[ryan stewart]

Originally Posted by Joebie

If I was god I'd be more pissed that my rules were being hella loopholed than anything

Imagine god lookin down from heaven like "Well he did pay $55k for a $50k car but the interest line on the piece of paper says 0% so I guess he's good to go. No hell for this dude."

I mean no serious disrespect btw, do whatever you gotta do for your own religion/culture. I'm sure my own culture does equally as goofy stuff.

Hey, I knew a few "virgins" in college:

[Mosaud1998]

Originally Posted by wtwo3

There's varying degrees of interpretation I guess. Some people are strictly against paying even a penny of interest. In my case, I've more or less accepted that interest is pretty much impossible to avoid in majority of the world. It's a slippery slope, because some argue if you begin to make concessions in some parts of the religion, what's to stop you in making concessions in more severe offenses.

But I suppose if you get to the basis behind why interest is prohibited - it mostly comes down to people being taken advantage of and being stuck in a never ending spiral of compounding loan amounts where they end up owing money forever (see - minimum payments on credit cards). A sort of tax on the poor who can't afford something outright if you will.

So using that same logic - I'm not the one charging anyone interest and thus not taking advantage of others - I'm the one paying the interest based on my financial means (which admittedly can take a 180 at any time - even given contingencies - but at what point do you mitigate risk to no end?). I guess whatever helps us sleep at night

On the other end of the spectrum I've got friends who've decided to not purchase a house until they've saved the cash (in an interest-free account mind you) to pay for the house outright.

On the other end of the spectrum I've got friends who've decided to not purchase a house until they've saved the cash (in an interest-free account mind you) to pay for the house outright.[/QUOTE]


They'll be waiting decades unless they make 250k/year or so

[wtwo3]

Originally Posted by Mosaud1998

On the other end of the spectrum I've got friends who've decided to not purchase a house until they've saved the cash (in an interest-free account mind you) to pay for the house outright.

They'll be waiting decades unless they make 250k/year or so[/QUOTE]

Oh trust me... they've already been waiting a decade+.... have more to go...

[Mosaud1998]

Originally Posted by wtwo3

[/B]

They'll be waiting decades unless they make 250k/year or so

Oh trust me... they've already been waiting a decade+.... have more to go...[/QUOTE]

I told my folks to take the loan and pay the car off in a year or two. They won't be paying too much interest. Or pay cash or just keep the van for the time being.

[Mosaud1998]

I called BMW. They won't allow the whole paying the interest in the final price of the car or what have you, On the other hand, chase will. But, chase's interest rates are probably high

[nyalpine90]

chase is at 5.18% for 45k loan
still high.
its best to wait til these rates drop

i need more then 45k for X4 m40i.

[DarkishM5C]

I believe the rates are about to get worse in the next few months. The Feds are looking at doing another increase soon.

[Mosaud1998]

Originally Posted by DarkishM5C

I believe the rates are about to get worse in the next few months. The Feds are looking at doing another increase soon.

Yeah, that's what I've been reading. Hell, when I was looking for a car. I started looking in Feb. CPO interest rates were 0.9% for 36 months. I brought the 540 in march and the interest rates went from 0.9% to 1.9%. Now they're 3.9%.

[John4C]

Originally Posted by DarkishM5C

I believe the rates are about to get worse in the next few months. The Feds are looking at doing another increase soon.

The meeting is today/tomorrow. Rate announcement will come tomorrow at ~2pm. Expectation is 75bps increase.


Mosaud1998 I apologize for my ignorance. When I replied to this last night I didn't realize this was an actual religious thing. People over use the word religion so I thought you meant it like some people might say "it's my religion to work out every day".

Still, though, I think the substance of my post is still valid. Any specialty loan will probably be more expensive in the long run (because you're paying for the specialization). You can accomplish what you want with a conventional loan the way I described (though the statements will have the word interest on them, so maybe doesn't work for you purpose).

[Mosaud1998]

Originally Posted by John4C

The meeting is today/tomorrow. Rate announcement will come tomorrow at ~2pm. Expectation is 75bps increase.


Mosaud1998 I apologize for my ignorance. When I replied to this last night I didn't realize this was an actual religious thing. People over use the word religion so I thought you meant it like some people might say "it's my religion to work out every day".

Still, though, I think the substance of my post is still valid. Any specialty loan will probably be more expensive in the long run (because you're paying for the specialization). You can accomplish what you want with a conventional loan the way I described (though the statements will have the word interest on them, so maybe doesn't work for you purpose).

Nah, you're fine. I told my parents that they can take the loan and pay the car off in a year or two. They can't add like $25 extra a month towards the loan with BMW. Or they can just keep the minivan. I mean, yeah we're getting like $2k above retail for it but it runs and drives fine. They don't NEED a new car. It's more of a WANT. Plus, it's a Toyota. So, I can have it repaired at Ford (were I work).

