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97 month car loans becoming the norm : Swingers Discussion 220211
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FORUMSGeneral DiscussionsOpen Forum97 month car loans becoming the norm
TOPIC: 97 month car loans becoming the norm
Created by: Nkenswing
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It's about getting the foot in the door and establishing the precedent that they can do this. Once people have come to accept it, all they need to do is fudge the parameters.

It will be met with broad public support, because people, for the most part, are stupid.

Chesapeake VA
 
 
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I just disagree with any idea to limit this kind of thing. There are plenty of excise taxes in place to keep contributions and distributions in place that there is no need to go after the cornerstone of asset accumulation in America. The 10 yr projection is minor, and folks will change their habits on this which will ultimately yield nill in additional tax revenue.

If this is a slap on wealth, as in Mitt and the big IRA......sorry, not enough of those big fish to be fooling with this shit. It certainly goes with social policy more so than responsible tax planning.

Philadelphia PA
 
 
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Define "ridiculous".

I will not keep my retirement in a 401k or IRA, because like I said, I do not believe I will reach "retirement age" before one or both of these things happen:

1. "Retirement age" become 70 or even 75... just keep bumping it forward and I can't ever touch it....

2. The government finds a way to go after it (such as the above mentioned proposal).

Call it paranoid all you like. Obama has made his position clear - privately held retirement plans are up for grabs. It won't pass this time, or maybe not even next time, but it will someday, and when it does, I won't be a part of it.

Chesapeake VA
 
 
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I read this.....has to be one of the most ridiculous ideas I have ever seen.

Philadelphia PA
 
 
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It'll be interesting to see what happens if the new 401k return limit is enacted, setting a $205,000 cap on an annual return. Right now with returns of around 6% this would only impact those over $3.3 million, but if we have a rockin' year (there are people who have had 30-50% years) it'll hit a shit ton of people.

Chesapeake VA
 
 
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I've done the same thing. It's not often the checks are No Transaction/No Interest at all, but when they are, damn straight.

Chesapeake VA
 
 
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nice!!

Philadelphia PA
 
 
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Oops, should have stated this time they had a 4% transaction fee. I've only seen one 0% transaction fee offer. I figured I'd be making money though.

Brooklyn Park MN
 
 
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Off the topic of a car loan, but just thought it might be interesting to post here...

I keep getting special offer checks included with my CC bills. Usually I throw them away because they charge a 4%-5% fee, and payments will be applied to the low or 0% rate on the checks before being applied to other charges. Which means, until the amount of the check is paid, you rack up interest on the other amounts.

So, I got an offer on checks with a 0% fee, and 0% interest for 14 months. Obviously the CC company hoped I'd keep using the card and ring up interest. I always pay the statement amount so I never ring up interest on CCs. I didn't use the card, until the next statement showed $0 balance, then I cashed a check for $10,000.

I put the money in a mutual fund, and earned 24% on that money over a year. In the mean time I put the card away and never used it. I paid the minimum amount on the CC so it wouldn't revert to the default "cash advance" interest. At the end of the period, I paid the balance off.

I figure I made $2,400 on their money- less the taxes of course.

I did it again, a few moths ago. I won't know how that turns out until next year though- whatever this mutual fund goes up, less the 4% and taxes.

It's like free money.

Brooklyn Park MN
 
 
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Yep, the boring way works.

Philadelphia PA
 
 
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TOPIC: 97 month car loans becoming the norm