Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
First Brand New Car
Old 02-28-2009, 10:27 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,947
First Brand New Car

Our oldest daughter bought her first car today. Even though I have an employee discount, I suggested she buy used. The late model used cars she found were not much cheaper than brand new with our discount and the rebates, so she bought a new Chevy Malibu. GM is wrapping up thier "Presidents Day" promotion, but I was still surprised how busy they were. Her salesman was working three deals at the same time...all Malibus. Looks like she'll get 4.05% for 60 months at her credit union. Always seems odd to me that car loans cost less than mortgages.

I also noticed they have a 5% /5yr CD with only $500 min, so I guess I'll be joining her credit union.
__________________

__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-28-2009, 10:33 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,434
Quote:
Originally Posted by jazz4cash View Post
Our oldest daughter bought her first car today. Even though I have an employee discount, I suggested she buy used. The late model used cars she found were not much cheaper than brand new with our discount and the rebates, so she bought a new Chevy Malibu. GM is wrapping up thier "Presidents Day" promotion, but I was still surprised how busy they were. Her salesman was working three deals at the same time...all Malibus. Looks like she'll get 4.05% for 60 months at her credit union. Always seems odd to me that car loans cost less than mortgages.

I also noticed they have a 5% /5yr CD with only $500 min, so I guess I'll be joining her credit union.
Yeah, good rate. Wish I could afford a new Malibu. I could have afforded a couple of dozen 18 months ago.
__________________

__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 02-28-2009, 11:37 PM   #3
Thinks s/he gets paid by the post
Texarkandy's Avatar
 
Join Date: Feb 2008
Posts: 1,281
Quote:
Originally Posted by jazz4cash View Post
..... Looks like she'll get 4.05% for 60 months at her credit union. Always seems odd to me that car loans cost less than mortgages.

I also noticed they have a 5% /5yr CD with only $500 min, so I guess I'll be joining her credit union.
This credit union is borrowing money at 5% for a 5 year term and loaning it back out at 4.05% for a 5 year term?

Hmmmmmm.
__________________
Retired 2009!
Texarkandy is offline   Reply With Quote
Old 02-28-2009, 11:46 PM   #4
Full time employment: Posting here.
CCdaCE's Avatar
 
Join Date: Apr 2006
Posts: 887
They must be making it up on volume.

-CC
__________________
"There's those thinkin' more or less, less is more, but if less is more, how you keepin' score?
It means for every point you make, your level drops. Kinda like you're startin' from the top..." "Society" - Eddie Vedder
CCdaCE is offline   Reply With Quote
Old 03-01-2009, 07:44 AM   #5
Dryer sheet aficionado
 
Join Date: Mar 2009
Posts: 32
Quote:
Originally Posted by jazz4cash View Post
I also noticed they have a 5% /5yr CD with only $500 min, so I guess I'll be joining her credit union.
Can you share which Credit Union this is at? Thanks in advance.
__________________
RoccoPacco is offline   Reply With Quote
Old 03-01-2009, 09:45 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,947
Sorry....shoulda put that in before........

It's called FedChoice. I know they are open to at least some Federal Gov't employees, but I don't know all the eligibility rules.
www.fedchoice.org
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 03-01-2009, 11:51 AM   #7
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
Wow - they're giving 10% apy for savings accounts good for one year. Plus they've secured their own insurance and have doubled what the FDIC insures up to $500,000.

Interesting.
__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Old 03-01-2009, 02:28 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,947
Quote:
Originally Posted by Leonidas View Post
Wow - they're giving 10% apy for savings accounts good for one year. Plus they've secured their own insurance and have doubled what the FDIC insures up to $500,000.

Interesting.
Uh...I think it's 10% on the 1st $500 only......IOW, a bonus of approx $50
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 03-01-2009, 05:02 PM   #9
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
That web-site just does not look right, first thing they ask for is your SSN and Last Name. Anyone applied recently except OP's daughter? Wonder how a "NCUA" member can "double" the insurance and who stands behind the "extra" $250K (which after 12/31/09 will be an extra $400K) - 22,000 members - pretty small club. Clicked on their "excess insurance" link brings up a "page not found" - wonder why?
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 03-01-2009, 05:34 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,947
Some background on Fedchoice...........
Corridor Inc. - Corridor Finance & Banking: Credit Unions target new customers
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 03-01-2009, 06:07 PM   #11
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
Quote:
Originally Posted by jazz4cash View Post
Pretty old article (2 years). Here is what I would look at if I was really interested in putting money in this CU: http://reports.ncua.gov/data/cureports/index.cfm
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 03-01-2009, 06:59 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,947
The link did not work. I checked NCUA and looked at something called a 5300 report, but I didn't know what I was looking at. When I googled the artical, I remembered they changed thier name a couple of years ago. They expanded thier focus from IRS employees to all local federal employees. I am pretty comfortable with putting money in there since I don't have any significant money to deposit anyway....maybe just add a tad to the CD ladder. Daughter's loan was approved and my membership app is pending so we'll see how they perform.
National Credit Union Administration - Credit Union Queries
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 03-02-2009, 06:20 AM   #13
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
Quote:
Originally Posted by jazz4cash View Post
Sorry about that; I tried it before I left the post but notice this morning it says to start from the main search page (which you have posted).
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 03-02-2009, 06:43 PM   #14
Full time employment: Posting here.
 
Join Date: Oct 2002
Posts: 717
I was 41 before I felt I could afford to buy a new car. I had owned 10 used cars over the years from age 16 to 41. If I had to do it over, I would do the same thing again.
__________________
Random Reinforcement is Highly Addictive.
riskadverse is offline   Reply With Quote
Old 03-03-2009, 06:09 PM   #15
Thinks s/he gets paid by the post
Bimmerbill's Avatar
 
Join Date: Jan 2006
Posts: 1,631
A few years ago I was looking for a used Honda Pilot. I found I could get a new one cheaper than used. Insurance and registration costs are higher of course. Got a left over 2006 when the 2007s were out at invoice -$3000 "Hidden" rebate.
__________________
Bimmerbill is offline   Reply With Quote
Old 03-04-2009, 06:59 AM   #16
Full time employment: Posting here.
jambo101's Avatar
 
Join Date: Oct 2007
Location: Montreal
Posts: 940
At 60 i just paid cash for my first new car an 08 Toyota Yaris,suppose i could have bought new cars in the past but never liked the idea of making payments and thousands extra in interest on an ever depreciating commodity,so i only ever bought what i could afford which was a lot of $1000 to $5000 beaters.
__________________
"Second star to the right and straight on till morning"
jambo101 is offline   Reply With Quote
Old 03-04-2009, 07:26 PM   #17
Thinks s/he gets paid by the post
Bimmerbill's Avatar
 
Join Date: Jan 2006
Posts: 1,631
Quote:
Originally Posted by jambo101 View Post
so i only ever bought what i could afford which was a lot of $1000 to $5000 beaters.
I wish I did that. I should go back and add up all the wasted money. But I'm sure I'd cry.

Trying to break the cycle now. 2 paid off cars, one with $9K left.

Now if I can only avoid car fever...
__________________

__________________
Bimmerbill is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
My car after its annual car wash.... thefed Other topics 11 05-21-2008 11:50 PM
Brand Spanking New NewKid on the Block Hi, I am... 0 06-02-2007 08:13 PM
Financing a car/car buying advice usc_et Young Dreamers 14 11-01-2005 11:59 AM

 

 
All times are GMT -6. The time now is 07:38 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.