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+--- Thread: Want to buy Bluebird (/showthread.php?tid=6018)
Want to buy Bluebird - bubblerboy64 - 11-26-2007 08:18
Dorn, Show how out of touch I am. I thought those deals were only to
transfer from one credit card to another. How do you get the money
into the first account to start with out being in debt to the tune of
$19000 in the real world?
John Heckman
central Pa
1973 FC
>
> My favorite form of financing is the periodic credit card deals of
0% for a
> year or so on balance transfers. If the fee has a cap, which they
always
> did until lately and some do still, I just take the money and put
it in my
> savings account at 4.75%
$90 to borrow $19,000 for 12 monthsand earn
> almost $1000 in interest... Who would turn that down?
>
> Of course, they play the odds that you won't be ready or willing to
pay it
> all back before the special deal expires, and I'm sure many can't
or don't,
> but if you are willing to pay attention to the details, you can
come out
> ahead
>
> On Nov 26, 2007 2:48 PM, bubblerboy64
>
> > Jon, You want the economy to crash? :-) Pay cash? What's cash?
> > This is way off topic, but there is a generational difference
isn't
> > there? Interesting how priorities are affected by past experience
> > and age.
> > John
> > The Big Napper
> >
> >
> > >
> > > --- In WanderlodgeForum@yahoogroups.com
> > "Gregory OConnor"
> > >
> > > >
> > > > If you want it , buy it. If you cant afford it, borrow it.
> > > >
> > > > I understood 'Good reasons to finance stories' were
> > justifications
> > > > for making a financed purchase. A reflective look at my
position
> > > > reveal that my "financing is for idiodt theories" ARE healing
> > > > justifications wence turned down for a loan.
> > > >
> > > >
> > > >
> > > > GregoryO'Connor
> > > > 94ptRomolandCa
> > > > "Motorhomes with slides are for idiots"
> > > >
> > > >
> > > > --- In WanderlodgeForum@yahoogroups.com
> > "Ryan Wright"
> > > >
> > > > >
> > > > > On Nov 23, 2007 1:35 PM, martingregg598
wrote:
> > > > > >
> > > > > > Financing may be the way to go. Let's say that you are
going
> > to
> > > > buy a
> > > > > > $100,000 plus BB. If you get a 20 year note at 6% interest
> > for
> > > > 100g,
> > > > > > the unit qualifies as a second home and you can deduct the
> > > > interest,
> > > > > > and you leave your 100g properly invested returning an
> > average
> > > > of say
> > > > > > 10 %, you are making a 4%- plus gain every year on your
100g
> > > > > > (depending on your specific tax situation).
> > > > >
> > > > > Sort of, not exactly. You need to take money out of that
$100g
> > > every
> > > > > month to make the payments on the coach, so you're going to
> > slowly
> > > > > dwindle it down, reducing your return. Unless you make the
> > > payments
> > > > > out of your income, in which case I don't think you'll be
all
> > that
> > > > > well off. Follow me here:
> > > > >
> > > > > In your example the payment would be $716.43 per month. If
you
> > > take
> > > > > that same money and invest it at 10% over 20 years instead
of
> > > paying
> > > > > it to the bank, compounded monthly you'd have almost $550k.
> > > > >
> > > > > On the other hand, if you leave your $100k in the bank for
20
> > > years
> > > > > and don't pay any extra into it because you're making
payments
> > on
> > > > the
> > > > > coach, at the end of the 20 years you'd have about $730k.
> > > > >
> > > > > Now 730 - 550 = $180k. Interestingly enough, at the end of
the
> > 20
> > > > > years you'll have sent about $172k to the bank to pay for
your
> > > $100k
> > > > > coach. Which leaves you only $8,000 ahead by financing it
and
> > > > keeping
> > > > > your money in the bank.
> > > > >
> > > > > Let's look at the risk you get for your $8,000: You risk an
> > income
> > > > > crisis and not having the ability to repay your loan. If the
> > > market
> > > > > happens to be down about the same time, which is often the
case
> > in
> > > > > financial hardships (Murphy's Law), you risk losing your
> > > portfolio
> > > > as
> > > > > you yank everything out in a down market to get the
creditors
> > off
> > > > your
> > > > > back. You risk huge spikes in interest rates and fees should
> > you
> > > > miss
> > > > > a payment by accident.
