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Old Feb 27th 2018, 10:27 AM   #41
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Originally Posted by jpanigale View Post
Financing has it's advantages when it comes to Insurance issues...
Since bank owns the bike Insurance has to indemnify them not owner...
So what you're saying is that it's an advantage that the bank forces you have to pay for all of that extra insurance (GAP insurance, third party liability, etc.) so that the bank does not lose on their loan?

All of this is well documented. Don't take my word for it. Look it up.

For what it's worth, there's nothing wrong with financing a vehicle if that's what you want to do with your personal finances. But don't ever say it's an advantage when your hand is forced by the bank that owns the asset for you to spend more money than you need to. Trust me, when those banks gamble trillions of dollars on stupid shit like mortgage backed securities, it's because they don't lose when it comes to lending money to the wee folk like us. When you finance a vehicle you are forced to carry a certain amount of insurance above and beyond normal requirements and in many cases, banks take out highly overpriced policies on the assets and stick the borrower with the bill (of course, with heavy mark up and of course with interest). Again, don't take my word for it. Look it up.
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Last edited by Sherpa23; Feb 27th 2018 at 12:13 PM.
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Old Feb 27th 2018, 11:02 AM   #42
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Originally Posted by Sherpa23 View Post
So what you're saying is that it's an advantage that the bank forces you have to pay for all of that extra insurance (GAP insurance, third party liability, etc.) so that the bank does not lose on their loan?

All of this is well documented. Don't take my word for it. Look it up.

For what it's worth, there's nothing wrong with financing a vehicle if that's what you want to do with your personal finances. But don't ever say it's an advantage when your hand is forced by the bank that owns the asset for you to spend more money than you need to. Trust me, when those banks gamble trillions of dollars on stupid shit like mortgage backed securities, it's because they don't lose when it comes to lending money to the wee folk like us. When you finance a vehicle you are forced to carry a certain amount of insurance above and beyond normal requirements and in many cases, banks take out highly overpriced policies on the assets and stick the lender with the bill (with mark up and with interest). Again, don't take my word for it. Look it up.
banksters: profits are privatized, losses are socialized. (or how about swaps on toxic MBS which you know w/ 100% certainty will blow up; like taking out fire insurance on shacks whose value you list as middle class homes and then setting fire to them all.)

you're already a bagholder = taxpayer, so don't be a debt-slave on top of that.

look up what fascism really is; hint: it's crony-capitalism, or the exact opposite of true free market capitalism, with the gov = corp/bank boot firmly pressing up against your temple, pinning your head against the pavement.


edit:

“How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans”.

Michael Lewis, "The Big Short"
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Last edited by VAST; Feb 27th 2018 at 11:22 AM.
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Old Feb 27th 2018, 11:17 AM   #43
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thank goodness you do not live in Spain.
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Old Feb 27th 2018, 12:17 PM   #44
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Originally Posted by Sherpa23 View Post
So what you're saying is that it's an advantage that the bank forces you have to pay for all of that extra insurance (GAP insurance, third party liability, etc.) so that the bank does not lose on their loan?

All of this is well documented. Don't take my word for it. Look it up.

