Can you buy luxury car with 50% down

[carbk]

Ha, my mum had one, too. Sapphire Black. Goes into her BK as well..

hey mine was sapphire black too!

[Brendon]

THANK YOU HHM!

Spending $60,000 on a car is STUPID! Why in the world would you even post that on a bk website? How did you get into bk to start with? Would you invest $60k into a mutual fund that is guaranteed to depreciate 60% over the first 5 years? Let alone pay interest on borrowed money that will depreciate 60% over the first 5 years??? If you can put down $30k on a car you should either buy it outright, or you shouldn't have filed bk to begin with. Sorry to be so rude, but use your brain...and your money wisely.

[SobStory]

I did think this has to be a joke, posting this question on a BK site. Perhaps it is.
HHM, why all cash or 20% cash? Why not 50% cash if you can afford it?
Thanks.

[spearmint]

$60K on a car!!!!!!!!

Good grief, I am having second thoughts, third thoughts, fourth thoughts about paying $18K for a used car! (And I used to get a new car every three years in the good old days. My last new car has last for 13 years and is about to bite the dust, though.)

[HHM]

I did think this has to be a joke, posting this question on a BK site. Perhaps it is.
HHM, why all cash or 20% cash? Why not 50% cash if you can afford it?
Thanks.

Because the money can be put to better use. Cars are "depreciating" assets.

You pay cash, out right, to avoid interest (thus, you reduce your total cost of ownership). You put 20% down if your income can support the payment to put your other money to better use.

[SobStory]

Ty HHM. OK so this is either a joke or the opening statement below is the least sensitive statement I've ever seen posted to a forum to help peeps in BK & dire fincl straits. IMHO.
"Hi Everyone,
My signing bonus would cover 1/2 the price of a luxury mercedes (60,000)and my salary is a good 6 figure with incenitve bonuses ."
Bully for you.

[Logan]

The guy just wanted to know if he could get a loan with 50% down. His chances of getting laid with a 60K Mercedes goes way up so I say it's worth it!!!

Logan

[Brendon]

Spending money like you're in Congress doesn't get you laid, it gets you laid into a fresh bk....looks like he/she has already been there! Put some effort into learning to manage money.

[Logan]

Spending money like you're in Congress doesn't get you laid, it gets you laid into a fresh bk....looks like he/she has already been there! Put some effort into learning to manage money.

Maybe you should mind your own business since you have no clue how this guy manages his money.

[Brendon]

Maybe you should mind your own business since you have no clue how this guy manages his money.

Maybe your right.....Or MAYBE, since justaguy asked for OPINIONS and I just happened to of opined, it at least helped somebody decide this is not a smart thing to do.

but, I did chime in and you are right, I have no idea what the original poster's net worth is or how he manages his money.....but posting on a bankruptcy forum, asking for help, after a recent bankruptcy, meaning you gave up everything, I have pretty friggin good idea!!! And this doesn't make sense.....again, after a bankruptcy.

Don't know why you felt the need to defend, but advice is simply that, take it or leave it....I will always refund any money paid for my advice if you are not completely satisfied..

[Scott50]

The guy just wanted to know if he could get a loan with 50% down. His chances of getting laid with a 60K Mercedes goes way up so I say it's worth it!!!

Logan

I guess if he needs a car to get "laid" he's got bigger problems...

[Logan]

Maybe your right.....Or MAYBE, since justaguy asked for OPINIONS and I just happened to of opined, it at least helped somebody decide this is not a smart thing to do.

but, I did chime in and you are right, I have no idea what the original poster's net worth is or how he manages his money.....but posting on a bankruptcy forum, asking for help, after a recent bankruptcy, meaning you gave up everything, I have pretty friggin good idea!!! And this doesn't make sense.....again, after a bankruptcy.

Don't know why you felt the need to defend, but advice is simply that, take it or leave it....I will always refund any money paid for my advice if you are not completely satisfied..

He asked our opinion if he could get a loan for this car since he had a recent BK so why isn't that appropriate in the BK Forum?

[Brendon]

He asked our opinion if he could get a loan for this car since he had a recent BK so why isn't that appropriate in the BK Forum?

Maybe I should have said, "yes you can get a loan, but its a stupid thing to do." Are you satisfied?

Maybe you should offer to co-sign the loan if you are so intent on "helping".

The smart thing to do would be buy a $30,000 car with cash and have no payments...that's all I'm saying...

[relief13035]

Been there - done that!

Read my lips "YOU DON'T NEED A $60K CAR".........It's just stuff.

This BK process can sure humble a person in a hurry. Buy a MUCH cheaper vehicle cash.

[Logan]

Maybe I should have said, "yes you can get a loan, but its a stupid thing to do." Are you satisfied?

Maybe you should offer to co-sign the loan if you are so intent on "helping".

The smart thing to do would be buy a $30,000 car with cash and have no payments...that's all I'm saying...

I guess it's all relative. I make 150K a year and could buy a 60K car if I wanted. If I had a 30K bonus it would be a 30K loan that I could EASILY afford and STILL max out my 401K and put money in the bank. Guess what? I didn't get a 30K bonus and I'm looking at cars in the 35K range so this guy is ahead of me so I MUST be very BAD at making financial decisions.

There's nothing wrong with payments especially if you can write off the loan and you can invest your money elsewhere to make more money.

Not everyone has lost money in their investments. Luckily my father taught me well and my investments are down 5% over the last year. Not bad for a poor money manager who's about to buy a 35K car with 0 down.

Logan