[Z06] C5Z VS C6 Grand Sport (Which One)
06-25-2013, 11:55 AM
#61
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Read the FINE PRINT JA!
Annual Percentage Rate(APR) offered is subject to change and is determined by individual credit history
I pay 3.25 % on a brand new home that I built!! My 3 cars are PAID for! You are right though... Dealerships love guys like me.. stable, credit score over 700....
Annual Percentage Rate(APR) offered is subject to change and is determined by individual credit history
I pay 3.25 % on a brand new home that I built!! My 3 cars are PAID for! You are right though... Dealerships love guys like me.. stable, credit score over 700....
28% interest rate? You are laughable sir... Dealerships love people like you
http://www.firstnewyork.org/home/rates/autoloans
http://www.firstnewyork.org/home/rates/autoloans
Last edited by TXGS507; 06-25-2013 at 11:59 AM.
06-25-2013, 12:06 PM
#62
Why would I be butthurt? I just think your sunshine and rainbows portrayal of a magical 84-month loan on a 2001 car that doesn't cost more than it's worth (assuming you can find a financial institution willing to do a $20k 84-month auto loan to a teenager to purchase a 2001 Corvette to begin with) is badly misleading to somebody without a whole lot of life experience. Yes, I came across as a jerk and apologize for the harshness, but that link did little to make your point, especially given that those rates were optimal rates given good credit, not the rates for first time applicants.
This is the bank that gave me a 20 grand loan for 84 months on a 94TT Supra. He isn't a teenager either, he is 22 years old. You are also clearly not reading my posts about being reckless and smart at the same time. This thread was started by a " man " who is planning to be reckless no matter what. I pointed out a way to be reckless and smart at the same time. Borrowing 20 grand and giving a bank 5 to 6 grand for borrowing that cash for " 7 " years almost a decade I don't think is really a big deal. We are also talking about full maturity interest as well. Most people I guess don't realize they don't drive a car for more than 5 years and for us car lovers we are lucky if we get to 4 years. The interest he will pay in 4 years to borrow 20 grand with it giving him a low monthly payment while investing his liquid with a higher return than the interest he would pay at full maturity. This is just a no brainer. If you could really wrap your head around what I am saying it might benefit you. He has so many options. He plans to drive the car shortly until he can buy a GS anyways so why not borrow as much as you can without dumping all your liquid. I don't understand the concept of people borrowing money and not wanting to pay for borrowing the money. You all are like in some rat race to pay it off so fast. He doesn't need to dump all his liquid into a depreciating asset that would only cost him 2 grand in interest for a few years of ownership.
06-25-2013, 12:14 PM
#63
Read the FINE PRINT JA!
Annual Percentage Rate(APR) offered is subject to change and is determined by individual credit history
I pay 3.25 % on a brand new home that I built!! My 3 cars are PAID for! You are right though... Dealerships love guys like me.. stable, credit score over 700....
Annual Percentage Rate(APR) offered is subject to change and is determined by individual credit history
I pay 3.25 % on a brand new home that I built!! My 3 cars are PAID for! You are right though... Dealerships love guys like me.. stable, credit score over 700....
06-25-2013, 12:14 PM
#64
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06-25-2013, 12:19 PM
#65
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28% interest rate? You are laughable sir... Dealerships love people like you
http://www.firstnewyork.org/home/rates/autoloans
http://www.firstnewyork.org/home/rates/autoloans
$45k car
84month loan
Yea 28% interest is very realistic.
You are the laughable one, telling nieve individuals to take out 84 month loans...WTF! Hell, if this were a Mortgage, you'd be advising him to get an ARM.
06-25-2013, 12:22 PM
#66
Safety Car
You act like he doesn't have to pay for the car at all if he takes out a loan. I don't understand where you are coming from at all. Not only does he have to pay for it, but now he has to pay a premium for it since he would be financing. I understand your idea of investing, but good look making enough in that short time to cover your interest and other fees associated with the loan.
Also, it sounds like he has no installment credit and extremely limited, non-stable income so he won't be approved without a consigner.
Also, it sounds like he has no installment credit and extremely limited, non-stable income so he won't be approved without a consigner.
