At It Again
03-27-2008, 03:57 PM
#51
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Re: At It Again
While I do see what you are getting at, you may have forgot who I am. In no shape, way, or form do I care in the least what anyone else thinks. I've owned a nice variety of cars, everything from a 96' Land Rover to an 89' Civic Hatchback 4Spd to a 01' NSX-T. I have a huge love for automobiles of all kinds.
If you've never had the chance to sit in or drive an NSX, I highly suggest you experience this. It has nothing to do with the bling factor nor how noticed you get - it's an incredible car that is amazing and fun to drive. Not a single day goes by that I don't miss driving that car. Even if I lived out in the country with no one else around to impress, that car would be a joy to own.
The Acura TL Type S is a decent vehicle, but it's not for me. Having both an Evo8 and a STi, I have ventured into the four door world and owning each vehicle for 6 months - it's obvious that they aren't for me. Not only that, but I will never buy a new car again. The single new car I bought, a 2007 depreciated faster than a hookers panties come off. Paying over $33k the car sold private party with 1,400 miles for $28k. I bought my NSX-T from a dealership and sold it 6 months later with 14k miles more private party for the same exact dollar amount.
In regards to the Signature Loan - I do see where you are coming from in that perspective. This is the sole reason why my last NSX was a 2001 instead of an older model. At that time I absolutely refused to pay that much interest. If I could find a lender who would approve an auto loan for an older vehicle at a traditional auto loan rate, this thread wouldn't even exist and I'd be in another car.
If you've never had the chance to sit in or drive an NSX, I highly suggest you experience this. It has nothing to do with the bling factor nor how noticed you get - it's an incredible car that is amazing and fun to drive. Not a single day goes by that I don't miss driving that car. Even if I lived out in the country with no one else around to impress, that car would be a joy to own.
The Acura TL Type S is a decent vehicle, but it's not for me. Having both an Evo8 and a STi, I have ventured into the four door world and owning each vehicle for 6 months - it's obvious that they aren't for me. Not only that, but I will never buy a new car again. The single new car I bought, a 2007 depreciated faster than a hookers panties come off. Paying over $33k the car sold private party with 1,400 miles for $28k. I bought my NSX-T from a dealership and sold it 6 months later with 14k miles more private party for the same exact dollar amount.
In regards to the Signature Loan - I do see where you are coming from in that perspective. This is the sole reason why my last NSX was a 2001 instead of an older model. At that time I absolutely refused to pay that much interest. If I could find a lender who would approve an auto loan for an older vehicle at a traditional auto loan rate, this thread wouldn't even exist and I'd be in another car.
For their standard auto loans, they do 10 years old and newer, unless they consider the type of vehicle to be worthy of financing if it's older than 10 years old. I would say the Acura NSX would qualify for those conditions, and if you have a decent credit score, you'd be straight.
If you join the Financial Fitness Association for like $5.00, you can sign up with Addison Avenue. I would suggest getting your foot in the door, regardless. It's always great to have established relationships with credit unions. The more, the better in my opinion.
As for buying new, I agree about new cars depreciating, but it's also just like playing the lottery if you get a secured loan with a vehicle like an NSX--especially if you have relatively bad terms on the loan. To me, 6% interest is pretty steep. It's not as bad as the signature loan would be, but it's not good either. So let's say you do the NSX despite everything I've said, and you do it as a signature loan with 9% interest or higher and you finance it as far out as you can. Either way, it's bad news in my opinion. Either they hold the title and you have a bitch of a time finding someone else silly enough to make such a retarded financial move (since they would either have to have some loot of their own, or finance with a personal/signature loan as well). Personally, I think it's just a really risky move to buy a car like that. Maybe you got lucky last time by getting the same money out of it, and maybe you didn't. Who knows?
Can you afford to pay $600+ a month for a car payment for the next 6-7 years if you end up financing it out as far as you can? Even though I'm sure you can afford it, doesn't that put a dent in your pocket? Doesn't it seem a little frivolous?
03-27-2008, 04:03 PM
#52
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Re: At It Again
To be honest, it's not even so much about the closing costs and additional fee's as much as it is about making a 30 year commitment in an area that I'm not sure I want to stay in. I do appreciate the notes though, I'll certainly keep them in mind! Congrats on your new house!!!!
03-27-2008, 04:05 PM
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03-27-2008, 04:07 PM
#54
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Re: At It Again
To be honest, it's not even so much about the closing costs and additional fee's as much as it is about making a 30 year commitment in an area that I'm not sure I want to stay in. I do appreciate the notes though, I'll certainly keep them in mind! Congrats on your new house!!!!
And on that note, move to Vegas.
03-27-2008, 04:08 PM
#55
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Re: At It Again
Uhhh, Chad.... How many people do you know have paid off their house and are still living in it? You get a house for the tax breaks and to gain equity in it so you can then move on up to a nicer house in a nicer neighborhood. Think of it as the opposite of cars.
And on that note, move to Vegas.
And on that note, move to Vegas.
