Debt Dumpers 2020

[RamblingMad]

I think DH is set on at least seeing what a dealer will offer, but the Costco program is really appealing and I'm secretly (or maybe not-so-secretly) hoping it will give us the best deal. With the kids out of the house, the main reason I keep my Costco membership is so I don't have to stress about buying things like a vacuum/tv/printer. I just buy whatever Costco has and it almost always works out fine.

I hate haggling. If you’re thinking you’re getting a good deal, you’re probably not. The price can be manipulated with financing. I offer to sell you the car at a good price, but on the backend, I raise your interest rate.

What you really pay for the vehicle is total of payments plus your down payment. Don’t be fooled. We ran into this problem with my significant other’s purchase. They were trying to make up margin by financing at a higher rate. And we did use Costco. The good news was the manufacture had a rate incentive that we had to merge with the Costco pricing. And then I had their F&I guy run the numbers, so I could see the Reg Z boxes. We finally got to good terms at 60 months. They couldn’t do better at 36 or 48. They originally wanted to do 84, which blew my mind.

 

[AmyAnne]

I hate haggling. If you’re thinking you’re getting a good deal, you’re probably not. The price can be manipulated with financing. I offer to sell you the car at a good price, but on the backend, I raise your interest rate.

What you really pay for the vehicle is total of payments plus your down payment. Don’t be fooled. We ran into this problem with my significant other’s purchase. They were trying to make up margin by financing at a higher rate. And we did use Costco. The good news was the manufacture had a rate incentive that we had to merge with the Costco pricing. And then I had their F&I guy run the numbers, so I could see the Reg Z boxes. We finally got to good terms at 60 months. They couldn’t do better at 36 or 48. They originally wanted to do 84, which blew my mind.

We had a similar experience the last time we bought a new car (in 2004). The salesperson wanted to talk about monthly payments even though we told him several times that we wanted to focus on the total price. I think it was more of a habit than actually trying to pull a fast one but I could be wrong. We finally did get an okay price and then talked about financing--we financed that for 36 months but this car I think we are not going to finance unless we get a 0% offer.

 

[PhoenixStrength]

@pblack I know you said you are sailing Mardi Gras in November, was your sailing cancelled or were you on the later one that is now the first sailing of Mardi Gras?

 

[pblack]

Saw the news this morning that Carnival has cancelled the first 8 sailings on the new Mardi Gras and her new inaugural sail date is Nov 14, 2020. Guess when our sailing is set for? If you guessed Nov 14th, you would be correct! I have mixed feelings about sailing on the inaugural cruise. I specifically chose one a few months after the first sailings so that all the kinks and everything would be worked out, but on the other hand I would probably never pay the up-charge to be on an inaugural sailing so we basically got a steal. Prices have went up drastically for this cruise (and others) this morning and both interior and ocean view rooms were sold out when I last looked. It does suck though because my BFF had been dragging her feet on booking the cruise and now unless something changes in the next few weeks/months, it doesn't look like they will be going with us since the remaining rooms are too expensive. I'm also trying to be realistic about the fact that our cruise could also get cancelled if they have another delay of the ship being ready. While I would be greatly disappointed if this does happen, at least we are still far enough out to make different plans. I'm also pretty glad at this point the we didn't end up booking DVC since if our cruise does get cancelled, we wouldn't have been able to cancel the DVC rental. So lots of mixed feelings going on for me today.

We are only 5 days away from Christmas! I hope that everyone has all their shopping done and is ready for the holidays! Once 4:30 hits I will be off for the next 2 weeks and I can't wait!

 

[barkley]

I hate haggling. If you’re thinking you’re getting a good deal, you’re probably not. The price can be manipulated with financing. I offer to sell you the car at a good price, but on the backend, I raise your interest rate.

What you really pay for the vehicle is total of payments plus your down payment. Don’t be fooled. We ran into this problem with my significant other’s purchase. They were trying to make up margin by financing at a higher rate. And we did use Costco. The good news was the manufacture had a rate incentive that we had to merge with the Costco pricing. And then I had their F&I guy run the numbers, so I could see the Reg Z boxes. We finally got to good terms at 60 months. They couldn’t do better at 36 or 48. They originally wanted to do 84, which blew my mind.

we also managed to get a financing incentive (more money off the cost of the car) on top of the costco discounted price. we were planning on paying in full for the car but when they offered the additional discount for financing we asked (and verified by reading the contract) if there was any number of minimum payments required or a prepayment penalty. there wasn't so we signed on for it. when we picked up the car we called ford motor credit a couple of days later and paid off the loan. the same could be done if financing was desired by prearranging a better loan through another lender as a refi of the loan through the car manufacturer. my credit union offers what seems to be identical terms to most car manufacturers until you figure in the half percent discount on interest they offer if you set up direct payments from your checking account. a person could get the discount, get the car, drive the car to the credit union and set up the re-fi.

we also got another 'discount' by virtue of inquiring the maximum amount the dealership would allow a person to pay on a credit card was. i want to say it was around $10k so we used our best points earning card for the first $10k to maximize points but again, turned around and paid it off within 24 hours.

every little bit helps.

