# Lets talk cars/trucks... debt consolidation **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [November 19, 2012, 6:11pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312 "2012-11-19T18:11:07Z")\ **Posts on this page:** 20\ **Page:** 4
**Author:** ![slo\_ride](https://avatars.discourse-cdn.com/v4/letter/s/49beb7/32.png) [@slo\_ride](https://forums.speedlife.net/u/slo_ride)\ **Post date:** [November 20, 2012, 3:45pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/61 "2012-11-20T15:45:44Z")
> [@bing](#): > > weird i didnt know it was that different over there. > > i was on a 25 year mortgage but they are on 5 years terms after which time you renew your terms (interest, payment cycle, term, etc.) so yeah i guess if you refi every 5 years on schedule then it’s the same thing different words. i switched away from Scotia Bank into TD bank through my cousin who is a broker. it was actually a bit of a pain but he did get us a better rate. we’re on a 20 now but we were conservative with our house buy so it’s almost time to re-up for the lifetime home. > > what can you guys get for interest on mortgages down there? so every 5 years your terms can change like a 5 year adjustable rate? or can you simply renew your old terms…i just imagine that could really suck in a market with rising interest rates…with lowering rates it is great. ---
**Author:** ![Jim1234664](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jim1234664/32/7438_2.png) [@Jim1234664](https://forums.speedlife.net/u/Jim1234664)\ **Post date:** [November 20, 2012, 4:53pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/62 "2012-11-20T16:53:56Z")
Bings situation sounds like a 5 year fixed with a balloon and a 20-25 amort. Very similar to what a loan would look like in the US for a commercial property. Just goes to show how lucky the average Joe makes out here compared to up north ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [November 20, 2012, 5:11pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/63 "2012-11-20T17:11:45Z")
what interest rates are you guys getting on mortgages down there? and the CDN Fed has tightened up lending rules making it harder for people who really shouldnt be buying homes to buy homes. when we first got our mortgage 5 years ago you could amort over 35 years… cant do that anymore. i thikn 25 is the highest and there are a batch of other things that they just did this year to tighten it up as well. ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [November 20, 2012, 5:30pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/64 "2012-11-20T17:30:21Z")
> [@Beck](#): > > Forget the 1.9% rate on the BMW. In-direct financing is cheap now. Not to mention, even if you get 1.9% or better on a Tahoe, your gas bill is going to be $400 more a month. > > The difference between 1.9% and 2.9% is dollars a month, nothing worth even taking into account. Especially, because I think it makes sense to drive a warrantied, reliable car @ 3.9% than it would to drive a car that had me worried @ 0%. > > How much credit card debt/unsecured debt do you have? You don’t have to answer that, but if I were you…and I’m not you… here’s what I would do… > > Find something you want @ 0% or 1.9%. > > Trade BMW in. Hypothetically, if you think you have $8,000 equity, theres no point in utilizing that $8,000 towards zero percent. Pull the equity out and take it as a check from the dealer. Use that $8,000 that you now have 0% on and use it to pay for anything you might not have 0% on. Use it for the boat. Use it for a nest egg, it’s 0%…who cares. Agreed with the APR comments… As for unsecured debt, None. I pay everything off at the end of the day. I have a modest mortgage payment as I put a decent chunk down and the market here is deflated. I think theblue or whomever said keep the 335 is right. (Right now the only thing that has me concerned most, is the wastegate and turbo rattling noises… I’ve complained 3x and each time they say, thats normal operation) Other than that the car has been good and I could eliminate the payment tomorrow by paying it off if need be, the money feels so free to me, i dont see the point. I’m definitely the kind of guy that takes the path of least resistance. I might very well just keep the car and pay it off, it dropped about 10k over the past 2 years in value and when i look at 05-06 330’s they seem to have leveled off to an effect. **QUESTION: Whats the best way to get BMW to replace the rattling parts (wastegates and turbos) There is also a clunk on initial braking when going from 1st to reverse or viceversa, but I took the wheel off and cleaned out what appeared to be a bunch of anti-seize and it stopped making the clunk for about 6k miles… its back now, but its not that big of a deal. … other than them, I love the car every time I drive it** ---------- Post added at 08:30 PM ---------- Previous post was at 08:27 PM ---------- EDIT: it was xander. \<3 ---------- Post added at 08:30 PM ---------- Previous post was at 08:30 PM ---------- EDIT: it was xander. \<3 ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [November 20, 2012, 5:35pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/65 "2012-11-20T17:35:25Z")