Regardless of whether or not you keep it, you should move in, make improvements, and make money! Period.
03-27-2008, 04:10 PM
#56
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Re: At It Again
Maybe you should try Addison Avenue Federal Credit Union. They're based on the west coast, but they're great to deal with. I did a couple loans with them and they were a pleasure to deal with much like people say about NFCU.
For their standard auto loans, they do 10 years old and newer, unless they consider the type of vehicle to be worthy of financing if it's older than 10 years old. I would say the Acura NSX would qualify for those conditions, and if you have a decent credit score, you'd be straight.
If you join the Financial Fitness Association for like $5.00, you can sign up with Addison Avenue. I would suggest getting your foot in the door, regardless. It's always great to have established relationships with credit unions. The more, the better in my opinion.
As for buying new, I agree about new cars depreciating, but it's also just like playing the lottery if you get a secured loan with a vehicle like an NSX--especially if you have relatively bad terms on the loan. To me, 6% interest is pretty steep. It's not as bad as the signature loan would be, but it's not good either. So let's say you do the NSX despite everything I've said, and you do it as a signature loan with 9% interest or higher and you finance it as far out as you can. Either way, it's bad news in my opinion. Either they hold the title and you have a bitch of a time finding someone else silly enough to make such a retarded financial move (since they would either have to have some loot of their own, or finance with a personal/signature loan as well). Personally, I think it's just a really risky move to buy a car like that. Maybe you got lucky last time by getting the same money out of it, and maybe you didn't. Who knows?
Can you afford to pay $600+ a month for a car payment for the next 6-7 years if you end up financing it out as far as you can? Even though I'm sure you can afford it, doesn't that put a dent in your pocket? Doesn't it seem a little frivolous?
For their standard auto loans, they do 10 years old and newer, unless they consider the type of vehicle to be worthy of financing if it's older than 10 years old. I would say the Acura NSX would qualify for those conditions, and if you have a decent credit score, you'd be straight.
If you join the Financial Fitness Association for like $5.00, you can sign up with Addison Avenue. I would suggest getting your foot in the door, regardless. It's always great to have established relationships with credit unions. The more, the better in my opinion.
As for buying new, I agree about new cars depreciating, but it's also just like playing the lottery if you get a secured loan with a vehicle like an NSX--especially if you have relatively bad terms on the loan. To me, 6% interest is pretty steep. It's not as bad as the signature loan would be, but it's not good either. So let's say you do the NSX despite everything I've said, and you do it as a signature loan with 9% interest or higher and you finance it as far out as you can. Either way, it's bad news in my opinion. Either they hold the title and you have a bitch of a time finding someone else silly enough to make such a retarded financial move (since they would either have to have some loot of their own, or finance with a personal/signature loan as well). Personally, I think it's just a really risky move to buy a car like that. Maybe you got lucky last time by getting the same money out of it, and maybe you didn't. Who knows?
Can you afford to pay $600+ a month for a car payment for the next 6-7 years if you end up financing it out as far as you can? Even though I'm sure you can afford it, doesn't that put a dent in your pocket? Doesn't it seem a little frivolous?
I really appreciate the advise on the Addison Avenue Financial. If things do look as if I'll be making a move towards and NSX I'll certainly look them up. You could of possibly just saved me a few percentage of interest, for that I'm a truly grateful! Especially with the fact that if I do move, it would be to the West Coast!
Another user on the board did tell me through private message that he contacted NFCU's Auto Loan Department and was able to pick up a 1994 Supra for $18,000 and a standard automotive interest rate for 60 months. Accord to the branch, that was not possible. I suspect that it might be similar to what you are saying, if they feel the vehicle is worth the amount they will loan the funds.
My last vehicle, a 2001 NSX-T sold for $52,500 - the total amount that I bought it for just 6 months prior. If my memory serves me correctly it took me approximately one month to sell it. However, it was a 2001 as opposed to a 1991, so banks were more willing to give an auto loan. Nonetheless, such an auto loan would have to go to someone with decent income and good credit. When it comes to a 1991 NSX, it would need to be similar situations - good credit and good income if not enough cash to cover the entire price of the vehicle.
Unlike a lot of other vehicles on the market, Honda/Acura released under 12k NSX's across the globe which truly helps it's resale value. My previous experience wasn't luck, it was the fact that this car doesn't depreciate. If you attempt to find a good condition 1991-1993 NSX you will find them going anywhere from $30-35k. That is low mileage and good condition with service records. The cheapest you will find is around the $27-28k, but that would be for much higher mileage in less the perfect condition.
Everyone in the World wants more money... if they can spend less and have more they would ask where you can sign up. While having a total outbound expense $600 less would be great, it wouldn't kill me to have that extra expense.
03-27-2008, 04:13 PM
#57
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Re: At It Again
You guys would freak if you knew how much money I've spent while I've been out here, but looking back... it was worth every fucking penny.