> > > > >
> > > > > Is it worth it? Not to me. Assuming you have the discipline
to
> > > > > re-invest the money you would have otherwise sent to the
bank,
> > I'm
> > > > > paying cash for the coach and rebuilding my portfolio out
of my
> > > > > income.
> > > > >
> > > > > Now, if you're actually able to itemize the interest out on
your
> > > > > taxes, you might -- MIGHT -- be able to recover enough to
make
> > it
> > > > > worth the effort. Typically, though, that isn't the case.
The
> > > > standard
> > > > > deduction will typically be higher than the interest on the
> > coach
> > > so
> > > > > unless you have other major things to itemize, you're no
money
> > > ahead
> > > > > with the tax man.
> > > > >
> > > > > In my experience, financing for the interest or tax savings
is
> > > > usually
> > > > > a negative to zero sum game, or otherwise close enough as to
> > make
> > > it
> > > > > not worth the risk and/or the hassle.
> > > > >
> > > > > -Ryan
> > > > >
> > > >
> > > I guess I'm from the old school of financing and that is pay
for it
> > > with cash!!! I really believe that is what is wrong with America
> > > economy today and that is everything is on time payments. What
> > > happen to the days that when you bought something and you paid
for
> > it
> > > or you did not get it? Oh well if a person wants to pay 10
percent
> > > interest on anything than go for it but for me its cash only and
> > save
> > > paying the interest. Product of the depression with a depression
> > > attitude! Jon
> > >
> > > Jon
> > > Rebel Bird
> > >
> >
> >
> >
>
>
> [Non-text portions of this message have been removed]
>
Want to buy Bluebird - Dorn Hetzel - 11-26-2007 08:33
Many of those deals come with "balance transfer checks". They usually
charge a "balance transfer fee" or 3% or 4%, but the good deals *cap the
fee* at $90 or so per check. Now if you write several small checks, or the
fee isn't capped, it's a horrible deal. But..., if you:
1) start with a completely empty card (sometimes they make you charge $100
or so first to get the deal, but just spend the $100 on something you were
going to buy anyway and then send a payment the same day of $105
)2) only write one check, and make it as big as you can while staying a
little clear of the credit limit (the deal is almost always voided if you go
over limit) (so, $19K on a card with a $20K limit) So, the capped fee
of perhaps $90 is less than 0.5% of $19K.
3) Set up automatic payments of the minimum due so that you will never, ever
be late (that voids the deal too)...
4) Put the money in savings, (or one time I payed off a chunk of the home
equity credit line I had used to help buy my house)
5) About two weeks before the deal runs out move the money around and pay it
all back (out of savings or back out of the home equity credit line or
whatever safe place you stashed it)
6) Feel good about your almost free use of the banks money to make or save
some interest. (my personal was the 12 months paydown on my home equity
line since I was paying 7.75% on that at the time, so I saved over $1500 in
interest during that year which all went to reduce the principle I owed on
my house)
Note, this is only worth doing if your credit is good enough to get a decent
credit limit of $10K or more. If they only loan you $4000 then the $90 fee
is a much larger percentage. It also isn't a good deal if you only get 3
months at 0%, avoid deals with less than 10 to 11 months or more.
If the card won't give you a good deal with a big limit right away then get
it and just plink around with small charges and pay it off every month until
they decide to send you an offer to see if they can "entice" you
Your mileage may vary, but it's been a good deal for me several times.
I did notice that after you really ride one of these deals for a year and
they don't make any money on you, then a year or two will go by before they
send you another one
But, still, $1000 in free savings every third yearis better than a sharp stick in the eye
Regards,
Dorn Hetzel
77FC35
Hogansville, GA
On Nov 26, 2007 3:18 PM, bubblerboy64
> Dorn, Show how out of touch I am. I thought those deals were only to
> transfer from one credit card to another. How do you get the money
> into the first account to start with out being in debt to the tune of
> $19000 in the real world?
