56

In the case of a vehicle with a lien, there is a specific place on the title to have a lien holder listed, and the holder of the lien will also hold the title until the lien is cleared. Usually this means you have to pay off the loan when you purchase the vehicle. If that loan is held by a bank, meet the seller at the bank and pay the loan directly with ...


41

There are some who argue that you should lease an electric car. These factors are in addition to all the normal pros and cons of leasing vs. buying. The technology is still new and is advancing rapidly. In 2-3 years, the newer model may have significantly improved features, range, and efficiency, as well as lower prices. If you are the type of person to ...


25

I have a few recommendations/comments: Consider keeping your current car. The buyout amount for your lease is often negotiable. Tell the dealer you are NOT going to be leasing or buying a new car from them, but you are interested in buying out your BMW if they are willing to negotiate on the buyout amount. They will say, "no deals" and then you schedule to ...


22

There is a delay between the billing cycle and when the payment is due, it can vary, but it means you don't pay for any purchases for at least the length of the delay. In cases where you purchase at the beginning of the billing cycle, that's at least a month before you pay, but even in cases where you make purchases at the very last day of your billing cycle ...


16

Total income - mandatory spending (ie bills) = discretionary income. Make a budget and calculate how much discretionary income you have each pay period. Save some fraction of your discretionary income towards this purchase. Pull the trigger when you have enough saved. By thinking this way, you ensure that the PS is robbing from movies, dining out, booze, ...


16

For safety, I would always go with a credit card. The fraud protection is generally better, although that gap is closing and many debit cards include similar fraud protection now as well. The key though is that in the event of a dispute, your money is at stake when you use a debit card (those funds might be unavailable for you to use), while on a credit ...


16

It's extra work for you to purchase a vehicle that has an outstanding lien on it. It's not uncommon, but there are things to take care of and watch out for. Really, all it means is that the vehicle you're trying to purchase hasn't been paid for in full by the current owner. Where things can get dodgy is ensuring that all outstanding debts are paid against ...


15

To save the most money - don't trade it in, sell it to a private party. Dealers will always give you less, because eventually they'll be selling to the same private parties, so why do you need the middle man? Craigslist is your friend.


14

Never buy a new car if cost is an issue. A big chunk of the price will disappear to depreciation as you drive it off the lot. If you want a shiny new car with the latest equipment (and if you can afford it!), buy a lightly-used car. Normally I would recommend a 1-3 year old car. 95% of the value, with a big cost savings. But this depends on your financial ...


14

Electric does make a difference when considering whether to lease or buy. The make/model is something to consider. The state you live in also makes a difference. If you are purchasing a small electric compliance car (like the Fiat 500e), leasing is almost always a better deal. These cars are often only available in certain states (California and Oregon), ...


13

This is fraud, the related legal code is "11 USC 548 - Fraudulent transfers and obligations"; also see the wiki page for Fraudulent Conveyance in the United States. Highly suggest cutting off contact with this person, and speaking with a lawyer as soon as possible to make sure you have not already broken the law.


13

Unfortunately this all sounds very normal, both for retail in general and the mattress industry in particular. As to why the sales person doesn’t want to give you a discounted price over the phone and wants you to come into their shop, this common tactic is based on an assumption that once you have made the effort to come to their shop you will be more ...


10

Risks: It might be illegal. Your friend might be deceiving the court about his situation, and you would be helping him. If he is unable to hold up his end of the deal you will be stuck with a house you don't want and might not be able to sell. This might be a way for your 'friend' to unload a house at an inflated price, and once you have bought it ...


10

This is completely disgusting, utterly unethical, deeply objectionable, and yes, it is almost certainly illegal. The Federal Trade Commission has indeed filed suit, halted ads, etc in a number of cases - but these likely only represent a tiny percentage of all cases. This doesn't make what the car dealer's do ok, but don't expect the SWAT team to bust some ...


10

I have used car buying services through Costco and USAA. Twice with a Ford, and once with a Honda. In all instances I was directed to sales people that were uncommonly friendly and pleasant to work with. I was given a deep discount without any negotiation. In two of the three cases I did not have a trade. In one case I had a trade, and negotiated a ...