06-25-2013, 12:24 PM
#67
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Whoa, that's impressive. I guess I should say what I have and then we pull our junk out of our pants and see who is really the bigger man? I guess my Italian car with a Bull looking at me on my steering wheel reminds me what a failure I must have been with my money
06-25-2013, 12:24 PM
#68
06-25-2013, 12:24 PM
#69
Safety Car
Whoa, that's impressive. I guess I should say what I have and then we pull our junk out of our pants and see who is really the bigger man? I guess my Italian car with a Bull looking at me on my steering wheel reminds me what a failure I must have been with my money
06-25-2013, 12:25 PM
#70
06-25-2013, 12:26 PM
#71
06-25-2013, 12:26 PM
#72
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You act like he doesn't have to pay for the car at all if he takes out a loan. I don't understand where you are coming from at all. Not only does he have to pay for it, but now he has to pay a premium for it since he would be financing. I understand your idea of investing, but good look making enough in that short time to cover your interest and other fees associated with the loan.
Also, it sounds like he has no installment credit and extremely limited, non-stable income so he won't be approved without a consigner.
Also, it sounds like he has no installment credit and extremely limited, non-stable income so he won't be approved without a consigner.
A co-signer with strong credit isn't going to put their credit on the line over a GS.
06-25-2013, 12:27 PM
#73
Safety Car
One more thing. If you finance EVERYTHING and lose your income you also lose EVERYTHING. If you pay off one item and move to the next, you can sell those items to pay your bills if you fall on hard times. Guess I'm "old school" but I'd rather own my possessions rather than have the bank own me.
06-25-2013, 12:31 PM
#74
One more thing. If you finance EVERYTHING and lose your income you also lose EVERYTHING. If you pay off one item and move to the next, you can sell those items to pay your bills if you fall on hard times. Guess I'm "old school" but I'd rather own my possessions rather than have the bank own me.
06-25-2013, 12:46 PM
#75
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Realistically, 19% Interest on a $45k Grandsport ($19k dn) car is $4940/yr. 4940*7yrs (84mnth) = 34580.
$34,580 in Interest is what he will pay the bank over a 7yr period at 19% First Time buyer interest.
His total cost for the car before tax and financing costs will be 26k+34580 = 60580...
Cost at 84 months is $60,580
Cost at 60 months is $50,700
If he financed an additional 2yrs, he would pay out almost $10k extra in Interest.. Not wise at all in my book.
$34,580 in Interest is what he will pay the bank over a 7yr period at 19% First Time buyer interest.
His total cost for the car before tax and financing costs will be 26k+34580 = 60580...
Cost at 84 months is $60,580
Cost at 60 months is $50,700
If he financed an additional 2yrs, he would pay out almost $10k extra in Interest.. Not wise at all in my book.
Last edited by All_Motor_C5LS6; 06-25-2013 at 01:01 PM.
06-25-2013, 01:01 PM
#76
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https://www.nwfcu.org/
This is the bank that gave me a 20 grand loan for 84 months on a 94TT Supra. He isn't a teenager either, he is 22 years old. You are also clearly not reading my posts about being reckless and smart at the same time. This thread was started by a " man " who is planning to be reckless no matter what. I pointed out a way to be reckless and smart at the same time. Borrowing 20 grand and giving a bank 5 to 6 grand for borrowing that cash for " 7 " years almost a decade I don't think is really a big deal. We are also talking about full maturity interest as well. Most people I guess don't realize they don't drive a car for more than 5 years and for us car lovers we are lucky if we get to 4 years. The interest he will pay in 4 years to borrow 20 grand with it giving him a low monthly payment while investing his liquid with a higher return than the interest he would pay at full maturity. This is just a no brainer. If you could really wrap your head around what I am saying it might benefit you. He has so many options. He plans to drive the car shortly until he can buy a GS anyways so why not borrow as much as you can without dumping all your liquid. I don't understand the concept of people borrowing money and not wanting to pay for borrowing the money. You all are like in some rat race to pay it off so fast. He doesn't need to dump all his liquid into a depreciating asset that would only cost him 2 grand in interest for a few years of ownership.
This is the bank that gave me a 20 grand loan for 84 months on a 94TT Supra. He isn't a teenager either, he is 22 years old. You are also clearly not reading my posts about being reckless and smart at the same time. This thread was started by a " man " who is planning to be reckless no matter what. I pointed out a way to be reckless and smart at the same time. Borrowing 20 grand and giving a bank 5 to 6 grand for borrowing that cash for " 7 " years almost a decade I don't think is really a big deal. We are also talking about full maturity interest as well. Most people I guess don't realize they don't drive a car for more than 5 years and for us car lovers we are lucky if we get to 4 years. The interest he will pay in 4 years to borrow 20 grand with it giving him a low monthly payment while investing his liquid with a higher return than the interest he would pay at full maturity. This is just a no brainer. If you could really wrap your head around what I am saying it might benefit you. He has so many options. He plans to drive the car shortly until he can buy a GS anyways so why not borrow as much as you can without dumping all your liquid. I don't understand the concept of people borrowing money and not wanting to pay for borrowing the money. You all are like in some rat race to pay it off so fast. He doesn't need to dump all his liquid into a depreciating asset that would only cost him 2 grand in interest for a few years of ownership.