>
> John Heckman
> central Pa
> 1973 FC
> >
> > My favorite form of financing is the periodic credit card deals of
> 0% for a
> > year or so on balance transfers. If the fee has a cap, which they
> always
> > did until lately and some do still, I just take the money and put
> it in my
> > savings account at 4.75%
$90 to borrow $19,000 for 12 months> and earn
> > almost $1000 in interest... Who would turn that down?
> >
> > Of course, they play the odds that you won't be ready or willing to
> pay it
> > all back before the special deal expires, and I'm sure many can't
> or don't,
> > but if you are willing to pay attention to the details, you can
> come out
> > ahead
> >
> > On Nov 26, 2007 2:48 PM, bubblerboy64
> >
> > > Jon, You want the economy to crash? :-) Pay cash? What's cash?
> > > This is way off topic, but there is a generational difference
> isn't
> > > there? Interesting how priorities are affected by past experience
> > > and age.
> > > John
> > > The Big Napper
> > >
> > >
> > > >
> > > > --- In
WanderlodgeForum@yahoogroups.com
>
> > > "Gregory OConnor"
> > > >
> > > > >
> > > > > If you want it , buy it. If you cant afford it, borrow it.
> > > > >
> > > > > I understood 'Good reasons to finance stories' were
> > > justifications
> > > > > for making a financed purchase. A reflective look at my
> position
> > > > > reveal that my "financing is for idiodt theories" ARE healing
> > > > > justifications wence turned down for a loan.
> > > > >
> > > > >
> > > > >
> > > > > GregoryO'Connor
> > > > > 94ptRomolandCa
> > > > > "Motorhomes with slides are for idiots"
> > > > >
> > > > >
> > > > > --- In
WanderlodgeForum@yahoogroups.com
>
>
> > > "Ryan Wright"
> > > > >
> > > > > >
> > > > > > On Nov 23, 2007 1:35 PM, martingregg598
> wrote:
> > > > > > >
> > > > > > > Financing may be the way to go. Let's say that you are
> going
> > > to
> > > > > buy a
> > > > > > > $100,000 plus BB. If you get a 20 year note at 6% interest
> > > for
> > > > > 100g,
> > > > > > > the unit qualifies as a second home and you can deduct the
> > > > > interest,
> > > > > > > and you leave your 100g properly invested returning an
> > > average
> > > > > of say
> > > > > > > 10 %, you are making a 4%- plus gain every year on your
> 100g
> > > > > > > (depending on your specific tax situation).
> > > > > >
> > > > > > Sort of, not exactly. You need to take money out of that
> $100g
> > > > every
> > > > > > month to make the payments on the coach, so you're going to
> > > slowly
> > > > > > dwindle it down, reducing your return. Unless you make the
> > > > payments
> > > > > > out of your income, in which case I don't think you'll be
> all
> > > that
> > > > > > well off. Follow me here:
> > > > > >
> > > > > > In your example the payment would be $716.43 per month. If
> you
> > > > take
> > > > > > that same money and invest it at 10% over 20 years instead
> of
> > > > paying
> > > > > > it to the bank, compounded monthly you'd have almost $550k.
> > > > > >
> > > > > > On the other hand, if you leave your $100k in the bank for
> 20
> > > > years
> > > > > > and don't pay any extra into it because you're making
> payments
> > > on
> > > > > the
> > > > > > coach, at the end of the 20 years you'd have about $730k.
> > > > > >
> > > > > > Now 730 - 550 = $180k. Interestingly enough, at the end of
> the
> > > 20
> > > > > > years you'll have sent about $172k to the bank to pay for
> your
> > > > $100k
> > > > > > coach. Which leaves you only $8,000 ahead by financing it
> and
> > > > > keeping
> > > > > > your money in the bank.