10

IRS Publication 463 is a great resource to help you understand what you can and can't deduct. It's not a yes/no question, it depends on the exact company use, other use, and contemporaneous record keeping.


9

The definitive way to find out the closing date is to call the card issuer and ask. You can most likely also find this out by logging into your account online. (Thanks JoeTaxpayer for pointing this out.) If this is too much trouble, read on. When you received the card, you should also have received a "cardmember agreement" booklet. In this booklet, it ...


9

It's called Parkinson's law of triviality. From the Wikipedia entry: Parkinson's law of triviality, also known as bikeshedding, bike-shed effect, and the bicycle-shed example, is [the] 1957 argument that organisations give disproportionate weight to trivial issues. Also: The time spent on any item of the agenda will be in inverse proportion to the sum ...


9

Find a mechanic in the area that will, for a fee, do a pre-approval inspection. Then when you call the seller to inquire you can ask them to let you take the vehicle there as part of your test drive. I'm not sure how many RV mechanics there are that don't work for a dealership, and those that do may be less inclined to assist you in purchasing from a ...


8

My suggestion would be to keep it. The value of a new car is that you get to drive it around when it's still new and shiny, and that you know its history. If you maintain it in good condition, both mechanically and cosmetically, then you can have both of those benefits for the life of the car. Your question merges the old car sale and new car purchase ...


8

If you are talking straight dollars then leasing is always a losing proposition when compared with purchasing. The financial workings of leasing are so confusing that people don’t realize that leasing invariably costs more than an equivalent loan. And even if they did, the extra cost is difficult to calculate. Still, many people can’t afford the ...


8

A lease is a rental plain and simple. You borrow money to finance the expected depreciation over the course of the lease term. This arrangement will almost always cost more over time of your "ownership." That does not mean that a lease is always a worse "deal." Cars are almost always a losing proposition; save for the oddball Porsche or Ferrari that is ...


8

You didn't say how much credit card debt you have, but here's the order I would take care of things: The credit cards (and stop using them altogether). Getting rid of those will give you much more flexibility for the next steps Pay off your car. Either sell it off in the open market for at least what you owe or work like mad to pay it off. Next (not "new") ...


7

You can pay an awful lot for a mattress, but you might not have to. There are often very similar mattresses for much lower prices. Go to a different mattress store When you introduce yourself, try to make a friendly and polite, but not naive or gullible impression. You want the salesperson to both like you and respect you. They should think that you are ...


6

Dispute the charge. Receiving the wrong product is grounds for dispute.


6

If it were me, I'd be debt free today, Monday, at latest. 100K-(53K+31.2K) = 15.8K would be my bank balance by this afternoon. I am not sure why you would count 6K of your daughter's money as yours to use. Either it is her money, or yours, not both. If you still want debt, which I think is silly, you might try to refi your home with a home equity loan. ...


6

If you lease a car, you are paying for the depreciation of a certain number of miles, even if you don't actually use those miles. Since you know you will be well under the standard number of miles when your lease is up, and you already know that you want to keep the car, buying is better than leasing.


6

Can you handle the truth that the mattress industry is a rip-off? In fact, a mattress that sells for $3000, you can hunt around and get it with $500 or even less(depends on bed size). The huge margin is mean for the shop to keep running until they hit another customer. Here is your Mattress store bubble story. This story is confirmed by the reputable ...


6

You've got two contradictory points: I pretty much refuse to get a loan and I've asked the dealer to let me [...] pay by credit card Paying by credit card is getting a loan, and this loan will have a much higher interest rate than any auto loan from a bank or credit union. You may also incur additional charges from the dealership since they would ...


5

You should see "Restaurant Impossible" on TV, shows exactly how you'll end up if you take this direction. Bottom line - yes, it is usually bad. There's a race condition there in the hiding: you either learn the ropes as you go, or you run out of money and go bankrupt, whichever comes first. My personal experience shows that things that seem simple from the ...


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