?? Payments??
01-18-2008, 05:44 PM
#21
2nd Gear Member
Join Date: Dec 2007
Location:
Posts: 254
RE: ?? Payments??
oh my god $200 thats a rip off grab your nuts Blownsvt I pay $200 A YEAR 250/500 agreed value of 26k no deductible $200 a year its a collector car policy you can only drive it 3000 miles a year i think i put 300 last year on each of my cars
01-18-2008, 05:54 PM
#22
2nd Gear Member
Join Date: Dec 2007
Location:
Posts: 254
RE: ?? Payments??
sorry headcock collector car insurance I told them I have a new car I collect them its a 03 I will not be driving it much I have an everyday car and regular 12k mile policy with state farm can you insure my car at collector rates they said do you keep it in a garage I said yes they said your gonna love us $200 a year
state farm would do it but they have a 25 year old cut off so full coverage from them was $70 a month 250/500 all the other crap. I am 35 never been married no kids own a house have 1 ding on my recorded
if anyone else falls under these guide lines call them and start your policy insurance is the biggest rip off in the world if you let it be
Why do we all have to pay liability on every car truck etc we own I can only drive 1 at a time its a scam!
Collector car insurance doesnt work that way there is only one liability charge not 1 for every car
state farm would do it but they have a 25 year old cut off so full coverage from them was $70 a month 250/500 all the other crap. I am 35 never been married no kids own a house have 1 ding on my recorded
if anyone else falls under these guide lines call them and start your policy insurance is the biggest rip off in the world if you let it be
Why do we all have to pay liability on every car truck etc we own I can only drive 1 at a time its a scam!
Collector car insurance doesnt work that way there is only one liability charge not 1 for every car
01-18-2008, 07:12 PM
#24
2nd Gear Member
Join Date: Sep 2005
Location:
Posts: 375
RE: ?? Payments??
ORIGINAL: Blownsvt
well my driving record is not perfect, but i have never had an increase that i noticed due to anything. i do have a speeding ticket on my record but as i said never saw an increase. the cobra for full coverage runs about 200 per month. I am 23 and married which makes a difference. i also have 3 cars on the policy.
ORIGINAL: red96gtconvtbl
Sorry to jack the thread, but hopefully to OP would be intrested in this info too. If I'm 24, which I will be by the time I can realistically afford a Termi, what would my insurance likely be if I have good credit and nothing on my driving record? I pose this question to you because we're the same age.
ORIGINAL: Blownsvt
i pay 455 a month for mine.out the door the car was a hair under 27k my interest rate is not great though, i also put 5 k down.
i pay 455 a month for mine.out the door the car was a hair under 27k my interest rate is not great though, i also put 5 k down.
01-18-2008, 07:35 PM
#25
2nd Gear Member
Join Date: Dec 2007
Location:
Posts: 254
RE: ?? Payments??
i would guess they wanted my business the whole policy was only $900 a year for all 4 cars the 03 being the lowest valve the 428 scj $68k the rest around $40k each.
I would say it might be worth a phone call you have to have another daily driver car they will only match the coverage to your everyday car if you watch what you say yah might save a few grand
I would say it might be worth a phone call you have to have another daily driver car they will only match the coverage to your everyday car if you watch what you say yah might save a few grand
01-19-2008, 03:56 PM
#27
5th Gear Member
Join Date: Apr 2006
Posts: 3,625
RE: ?? Payments??
I checked into insurance priceing. I'm married, 26yrs old, 2 othe vehicles and home owners on my policy. Perfect driving record. State Farm insurance wanted $136/mo with $500 deductibles. Their coverages are much higher than most. 250k/500k/100k for policy coverages. Last thing I want to do is hit a brand new Porsch that sells for over $100k and total it when my coverage is only good for $50k like most companies sell you!!! There are WAY too many $100k cars out there today to be going with the NY state minimum which is $25k for vehicle accident coverage.
01-19-2008, 10:01 PM
#29
2nd Gear Member
Join Date: Dec 2007
Location:
Posts: 254
RE: ?? Payments??
if you own a house you better have twice the insurance all your stuff is worth. If you total a car that cost $100k : 2 things
the good first the car would still be worth something most cars that cost $100k are worth 20% less the day you drive it off the lot,most that have these cars would also have under insured your company would buy the total and sell it for parts
the bad if you hit someone and did $100k worth of damage you would most likely kill or do major bodily injury thats what you would need to look out for. And remember its not what you have paid off it what you own
example
I own (well the bank owns) a $500,000 house (I know sounds like alot its 750sq/ft in the city of san diego thats the way it is out here) I bought it in 04 for $450k refi'd 10 months later it was appraised $515(not bad for 10 months none of you in the mid west can say that, i know I own 2 houses there) owe $470k on it so you would think this person could only sue me for what I have paid off?