That probably IS your best bet… Drive it for as long as the repair costs aren’t smothering you. If they become an issue, get it sorted out and trade it in while it’s in good shape. Until then, take the equity you’re building in it and enjoy driving it. Any other plan refreshes your loan term, and while the monthly payment may go down, the loan term is going to be extended. Really what it comes down to is that it doesn’t sound like you have much debt to consolidate, and if you are still able to save money then you are clearly living well within your means so just keep doing what you’re doing and don’t worry about it. ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [November 20, 2012, 5:40pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/66 "2012-11-20T17:40:59Z")
> [@Jimshorts](#): > > Trade your car in for a x5m with the tow package included. It will do everything for you. With a decent down payment and your car down you could probably see a $600+ payment. I think it would be worth it but that’s just me. > > Or look srt8s with a warranty. LOL. that doesnt make much sense… but I’d love an x5m > [@bing](#): > > what can you guys get for interest on mortgages down there? I’m locked at 3.625 right now for the house… same company is now at 3.125… dicks. > [@boardjnky4](#): > > Sadly, plenty of people do this and end up in trouble… I mention it as a warning to folks. > > In the spirit of getting back to the topic of the thread, Willybean, if you’re feeling smothered AT ALL about your expenses, you can easily downgrade some things and live more comfortably. How much you need to downgrade and how to get there is easy. > > I do miss driving a fun car, but I have to say, I have WAY more fun boating than I did with my cars. I enjoy the MPG of the civic and pilot. I also love tha I never spend money on maintenance (well sometimes, but it’s CHEAP). I got the 10 year 120k mile warranty on the Pilot. The Pilot does 20mpg highway. So that’s relatively low cost of ownership there. It’ll tow 4500-5000 too. The new Pathfinder advertises 20/26. That’s probably about the same as your BMW, except for that you’ll be running 87 rather than 93, which should save you a decent little chunk. You’re insurance should be moderately cheaper as well. If you go used, you can get a 2009+ Pilot, 2005+ Pathfinder, etc… and it will tow well and come in probably around the low 20s. > > The stigma of a Prius is ridiculous. If the numbers work out that it decraeses your expenses, then I wouldn’t hesitate. Unless of course you need towing capacity, then just get a midsize SUV. I know, but I’m not sure what I want to do… just looking at options. (the savings would be roughtly 600-800 monthly if I drove a prius, but probably wouldnt be much worse if I drove any 30 mpg city /40 hwy car) As for the nest egg, this year I’m going to have to write a decent size check for taxes, hence why I’m not paying anything down until after I file this year. Hopefully the income will continue to grow into the next 20 years! :lol: ---------- Post added at 08:40 PM ---------- Previous post was at 08:37 PM ---------- One other thought, with mortgage rates being so low, the idea of having additional 800 a month of income would be awesome so I can buy some investment property in a nicer neighborhood (with the intent to move there when I get more responsible, or better yet sell it in a couple years if capital gains stay reasonable) The house I own now is a pretty stout deal, I just get banged on Homeowners… nearly 3k a year equates to a HUGE chunk of my monthly PITI. Stupid hurricanes. Regardless, if I had to move tomorrow I have a decent chunk in equity in this house, and I could easily rent it and net $400 a month before all the tax advantages. ---
**Author:** ![MrSmith](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mrsmith/32/5254_2.png) [@MrSmith](https://forums.speedlife.net/u/MrSmith)\ **Post date:** [November 20, 2012, 5:43pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/67 "2012-11-20T17:43:44Z")
My advice : pay some of my bills. ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [November 20, 2012, 5:50pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/68 "2012-11-20T17:50:28Z")