> > > > > >
> > > > > > Let's look at the risk you get for your $8,000: You risk an
> > > income
> > > > > > crisis and not having the ability to repay your loan. If the
> > > > market
> > > > > > happens to be down about the same time, which is often the
> case
> > > in
> > > > > > financial hardships (Murphy's Law), you risk losing your
> > > > portfolio
> > > > > as
> > > > > > you yank everything out in a down market to get the
> creditors
> > > off
> > > > > your
> > > > > > back. You risk huge spikes in interest rates and fees should
> > > you
> > > > > miss
> > > > > > a payment by accident.
> > > > > >
> > > > > > Is it worth it? Not to me. Assuming you have the discipline
> to
> > > > > > re-invest the money you would have otherwise sent to the
> bank,
> > > I'm
> > > > > > paying cash for the coach and rebuilding my portfolio out
> of my
> > > > > > income.
> > > > > >
> > > > > > Now, if you're actually able to itemize the interest out on
> your
> > > > > > taxes, you might -- MIGHT -- be able to recover enough to
> make
> > > it
> > > > > > worth the effort. Typically, though, that isn't the case.
> The
> > > > > standard
> > > > > > deduction will typically be higher than the interest on the
> > > coach
> > > > so
> > > > > > unless you have other major things to itemize, you're no
> money
> > > > ahead
> > > > > > with the tax man.
> > > > > >
> > > > > > In my experience, financing for the interest or tax savings
> is
> > > > > usually
> > > > > > a negative to zero sum game, or otherwise close enough as to
> > > make
> > > > it
> > > > > > not worth the risk and/or the hassle.
> > > > > >
> > > > > > -Ryan
> > > > > >
> > > > >
> > > > I guess I'm from the old school of financing and that is pay
> for it
> > > > with cash!!! I really believe that is what is wrong with America
> > > > economy today and that is everything is on time payments. What
> > > > happen to the days that when you bought something and you paid
> for
> > > it
> > > > or you did not get it? Oh well if a person wants to pay 10
> percent
> > > > interest on anything than go for it but for me its cash only and
> > > save
> > > > paying the interest. Product of the depression with a depression
> > > > attitude! Jon
> > > >
> > > > Jon
> > > > Rebel Bird
> > > >
> > >
> > >
> > >
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
>
>
[Non-text portions of this message have been removed]
Want to buy Bluebird - Ryan Wright - 11-26-2007 09:10
Dorn,
> My favorite form of financing is the periodic credit card deals of 0% for a
> year or so on balance transfers. If the fee has a cap, which they always
> did until lately and some do still, I just take the money and put it in my
> savings account at 4.75%
$90 to borrow $19,000 for 12 months and earn> almost $1000 in interest... Who would turn that down?
That all works great until the credit card company "forgets" to apply
your payment. I used to play similar games - until Citibank
conveniently botched a payment I made. They raised my interest rate
from 0% to 36%, tacked on a couple hundred bucks in fees and over
$1,500 in interest charges by the time we got it resolved - and the
whole situation was their fault, not mine.
It took dozens of phone calls, complaints to the BBB and state
attorney generals - countless hours of my time - to resolve. I did get
all of the bogus charges and fees credited back and my interest rate
reset properly, but the hassle was not worth the money.
As it turns out, this is a relatively common practice amongst credit
card issuers. Now I avoid these people like the plague. I also get a
nice little discount when I pay cash for my coach fuel instead of
whipping out the plastic.
-Ryan
Want to buy Bluebird - Dorn Hetzel - 11-26-2007 09:37
I solve that by:
1) use their own automatic payment service, so they have to eat the costs
when they mess up.
and
2) use my checking account free automatic bill payment to make a second
small payment twice a month or even weekly so the monthly minimum payment
can never be late (and my bank actually claims to cover late fees and extra
interest if they foul up and don't make a payment when they said they
would)...
On Nov 26, 2007 4:10 PM, Ryan Wright
> Dorn,
>
>
> > My favorite form of financing is the periodic credit card deals of 0%
> for a
> > year or so on balance transfers. If the fee has a cap, which they always
> > did until lately and some do still, I just take the money and put it in
> my
> > savings account at 4.75%
$90 to borrow $19,000 for 12 months and earn> > almost $1000 in interest... Who would turn that down?