I've already eliminated the GS from all possibility of realism in this discussion, regardless of what he chooses to do, as his odds of securing one are slim to none and lower of keeping it. Not being a jerk, just being realistic. My debate with you is your encouragement of an 84-month loan over a 60-month loan, which will carry much lower interest and therefore cost the OP less over the time (short or long) that he owns the car. If I were to do this in his situation, I would put half of the cash he has saved down and finance the rest of the $20k Z06, therefore keeping enough money in the bank to deal with maintenance or repairs while demonstrating that he has the capital to own the car and possibly helping to secure a lower interest loan. I would take this loan of approximately $10k out for 60 months and make double payments every month that I could afford to so as to significantly reduce interest and set things up better for when I complete college and need to begin paying off student loans. He could pay $350 per month on a 60-month, $10k loan and be done with it in 2.5 years and still have his savings (which will likely have appreciated, as long as he regains financial stability) if nothing on the car has necessitated repair or significant maintenance during this time period.
Last edited by rjwz28; 06-25-2013 at 01:06 PM.
06-25-2013, 01:07 PM
#77
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Don't confuse this guy any more than he already is.... He is probably thinking the "ARM" you are mentioning is attached to your shoulder ,hand. I must move on from this thread... Ignorance is bliss and this guy is a piece of work..
06-25-2013, 02:30 PM
#78
First off: The OP is 20. Ok, not a teen, but not 22, and I have no idea where you got that from. As somebody else pointed out, at this stage in your life, things change pretty rapidly. My income has doubled every other year since I moved out at 18 (I'm 27), and my life really didn't stabilize into any sort of permanence until I was 23. I bought a fun car at 19: it was a 1993 Z28, because that's what I could responsibly afford at the time, and even that wasn't really responsible because you really need to be able to afford two vehicles to have a performance car in my home state of Michigan.
I've already eliminated the GS from all possibility of realism in this discussion, regardless of what he chooses to do, as his odds of securing one are slim to none and lower of keeping it. Not being a jerk, just being realistic. My debate with you is your encouragement of an 84-month loan over a 60-month loan, which will carry much lower interest and therefore cost the OP less over the time (short or long) that he owns the car. If I were to do this in his situation, I would put half of the cash he has saved down and finance the rest of the $20k Z06, therefore keeping enough money in the bank to deal with maintenance or repairs while demonstrating that he has the capital to own the car and possibly helping to secure a lower interest loan. I would take this loan of approximately $10k out for 60 months and make double payments every month that I could afford to so as to significantly reduce interest and set things up better for when I complete college and need to begin paying off student loans. He could pay $350 per month on a 60-month, $10k loan and be done with it in 2.5 years and still have his savings (which will likely have appreciated, as long as he regains financial stability) if nothing on the car has necessitated repair or significant maintenance during this time period.
I've already eliminated the GS from all possibility of realism in this discussion, regardless of what he chooses to do, as his odds of securing one are slim to none and lower of keeping it. Not being a jerk, just being realistic. My debate with you is your encouragement of an 84-month loan over a 60-month loan, which will carry much lower interest and therefore cost the OP less over the time (short or long) that he owns the car. If I were to do this in his situation, I would put half of the cash he has saved down and finance the rest of the $20k Z06, therefore keeping enough money in the bank to deal with maintenance or repairs while demonstrating that he has the capital to own the car and possibly helping to secure a lower interest loan. I would take this loan of approximately $10k out for 60 months and make double payments every month that I could afford to so as to significantly reduce interest and set things up better for when I complete college and need to begin paying off student loans. He could pay $350 per month on a 60-month, $10k loan and be done with it in 2.5 years and still have his savings (which will likely have appreciated, as long as he regains financial stability) if nothing on the car has necessitated repair or significant maintenance during this time period.
