How i've only made 1 payment in 6 months

Division · 01-20-2010, 12:48 PM

Just curious - why buy a car that would put you at financial risk?

ChrisSlicks · 01-20-2010, 01:54 PM

No offense but deferring a car loan has to be one of the dumbest things I've heard. You're accumulating interest at a rate of $10-$20 a day, cumulative, i.e. your now paying interest on your interest. If I were you I would be working my butt off to make extra payments in order to get the loan the right way up.

If you can't afford the payments comfortably then you shouldn't buy the car, period. How do you think this country got into the most recent financial crisis? It was by doing exactly what you describe, deferring payments for as long as possible on things people couldn't afford.

Always ask yourself the following question. If I have to sell tomorrow will I be screwed? I.e. Never owe more than the car is worth.

I don't think I would have bought any type of new car on graduation unless I landed one heck of a job.

In2Deep · 01-20-2010, 02:11 PM

Quote:

No offense but deferring a car loan has to be one of the dumbest things I've heard. You're accumulating interest at a rate of $10-$20 a day, cumulative, i.e. your now paying interest on your interest.

Quote:

Just curious - why buy a car that would put you at financial risk?

Also no offense.....but I'm putting my money that next post from Satent is...
"How I managed to only make 1 payment in 7 months....before getting my car repossessed"

Division · 01-20-2010, 02:15 PM

Quote:

Originally Posted by In2Deep

Also no offense.....but I'm putting my money that next post from Satent is...
"How I managed to only make 1 payment in 7 months....before getting my car repossessed"

I think your forum handle sums up this thread better than any of us could.

m4a1mustang · 01-20-2010, 02:23 PM

Definitely seems that way.

A lot of people tend to psychologically eliminate interest from the equation when they are making big purchases. The only thing that matters to them is the monthly payment. These are the kind of customers that banks love.

6MT · 01-20-2010, 04:37 PM

Quote:

Originally Posted by m4a1mustang

Definitely seems that way.

A lot of people tend to psychologically eliminate interest from the equation when they are making big purchases. The only thing that matters to them is the monthly payment. These are the kind of customers that banks love.

And on most 5 or 6 year car loans, you end up doubling the amount you borrowed when the interest amount is added in.

6MT · 01-20-2010, 04:43 PM

Quote:

Originally Posted by Division

I think your forum handle sums up this thread better than any of us could.

:icon18 :

ZKindaGuy · 01-20-2010, 04:52 PM

Quote:

Originally Posted by Santent

Yes, it's quite true. But there are restrictions.. and most wont qualify. Here is how I did it (and yes,i had it planned out for several months).

When purchasing a vehicle from Nissan and financing through the Nissan Motor Acceptance Corporation, if you can prove you have graduated from College within the last 12 months you can hold off on payments for up to 3 months. Yes, some interest does accrue from this and your payoff amount goes up, but i was not in the position to start payments immediately.

So, time flys by, about 11 weeks later i Refinance my vehicle through PenFed for 72 months at 4.75% apr. They usually automatically give you about 2 months till your first payment will be do... i got the woman on the phone to give me about 2 and a half :-D So here it is, ive had the car about 8 months, a little over 10,000 miles and i've only made 2 payments on it.

some things to note:
A. You have to be a recent college graduate.
B. Most college graduates cant ge financed for a vehicle because of their student loan debt.. my students loans were in deferrment till december, when i purchased the car in July they did not show up (or something like that).

Ahh on a last side not, Nissan gave me 6.75% apr at 60 months when i bought the vehicle. Hopes this helps someone that might be able to pull this trick off!!!

Folks...let me introduce you to the next Wall Street Bernard Madoff.....the one....the only....370Z Forum's very own scammer low-life: Santent

........

m4a1mustang · 01-20-2010, 04:55 PM

Well, if you think about, he hasn't really scammed anyone but himself.

