financing a NSX

[captainjman]

Its none of my business how you spend your money, and you seem like a cool guy who we most definitely enjoy chatting with on prime. Welcome to the club!

BUT...

Your comment makes no sense. You said you cant expect a 25 year old to buy a house in this economy. In fact, that is exactly what you should be doing. The values are low and will be rising soon. You will be sorry if you "invest" in your dream car at age 25 and miss the opportunity of a lifetime to buy a house in this market. (other peoples loss = your gain)

Its okay to wait a little longer to buy your dream car. I was 33 when I got my NSX (this year). Some folks may say buy it cash but I couldn't do that.

I understand if you are living with your payments you can make it work, but not a good financial decision. My advice: Buy a house, hold off on the car. But I also know that youre not going to listen to good financial advice as purchasing a car like this is never a sound financial decision. LOL

So as I said before, welcome to the club brother!

J

What counts as secured living requirements? A house? Cant really expect any 20-25 year old to buy a house in this market. Guess an apartment will have to do

 

[captainjman]

Your advice is 100 percent the best way to go. Many people cannot afford to just shell out that kind of cash. In this economy it makes sense to keep your cash reserves for anything that might happen.

I suggest this, keep you cash... take the loan, build your credit, and when you can pay the balance in full without eating into a 2 year reserve of income go for it.

J

Agreed, as much as I want to add my 2 cents on lifestyle and choices in here, I won't. However, I will speak on behalf of credit unions.

I'm with several credit unions, one of them being Washington Gas Light Federal Credit Union www.wglfcu.org

I've had my account with them for YEARS and I used to ONLY use them for vehicle loans. There used car rates are flat regardless of make/model. If you look on the website, it shows you the structure. If I remember correctly, it's about 4.9%. If I ever choose to get a used car loan, they are by far unbeatable. However, now-a-days, I prefer to pay out of pocket cash and "reimburse" my own account with payments. A 0% loan is better than anything.

 

[SuperSonic]

lol its cool. Like steve said to each his own. This thread is nothing more than helping a guy out, to show everyones perspectives.

for my situation, there is no need to follow the below plan. part time at ups is crap, only way my situation works is i got my 350z bought back so the nsx basically cost me what another z would cost to replace my old one. I have a 401k that I invest in so that is where the money is saved, dad makes well enough he doesnt need my help, I got a decent running 97 prelude that just gets me to work and back, my degree is almost done im on my last quarter, once I get my career I will already have the nice car paid off and move into an appartment for a year to save for the down payment on a house.

My plan has always been that I can never afford a house, I honestly hate renting, paying someone for something I cant own. With that in mind i'd rather drive an nsx while working and going to school than save my money. People my age are drinking, partying, vegas 24/7 lol and broke as crap: Id rather hang with the nsx guys and own a nsx. My situation allows work to pay for school so while most use their saved money to pay off student loans, Im not in the hole at all leaving me to save directly for a house.

I am just trying to illustrate in this topic that anything is possible if you work hard enough for it. To the op who is on the fence, take all the comments people say here and see what works out for you. For ex my friend really wants an evo, but his mom needs help with house payments so although he is in the same work boat as me, his situation requires him so save for his car so he can support family in the mean time.

Lastly, if it was someone like me who would be running things, I guess I could say at least I can determine what can work in a given situation and what does not. Its not like im living on welfare taking grants for school yet driving/living in my nsx lol. I dont need to own a house before owning an nsx to say I hold my head with pride. My accomplishments I have already made in life regardless of the nsx allow me to hold my head with pride: management at ups by age 19, business core gpa 3.66, deans list several times at my school while working 30 hours a week and maintaining a life outside of work.....the nsx is just a bonus.

Whoo-boy. This is who'll be running things when we're old... :frown:

How about this plan:

1) Work part-time @ UPS, putting every cent in the bank/mutual fund, etc.
a) Help parents with food/mortgage/home maintenance.
b) Drive a rusted 1982 Honda Civic, with duct tape holding the rear hatch wiper on.

2) Get your degree asap.
3) Get a good job.
4) Buy whatever you want (house, car, women).
5) Hold your head up with pride.

 

[captainjman]

Like I said - Welcome to the club

Lets face it, its never a good investment to own a two seat sports car.... well, almost never.

My advice to you: Be very picky and spend a little more for a better kept car. I have talked to so many people who got the car and immediately had 5K in added expenses or one that has not been tracked or beaten.

Have fun, be selective and remember that the thrill of the hunt is actually as much fun as driving it!

J

 

[NSX 2]

Its none of my business how you spend your money, and you seem like a cool guy who we most definitely enjoy chatting with on prime. Welcome to the club!

BUT...

Your comment makes no sense. You said you cant expect a 25 year old to buy a house in this economy. In fact, that is exactly what you should be doing. The values are low and will be rising soon. You will be sorry if you "invest" in your dream car at age 25 and miss the opportunity of a lifetime to buy a house in this market. (other peoples loss = your gain)

Its okay to wait a little longer to buy your dream car. I was 33 when I got my NSX (this year). Some folks may say buy it cash but I couldn't do that.