I love my TL for the fact that it has 100,000+ miles, I have done all of my major maintenance on it to make it run for a long time and I am paying it off very quickly. What makes me worried is that it might not be worth much on trade or to private party because of the miles. I have thought about downsizing my car, not that it is anything crazy, but I would love to have a nothing car payment. As we spoke about too Willy, my home + insurance situation is very minimal. Having your gf pay rent is a plus too 🙂 You should get on that plan. hahaha ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [November 20, 2012, 5:57pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/69 "2012-11-20T17:57:30Z")
^noted. one day… maybe ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [November 20, 2012, 6:09pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/70 "2012-11-20T18:09:56Z")
> [@Willybeen](#): > > I’m locked at 3.625 right now for the house… same company is now at 3.125… dicks. ORLY? when did you lock in? are other guys in that range too? we got our mortgage 5 years ago just before the bust and got locked in at 5.74%… fuuuuuuuu!!! now we’re at 3.09% which is awesome but we could have got to 2.98 or so but not with as agreeable terms. I have a buddy at like 2.6% who got in at just the right time a year or two ago. ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [November 20, 2012, 6:24pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/71 "2012-11-20T18:24:17Z")
Locked in in june i believe… [www.aimloan.com](http://www.aimloan.com) look at current 30 year rates @ 0 pts… 3.047 APR… ef. (I hate that it’s still going down after i locked in… i think in a little bit, if it drops another point I can request a float down) ---------- Post added at 09:17 PM ---------- Previous post was at 09:15 PM ---------- > What If Rates Drop After I’ve Locked? > At the time we are ready to draw your loan documents, if our posted rates are at least .25% lower than the rate you locked (for the same or less points, or the same or more rebate), you may float down your rate to the current rate plus .125%. DOPE!.. i may wait a little bit longer… thoughts!!! ---------- Post added at 09:24 PM ---------- Previous post was at 09:17 PM ---------- ^the above is wrong. But i cant find the clause regarding once you’ve already closed. IIRC its you can float down one time if rates fall .5 less than you locked at… and you can only go down 1/2 of the difference plus .125 % or something like that. I cant seem to find the clause though. ---
**Author:** ![frost12850](https://avatars.discourse-cdn.com/v4/letter/f/2acd7d/32.png) [@frost12850](https://forums.speedlife.net/u/frost12850)\ **Post date:** [November 20, 2012, 7:07pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/72 "2012-11-20T19:07:55Z")
People of Nyspeed make me feel poor on a daily basis. I gave up on nice cars with payments, bought a used car outright, and am enjoying the ability to start saving money with no car payment, cheap insurance, etc with the chump money I make compared to everyone else it seems on this forum. ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [November 20, 2012, 7:12pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/73 "2012-11-20T19:12:20Z")
If I don’t force the payment into something, I won’t save much. Hence the desire for rental/investment property… Well see what happens. ---
**Author:** ![slo\_ride](https://avatars.discourse-cdn.com/v4/letter/s/49beb7/32.png) [@slo\_ride](https://forums.speedlife.net/u/slo_ride)\ **Post date:** [November 20, 2012, 7:48pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/74 "2012-11-20T19:48:34Z")
Check out [econohomes.com](http://econohomes.com)…they used to have tons of stuff in Florida…they aren’t too hard to deal with although sometimes getting the title sorted can be dicey ---
**Author:** ![tpgsr](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tpgsr/32/7374_2.png) [@tpgsr](https://forums.speedlife.net/u/tpgsr)\ **Post date:** [November 20, 2012, 8:21pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/75 "2012-11-20T20:21:29Z")
I am all for saving money and getting another source of income. Even though I have like $800 in car payments I still have ea good chunk of change monthly (I pretty well stole my house from the bank) and I am also looking at investment properties. I spent the last six months debating it over a different venture and right now my wife and I feel this is the best bet. We are going to buy a couple houses this year and see how it turns out. I have an interest in property in FL (as in I will eventually own a pretty high end home) and that market seems to be rebounding slowly but surely. I tried to buy a couple of foreclosures in Orlando and was beat out by an investor that bought all of the distressed homes in a community (seriously, I flew down there to look at them and he bought them the day I landed. What a douche). That tells me things are starting to turn around and where as this area quickly became too rich for my blood, buying down there is not a bad deal ATM. If you are going to be getting into property, do some reading on [biggerpockets.com](http://biggerpockets.com). There are people in the same boat in your neighborhood that may be willing to give you pointers. Also [homepath.com](http://homepath.com) is a good resource for fannie properties. They will almost always accept an offer of 8% under list, and they reduce their asking price every 30 days by at least 5%. ---
