$3462 a month 911 GT3 Car payment.

[Rusty Heap]

ouch.


Gotta be a Bad Woman or Bad Business Deal involved in this somehow...........


for only $3462 a month, it can be yours too, unless you just want the "buy it now, cash price"

[Neilk]

7.5% interest rate??? Wonder what kind of credit that person had when they bought the car.

[pwd72s]

He's behind book...probably owes more than the car wholesales for.

Tho I will admit, I haven't been pricing GT3's lately...

[pwd72s]

Yep... He's behind book...a quick search of ebay gave me this one for sale...very low miles, $15K less money.

Porsche : 911 - eBay (item 140480117556 end time Dec-09-10 12:59:02 PST)

[ZAMIRZ]

That kind of monthly can get you into a GT2...As others have said, he's upside down for sure.

[legion]

Guy at work went and bought a brand new GT3 in 2005. He saved for 15 years, then paid cash for it (around $150k).

No car payments.

There's no way these people can get out from under this car without taking a big haircut. There's no way someone else is going to pay more than the car is worth to save them.

And a 7.5% rate for a car loan isn't bad--especially considering they probably took a hit of a couple of points because of the loan amount.

I'm guessing that they rolled over a loan on another underwater loan on another ridiculous car to get hosed this bad. My sis-in-law buys a new car every six months--just rolls over the old car loan into the new one. At six months, no car is worth more than the loan balance.

[pwd72s]

Originally Posted by legion

Guy at work went and bought a brand new GT3 in 2005. He saved for 15 years, then paid cash for it (around $150k).

No car payments.

There's no way these people can get out from under this car without taking a big haircut. There's no way someone else is going to pay more than the car is worth to save them.

And a 7.5% rate for a car loan isn't bad--especially considering they probably took a hit of a couple of points because of the loan amount.

I'm guessing that they rolled over a loan on another underwater loan on another ridiculous car to get hosed this bad. My sis-in-law buys a new car every six months--just rolls over the old car loan into the new one. At six months, no car is worth more than the loan balance.

Chris, ever sit down with the poor lady with a pad & a calculator? Not only the depreciation hit, but the interest paid?

[HardDrive]

For less than 1/3 per month, you could have a 2005 Carrera S in mint condition with a CPO warranty. Ask me how I know.

[dad911]

Originally Posted by HardDrive

For less than 1/3 per month, you could have a 2005 Carrera S in mint condition with a CPO warranty. Ask me how I know.

GT3 is 3* the car....

You can be in a GT3 for about 1/3 per month also......

[Steve Carlton]

Originally Posted by legion

My sis-in-law buys a new car every six months--just rolls over the old car loan into the new one. At six months, no car is worth more than the loan balance.

She's going to be more and more upside down each time she does that unless she puts a lot of money down. Assuming she pays sales tax every time she does this, she should lease instead since you only pay tax on the monthly payments instead of the whole enchilada. I'm assuming she lives in a state that doesn't require all the tax up-front. I've heard of NY doing that.

[kaisen]

Originally Posted by Steve Carlton

She's going to be more and more upside down each time she does that unless she puts a lot of money down. Assuming she pays sales tax every time she does this, she should lease instead since you only pay tax on the monthly payments instead of the whole enchilada. I'm assuming she lives in a state that doesn't require all the tax up-front. I've heard of NY doing that.

Most states calculate sales tax on the trade difference. So if she buys a $20K car and trades a $18K car, she pays sales tax on $2K. California is pay, and pay... no credit for the tax already paid.

You're correct on leases, most (but not all) states calculate sales tax on the payment amount and collect each month. So if you have a $200 payment and the tax rate is 6%, you send in $212 each month. If you have a 36 month lease you pay $432 in sales tax over time at 0% interest. One of the good deals in leasing.

[RANDY P]

assuming he took a 5 year note his original balance was $172K- if the vehicle is a 2010 and conservatively he's had it for 15 months that means it was ZERO DOWN.

wow. What a moron.

rjp

[Noah930]

Yeah, but by your calculations he got into a new GT3 for zero down! How awesome is that?



(Green font implied.)

[Jtilden]

Originally Posted by Noah930

Yeah, but by your calculations he got into a new GT3 for zero down! How awesome is that?



(Green font implied.)

yeah...$3462 a month worth of awesome...he can keep it

[pwd72s]

Originally Posted by Jtilden

yeah...$3462 a month worth of awesome...he can keep it

My thinking is that one should have the cash if you want a GT3...

Well, guess that's my thinking for any car. I haven't made more than one payment for a car since the 1970's...

[legion]

Originally Posted by pwd72s

Chris, ever sit down with the poor lady with a pad & a calculator? Not only the depreciation hit, but the interest paid?

Do you think someone who does this kind of thing is willing to listen to other people? Actually, most of the problem is that her husband (who in the 4 years I've known him has never held a single job longer than six months) destroys/desires a new car every six months. And her husband is another thing she's unwilling to listen to other people about...

Originally Posted by Steve Carlton

She's going to be more and more upside down each time she does that unless she puts a lot of money down. Assuming she pays sales tax every time she does this, she should lease instead since you only pay tax on the monthly payments instead of the whole enchilada. I'm assuming she lives in a state that doesn't require all the tax up-front. I've heard of NY doing that.

I'm pretty sure she puts down the absolute minimum each time to close the deal. I'm pretty sure that she's in the mid-30's on a loan balance on a series of sub-20 cars. She and her husband intend to own the cars for awhile, he just gets bored with them or crashes them...maybe because he's bored with them.

[stomachmonkey]

Location Austin.

Willing to bet he's a game developer who thought he'd get a big fat royalty check on his last game but it turned out to be a flop.

Seen that one waaaayyy too many times.

[RANDY P]

I'd like to see the guy flop on this LOL.

rjp

[on2wheels52]

"I haven't made more than one payment for a car since the 1970's..."

You're not alone.
Jim