I understand if you are living with your payments you can make it work, but not a good financial decision. My advice: Buy a house, hold off on the car. But I also know that youre not going to listen to good financial advice as purchasing a car like this is never a sound financial decision. LOL

So as I said before, welcome to the club brother!

J

I appreciate the advice. Right now i am 22, i figured i would need a strong credit history to buy a house but maybe thats not true. The only real reason i would stray away from buying a house is that i want to stay mobile, incase my job moves. I just started my career with Schramm Inc as an engineer. I am looking for a 91 black NSX and want to pay ~$28,000 or so. I also plan to make a minimum downpayment of $10,000 or so, and that wont empty my account i will have several months of reserve leftover incase things go sour. But, unlike the economy Schramm (who were involved in the Chile miner rescue) are expanding hugely right now and are hiring people, im the only new engineer and essentially filled the one open spot. So, i cant say im worried about getting laid off, although its always on my mind. I think 1991 NSX have hit rock bottom as far as depreciation goes, if i put my $28k into it, im confident ill get a large amount of it back. loaning $18,000 or less, i think isnt the craziest thing i could do with my life. I know a guy who works in assembly at Schramm who makes ~$12 an hour and financed a $40,000 335i. I gave him a high-5 for it

*sorry to hijack thread from OP

 

[Dtrigg]

I appreciate the advice. Right now i am 22, i figured i would need a strong credit history to buy a house but maybe thats not true. The only real reason i would stray away from buying a house is that i want to stay mobile, incase my job moves. I just started my career with Schramm Inc as an engineer. I am looking for a 91 black NSX and want to pay ~$28,000 or so. I also plan to make a minimum downpayment of $10,000 or so, and that wont empty my account i will have several months of reserve leftover incase things go sour. But, unlike the economy Schramm (who were involved in the Chile miner rescue) are expanding hugely right now and are hiring people, im the only new engineer and essentially filled the one open spot. So, i cant say im worried about getting laid off, although its always on my mind. I think 1991 NSX have hit rock bottom as far as depreciation goes, if i put my $28k into it, im confident ill get a large amount of it back. loaning $18,000 or less, i think isnt the craziest thing i could do with my life. I know a guy who works in assembly at Schramm who makes ~$12 an hour and financed a $40,000 335i. I gave him a high-5 for it

*sorry to hijack thread from OP

I'm sorry, but you "gave a high-5" to a guy that earns $12 an hour, which is $96 dollars a day, or $480 a week, or $1,920 a month, which is $23,040 per year for purchasing a $40,000 335i. Buys a car that is almost twice his annual income. And you think he gets a big high five for that?

Sorry, but I am one of those 40% of American that actually pay taxes. I am sick and tired of bailing out those losers that buy things they can't afford.

People wonder why personal bankruptcy is up 9% versus last year. If you can't afford it, you shouldn't buy it. Our entire country is out of control.

Have you heard of the "housing bubble" and how people purchased houses they couldn't afford? See what that did to our economy? See how we've lost millions of jobs and the decline in home values, losses in 401(k) values, etc. And you give him a "high five?"

That's just crazy! God help us...

 

[bfrank1972]

Eh we're already screwed anyway, I say borrow as much as you can, stack the cash under your mattress and file for bankruptcy :biggrin:

 

[Midnight_Raven]

I'm sorry, but you "gave a high-5" to a guy that earns $12 an hour, which is $96 dollars a day, or $480 a week, or $1,920 a month, which is $23,040 per year for purchasing a $40,000 335i. Buys a car that is almost twice his annual income. And you think he gets a big high five for that?

Sorry, but I am one of those 40% of American that actually pay taxes. I am sick and tired of bailing out those losers that buy things they can't afford.

People wonder why personal bankruptcy is up 9% versus last year. If you can't afford it, you shouldn't buy it. Our entire country is out of control.

Have you heard of the "housing bubble" and how people purchased houses they couldn't afford? See what that did to our economy? See how we've lost millions of jobs and the decline in home values, losses in 401(k) values, etc. And you give him a "high five?"

That's just crazy! God help us...

I think you should be also upset to those who actually are lending out the money to people they know can't pay it back vs the borrowers. It's not all one sided, those who lent it out are equally at fault because they allowed the problem to happen.

He could be giving him a "high five" because the guy is actually able to manage his money pretty well and can buy a car that one normally wouldn't be able to with that kind of pay. Also the guy could be an old guy who has a good amount of money saved and didn't want to throw everything he has into a new car. You may not agree with it but if the guy is managing to pay the car off fine there is nothing wrong with it. Is it crazy?? Damn right it is but you got to admit it's impressive that he is able to do that.

 

[NSX 2]

As long as he makes his payments, hes not hurting any economy. I dont understand how he affords it, maybe he lives at home? I make twice what he does and i cannot even see how he can pay $600 a month for a car it would be impossible when you consider insurance, rent, ect.