**Author:** ![slo\_ride](https://avatars.discourse-cdn.com/v4/letter/s/49beb7/32.png) [@slo\_ride](https://forums.speedlife.net/u/slo_ride)\ **Post date:** [November 21, 2012, 5:32am UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/76 "2012-11-21T05:32:36Z")
keep in mind with the homepath stuff that usually the property is only available for the first 2 weeks to potential owner occupants- investors usually have to hold off until after that time. technically the brokers aren’t supposed to accept any offer that is from an investor although in my experience not all brokers worry about this technicality so the very moment the investor black out period ends they are ready with their investor friends offer to give to fannie. they still typically accept multiple offers then tell everyone that there are multiple offers and for all to give their highest and best. again i believe this process is highly suspect as it isn’t too hard for the broker to introduce a strawman offer just to make sure the serious buyers don’t low-ball them too hard. on at least 2 occasions we have had offers in on fannie properties and they claimed there were multiple offers…the first time we didn’t know any better so we upped our offer…the second time we actually lowered our offer because we were fairly certain there was no other serious offer being made… got it for the lesser amount, broker was not happy. also with the homepath it is a good idea to keep any eye on them because many times they will go under contract with owner occupants but the deal will fall apart a month later and the property will pop back up on the market. usually at this point they will just take the first offer that comes in instead of waiting for another owner occupant or doing the whole best and highest offer routine. ---
**Author:** ![Daddie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/daddie/32/7621_2.png) [@Daddie](https://forums.speedlife.net/u/Daddie)\ **Post date:** [November 27, 2012, 10:39am UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/77 "2012-11-27T10:39:07Z")
I’m all for a nice car Will, but shit, nothing beats not having a car payment, especially when you have a pretty decent sized mortgage after you put a shitload down, and you get assraped by taxes and common charges. Give a little bit up, you’ll thanks yourself later. Remember : cash is king… ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [November 27, 2012, 11:04am UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/78 "2012-11-27T11:04:02Z")
^this is something that keeps going through my mind. Lets just say a 100k mortgage is 500 a month… (in my county, my taxes are ~3k a year, and my homeowners insurance is around 3k as well (house is 20 years old, so insurers refuse to write things built before 95)… IE ANOTHER 500 a month) In martin county (newer homes, nicer schools, etc etc)… I could have spent more money on a higher mortgage and paid half of what I’m paying in insurance and had lower taxes. When I do that analysis, I think of buying another house and renting my current place. As soon as I start looking at other houses, I picture marriage, dual income, and then moving to palm beach. The whole train of thought fucks with my head… and i continue to do nothing until something really compels me. Time will tell… ---
**Author:** ![slo\_ride](https://avatars.discourse-cdn.com/v4/letter/s/49beb7/32.png) [@slo\_ride](https://forums.speedlife.net/u/slo_ride)\ **Post date:** [November 27, 2012, 2:02pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/79 "2012-11-27T14:02:10Z")
your insurance is $3k on a mortgage of $100k??? living in a hurricane zone sucks…the $3k in taxes is pretty rough too ---
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [November 27, 2012, 4:13pm UTC](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312/80 "2012-11-27T16:13:42Z")
> [@slo ride](#): > > your insurance is $3k on a mortgage of $100k??? living in a hurricane zone sucks…the $3k in taxes is pretty rough too $3K/Month on $100,000 isn’t that crazy. Maybe because Florida has such as shittier school system, but still… That’s $6k/month on $200,000 here and that’s in the best school district in the area and have the best town service around. Granted, you pay no income tax in FL. [Previous page](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312.md?page=3) [Next page](https://forums.speedlife.net/t/lets-talk-cars-trucks-debt-consolidation/227312.md?page=5)