For what it's worth, there's nothing wrong with financing a vehicle if that's what you want to do with your personal finances. But don't ever say it's an advantage when your hand is forced by the bank that owns the asset for you to spend more money than you need to. Trust me, when those banks gamble trillions of dollars on stupid shit like mortgage backed securities, it's because they don't lose when it comes to lending money to the wee folk like us. When you finance a vehicle you are forced to carry a certain amount of insurance above and beyond normal requirements and in many cases, banks take out highly overpriced policies on the assets and stick the lender with the bill (with mark up and with interest). Again, don't take my word for it. Look it up.
I've financed both my 1199 and now my dragster. I've never been forced to carry gap insurance or any other insurance other than what I have always carried regardless if my vehicle was paid off or financed. Yes, there are liability limits that are required for leased vehicles and financed vehicles but again, most would have higher full coverage limits anyway regardless if it's a cash purchase or financed. For reference, I'm with AAA with a $250 deductible and 100k/300k/100k limits and that is all I have. The difference between my current coverage versus a 50k/100k/50k $500 deductible coverage was only $18 month more. I'd rather pay that $18 more for peace of mind, in case shit happens. Loans are so cheap right now that as long as you have great credit, it's like financing practically interest free. I'd rather pay a few hundred dollars more over the course of my loan than drop a large sum of cash all at once. I could do a lot more with that large sum of cash than just buying a toy. If rates were high, then I'd buy it outright but for now, that's not the case.
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Old Feb 27th 2018, 02:15 PM   #45
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If you guys aren't paying any more than you would be for a cash deal then great for you. That's really good. I've just personally seen some friends deal with really unscrupulous stuff like additional insurance, extra interest, dubious charges added to pay off amounts and other things - and usually they don't ask me to look at things until it's way too late and I can't really do much.

Personally speaking, I can't do the financing. I know most people would prefer to finance than deal with a large cash outlay but many aspects of financing vehicles don't sit well with me. It's my own choice and maybe I am very old school in that respect but that's me.
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Old Feb 27th 2018, 03:39 PM   #46
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Originally Posted by Sherpa23 View Post
If you guys aren't paying any more than you would be for a cash deal then great for you. That's really good. I've just personally seen some friends deal with really unscrupulous stuff like additional insurance, extra interest, dubious charges added to pay off amounts and other things - and usually they don't ask me to look at things until it's way too late and I can't really do much.

Personally speaking, I can't do the financing. I know most people would prefer to finance than deal with a large cash outlay but many aspects of financing vehicles don't sit well with me. It's my own choice and maybe I am very old school in that respect but that's me.
You and I both. Everyone has a different understanding and perception of affordability. For me on a depreciating asset that I cannot generate revenue from whatsoever, If I can't lease it and write it off, I'm paying cash. If I can't so that, my own perception is that I cannot afford it. Again, everyone is different. And every financing contract has different terms and rates. If you have a finance deal that works for you and makes sense, all the power to you. I just never had one where I feel it is worth the additional interest and associated costs.

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Old Feb 27th 2018, 03:44 PM   #47
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Originally Posted by double0 View Post
I've financed both my 1199 and now my dragster. I've never been forced to carry gap insurance or any other insurance other than what I have always carried regardless if my vehicle was paid off or financed. Yes, there are liability limits that are required for leased vehicles and financed vehicles but again, most would have higher full coverage limits anyway regardless if it's a cash purchase or financed. For reference, I'm with AAA with a $250 deductible and 100k/300k/100k limits and that is all I have. The difference between my current coverage versus a 50k/100k/50k $500 deductible coverage was only $18 month more. I'd rather pay that $18 more for peace of mind, in case shit happens. Loans are so cheap right now that as long as you have great credit, it's like financing practically interest free. I'd rather pay a few hundred dollars more over the course of my loan than drop a large sum of cash all at once. I could do a lot more with that large sum of cash than just buying a toy. If rates were high, then I'd buy it outright but for now, that's not the case.
Exactly !!. Who would buy a vehicle cash and still not have full coverage on it? Even if its paid off you have to "protect" your money so to speak. My bike has been paid of and I kept the exact same coverage with $1000 comp and collision and up to $6000 in accessory coverage.

My interest is less than 2%, that $931 over 5 yrs on my 1199 and I paid it off early so even less interest than that. I can live with that while "you" pay full cash and losing value my cash is tied in investments and making me MORE money :-) ...WAY more than $931 over 5 yrs hahaha.

End of the day to each his own but as my man suggests, loans are so cheap it only makes sense. So stop frowning upon ppl who finance !!!

