so i got a call from my dealer today.

Red__Zed · 02-20-2012, 10:32 AM

UNKNOWN_370 · 02-20-2012, 10:39 AM

Quote:

Originally Posted by Red__Zed

Where one goes, the other follows. Why not the two of you get married.

Red__Zed · 02-20-2012, 10:57 AM

Quote:

Originally Posted by UNKNOWN_370

Where one goes, the other follows. Why not the two of you get married.

Or you could just answer my (completely legitimate) question, rather than risking a ban with insults.

Based on the number when I got my Subaru, there's usually at least a percentage point difference between a 3 yr and a 6 yr loan. Let's go with 2% and 3% to keep the math easy.

A $30,000 loan at 2% for 3 years will results in monthly payments of $859.28, and total interest paid of $933.99.

The same amount, at 3% over six years results in payments of $455.81, and total interest of $2818.34. Double up on payments, and you have monthly payments of 911.62, and total interest paid of $1345.61.

In sum, unless you pay more than $411.62 extra in finance charges (find a new bank), this six year loan scheme doesn't seem to work.

To add insult to injury, there's usually more than 1PP gain going from 3 to 6 years...furthering the spread.

UNKNOWN_370 · 02-20-2012, 11:07 AM

Quote:

Originally Posted by Red__Zed

Or you could just answer my (completely legitimate) question, rather than risking a ban with insults.

Based on the number when I got my Subaru, there's usually at least a percentage point difference between a 3 yr and a 6 yr loan. Let's go with 2% and 3% to keep the math easy.

A $30,000 loan at 2% for 3 years will results in monthly payments of $859.28, and total interest paid of $933.99.

The same amount, at 3% over six years results in payments of $455.81, and total interest of $2818.34. Double up on payments, and you have monthly payments of 911.62, and total interest paid of $1345.61.

In sum, unless you pay more than $411.62 extra in finance charges (find a new bank), this six year loan scheme doesn't seem to work.

How is it an insult??? I'm just sating the both of you end up in the same thread backing each other up... that's a fact not an insult and this thread is now dead... you're late to the party. Good day.

To add insult to injury, there's usually more than 1PP gain going from 3 to 6 years...furthering the spread.

How is it an insult??? I'm just saying the both of you end up in the same thread backing each other up.. you can follow all my posts where mustang argues with me and you are right there inciting and backing up his statements... . that's a fact not an insult and this thread is now dead... you're late to the party. Good day.

Red__Zed · 02-20-2012, 11:08 AM

Quote:

Originally Posted by UNKNOWN_370

How is it an insult??? I'm just saying the both of you end up in the same thread backing each other up.. you can follow all my posts where mustang argues with me and you are right there inciting and backing up his statements... . that's a fact not an insult and this thread is now dead... you're late to the party. Good day.

I'm not backing anyone up, I'm asking a question...it appears you aren't able to answer it though.

m4a1mustang · 02-20-2012, 11:14 AM

Quote:

Originally Posted by UNKNOWN_370

How is it an insult??? I'm just saying the both of you end up in the same thread backing each other up.. you can follow all my posts where mustang argues with me and you are right there inciting and backing up his statements... . that's a fact not an insult and this thread is now dead... you're late to the party. Good day.

I guess that explains why me and Red are not in agreement right now.

Red__Zed · 02-20-2012, 10:39 AM

Unknown, I still don't get where your numbers are coming from...any chance you can spell it out? Maybe in excel?

gbrettin · 02-20-2012, 10:40 AM

It sounds like you two (mustand and unknown) need to put on sumo suits and wrestle it out.

And what is this "Char-Burger" I hear of?

m4a1mustang · 02-20-2012, 10:43 AM

Quote:

Originally Posted by gbrettin

It sounds like you two (mustand and unknown) need to put on sumo suits and wrestle it out.

And what is this "Char-Burger" I hear of?

I'd still buy anyone on this forum a beer if they ever wanted to meet up.

And charburgers... gotta talk to Ken about that.

UNKNOWN_370 · 02-20-2012, 10:48 AM

Quote:

Originally Posted by gbrettin

It sounds like you two (mustand and unknown) need to put on sumo suits and wrestle it out.

And what is this "Char-Burger" I hear of?

