Anyone doing Carlisle this spring? P&S and/or Import & Kit Nationals?

aniceh

Will the payments be cut in half because the cost is less, or because you're financing over five years again? Keep in mind, if that's the deciding factor, you can refinance an auto loan.

dmhenderson

Don't ever refinance an auto loan unless you somehow got a bum deal up-front. You'll end up owing more in the long run 99.999% of the time.

I have done it a grand total of once and that was because I was supposed to move to Germany and my lender wouldn't let me take the car overseas so I had to switch to USAA (who would). I still took a horrendous beating and the company I worked for paid the difference.

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aniceh

True, but if the justification is lowering payments, might as well call a spade a spade.

dmhenderson

Lowering payments by extending the loan 1+ years. You are letting the lender take your future income for free and they don't even have to lift a finger.

Don't ever, ever do this unless you're going to like...lose your car.

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aniceh

I agree 100%, I'm just trying to help compare apples to apples. If you take your current car and trade it in on another car, you will finance the difference between the trade in value and the purchase price over the life of a typical auto loan, 5 years. If part of the decision-making process in a new car purchase is the loan payments, I think it's wise to examine how much of that payment decrease is simply due to extending the term. I'm not trying to pass judgement or push for a certain outcome, just trying to help with the analysis.

dmhenderson

This is correct.

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MyKindaGuise

I'm also looking at refinancing the Z. I paid off half the car in a year..

I started with a 72monrh loan...just hit 60months left. I found that if I refinance now for 60 months..technically the same amount.of payments it will cut my interest in half and save me like $3000


The 135i I could probably have for 28k out the door before tradin. About 13k after

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|445whp398tq|
|BW S259 Turbo|3" Downpipe\Exhaust|ID1000|AeroMotive|Tial|EcuTek|BC BR|S0-4|MaffFab|
MKGs-Single-Turbo

XwChriswX

But if you're talking about turboing it, which... arent they Already turbo'd?!?

All that R&D you'll need to re-do = $$$$

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Bonnie - Stage 2, Audio build coming this fall!
R.I.P. Abby 3/29/10 - 3/30/14

dmhenderson

But you're not saving anything. Since you've put extra money into your payments you'll pay the car off early. If you refinance they'll spread that money and associated interest over 5-6 years. You're forgetting the potential interest you're going to pay. They want you to keep making payments because interest is free money for lenders.

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MyKindaGuise

Well half of that was my down payment sorry. I only paid a quarter off...forgot about that. Buy no with how it is now it will save me money. Already talked with my bank about it and ran the numbers. It will end up being less.

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|445whp398tq|
|BW S259 Turbo|3" Downpipe\Exhaust|ID1000|AeroMotive|Tial|EcuTek|BC BR|S0-4|MaffFab|
MKGs-Single-Turbo