>
> That all works great until the credit card company "forgets" to apply
> your payment. I used to play similar games - until Citibank
> conveniently botched a payment I made. They raised my interest rate
> from 0% to 36%, tacked on a couple hundred bucks in fees and over
> $1,500 in interest charges by the time we got it resolved - and the
> whole situation was their fault, not mine.
>
> It took dozens of phone calls, complaints to the BBB and state
> attorney generals - countless hours of my time - to resolve. I did get
> all of the bogus charges and fees credited back and my interest rate
> reset properly, but the hassle was not worth the money.
>
> As it turns out, this is a relatively common practice amongst credit
> card issuers. Now I avoid these people like the plague. I also get a
> nice little discount when I pay cash for my coach fuel instead of
> whipping out the plastic.
>
> -Ryan
>
>
[Non-text portions of this message have been removed]
Want to buy Bluebird - Dorn Hetzel - 11-26-2007 09:39
Oh, on the gas discount, I use a card that gives 3% off all gas-station
purchases up to $500 a month, and that's all I use that card for and I pay
it off each month. Most places don't give 9c a gallon off for cash, at
least not around here
On Nov 26, 2007 4:10 PM, Ryan Wright
> Dorn,
>
>
> > My favorite form of financing is the periodic credit card deals of 0%
> for a
> > year or so on balance transfers. If the fee has a cap, which they always
> > did until lately and some do still, I just take the money and put it in
> my
> > savings account at 4.75%
$90 to borrow $19,000 for 12 months and earn> > almost $1000 in interest... Who would turn that down?
>
> That all works great until the credit card company "forgets" to apply
> your payment. I used to play similar games - until Citibank
> conveniently botched a payment I made. They raised my interest rate
> from 0% to 36%, tacked on a couple hundred bucks in fees and over
> $1,500 in interest charges by the time we got it resolved - and the
> whole situation was their fault, not mine.
>
> It took dozens of phone calls, complaints to the BBB and state
> attorney generals - countless hours of my time - to resolve. I did get
> all of the bogus charges and fees credited back and my interest rate
> reset properly, but the hassle was not worth the money.
>
> As it turns out, this is a relatively common practice amongst credit
> card issuers. Now I avoid these people like the plague. I also get a
> nice little discount when I pay cash for my coach fuel instead of
> whipping out the plastic.
>
> -Ryan
>
>
[Non-text portions of this message have been removed]
Want to buy Bluebird - bubblerboy64 - 11-26-2007 10:07
Dorn, Sounds like you are doing pretty well. I liked the MF RV. I
think I know what MF stands for :-). How did you find driving it as
per keeping it going straight down the road? It took me about a 1000
miles to get reasonably comfortable with that. It seemed to me that
sitting forward of the steer wheels really affected the correction of
the steering. Changing fluids and filters is always a good idea. I
about pooped my pants when they told me the thing took 21 quarts of
oil. I have not serviced the transmission but that will be done
soon. These ole girls take big drinks of oil, gas and antifreeze not
to mention diesel fuel. I try to keep the fuel tank topped off so it
doesn't seem so bad. I will have to look into a gas only card. You
are correct if you can save 3% that is getting to be significant. The
fellow that had mine previously said the third owner spent $1000
installing remote mirrors. They are nice. Yep keep the wife happy.
Has she driven it? My wife will not touch the driving of the Big
Napper and to tell you the truth I don't think I would be a very good
passenger. Dale, the fellow that owned my BB before me owned her for
nine years. He said that the first time the wife drove the BB the
younger son wanted to ride along but apparently lacked some
confidence in the mothers driving skills. His solution was to dawn
his bicycle helmet and climb into the one closet. This really
tickled my funny bone. I will think of that story most every time I
take her out.