ZKindaGuy · 01-20-2010, 05:06 PM

Quote:

Originally Posted by m4a1mustang

Well, if you think about, he hasn't really scammed anyone but himself.

Point is though he is of that mind set.....

m4a1mustang · 01-20-2010, 05:08 PM

Quote:

Originally Posted by ZKindaGuy

Point is though he is of that mind set.....

It's on a smaller scale, so let's just call him John.

Horseface · 01-20-2010, 05:17 PM

I made just one payment and got 0% APR.

zmyride · 01-20-2010, 05:24 PM

Does the original poster realize that he is just stretching his car payments 8 months longer?

Not paying for 8 months now means you have to pay 8 months longer later. Thats a foolish thing to do because your car depreciates and you could owe more than the car is worth.

m4a1mustang · 01-20-2010, 05:28 PM

Let's just hope he has GAP insurance.

ChrisSlicks · 01-20-2010, 05:41 PM

Quote:

Originally Posted by zmyride

Does the original poster realize that he is just stretching his car payments 8 months longer?

Not paying for 8 months now means you have to pay 8 months longer later. Thats a foolish thing to do because your car depreciates and you could owe more than the car is worth.

By skipping on 8 months of payments at the beginning of the loan you are actually adding on several payments, probably an additional 5-6 months worth. Remember 90% of what you are paying in the first year is interest. If you don't pay, interest accumulates. The bank will just recalculate the monthly payment by a few dollars to keep the term the same, so it doesn't seem like a lot (monthly) but it really is.

01-20-2010, 02:23 PM	#20 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6962	Definitely seems that way. A lot of people tend to psychologically eliminate interest from the equation when they are making big purchases. The only thing that matters to them is the monthly payment. These are the kind of customers that banks love. __________________ - Steve Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!) LIKE us on Facebook!

01-20-2010, 04:55 PM	#24 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6962	Well, if you think about, he hasn't really scammed anyone but himself. __________________ - Steve Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!) LIKE us on Facebook!

01-20-2010, 05:17 PM	#27 (permalink)
Horseface Enthusiast Member Join Date: Nov 2009 Location: Los Angeles. Posts: 253 Drives: 2010 370 Tr/Sprt/Nv Rep Power: 15	I made just one payment and got 0% APR. __________________ Whinny!

01-20-2010, 05:28 PM	#29 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6962	Let's just hope he has GAP insurance. __________________ - Steve Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!) LIKE us on Facebook!

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01-20-2010, 12:48 PM	#16 (permalink)
Division Base Member Join Date: Jul 2009 Location: Central FL Posts: 199 Drives: 2009 370Z Sport Rep Power: 15	Just curious - why buy a car that would put you at financial risk?

01-20-2010, 01:54 PM	#17 (permalink)
ChrisSlicks A True Z Fanatic Join Date: Mar 2009 Location: North East Posts: 6,203 Drives: 09 370Z Sport M6 Rep Power: 653	No offense but deferring a car loan has to be one of the dumbest things I've heard. You're accumulating interest at a rate of $10-$20 a day, cumulative, i.e. your now paying interest on your interest. If I were you I would be working my butt off to make extra payments in order to get the loan the right way up. If you can't afford the payments comfortably then you shouldn't buy the car, period. How do you think this country got into the most recent financial crisis? It was by doing exactly what you describe, deferring payments for as long as possible on things people couldn't afford. Always ask yourself the following question. If I have to sell tomorrow will I be screwed? I.e. Never owe more than the car is worth. I don't think I would have bought any type of new car on graduation unless I landed one heck of a job.

01-20-2010, 05:24 PM	#28 (permalink)
zmyride Track Member Join Date: Nov 2009 Location: SF Bay Area Posts: 631 Drives: 10 Black Sports 7AT Rep Power: 16	Does the original poster realize that he is just stretching his car payments 8 months longer? Not paying for 8 months now means you have to pay 8 months longer later. Thats a foolish thing to do because your car depreciates and you could owe more than the car is worth.