Rothman
Recycles dryer sheets
- Joined
- Apr 30, 2013
- Messages
- 252
I bought a new truck yesterday, when going thru the details of the purchase I asked why the $500 rebate I saw online wasn't listed. They explained since I was paying cash I didn't qualify, however if I financed at least $9,500 of the purchase I could get the rebate. Looking at the offer, 60 months at 1.89%, payments of $166.06 per month, with a total finance charge over 5 years of $463.60. Also there is no penalty for prepayment, I can payoff the entire amount at the end of this month. Given I get $500 immediately I elected to finance and in my mind either scenario keeping the contract over 60 months or paying off immediately were superior to my initial plan to just pay cash. I now find myself conflicted, if I were evaluating this as a business proposition I think the right answer is to keep the payments and invest my $9,500, but my current strong desire to minimize my monthly expenses as I look to FIRE in 3 years makes me lean heavily towards writing a payoff check this month. So what would you do:
1) would you have financed the $9,500 to get the $500?
2) would you keep the payment schedule or payoff early?
And how do you decide
And yes I recognize many would not buy a new truck
1) would you have financed the $9,500 to get the $500?
2) would you keep the payment schedule or payoff early?
And how do you decide
And yes I recognize many would not buy a new truck