John Heckman
central Pa
1973 FC "The Big Napper"
>
> Oh, on the gas discount, I use a card that gives 3% off all gas-
station
> purchases up to $500 a month, and that's all I use that card for
and I pay
> it off each month. Most places don't give 9c a gallon off for
cash, at
> least not around here
>
> On Nov 26, 2007 4:10 PM, Ryan Wright
>
> > Dorn,
> >
> >
> > > My favorite form of financing is the periodic credit card deals
of 0%
> > for a
> > > year or so on balance transfers. If the fee has a cap, which
they always
> > > did until lately and some do still, I just take the money and
put it in
> > my
> > > savings account at 4.75%
$90 to borrow $19,000 for 12 monthsand earn
> > > almost $1000 in interest... Who would turn that down?
> >
> > That all works great until the credit card company "forgets" to
apply
> > your payment. I used to play similar games - until Citibank
> > conveniently botched a payment I made. They raised my interest
rate
> > from 0% to 36%, tacked on a couple hundred bucks in fees and over
> > $1,500 in interest charges by the time we got it resolved - and
the
> > whole situation was their fault, not mine.
> >
> > It took dozens of phone calls, complaints to the BBB and state
> > attorney generals - countless hours of my time - to resolve. I
did get
> > all of the bogus charges and fees credited back and my interest
rate
> > reset properly, but the hassle was not worth the money.
> >
> > As it turns out, this is a relatively common practice amongst
credit
> > card issuers. Now I avoid these people like the plague. I also
get a
> > nice little discount when I pay cash for my coach fuel instead of
> > whipping out the plastic.
> >
> > -Ryan
> >
> >
>
>
> [Non-text portions of this message have been removed]
>
Want to buy Bluebird - Don Bradner - 11-26-2007 10:15
This discussion has wandered rather far from RVing except perhaps this one.
With the large capacity of my bird, I only buy at Flying J, and using their
website I pick the best Flying J - often bypass a couple to get to the one with
the best price. I use a Mastercard that gives cash back, AND get the cash
discount price, AND get 1c per gallon off besides. That makes it definitely a
better deal than cash. Even with a safe I'm not interested in carrying the
thousand$ necessary to pay just for fuel on a long trip.
On 11/26/2007 at 1:10 PM Ryan Wright wrote:
> I also get a
>nice little discount when I pay cash for my coach fuel instead of
>whipping out the plastic.
Want to buy Bluebird - Dorn Hetzel - 11-26-2007 10:46
It stayed straight without too much trouble, but then again last year I took
a truck driving class at the local technical school. Everything they had us
practicing in had 750K miles or more on it and steered like a barge being
pushed by a sailboat
And a 53ft single trailer or two 20ft trailers My wife has driven our crew cab F350 pulling a 28ft/102inch 5th wheel or a
30ft horse trailer without too much trouble. Mostly I think I'll let her
drive interstate highway stretches in low to medium traffic until she gets
used to it. I don't know if we'll spend the money on power mirrors but I do
get her point about bigger ones with the fish-eye sections to help eliminate
blind-spots...
I have a whole mini-fleet of diesel vehicles at this point (the Bird, an
F350, two diesel VW Jetta's, a tractor and an excavator) so I think I'm
going to start buying synthetic diesel by the drum
My 12 yr old son who is home schooled rode along the 60 miles to the shop
this morning and slept all but the first and last 2 miles
He justclimbed in, lay down on the couch, and fell right asleep
Regards,
Dorn Hetzel
77FC35
Hogansville, GA
On Nov 26, 2007 5:07 PM, bubblerboy64
>
> Dorn, Sounds like you are doing pretty well. I liked the MF RV. I
> think I know what MF stands for :-). How did you find driving it as
> per keeping it going straight down the road? It took me about a 1000
> miles to get reasonably comfortable with that. It seemed to me that
> sitting forward of the steer wheels really affected the correction of
> the steering. Changing fluids and filters is always a good idea. I
> about pooped my pants when they told me the thing took 21 quarts of
> oil. I have not serviced the transmission but that will be done
> soon. These ole girls take big drinks of oil, gas and antifreeze not
> to mention diesel fuel. I try to keep the fuel tank topped off so it
> doesn't seem so bad. I will have to look into a gas only card. You
> are correct if you can save 3% that is getting to be significant. The
> fellow that had mine previously said the third owner spent $1000
> installing remote mirrors. They are nice. Yep keep the wife happy.