The option you brought up is not a bad option either. The only difference is he will net a higher monthly payment with a benefit of paying less interest over a period of time while also keeping the other half in a bank account for possible car mechanical down falls instead of not looking into investing options for future financial growth which is what I suggested. The " ONLY " reason I suggested 84 months is because of his low monthly take home which his car payment plus insurance would probably only take close to half of his monthly take home leaving him 500 bucks left over not making him so tight because of a simple fact of not paying interest over some odd years. Will he pay more in interest, for sure he will, and it should be expected. Taking a banks money to place on a depreciating asset and paying a 5 to 6 grand penalty while having your liquid tide up in an investment account netting you more than the interest rate you are paying on that depreciating luxury toy, while still having 50% of your monthly net is just a option I would do in his current situation. I need that monthly payment low at that age due to my lack of monthly net income.
I wouldn't say my advice is bad or wrong and I wouldn't say yours is bad or wrong. Each option we mentioned is just that... It's an " OPTION ", and that is all he was asking for us to throw at him.
06-25-2013, 03:11 PM
#79
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First off: The OP is 20. Ok, not a teen, but not 22, and I have no idea where you got that from. As somebody else pointed out, at this stage in your life, things change pretty rapidly. My income has doubled every other year since I moved out at 18 (I'm 27), and my life really didn't stabilize into any sort of permanence until I was 23. I bought a fun car at 19: it was a 1993 Z28, because that's what I could responsibly afford at the time, and even that wasn't really responsible because you really need to be able to afford two vehicles to have a performance car in my home state of Michigan.
I've already eliminated the GS from all possibility of realism in this discussion, regardless of what he chooses to do, as his odds of securing one are slim to none and lower of keeping it. Not being a jerk, just being realistic. My debate with you is your encouragement of an 84-month loan over a 60-month loan, which will carry much lower interest and therefore cost the OP less over the time (short or long) that he owns the car. If I were to do this in his situation, I would put half of the cash he has saved down and finance the rest of the $20k Z06, therefore keeping enough money in the bank to deal with maintenance or repairs while demonstrating that he has the capital to own the car and possibly helping to secure a lower interest loan. I would take this loan of approximately $10k out for 60 months and make double payments every month that I could afford to so as to significantly reduce interest and set things up better for when I complete college and need to begin paying off student loans. He could pay $350 per month on a 60-month, $10k loan and be done with it in 2.5 years and still have his savings (which will likely have appreciated, as long as he regains financial stability) if nothing on the car has necessitated repair or significant maintenance during this time period.
I've already eliminated the GS from all possibility of realism in this discussion, regardless of what he chooses to do, as his odds of securing one are slim to none and lower of keeping it. Not being a jerk, just being realistic. My debate with you is your encouragement of an 84-month loan over a 60-month loan, which will carry much lower interest and therefore cost the OP less over the time (short or long) that he owns the car. If I were to do this in his situation, I would put half of the cash he has saved down and finance the rest of the $20k Z06, therefore keeping enough money in the bank to deal with maintenance or repairs while demonstrating that he has the capital to own the car and possibly helping to secure a lower interest loan. I would take this loan of approximately $10k out for 60 months and make double payments every month that I could afford to so as to significantly reduce interest and set things up better for when I complete college and need to begin paying off student loans. He could pay $350 per month on a 60-month, $10k loan and be done with it in 2.5 years and still have his savings (which will likely have appreciated, as long as he regains financial stability) if nothing on the car has necessitated repair or significant maintenance during this time period.
I just want to enjoy myself before I graduate which is why I'm willing to drop this kind of cash. As soon as I get better I want my normal life again and I want to have fun. I can't drink, smoke, or eat certain foods so that leaves movies and cars for enjoyment + friends 
06-25-2013, 03:15 PM
#80
yeah I'm not getting a GS they're as much as the C6Z and even tho more reliable they're just too expensive. Ive read all the posts and the general consensus is to move out early, but that's just not going to happen. BTW I live in Ohio for anyone wondering. The doctors put me on a drug that costs 5K a month lol its called Humira and I have to take it for the rest of my life, but luckily it will only cost me $50 a month since I'm on my parents insurance I just want to enjoy myself before I graduate which is why I'm willing to drop this kind of cash. As soon as I get better I want my normal life again and I want to have fun. I can't drink, smoke, or eat certain foods so that leaves movies and cars for enjoyment + friends
I just want to enjoy myself before I graduate which is why I'm willing to drop this kind of cash. As soon as I get better I want my normal life again and I want to have fun. I can't drink, smoke, or eat certain foods so that leaves movies and cars for enjoyment + friends