with it as you please vs lease where the leasing company owns the car and you simply pay to use it. Attached is a link to my truth in lending disclosure from penfed to prove my payment amount. I wasn't bluffing I back what I say or keep my mouth shut. Maybe something to be learned here for you.
I hope you realize you don't know everything and please just stop with the negative attitude. I don't go calling b.s. on what anyone says unless I am sure its not possible and even then I think twice because what's there to be gained? All you do is make yourself look stupid if you're wrong and even if you are right did you help anyone? No that's for your personal satisfaction that you do that nothing else. I don't appreciate it even if you were not specific in being your target. All my claims are valid and I don't think anyone like someone saying they are full of s.... Which is essentially what you did.