> Has she driven it? My wife will not touch the driving of the Big
> Napper and to tell you the truth I don't think I would be a very good
> passenger. Dale, the fellow that owned my BB before me owned her for
> nine years. He said that the first time the wife drove the BB the
> younger son wanted to ride along but apparently lacked some
> confidence in the mothers driving skills. His solution was to dawn
> his bicycle helmet and climb into the one closet. This really
> tickled my funny bone. I will think of that story most every time I
> take her out.
>
> John Heckman
> central Pa
> 1973 FC "The Big Napper"
>
>
> >
> > Oh, on the gas discount, I use a card that gives 3% off all gas-
> station
> > purchases up to $500 a month, and that's all I use that card for
> and I pay
> > it off each month. Most places don't give 9c a gallon off for
> cash, at
> > least not around here
> >
> > On Nov 26, 2007 4:10 PM, Ryan Wright
> >
> > > Dorn,
> > >
> > >
> > > > My favorite form of financing is the periodic credit card deals
> of 0%
> > > for a
> > > > year or so on balance transfers. If the fee has a cap, which
> they always
> > > > did until lately and some do still, I just take the money and
> put it in
> > > my
> > > > savings account at 4.75%
$90 to borrow $19,000 for 12 months> and earn
> > > > almost $1000 in interest... Who would turn that down?
> > >
> > > That all works great until the credit card company "forgets" to
> apply
> > > your payment. I used to play similar games - until Citibank
> > > conveniently botched a payment I made. They raised my interest
> rate
> > > from 0% to 36%, tacked on a couple hundred bucks in fees and over
> > > $1,500 in interest charges by the time we got it resolved - and
> the
> > > whole situation was their fault, not mine.
> > >
> > > It took dozens of phone calls, complaints to the BBB and state
> > > attorney generals - countless hours of my time - to resolve. I
> did get
> > > all of the bogus charges and fees credited back and my interest
> rate
> > > reset properly, but the hassle was not worth the money.
> > >
> > > As it turns out, this is a relatively common practice amongst
> credit
> > > card issuers. Now I avoid these people like the plague. I also
> get a
> > > nice little discount when I pay cash for my coach fuel instead of
> > > whipping out the plastic.
> > >
> > > -Ryan
> > >
> > >
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
>
>
[Non-text portions of this message have been removed]
Want to buy Bluebird - Dorn Hetzel - 11-26-2007 10:52
Yep
I have a big diesel tank at the farm/campground that I haul to the wholesale
terminal every so often and fill up. Amazingly they take plastic and it
counts as a "gas station" for the rebate. I use on-road diesel in it so I
can fill everything from it since I burn more on-road than off... I
normally buy B100 in the summer but I guess I'll have to redo fuel lines on
the bird before it can burn that... Ever since all the fast-food places
started taking plastic I hardly ever carry more than $100 in cash. I've got
a different mastercard that gives a 1.4% rebate on everything with no limit
that we use for almost every household expense and pay off each month, the
1.4% doesn't sound like a whole lot, but applied to about 80% of our annual
spending it really adds up... The 1.4% is sustainable for them because it's
less than they get from the merchant in transaction fees, so it's really
like just getting that discount from the merchant
On Nov 26, 2007 5:15 PM, Don Bradner
> This discussion has wandered rather far from RVing except perhaps this
> one.
>
> With the large capacity of my bird, I only buy at Flying J, and using
> their website I pick the best Flying J - often bypass a couple to get to the
> one with the best price. I use a Mastercard that gives cash back, AND get
> the cash discount price, AND get 1c per gallon off besides. That makes it
> definitely a better deal than cash. Even with a safe I'm not interested in
> carrying the thousand$ necessary to pay just for fuel on a long trip.
>
>
> On 11/26/2007 at 1:10 PM Ryan Wright wrote:
>
> > I also get a
> >nice little discount when I pay cash for my coach fuel instead of
> >whipping out the plastic.