Now, if you have bad credit or no credit I suggest a nice amount down payment or buy it in Yo mama's name lol . Either way, you have to pay your dues and build your credit until its smooth sailing ;-)

#ibuywhatiwant
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Old Feb 27th 2018, 07:09 PM   #48
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Originally Posted by DUCENZO View Post
Exactly !!. Who would buy a vehicle cash and still not have full coverage on it? Even if its paid off you have to "protect" your money so to speak. My bike has been paid of and I kept the exact same coverage with $1000 comp and collision and up to $6000 in accessory coverage.

My interest is less than 2%, that $931 over 5 yrs on my 1199 and I paid it off early so even less interest than that. I can live with that while "you" pay full cash and losing value my cash is tied in investments and making me MORE money :-) ...WAY more than $931 over 5 yrs hahaha.

End of the day to each his own but as my man suggests, loans are so cheap it only makes sense. So stop frowning upon ppl who finance !!!

Now, if you have bad credit or no credit I suggest a nice amount down payment or buy it in Yo mama's name lol . Either way, you have to pay your dues and build your credit until its smooth sailing ;-)

#ibuywhatiwant
Hey, feel free to jump on the bandwagon. Lots of people love to criticize me because I pay cash for things like this. Clearly, I am a loser.

I had a friend explain to me that I needed to learn to use financing like him in order to have some neat stuff. I said I'll wait until I can pay cash because, like an idiot, I grew up thinking that if I needed to finance something in order to buy it, that means that I can't afford it.

I watched him build a nice car collection and lots of cool stuff. It was neat. But then one day one small thing went wrong and he missed a payment here and a payment there and next thing you know he had to sell a lot of that stuff. But the problem was that it wasn't worth what he paid for it. And since he never put much money down on anything, he was technically underwater on everything he had. I took some of my cash and bought a couple of his Ferraris that he hardly used because he was afraid of putting miles on them (because he was worried about resale value) and tried to buy even more of his things to help him out but I couldn't because he cross-collateralized much of this stuff and the bank wouldn't release the liens, etc. etc.

It turns out that for all of the cool things that he had, he didn't own any of it - like ANY of it. It was almost like his life consisted of putting on a show of what the bank owned.

Maybe one day I'll tell the story of the time I bought two Ducati 916SPS's (one with 7 miles on it) from a guy (well I paid his bank) who defaulted on the loan for the bikes 19 years ago and hid them in a storage unit for that entire time to avoid repossession.

Anyways, I digress. I guess at the end of the day I don't care that I'm stupid and make poor life choices by paying cash for all of the depreciating assets in my life (well, the appreciating ones, too, I guess). At the end of the day, we all make our own choices and what's right for one person is different for the next guy but people can feel free to #buywhattheywant. I'll just stick to owning what I have. It's not exciting but it works for me.

By the way, I hope that everyone "buys what they want." I've never understood the point of buying what you don't want or buying what someone else wants (except at Christmas, of course).

Last edited by Sherpa23; Feb 27th 2018 at 07:13 PM.
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Old Feb 27th 2018, 07:21 PM   #49
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I'm not even gonna read all that ����, The fact that you have another response shows that you’re missing the point.

Like I’ve said to each his own ��������
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Old Feb 27th 2018, 07:38 PM   #50
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Sherpa and Nitrouz,

It's far from a person jab, at least from my point of view. I can't speak for other members. Hell, I wish I made the kinda money you two as well as some other fortunate members on here to be able to cash out a bike or car and not think twice about it. For me, if I paid cash for a bike (which I technically could) it would be a HUGE hit to my bank account. YUGGGGEEEEE! I don't have the patience to save up forever just to comfortably be able to dish out $20k+ on a toy in cash or anything else for that matter. I'm extremely responsible with my credit and such so for me, financing things makes the most sense and is the easiest and most justifiable way to make my purchases, be it financing bikes or leasing vehicles. I only lease cars. I get bored easily.
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