07HummerH3
2/2/2007 8:55:07 PM
quote:
ORIGINAL: GHummer
Congrats on the sweet new ride. I can remember a few times in my life where I could not sleep because of the new ride I just got...good feeling.
Now Hummerboy, after all the questions here on this board about price and now you tell us you got this god awful interest rate. Somebody needs to explain compound interest to you Hummerboy. Understanding or not understanding the power of compound intrest can make or break your good deal.
As I calculate it with 14k down, a loan at 11.9%, 5years - will have a payment of $461.63 per month and the total interest during the life of the loan is $6898.05
so the real price of your H3 will be $$41,698.05
--------------------------------------------
Next scenario
14k down, a loan at 7%, 5years - will have a payment of $411.86
the total interest during the life of the loan is $3,911.90
so the real price of your H3 will be $38,711.90
The difference out of your wallet between the two scenes is $2,986.15
Now you know why he wants to give you a free chrome gas cover.
I am not sure if you have already signed on the dotted line but that is your power in the deal. Until you sign , you can walk or sign....you are in control not the car salesman.
Good luck
G-Hummer
...That is a great snapshot of how the interest rate affects total cost over time. Not to pry into your financial situation, but if you own your home/condo/etc, think about leveraging your equity and using a home equity loan to cover the difference between your down payment and purchase. There are pros and cons regarding leveraging your primary residence for a vehicle, but the 20k (aprox) that you will borrow against the property is not really that much; you will get a much lower rate and a portion of that will be tax deductable, equating to an even lower rate.....it could mean that you actually get some $ back at the end of the year for part of you payments.
You gotta understand that your home equity is linked to the car however. IMHO it beats the hell out of a 11% rate. Make paments as if the rate were that high and close out the loan in the same 5 years. If you rent or have lousy credit....suck up the 11% and enjoy your ride! Either way, you will be traveling in style. Enjoy the fact that you can't sleep by looking around here for your first items to customize with......and nice pics!
Sugardaddy
2/3/2007 9:02:00 AM
Figures that soon as you mention "buncha chrome" Bob responds first. He's our Bling Master around here.
Mr H3x
2/3/2007 10:42:45 AM
Not only is there lots of chrome goodies but don't forget to make your shrine to the Hummer Goddess in your home or office. There are a ton of stuff to choose from, like CD players, posters, jewelry, clothing, miniture little hummers and on and on. There are lots of things to spend your money on besides your new Hummer and its payment.
Good luck and have a ball with your new Hummer H3 and remember you are in very good company now that you are a true Hummerite.
HummerMike
2/3/2007 11:06:47 AM
Nice H3!! Good color choice too!
hummerboy
2/3/2007 4:16:23 PM
haha yeah i actually went and bought the chrome hood already it was 160 something. I think im goign for the car attena next, and then the trailer hook, and then the fog light, but gotta make sure i have enough money to pay for the first month hehe
HummBob
2/3/2007 5:09:27 PM
quote:
ORIGINAL: HummerGuy
quote:
ORIGINAL: Sugardaddy
Figures that soon as you mention "buncha chrome" Bob responds first. He's our Bling Master around here.
Eh HEM 
Don't worry my little Padawan, you are my "Bling Apprentice"!!
RutDogg
2/3/2007 6:44:48 PM
Show him the way, Bob! The young apprentice must come to know the power of "Bling."
HummerMike
2/3/2007 7:21:20 PM
I'm not sure about this! I've seen HummerGuy's H3 in person and I would have to say you need a good pair of Oakley's to look at it!
Crash
2/3/2007 8:07:34 PM
8.9%... That still doesn't sound to good.. Hell I've got unsecured credit card with $40,000 available with 3.9%
Check into some of those 0% for 2 years on balance transfer credit cards and transfer the balance on the loan to them..
Read the small print though.. Look for stuff about requirements of using the card once a month or all balances go to a higher interest rate.. Make sure you don't get hit with accrued interest charges on the average balance at the end of the term... And don't miss ANY payments...
Or check out Capital One
http://www.capitalone.com/ for a traditional auto loan.. 5.9% right now..
auria
2/3/2007 9:46:42 PM
Good For You and welcome to this forum, You'll get plenty of support here!
OUTLAW
2/4/2007 4:27:15 PM
Congrats Hummerboy, nice color
gangstagirl
2/5/2007 4:02:30 PM
Nice Ride Hummerboy....and i love the colour
gangstagirl