>
>
>
[Non-text portions of this message have been removed]
Want to buy Bluebird - Leroy Eckert - 11-26-2007 10:58
Hey Greg:
The best way is to pull equity out of your home, all of it, buy a fancy BB, give
the warranty deed to the bank and hit the road. lol. That eliminates all monthly
payments and ya don't need a job. Don't worry about credit because there will
not be any. Hope you folks are doing well. Leroy
Jon
WanderlodgeForum@yahoogroups.com, "Gregory OConnor"
>
> If you want it , buy it. If you cant afford it, borrow it.
>
> I understood 'Good reasons to finance stories' were justifications
> for making a financed purchase. A reflective look at my position
> reveal that my "financing is for idiodt theories" ARE healing
> justifications wence turned down for a loan.
>
>
>
> GregoryO'Connor
> 94ptRomolandCa
> "Motorhomes with slides are for idiots"
>
>
> --- In WanderlodgeForum@yahoogroups.com, "Ryan Wright"
>
> >
> > On Nov 23, 2007 1:35 PM, martingregg598
> > >
> > > Financing may be the way to go. Let's say that you are going to
> buy a
> > > $100,000 plus BB. If you get a 20 year note at 6% interest for
> 100g,
> > > the unit qualifies as a second home and you can deduct the
> interest,
> > > and you leave your 100g properly invested returning an average
> of say
> > > 10 %, you are making a 4%- plus gain every year on your 100g
> > > (depending on your specific tax situation).
> >
> > Sort of, not exactly. You need to take money out of that $100g
every
> > month to make the payments on the coach, so you're going to slowly
> > dwindle it down, reducing your return. Unless you make the
payments
> > out of your income, in which case I don't think you'll be all that
> > well off. Follow me here:
> >
> > In your example the payment would be $716.43 per month. If you
take
> > that same money and invest it at 10% over 20 years instead of
paying
> > it to the bank, compounded monthly you'd have almost $550k.
> >
> > On the other hand, if you leave your $100k in the bank for 20
years
> > and don't pay any extra into it because you're making payments on
> the
> > coach, at the end of the 20 years you'd have about $730k.
> >
> > Now 730 - 550 = $180k. Interestingly enough, at the end of the 20
> > years you'll have sent about $172k to the bank to pay for your
$100k
> > coach. Which leaves you only $8,000 ahead by financing it and
> keeping
> > your money in the bank.
> >
> > Let's look at the risk you get for your $8,000: You risk an income
> > crisis and not having the ability to repay your loan. If the
market
> > happens to be down about the same time, which is often the case in
> > financial hardships (Murphy's Law), you risk losing your
portfolio
> as
> > you yank everything out in a down market to get the creditors off
> your
> > back. You risk huge spikes in interest rates and fees should you
> miss
> > a payment by accident.
> >
> > Is it worth it? Not to me. Assuming you have the discipline to
> > re-invest the money you would have otherwise sent to the bank, I'm
> > paying cash for the coach and rebuilding my portfolio out of my
> > income.
> >
> > Now, if you're actually able to itemize the interest out on your
> > taxes, you might -- MIGHT -- be able to recover enough to make it
> > worth the effort. Typically, though, that isn't the case. The
> standard
> > deduction will typically be higher than the interest on the coach
so
> > unless you have other major things to itemize, you're no money
ahead
> > with the tax man.
> >
> > In my experience, financing for the interest or tax savings is
> usually
> > a negative to zero sum game, or otherwise close enough as to make
it
> > not worth the risk and/or the hassle.
> >
> > -Ryan
> >
>
I guess I'm from the old school of financing and that is pay for it
with cash!!! I really believe that is what is wrong with America
economy today and that is everything is on time payments. What
happen to the days that when you bought something and you paid for it
or you did not get it? Oh well if a person wants to pay 10 percent
interest on anything than go for it but for me its cash only and save
paying the interest. Product of the depression with a depression
attitude! Jon
Jon
Rebel Bird
Leroy Eckert
1990 WB-40 "Smoke N Mirrors"
Dahlonega, GA
---------------------------------
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