[ember1205]

Originally Posted by nikerret

I’ve been hearing some people getting high 6’s, low 7’s, but it is what it is. My checking account is also paying over 5%, so that does help even things out.

Where are you getting over 5% on a checking account? I'm guessing that's a Money Market through a CU or similar? High yield savings account are generally not paying that high at the moment...

[jamala00]

Originally Posted by ember1205

We HAVE to be close to a tipping point. Unemployment jumped in August more than expected. It will be interesting to see if it trends down for each of the next two months and to what.

I'd be happy to trade my truck and take a 36 month loan at 1.9 on the balance if I could find a Sierra that I wanted to buy. Sure, the payment is $1200/month, but I make out better by earning 4.5% on my money in the bank while paying 1.9% to borrow.

The Silverado that I like is a 2024. While the dealer is offering a good discount off of sticker through the end of the month, that would get completely wiped out with a 9% interest no matter how long I financed for. I would be far better off to just write a check for the balance after trade-in.

You would think... I agree, if it was 9% to borrow money, I'd just write a check to pay the difference too.

[SSShark]

Originally Posted by CHASLT1

Wait and see how much car Ins is gonna go up. Went up 50% in FL.

Good ol' Floriduh

[nikerret]

Originally Posted by ember1205

Where are you getting over 5% on a checking account? I'm guessing that's a Money Market through a CU or similar? High yield savings account are generally not paying that high at the moment...

Regional bank, there’s only a few locations. They pay 5.04% on the first $10,000 as long as you have a direct deposit and ten debit card uses every month. The monthly interest goes into my savings account which gets a pittance.

[ember1205]

Originally Posted by nikerret

Regional bank, there’s only a few locations. They pay 5.04% on the first $10,000 as long as you have a direct deposit and ten debit card uses every month. The monthly interest goes into my savings account which gets a pittance.

Ah... Gotcha. I looked into a couple of places that advertise over 5% but the account requirements seemed a bit sketchy (one place requires $2500 balance to earn the interest rate, but you have to ACH deposit $25,000 to open the account... huh?).

[50MileSmile]

Originally Posted by nikerret

I’ve been hearing some people getting high 6’s, low 7’s, but it is what it is. My checking account is also paying over 5%, so that does help even things out.

My 2SS came up fast, and I only had 24 hours to make the deal or lose the car. I hate car loans, and this is the first time in many years I hadn’t already saved enough to pay cash at delivery. I got 6.3% and could have been in the 5s with a lot of shopping around. Only used the bank’s money for a month, until I could rearrange funds to pay off the loan.

[ember1205]

Originally Posted by 50MileSmile

My 2SS came up fast, and I only had 24 hours to make the deal or lose the car. I hate car loans, and this is the first time in many years I hadn’t already saved enough to pay cash at delivery. I got 6.3% and could have been in the 5s with a lot of shopping around. Only used the bank’s money for a month, until I could rearrange funds to pay off the loan.

NGL... This is sort of what I'm considering. Take a loan, leverage whatever it can get me for any sort of help with pricing (if any), and then just pay it off at the first payment.

You have to be a bit careful with this as there is a delay in getting the title due to the whole process of issuing it, going to the lender, then them sending it to you.

[ST1LE]

I've back out of the consumer market entirely. Things are messed up these days, more than just rates, and I just dont feel like participating in a system that seems to be rigged against me. Corporations, including the one I work for, making record profits while people struggle more than ever.

I bought a 5 year extended warranty, and am just gonna drive what I have until I simply cant anymore.

Saving my money and making it work for me instead of giving it to someone else for a newer version of what already gets the job done.

[triggerjerk]

I got 4.99 back in July on a teaser rate from a local credit union.
A week after having the car, my insurance notified me they were cancelling the coverage.
They are no longer covering high performance cars.

[Junction65]

81 million* voted whole-heartedly for the current situation/economic struggle so we wouldn't have "mean" tweets.

[m6-lt1]

I don’t mind the high rates IF it would force discounts and lower msrp’s. I never finance a large portion of a car purchase so the difference between a 4 and 8% payment isn’t much for me. I’m seeing 1750 off trucks atm. Hoping to see larger discounts in the future. Something I’ve learned during the craziness of the last few years is money seems to be not real anymore. I don’t know how so many people are willing to pay 60k for a utility vehicle. Could I make it work, sure. But to me it’s silly to pay that much for what I consider a utility vehicle instead of a luxury/pride and joy purchase. I so miss the days when you could pick up a used ranger or s10 for not even 5k haha.

[ember1205]

Originally Posted by ST1LE

I've back out of the consumer market entirely. Things are messed up these days, more than just rates, and I just dont feel like participating in a system that seems to be rigged against me. Corporations, including the one I work for, making record profits while people struggle more than ever.

I bought a 5 year extended warranty, and am just gonna drive what I have until I simply cant anymore.

Saving my money and making it work for me instead of giving it to someone else for a newer version of what already gets the job done.

I used to get a new vehicle every couple of years.. Drove about 25k/year and racked the miles up quickly, so I was always swapping out to a new one to ensure I had full coverage for anything that went wrong because I drove my vehicle for work (mileage offset helped with some of the financials of it, too).

Current truck is a 2015. Just passed eight years old, 100k miles, and has gotten one set of tires, a couple of sets of brakes, a condenser, and a high pressure fuel pump repair done to it (not counting regular maintenance that I've done over the years). I need tires, the engine is due for a "tune up" (plugs and wires, predominantly), the transmission should probably be flushed, and the differentials really should be being considered for fluid changes as well.

Given the potential amount of money that could end up going into this truck, and considering that I now drive closer to about 10k-12k/ year, trading for a new truck now potentially sets me up to not have to worry about another new vehicle (for me) for a decade. I don't love the idea of the cost, but it's only going to get MORE expensive the longer I wait.

[ember1205]

Originally Posted by m6-lt1

I don’t mind the high rates IF it would force discounts and lower msrp’s. I never finance a large portion of a car purchase so the difference between a 4 and 8% payment isn’t much for me. I’m seeing 1750 off trucks atm. Hoping to see larger discounts in the future. Something I’ve learned during the craziness of the last few years is money seems to be not real anymore. I don’t know how so many people are willing to pay 60k for a utility vehicle. Could I make it work, sure. But to me it’s silly to pay that much for what I consider a utility vehicle instead of a luxury/pride and joy purchase. I so miss the days when you could pick up a used ranger or s10 for not even 5k haha.

Dealer near me that I've my car to for a few items is offering $3k off of the truck plus they're trying to entice me with a trade-in offer on my current truck.

[HemiDave]

I was not happy when I had to pay 3.9% on my 2023 ZLE instead of my usual 1.9%...but I knew I got in before the real blood bath...

These interest rates, and the economy in general, is hurting people.