A question about financing and NSX through Pen Fed, i read somewhere that if you financed a used car the loan 'guys' need to see the car in person? It also said the seller and the buyer need to meet at the place your getting a loan? The reason i find this odd is what if i find an NSX i want to finance thats 800 miles away? How will the seller meet up with me, or how will they look over the car? Or is all of that not true? I hear all kinds of things on the internet im never sure whats true and whats not.

Also, im wondering if i have 15k downpayment on a 30k NSX, does that mean i finance 15k, or does it mean i finance 30k with a 15k downpayment?

 

[E-Nough Logic]

As long as he makes his payments, hes not hurting any economy. I dont understand how he affords it, maybe he lives at home? I make twice what he does and i cannot even see how he can pay $600 a month for a car it would be impossible when you consider insurance, rent, ect.


A question about financing and NSX through Pen Fed, i read somewhere that if you financed a used car the loan 'guys' need to see the car in person? It also said the seller and the buyer need to meet at the place your getting a loan? The reason i find this odd is what if i find an NSX i want to finance thats 800 miles away? How will the seller meet up with me, or how will they look over the car? Or is all of that not true? I hear all kinds of things on the internet im never sure whats true and whats not.

Also, im wondering if i have 15k downpayment on a 30k NSX, does that mean i finance 15k, or does it mean i finance 30k with a 15k downpayment?

It usually just means you finance 15k and give the owner 15k. When i called banks i just gave them the car information and they told me they would give me up to the car's average retail from NADA. I've never heard of a bank needing to see the car themselves but i could see a bank requesting such, they usually only want the title. In the end i went through navy FCU and they just sent me a check for the amount i requested, they never even asked how much i payed for the car. I flew out to meet the owner in Tennessee and we brought the check to his bank. I left with the NSX and drove it 15 hours home.

 

[mrbozo]

welcome:biggrin: I bet your drive for 15 hours was a greeat one!!!!!!!!!!!!!!!!!!!!

 

[E-Nough Logic]

welcome:biggrin: I bet your drive for 15 hours was a greeat one!!!!!!!!!!!!!!!!!!!!

you could say that, i didnt get much sleep the night before. who would when you are buying your first NSX the next day.

 

[NSX 2]

Another question...how does sales tax work when buying a used car? I live in PA.

(btw thanks for the info on the loan )

 

[E-Nough Logic]

Another question...how does sales tax work when buying a used car? I live in PA.

(btw thanks for the info on the loan )

My DMV, and by the looks of it PA too, charges tax on the value of the car or your purchase price, whichever is higher. Even if you pick up an NSX on the cheap with a blown engine you will still have to pay taxes as if the car were in excellent condition. In my state they use the trade in value, but NADA doesnt have a trade in value for the nsx so i was charged on the low retail value.

 

[Cairo94507]

Wow, no personal responsibility at all:

Well the (idiot) bank loaned me the money so it is not my fault that I bought a car worth twice what I make in a year and then when my hours were cut by 10% I couldn't make the payments. I deserve this car; after all I am 25 years old and worked hard my whole life and all of my friends have a nice car too. My parents make good money so I can just live with them.

I have no respect for people who refuse to grow up and accept responsibility for their own lives. Then again, every time I roll into San Francisco and see the 25 year old homeless guy standing next to the 5th Street offramp begging for change I wonder what they did that put them in that position.....probably not their fault, right?

Man, I feel sorry for the children.

 

[UberNSX]

I do agree this is a rare opportunity to get a house. I'd be much more inclined to an asset that may appreciate or depreciate to one that will depreciate. There's a fairly unique confluence of opportunity right now as well: a) the housing correction, b) ridiculously cheap money (4.71/30 year last I checked).

Then in a year or two you get a HELOC at Prime + x% and get an NSX, and go for maximum bankruptcy :biggrin:

 

[mcano]

Credit unions have been mention frequently, however, there are also specialty car lenders (exotics, classics, etc.). I have not had any experience with specialty car lenders, so I'm not sure if they are a viable option for our cars. I suspect that they are also expensive. I found this list on line:

SPECIALTY CAR LENDRERS LIST


Putnam Leasing
279 W. Putnam Ave.
Greenwich, CT 06830
Tel: 203 629 5676
Fax: 203 629 1937


Woodside Credit, LLC
610 Newport Center Drive
Newport Beach, CA 92660
Tel: 800 717 5180
Fax: 800 717 5177


Premier Financial Services
47 Sherman Hill Road
Woodbury, CT 06798
Tel: 203 267 7700
Fax: 203 267 7773


J.J. Best Banc & Co.
60 N. Water St.
New Bedford, MA 02740
Tel: 508 991 8000
Fax: 508 991 8329


Gettysburg Financial
4699 N. Federal Highway, Suite 110
Pompano Beach, Florida 33064
Tel: 954 444 9680
Fax: 561 218 5727


USA Auto Funding LLC
265 Great Neck Road
Great Neck, NY 11021
Tel: 516 482 0100
Fax: 516 498 1895


Classic Auto Loans
1251 S. Federal Highway #123
Boca Raton, FL 33432
Tel: 561 305 6900
Fax: 561 892 0156