Must RANT!!!!!
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Road Master
Joined: Apr 2007
Posts: 806
Likes: 1
From: Upstate NY
RE: Must RANT!!!!!
ORIGINAL: Wecroft
Hey, we're not judging. We simply use the art of decuction. I figure there really aren't that many positions at a bank. Your obvious lack of knowlege in the field of loans and payments left out the positions of loan officer and branch manager since in most cases you would be required to know this stuff. That only left the positions of Teller and Janitor. I gave you the benefit of doubt.
P.S.
You can't "write off" the interest as as said. The interest on a vehicle loan is only deductible if:
#1 the vehicle is use strictly for business
or
#2 the vehicle or vessel is equiped with: sleeping quarters, a toilet and a stove. Then it falls under the title "Mortgage Interest". (I want to see the bike when it meets those requirements.
A bank manager should know this stuff. And yes, some of my best friends are Tellers.
Hey, we're not judging. We simply use the art of decuction. I figure there really aren't that many positions at a bank. Your obvious lack of knowlege in the field of loans and payments left out the positions of loan officer and branch manager since in most cases you would be required to know this stuff. That only left the positions of Teller and Janitor. I gave you the benefit of doubt.
P.S.
You can't "write off" the interest as as said. The interest on a vehicle loan is only deductible if:
#1 the vehicle is use strictly for business
or
#2 the vehicle or vessel is equiped with: sleeping quarters, a toilet and a stove. Then it falls under the title "Mortgage Interest". (I want to see the bike when it meets those requirements.
A bank manager should know this stuff. And yes, some of my best friends are Tellers.
Cruiser
Joined: Aug 2005
Posts: 120
Likes: 0
From:
RE: Must RANT!!!!!
I'm one of those "only pay cash for toys" guys too, but it's more for my own piece of mind. I prefer having things paid for. That extends to my cars as well. Since there is essentially nothing that my $20,000 car does that a $2,000 car wouldn't, the extra $18,000 falls into the "toy" category.
My only debt is my mortgage. Andhaving a loan on myhome to finance the purchase of a "toy" would make me nuts. The money that I "loose" on interest that I could be earningthrough investments is offset by not worrying about making payments etc.
No bike loans for me, but I guess I can understand folks choosing to go that way.
My only debt is my mortgage. Andhaving a loan on myhome to finance the purchase of a "toy" would make me nuts. The money that I "loose" on interest that I could be earningthrough investments is offset by not worrying about making payments etc.
No bike loans for me, but I guess I can understand folks choosing to go that way.
Road Master
Joined: Feb 2007
Posts: 1,205
Likes: 0
From: Arizona
RE: Must RANT!!!!!
Ron, I can understand your frustration. Normally a bank or CC would reward you for making a direct payment. That's unbelievable that they charge so much.
I have used online banking for years. I just set up my payment and it goes out like clockwork, I never have to think about it.
I have used online banking for years. I just set up my payment and it goes out like clockwork, I never have to think about it.
Outstanding HDF Member
Joined: Jul 2007
Posts: 2,004
Likes: 12
From: Parkton, Maryland
RE: Must RANT!!!!!
Well, there you go again. Check with a tax expert, only the portion of a home equity loan used for the improvment of your home is deductible. Money used for such things ascars and vacations are not.
Tourer
Joined: Oct 2007
Posts: 472
Likes: 0
From: Niagara Frontier, NY
RE: Must RANT!!!!!
[/quote]
Let me make it simple for ya... if my money is in the bank making twice as much interest as I can borrow it for, why would I use my money??? It is cheaper, (well was) to use HD's money and pay them the couple of points interest then for me to use my money making 5.5% sitting where it is...
Math gentleman, math...
[/quote]
Dude, where are receiving 5.5%? I'm not calling you out on your rate, I am interested in an account that pays 5.5%. Is it an online savingsaccount, CDor a bond & money marketmix? PM me if don't want to reply on the forum.
-Bill-
Let me make it simple for ya... if my money is in the bank making twice as much interest as I can borrow it for, why would I use my money??? It is cheaper, (well was) to use HD's money and pay them the couple of points interest then for me to use my money making 5.5% sitting where it is...
Math gentleman, math...