 

[pblack]

Haha - you had good timing @PhoenixStrength ! I was just posting about that.

 

[jen7233]

Saw the news this morning that Carnival has cancelled the first 8 sailings on the new Mardi Gras and her new inaugural sail date is Nov 14, 2020. Guess when our sailing is set for? If you guessed Nov 14th, you would be correct! I have mixed feelings about sailing on the inaugural cruise. I specifically chose one a few months after the first sailings so that all the kinks and everything would be worked out, but on the other hand I would probably never pay the up-charge to be on an inaugural sailing so we basically got a steal. Prices have went up drastically for this cruise (and others) this morning and both interior and ocean view rooms were sold out when I last looked. It does suck though because my BFF had been dragging her feet on booking the cruise and now unless something changes in the next few weeks/months, it doesn't look like they will be going with us since the remaining rooms are too expensive. I'm also trying to be realistic about the fact that our cruise could also get cancelled if they have another delay of the ship being ready. While I would be greatly disappointed if this does happen, at least we are still far enough out to make different plans. I'm also pretty glad at this point the we didn't end up booking DVC since if our cruise does get cancelled, we wouldn't have been able to cancel the DVC rental. So lots of mixed feelings going on for me today.

We are only 5 days away from Christmas! I hope that everyone has all their shopping done and is ready for the holidays! Once 4:30 hits I will be off for the next 2 weeks and I can't wait!

I didn't see that news, why are they cancelling? I would think inaugural would be fun, but maybe crazy? Yes, I'm done, but have a few mailing delays. Then on to focus on other things!

 

[pblack]

I didn't see that news, why are they cancelling? I would think inaugural would be fun, but maybe crazy? Yes, I'm done, but have a few mailing delays. Then on to focus on other things!

There's some kind of delay in getting everything built on time, so they've cancelled the first 8 sailings to hopefully get everything up and running correctly for the first sailing on 11/14. I definitely think it will be fun and we plan on having a good time regardless. It's going to be interesting to see what happens.

Glad you've got all your shopping done! I think the only thing I need to go to the store for is strawberries for Christmas morning breakfast and steaks for our Christmas Eve dinner. It looks like it will just be DH and I on Christmas Eve since my family apparently isn't doing anything. Christmas morning will be with DH's family. We'll see my parents on 12/28 and have dinner with them.

 

[barkley]

with the exception of dh picking up the honey baked ham and a few pies on monday i finished up the grocery shopping today (shouldn't have to venture out till after the new year). it was odd and eerie in the grocery stores in the little town near me. it's a college town so all the students have cleared out for winter break so it's less crowded on that front but the stores had everyone that were obviously trying to beat the last minute/this weekend crowds. the clerks kept nervously looking at the doors like they were awaiting the onslaught.

 

[ruadisneyfan2]

We had a similar experience the last time we bought a new car (in 2004). The salesperson wanted to talk about monthly payments even though we told him several times that we wanted to focus on the total price. I think it was more of a habit than actually trying to pull a fast one but I could be wrong. We finally did get an okay price and then talked about financing--we financed that for 36 months but this car I think we are not going to finance unless we get a 0% offer.

Jmho but I think salespeople try to get people to only focus on monthly payments so that they don't think about the total price. For shoppers who are willing to be led, a salesperson can make something that is not affordable sound reasonable by choosing an 84 month loan, as pp mentioned. I can't believe that this is really an option. That is crazy.
I was just telling my kids the other day how 'back in the day' car loans were for 3-4 years and that if someone tries to suggest an 84 month loan to them, just accept the fact that whatever you're looking at is NOT affordable.
That is insane. There are plenty of reasonably priced vehicles out there. Sometimes people just want more than they can afford. Eventually they end up here on our thread with us or needing to be here.

Personally, I am loving my Certified Preowned car that was 3 yrs old but immaculate. I seriously don't think I'll ever buy a brand new car again.

 

[ruadisneyfan2]

We're hosting Christmas dinner but had to change it to the Sat after Christmas due it falling on a Wed and my niece and her family have a 2+ hr drive here and she is only off work Wed. That's a lot of driving for them and hectic time for little kids who would love to just stay home and play with their new toys. Too much for 1 day. We'll have my dad over for a small dinner Wed. Dh and I are off Thursday so we will do our big food shopping and cooking then. So glad next year Christmas falls on a Friday which makes everything so much easier.

All gifts are bought and wrapped except for my niece's kids which will be done tomorrow. I love seeing all the lights on people's houses.

 

[barkley]

I was just telling my kids the other day how 'back in the day' car loans were for 3-4 years

interesting how lending terms have changed over the years. car loans used to be shorter term but now the norm seems to be much longer while mortgages were longer but now the preferred is half the time (15 vs 30 year).

i don't know if it's the case with car sales but years ago i worked bookkeeping for a store that utilized outside financing and the companies we contracted with offered perks to the store/sales staff for pushing specific types of loans to customers. if the sales guys could get a customer to take whatever the lender was pushing in a given month they got a cash bonus for a completed contract and if a certain number per month was completed the store got to offer some more attractive lending packages to customers the following month. i remember that the big push was always on zero percent financing and 90 day same as cash b/c the odds were in favor of the finance company that the consumer would flake on at least one payment such that it would trigger all those late fees, penalties and interest that went back to day one of the loan.