03-27-2008, 04:15 PM
#58
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Re: At It Again
See, this statement has a big part to do with my opinion... You're afraid to make a 30 year commitment to something that will most likely increase in value and make you some money, but you're not hesitating to finance a car for 6-7 years at terrible rates. What will that car be like after owning it for 6-7 years? Regardless, even if you make your money back, it's a car. You can live in a house. You can make home improvements... You can increase your value... Hell, I think it would be a lot safer to commit to spending 30 years in a house rather than 6 years in a car that you MAY or may not have trouble unloading if you need/want to. Yes, the real estate market is rough right now, but it's a historical pattern. It's happened before. I guarantee things will get better before they get worse.
You'll be back by time I get there.
03-27-2008, 04:16 PM
#59
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Re: At It Again
Ninja Edit! I didn't even see the last comment when I hit 'quote'.
I really appreciate the advise on the Addison Avenue Financial. If things do look as if I'll be making a move towards and NSX I'll certainly look them up. You could of possibly just saved me a few percentage of interest, for that I'm a truly grateful! Especially with the fact that if I do move, it would be to the West Coast!
Another user on the board did tell me through private message that he contacted NFCU's Auto Loan Department and was able to pick up a 1994 Supra for $18,000 and a standard automotive interest rate for 60 months. Accord to the branch, that was not possible. I suspect that it might be similar to what you are saying, if they feel the vehicle is worth the amount they will loan the funds.
My last vehicle, a 2001 NSX-T sold for $52,500 - the total amount that I bought it for just 6 months prior. If my memory serves me correctly it took me approximately one month to sell it. However, it was a 2001 as opposed to a 1991, so banks were more willing to give an auto loan. Nonetheless, such an auto loan would have to go to someone with decent income and good credit. When it comes to a 1991 NSX, it would need to be similar situations - good credit and good income if not enough cash to cover the entire price of the vehicle.
Unlike a lot of other vehicles on the market, Honda/Acura released under 12k NSX's across the globe which truly helps it's resale value. My previous experience wasn't luck, it was the fact that this car doesn't depreciate. If you attempt to find a good condition 1991-1993 NSX you will find them going anywhere from $30-35k. That is low mileage and good condition with service records. The cheapest you will find is around the $27-28k, but that would be for much higher mileage in less the perfect condition.
Everyone in the World wants more money... if they can spend less and have more they would ask where you can sign up. While having a total outbound expense $600 less would be great, it wouldn't kill me to have that extra expense.
I really appreciate the advise on the Addison Avenue Financial. If things do look as if I'll be making a move towards and NSX I'll certainly look them up. You could of possibly just saved me a few percentage of interest, for that I'm a truly grateful! Especially with the fact that if I do move, it would be to the West Coast!
Another user on the board did tell me through private message that he contacted NFCU's Auto Loan Department and was able to pick up a 1994 Supra for $18,000 and a standard automotive interest rate for 60 months. Accord to the branch, that was not possible. I suspect that it might be similar to what you are saying, if they feel the vehicle is worth the amount they will loan the funds.
My last vehicle, a 2001 NSX-T sold for $52,500 - the total amount that I bought it for just 6 months prior. If my memory serves me correctly it took me approximately one month to sell it. However, it was a 2001 as opposed to a 1991, so banks were more willing to give an auto loan. Nonetheless, such an auto loan would have to go to someone with decent income and good credit. When it comes to a 1991 NSX, it would need to be similar situations - good credit and good income if not enough cash to cover the entire price of the vehicle.
Unlike a lot of other vehicles on the market, Honda/Acura released under 12k NSX's across the globe which truly helps it's resale value. My previous experience wasn't luck, it was the fact that this car doesn't depreciate. If you attempt to find a good condition 1991-1993 NSX you will find them going anywhere from $30-35k. That is low mileage and good condition with service records. The cheapest you will find is around the $27-28k, but that would be for much higher mileage in less the perfect condition.
Everyone in the World wants more money... if they can spend less and have more they would ask where you can sign up. While having a total outbound expense $600 less would be great, it wouldn't kill me to have that extra expense.
As for your last statement about it not killing you to spend $600+ a month on a car payment, dude, you don't own a house do you? I don't know a whole lot about you at all outside the forum, but I believe you're a little older than me if memory serves me correctly. What's your current housing situation if you don't mind my asking? I'm not trying to get too personal, but I'm not a mission of enlightenment for you.
It would be silly to park your $50,000 NSX in an apartment parking lot.. or in front of your parents house. It would make a lot more sense if you had a garage of your own, attached to a home that you own, to park the NSX in. If you're renting, leasing, or living with friends/family, I will fight you to my grave trying to talk you out of buying one!
03-27-2008, 04:19 PM
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Re: At It Again
This is true, but I think Chad should experience all of what life has to offer before he becomes dependant on a job so he can pay his morgage.
You guys would freak if you knew how much money I've spent while I've been out here, but looking back... it was worth every fucking penny.
You guys would freak if you knew how much money I've spent while I've been out here, but looking back... it was worth every fucking penny.