[/quote]
Dude, where are receiving 5.5%? I'm not calling you out on your rate, I am interested in an account that pays 5.5%. Is it an online savingsaccount, CDor a bond & money marketmix? PM me if don't want to reply on the forum.
-Bill-
Road Master
Joined: Jul 2007
Posts: 965
Likes: 1
From: Shreveport,La.
RE: Must RANT!!!!!
ORIGINAL: Wecroft
I'd find a new financial adviser! If the bike cost you $16 K and you finance then your still going to take $16K out ofyour account, only slower and with interest. You're not "netting" anything. The fact that you are "spending" only reduces what you would have made had you not made the purchase.
Wait until you see the tax load on the unused vacation. I cashed 180 days as a Fire Capt.
ORIGINAL: capt775
I don't know if you can call it making money by borrowing money or not, but I talked to my Financial Advisor guy when I bought my bike. I had the money in my savings to pay for it. He said, "Na, Na". Finance the bike at 1.9, your money's making 4.5 where it is, you'll still be netting 2.6, if you pay cash, your money's gone and not making anything, plus the bike's depreciating.
I'm gonna get paid for unused vacation when I retire next year, about 16k, I was gonna pay it off then. He said, "Na, Na", (figuratively slapping the back of my head), put that money in your investment account (last quarter drawing 10%), and keep paying the note.
I ain't no Warren Buffet, but he made it make sense to me, I, and he, may be wrong.
Oh, yeah, to the topic, I get my bill on about the 15th, due on the 1rst. I put it in the mail 1 or 2 days later and have never had a problem. I guess I'm lucky. I got one of those "secret bank accounts" too. Not really secret, just my side buisness account, she ain't got a clue how much is in it, but she usually just says, "baby I want", and baby goes gets, usually.
I don't know if you can call it making money by borrowing money or not, but I talked to my Financial Advisor guy when I bought my bike. I had the money in my savings to pay for it. He said, "Na, Na". Finance the bike at 1.9, your money's making 4.5 where it is, you'll still be netting 2.6, if you pay cash, your money's gone and not making anything, plus the bike's depreciating.
I'm gonna get paid for unused vacation when I retire next year, about 16k, I was gonna pay it off then. He said, "Na, Na", (figuratively slapping the back of my head), put that money in your investment account (last quarter drawing 10%), and keep paying the note.
I ain't no Warren Buffet, but he made it make sense to me, I, and he, may be wrong.
Oh, yeah, to the topic, I get my bill on about the 15th, due on the 1rst. I put it in the mail 1 or 2 days later and have never had a problem. I guess I'm lucky. I got one of those "secret bank accounts" too. Not really secret, just my side buisness account, she ain't got a clue how much is in it, but she usually just says, "baby I want", and baby goes gets, usually.
Wait until you see the tax load on the unused vacation. I cashed 180 days as a Fire Capt.
As far as the tax hit on the vac funds, that amount is after 25% tax is deducted. When I got my statment, I automatically sub'd the tax, it's gone anyway unless my CPA can get some back. Everybody's deal is different anyway, mine works for me, and I'm riding. This thing is a toy anyway, not an investment. Just to add, this is getting like a two Chief drill. You know what I mean, one Capt. to another.
Road Warrior
Joined: Nov 2007
Posts: 1,940
Likes: 296
From: Wyoming
RE: Must RANT!!!!!
Confuscius say:
"Arrogance inversely proportional to manhood size". For those who want to slam a guy for making payments on his ride. It's not how you get there, only that you do.
"Arrogance inversely proportional to manhood size". For those who want to slam a guy for making payments on his ride. It's not how you get there, only that you do.
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5th Gear
Joined: Sep 2006
Posts: 9
Likes: 0
RE: Must RANT!!!!!
ORIGINAL: Dennydp
I made payments to a savings account untill I had the cash to buy my Ultra.Loved that ot.
I made payments to a savings account untill I had the cash to buy my Ultra.Loved that ot.
Road Master
Joined: Jul 2007
Posts: 965
Likes: 1
From: Shreveport,La.
RE: Must RANT!!!!!
ORIGINAL: Wecroft
Yep! It's almost like those station house discussions.
Yep! It's almost like those station house discussions.