 

[jen7233]

There's some kind of delay in getting everything built on time, so they've cancelled the first 8 sailings to hopefully get everything up and running correctly for the first sailing on 11/14. I definitely think it will be fun and we plan on having a good time regardless. It's going to be interesting to see what happens.

I saw a bit about that now. Took a look on Carnival site, this ship looks amazing!

 

[DisneyMandC]

Congrats! I'm curious about Carmax--is it one of those "no haggling" car buying places? We are going to contact the Costco car buying program, and I also just got an email that Chase has a similar (maybe?) program. I think DH still wants to see what we could get from a dealer but neither of us really likes that process--we always leave wondering if we could have gotten a better deal if we bargained a bit more.

Yes, Carmax is no-haggle pricing so the price on the car and the price they give you for your car is just amount you pay/receive. I like to haggle, so I was disappointed

Curious why you decided against the Honda CR-V? That's at the very top of my shortlist for new car (we'll be buying sometime this year).

The 2016/2017 models had a lot fewer interior options than the Nissan and still cost more money. I know they are nice cars and last forever, but DH likes the options and we were going to have to go to a top of the line package in order to get that. One of my coworkers just got a 2019 CR-V though and it's super nice and has everything we would want. I just wasn't interested in buying a new car.

 

[pblack]

I got an early christmas present on Friday. My bff, her husband, and my goddaughter are coming out to visit for a few days in 3 weeks!! I cant wait to see them! They were supposed to go on our November cruise with us, but with carnival cancelling the first 8 cruises our cruise sold out super quick and they hadn't booked yet. So they've decided to come out here for a few days and then join us for the few days we'll be in disney world. Alaskan airlines had a buy one get one free fare deal going on that made it super cheap for them to fly out here so they jumped on it. I cant wait!!

 

[rosegoldmonorail]

Hi! Decided to jump on this thread, because my finances are a mess and I have no idea what I'm doing lol. I'd also like to add that I'm 23, in school part-time, and waitress part-time, so this whole "adulting" thing is still new to me.

Personal Goals

1. Stop eating fast food- I've developed the habit of eating fast food at least once a week because it's cheap and quick, and I don't have to get out of the car. It's making me feel gross about myself.
2. Eat mindfully- I don't want to outright say "lose weight" because I struggle a lot with body image, so I want to focus more on eating healthy rather than worrying about the scale. It's better for my own sanity lol
3. Get another job- I have way too much free time. If I could get another job with daytime hours that'd be great. I applied to a bunch of places a couple days ago but haven't heard anything...
4. Take at least 6 classes- Hopefully it'll end up being more, but I screwed up my financial aid form (did the wrong year and didn't realize until spring payments were due) so I don't know if I'll be able to take classes in the spring, because if I pay for it without financial aid, it'll empty my savings and I'd rather not do that. Hopefully once the right FAFSA goes through I'll still be able to take classes...

Okay. Now it's time for the "finances." Right now I'm very lucky and still live at home, and my parents take care of most of my bills (I just have pay for my phone and student loans) BUT I am an impulse shopper who decided she needed two credit cards and took 3 trips to WDW this year despite only working about 14 hours a week... Yeah...

Money Goals

1. Pay off Mastercard- I have about $1500 on it. It's definitely doable.
2. Continue to use Swagbucks- I've made $90 bucks from it in a few months, and I've only recently become active on it. I mean it's nothing spectacular, but every penny helps.
3. Save, save, save!!!- I have about $1,000 saved right now. If I could save at least $25 a week, that would be great. My main focus this year is going to be paying off the Mastercard.
4. Buy new tires- Is this a money goal? Idk, but apparently my tires are terrible, despite my car only being 3 years old. My parents offered to pay for them upfront, but I would pay them back over time. I have to figure out where to get the best deal though.

 

[RamblingMad]

This is the time of year when folks run up their credit cards. If you don’t have it, don’t spend it.

 

[MantaRider]

I can't wait to shift over to January's budget so I can actually save some money. This month was hard, with medical bills coming due and Christmas shopping I am just barely going to break even, maybe going a little bit into next month. And I have a 401k loan I'm trying to pay and so far I've only put 100 towards it

 

[trenty]

I realize many of you already know this...

but I highly recommend Dave Ramsey’s book Total Money Makeover. I don’t agree with everything Ramsey preaches, but his method works if followed as written.

My goals:

• Stay out of debt
• Keep budgeting
• Increase giving
• Save, save, save

 

[kbelle8995]

Goals:

Pay off the majority of my CC debt.
Pay off Car: Three months to go.
Save more than spend.

I purchased a Budget planner from Amazon. I think that the best way to control my spending is to write it down and keep track as I go. If I wait until I go home and do it on the comp I will never do it.

Has anyone had any luck in getting a credit card to get your interest down? I have cancelled the trip in January and plan to go in March. I won't have to pay for the hotel and I can give myself time to correct course. I feel so embarrassed about getting myself into this mess. I want to get it down as soon as possible.