Not true at all they can take everything I own payed off or not, they will force the bank to sell the house take what they can cash and then tap your pay for 10years
This of course would go through your car insurance first then your home owners policy
People are sue happy be careful you younger guys that drive stupid, these cars are fast Be careful
white venom
i pay 434 a month
im only 19 too
For insurance or the payment on the car?
the good first the car would still be worth something most cars that cost $100k are worth 20% less the day you drive it off the lot,most that have these cars would also have under insured your company would buy the total and sell it for parts
the bad if you hit someone and did $100k worth of damage you would most likely kill or do major bodily injury thats what you would need to look out for. And remember its not what you have paid off it what you own
example
I own (well the bank owns) a $500,000 house (I know sounds like alot its 750sq/ft in the city of san diego thats the way it is out here) I bought it in 04 for $450k refi'd 10 months later it was appraised $515(not bad for 10 months none of you in the mid west can say that, i know I own 2 houses there) owe $470k on it so you would think this person could only sue me for what I have paid off?
Not true at all they can take everything I own payed off or not, they will force the bank to sell the house take what they can cash and then tap your pay for 10years
This of course would go through your car insurance first then your home owners policy
People are sue happy be careful you younger guys that drive stupid, these cars are fast Be careful
white venom
i pay 434 a month
im only 19 too
For insurance or the payment on the car?
01-21-2008, 01:21 PM
#30
Super Moderator
Join Date: Jul 2003
Location:
Posts: 14,917
RE: ?? Payments??
ORIGINAL: 97targa
Not to sure about other states, but here in NY no dealer can buy more than 1-1/2 points or 1.5%. If the bank offers 6%, the highest a dealer can make is selling the car at 7.5% interet. Most of the time the dealer can get darn near close to the same rate because they get volume discounted interest rates. This is not to say it's all the time. I would def. go down to your local bank and see what they can do for you, because the dealership can and will most likely match it if you cvan get verification and it's within their banks offerings. I wouldn't generally make more than .75% on most cars That's why when a salesman asks you what you want to pay per month you tell them to go scratch! Because they will simple jack everything up if things work out to less. You say I want to spend $XXX and want to shop my interest rate. Also another thing is that on alot of cars these days, banks are offering up to 72months financing which is a big no-no!!! Maybe if you buy a 4wd pick-up and plan on keeping it or a GT500 brand new, but otherwise make sure you go with a 60month term. This is why when they ask you how much do you want to spend per month they will sell you a 66 month or 72month term and never say anything about it. Makes you think your getting a good deal. You'll pay more for interest as well. I wanna say on $20k around $1200 extra for the 66month vs 60 month, just in interest not including payments! It's usually .5% higher for the extra 6 months. With a 60month term at a normal interest rate, you will be evn with the cars value on payments right about 3years and then you will start to have equity in the car. This is an average driver granted you haven't rolled in $5k, but that's not the case. You should be even after 2 1/2 yrs with your down payment.
I would have to disagree with Dan04Cobra and say put the money down and not to make the extra payment as this will not put you ahead. Not wisely anyway. If I were to make an extra payment, I want it to go to PRINCIPLE!!! This means you pay directly on the money barrowed and nothing goes to interest. If you do as Dan04Cobra says, you will merely be paying all interest! The first year you will be paying $300 interest and $100 towards money barrowed. I would highly suggest you not pay a month ahead on interest. Just not wise. This is not to say you can't make extra payments, just make sure it goes to the priciple amount as this will reflect your overall interest you pay back. It will be much less. Do what I do.... Just put $30 extra each month towards principle and you'll be fine, thats almost one extra payment each year towards priciple and actually it's like saving 3 months of payments overall. Do that every year.
ORIGINAL: Dan04COBRA
97Targa should have mentioned to never get financing from the dealer without going to your local credit union yourself.
Many dealerships get a kick back from the bank if they can tack more interest on the note. I had a dealership trying to whack me for 7% from a local bank, I went down there myself and found out I was approved for 4%. After calling an end to the deal and speaking to some family who are in the business, they explained what the deal was.
Also, don't put all your funds on a down payment. You should make a double payment the first month to get ahead. The banks will be much more lenient if you are going to be late or miss a month, give them a call ahead of time and you'd be surprised to learn they are flexible if you are upfront and honest with them.
97Targa should have mentioned to never get financing from the dealer without going to your local credit union yourself.
Many dealerships get a kick back from the bank if they can tack more interest on the note. I had a dealership trying to whack me for 7% from a local bank, I went down there myself and found out I was approved for 4%. After calling an end to the deal and speaking to some family who are in the business, they explained what the deal was.
Also, don't put all your funds on a down payment. You should make a double payment the first month to get ahead. The banks will be much more lenient if you are going to be late or miss a month, give them a call ahead of time and you'd be surprised to learn they are flexible if you are upfront and honest with them.
I would have to disagree with Dan04Cobra and say put the money down and not to make the extra payment as this will not put you ahead. Not wisely anyway. If I were to make an extra payment, I want it to go to PRINCIPLE!!! This means you pay directly on the money barrowed and nothing goes to interest. If you do as Dan04Cobra says, you will merely be paying all interest! The first year you will be paying $300 interest and $100 towards money barrowed. I would highly suggest you not pay a month ahead on interest. Just not wise. This is not to say you can't make extra payments, just make sure it goes to the priciple amount as this will reflect your overall interest you pay back. It will be much less. Do what I do.... Just put $30 extra each month towards principle and you'll be fine, thats almost one extra payment each year towards priciple and actually it's like saving 3 months of payments overall. Do that every year.
I pay more than what is due monthly, and the extra amount I pay is automatically applied to principle. I've never had a loan where any extra money paid was applied to interest rather than principle. [&:]