View Poll Results: Did you get the no Finance, what do you pay monthly?(72 months only)
less than $250
67
19.42%
$250-$270
33
9.57%
$271-$290
24
6.96%
$291-$310
39
11.30%
$311-$330
41
11.88%
$331-$350
33
9.57%
more than $350
108
31.30%
Voters: 345. You may not vote on this poll
How much do you pay monthly(72 mon. only*)
11-09-2007, 06:45 AM
#31
Senior Member
Join Date: 05-23-2006
Location: Chandler, AZ
Posts: 1,082
$360.00 a Month for 72 Months, at 5.9% financing. This was back in 8/05 before any 0% financing, rebates, or Extended Warranties. 
So the $ 360.00 includes a 72 Month Warranty and Gap Insurance. I also still owed $2000.00 on my '99 Sonoma trade in which I'm sure is figured in there somewhere, although the dealer said it wasn't.
Owe more than it's worth now, but we plan on keeping it well after it's paid for. Only has about 12,000 miles on it in almost 27 Months. (And basically trouble free so far)
So the $ 360.00 includes a 72 Month Warranty and Gap Insurance. I also still owed $2000.00 on my '99 Sonoma trade in which I'm sure is figured in there somewhere, although the dealer said it wasn't. Owe more than it's worth now, but we plan on keeping it well after it's paid for. Only has about 12,000 miles on it in almost 27 Months. (And basically trouble free so far)
11-09-2007, 08:06 AM
#32
Senior Member
Join Date: 09-11-2007
Location: Palm Bay, Florida
Posts: 1,378
Paid cash (used home equity line, interest, a tax deduction).
72 mo @ $360/mo = $25920, The $2000 owed on Sonoma was just added to your purchase price.
I don't trust getting financing through a dealer as there are too many shady dealers out there and have used a credit union or bank in the past.
72 mo @ $360/mo = $25920, The $2000 owed on Sonoma was just added to your purchase price.
I don't trust getting financing through a dealer as there are too many shady dealers out there and have used a credit union or bank in the past.
11-09-2007, 10:56 AM
#33
Banned
Join Date: 08-25-2007
Location: Myrtle Beach SC
Posts: 488
Paid cash (used home equity line, interest, a tax deduction).
72 mo @ $360/mo = $25920, The $2000 owed on Sonoma was just added to your purchase price.
I don't trust getting financing through a dealer as there are too many shady dealers out there and have used a credit union or bank in the past.
72 mo @ $360/mo = $25920, The $2000 owed on Sonoma was just added to your purchase price.
I don't trust getting financing through a dealer as there are too many shady dealers out there and have used a credit union or bank in the past.
I understand your hesitance to go through the dealer but I sure would not use a home as collateral for my car. Yikes. Especially if your home EQ loan is variable. Besides if you were to get audited I believe they will likely disallow that deduction. A home equity loan can ONLY be used as a deduction when used for home improvements like a pool, new roof etc.
11-09-2007, 12:16 PM
#34
Platinum Member
Join Date: 05-09-2006
Location: "Upland" Mesa, Arizona
Posts: 6,805
I don't know who advised you of this, BUT it is wrong.
According to IRS publication 936, Home Equity Loans can be used for almost anything (debt consolidation and investment purposes are the most common) and are deductible generally up to $100,000.
Many people have been advised to use the home equity for car loans because it is deductible (although the % may be higher). It is a personal financial choice (although, under many circumstances it should not be used).
11-09-2007, 06:33 PM
#37
Banned
Join Date: 08-25-2007
Location: Myrtle Beach SC
Posts: 488
Kingfrog......
I don't know who advised you of this, BUT it is wrong.
According to IRS publication 936, Home Equity Loans can be used for almost anything (debt consolidation and investment purposes are the most common) and are deductible generally up to $100,000.
Many people have been advised to use the home equity for car loans because it is deductible (although the % may be higher). It is a personal financial choice (although, under many circumstances it should not be used).
I don't know who advised you of this, BUT it is wrong.
According to IRS publication 936, Home Equity Loans can be used for almost anything (debt consolidation and investment purposes are the most common) and are deductible generally up to $100,000.
Many people have been advised to use the home equity for car loans because it is deductible (although the % may be higher). It is a personal financial choice (although, under many circumstances it should not be used).
However in my opinion using one's home as collateral on a car with a variable interest rate is risky. But looking at the credit issues out there people buy into without research and then will sign anything without regard to the future consequences and of course banks will comply as they will have loans with collateral.
11-09-2007, 06:39 PM
#38
Platinum Member
Join Date: 05-09-2006
Location: "Upland" Mesa, Arizona
Posts: 6,805
Kingfrog.....
Yep, I agree with your last paragraph. That is ONE of the reasons/concerns for my ending, ".....under many circumstances is should not be used.".
Yep, I agree with your last paragraph. That is ONE of the reasons/concerns for my ending, ".....under many circumstances is should not be used.".
Last edited by Snoopy; 11-09-2007 at 07:47 PM.
11-11-2007, 04:54 PM
#40
Banned
Join Date: 04-12-2007
Location: san antonio,tx
Posts: 897
Paid cash (used home equity line, interest, a tax deduction).
72 mo @ $360/mo = $25920, The $2000 owed on Sonoma was just added to your purchase price.
I don't trust getting financing through a dealer as there are too many shady dealers out there and have used a credit union or bank in the past.
72 mo @ $360/mo = $25920, The $2000 owed on Sonoma was just added to your purchase price.
I don't trust getting financing through a dealer as there are too many shady dealers out there and have used a credit union or bank in the past.