I think BMW is giving an okay rate for 36 months. Lexus is at 4.5% for 72 months on CPO cars. If they downgrade to an X5, they're willing to pay cash. But an X7 is a bit too much to pay cash for.

[chassis]

Mosaud1998 there has to be an easy button solution for this. Your parents arent the only or first ones with this situation.

What about a faith-based financier? Some might call it a loan shark, others call it a source of liquidity. A wealthy individual from your faith community who can front the cash and offer installment payments to your parents.

Use your network and your handheld telephonic device to speak with other humans.

[Mosaud1998]

Originally Posted by chassis

Mosaud1998 there has to be an easy button solution for this. Your parents arent the only or first ones with this situation.

What about a faith-based financier? Some might call it a loan shark, others call it a source of liquidity. A wealthy individual from your faith community who can front the cash and offer installment payments to your parents.

Use your network and your handheld telephonic device to speak with other humans.

Man, I already got a headache thinking of all this . I'd just take that 3.9% or whatever and pay the car off in a year or two and call it a day.

[spazzyfry123]

Originally Posted by Mosaud1998

Man, I already got a headache thinking of all this . I'd just take that 3.9% or whatever and pay the car off in a year or two and call it a day.

I still don't understand. Is a little bit of interest okay? It seems that it is black and white - Yes interest or No interest.

[Mosaud1998]

Originally Posted by spazzyfry123

I still don't understand. Is a little bit of interest okay? It seems that it is black and white - Yes interest or No interest.

No interest. My parents are super religious. On the other hand, I could care less.

[IsleOfMs]

Originally Posted by Mosaud1998

I asked a family friend. He Tells them to put the interest into the loan so on paper it's 0%

Almost any dealership will do this. When you negotiate the terms of your purchase and agree to dealer financing, they have total control over the numbers to find a solution the buyer is happy with while maintaining the profits they need to make the sale.

As an example with hypothetical numbers, the "going rate" along with your available down payment and the sale price arrive at a total payment over time of $50k. The dealer wants to get their $50k by the time the loan is paid in full. They can manipulate the trade-in value of your car so they can make the sale price look sweet or vice versa. They can say "we'll sell you this car at $50k with 0% interest instead of $44k with 2% interest.

Basically, go to the dealer, let them know what your situation is and if they're any good at all, as long as you're willing to get dealer financing, they'll work with you.

[Mosaud1998]

Originally Posted by bmwspice

Almost any dealership will do this. When you negotiate the terms of your purchase and agree to dealer financing, they have total control over the numbers to find a solution the buyer is happy with while maintaining the profits they need to make the sale.

As an example with hypothetical numbers, the "going rate" along with your available down payment and the sale price arrive at a total payment over time of $50k. The dealer wants to get their $50k by the time the loan is paid in full. They can manipulate the trade-in value of your car so they can make the sale price look sweet or vice versa. They can say "we'll sell you this car at $50k with 0% interest instead of $44k with 2% interest.

Basically, go to the dealer, let them know what your situation is and if they're any good at all, as long as you're willing to get dealer financing, they'll work with you.

I'd rather go through BMW since they have the lowest APR so far. Unless the dealer can get me lower than 3.9%

[ipso_facto]

Originally Posted by John4C

The meeting is today/tomorrow. Rate announcement will come tomorrow at ~2pm. Expectation is 75bps increase.

Bank of England is also forecast a 75bps increase on Thursday.

I am hoping this will get passed on to UK retail bank Savings rates and national bonds .. but seriously doubt it. The UK banks take profits at both ends: the loan rates will be hiked in a heart beat tomorrow, but the savings rates will edge up by a whisper, in a few weeks or months time.

[chassis]

Originally Posted by Mosaud1998

No interest. My parents are super religious. On the other hand, I could care less.

How did they handle this on their most recent car purchase? Or is this their first vehicle?

[Mosaud1998]

Originally Posted by chassis

How did they handle this on their most recent car purchase? Or is this their first vehicle?

The last car they brought was the Mercedes. They paid cash back in 2018

[IsleOfMs]

that's what I meant. Your lender would be BMW but the loan and all the terms of the sale would be manipulated by the dealer's finance guy.

[Mosaud1998]

Originally Posted by bmwspice

that's what I meant. Your lender would be BMW but the loan and all the terms of the sale would be manipulated by the dealer's finance guy.

But, won't they still technically be paying the interest? It won't be added daily. Instead, they paid the interest in one going.

[IsleOfMs]

I'm not normally one to encourage people to put weight on what a "god" thinks about anything.

However, if they're interested pleasing their god, then they should define interest. It's money paid for the privilege of borrowing money. So even if you get a contract that shuffles the terms around so that the lender still gets its money but it's not called interest, it definitely still *is* interest. You can do a lump sum upfront payment but you are paying interest either way.