Naaah.... ufc cage match to the death... I play for keeps. Lol.

bloodo · 02-20-2012, 10:51 AM

It is good that you have your payments planned out. I have seen many cases where people don't stick to it and get the short end of the stick. So good luck to you sir.

m4a1mustang · 02-20-2012, 11:07 AM

As long as the spread is close enough (and it's possible depending on who you are financed through and what your credit is like) you can save a bit on interest. It's not much... I figure around $200 or so comparing a 36 month $20k loan vs a 60 month paid in full at the same rate, but perhaps the most important thing is that it gives you the flexibility to pay later if you need to.

My guess is Unknown has good credit. If you have good credit the rate curve can be much flatter than someone with not so great credit.

Anyways, I really do apologize for jumping on you, Unknown. I missed the double-payment part and just assumed that you were using the full terms on both loan comparisons. I was wrong. I mean it when I say I'm sorry.

bigdog1250 · 02-20-2012, 01:37 PM

Don't get rid of your fangs!!!

sonic370 · 02-20-2012, 08:49 PM

getting back on point. i love the 370 I'm at 36,000 miles now....
plan on keeping it until 75,000... don't care what year that is it will be time to
trade. and as much as i love the 370, nissan better add some serious HP
and some other goodies or i'm going over to the dark side and getting a c6 vette. which is the only other car i would consider...............................

02-20-2012, 11:07 AM	#12 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6964	As long as the spread is close enough (and it's possible depending on who you are financed through and what your credit is like) you can save a bit on interest. It's not much... I figure around $200 or so comparing a 36 month $20k loan vs a 60 month paid in full at the same rate, but perhaps the most important thing is that it gives you the flexibility to pay later if you need to. My guess is Unknown has good credit. If you have good credit the rate curve can be much flatter than someone with not so great credit. Anyways, I really do apologize for jumping on you, Unknown. I missed the double-payment part and just assumed that you were using the full terms on both loan comparisons. I was wrong. I mean it when I say I'm sorry. __________________ - Steve Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!) LIKE us on Facebook! Last edited by m4a1mustang; 02-20-2012 at 11:10 AM.

02-20-2012, 01:37 PM	#13 (permalink)
bigdog1250 Track Member Join Date: Nov 2008 Location: San Francisco Posts: 846 Drives: 991.2 GT3 Rep Power: 19	Don't get rid of your fangs!!! __________________ 350z / 40th 370z / C6 Z06 / BMW M4 / V10 R8 / C7 Grand Spot / 997.1 GT3 / S2K / Camaro ZL1 / 718 GTS / 991.2 GT3

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02-20-2012, 10:32 AM	#1 (permalink)
Red__Zed A True Z Fanatic Join Date: Jul 2010 Location: window seat Posts: 28,940 Drives: Mostly on two wheels Rep Power: 122

02-20-2012, 10:39 AM	#7 (permalink)
Red__Zed A True Z Fanatic Join Date: Jul 2010 Location: window seat Posts: 28,940 Drives: Mostly on two wheels Rep Power: 122	Unknown, I still don't get where your numbers are coming from...any chance you can spell it out? Maybe in excel?

02-20-2012, 10:40 AM	#8 (permalink)
gbrettin A True Z Fanatic Join Date: Oct 2010 Location: Portage, MI Posts: 2,304 Drives: Tricycle Rep Power: 589452	It sounds like you two (mustand and unknown) need to put on sumo suits and wrestle it out. And what is this "Char-Burger" I hear of?

02-20-2012, 10:51 AM	#11 (permalink)
bloodo Base Member Join Date: May 2009 Location: Nebraska Posts: 93 Drives: . Rep Power: 18	It is good that you have your payments planned out. I have seen many cases where people don't stick to it and get the short end of the stick. So good luck to you sir.

02-20-2012, 08:49 PM	#14 (permalink)
sonic370 A True Z Fanatic Join Date: May 2010 Location: Orange Texas Posts: 1,574 Drives: 09 370Z Sports PGK Rep Power: 20	getting back on point. i love the 370 I'm at 36,000 miles now.... plan on keeping it until 75,000... don't care what year that is it will be time to trade. and as much as i love the 370, nissan better add some serious HP and some other goodies or i'm going over to the dark side and getting a c6 vette. which is the only other car i would consider...............................