WDC's Practical Car Perseveration

[wdc330i]

Originally Posted by ZBB

That might just be the winner...

Alas. Sold.

Saved from a black car.

[Josh (PA)]

why not a CPO x3?
https://www.autotrader.com/cars-for-...ckType=listing

[wdc330i]

Originally Posted by Josh (PA)

why not a CPO x3?
https://www.autotrader.com/cars-for-...ckType=listing

Definitely on the list.

[SARAFIL]

Originally Posted by Josh (PA)

why not a CPO x3?
https://www.autotrader.com/cars-for-...ckType=listing

Why pay $50k for a used one when you can get a new one for around same price? I was curious about this too and even the cheapest CPO 2018 I could find was over $40k. With a good discount and rebates a new M40 can be had in low/mid-50’s depending on option level. When you’re talking $5-10k delta for new vs. 2-3 year old used it seems like a no brainer to go new.

[wdc330i]

Originally Posted by SARAFIL

Why pay $50k for a used one when you can get a new one for around same price? I was curious about this too and even the cheapest CPO 2018 I could find was over $40k. With a good discount and rebates a new M40 can be had in low/mid-50’s depending on option level. When you’re talking $5-10k delta for new vs. 2-3 year old used it seems like a no brainer to go new.

The rebates are geared to financing right now (through Nov. 30). But possibly December will offer cash? On top of that, my dealer is offering about 10% off. But, whoa, those stupid doc fees have gotten out of control.

Edit: I do still have the CCA rebate. USAA has ceased theirs, alas.

[SARAFIL]

Originally Posted by wdc330i

The rebates are geared to financing right now (through Nov. 30). But possibly December will offer cash? On top of that, my dealer is offering about 10% off. But, whoa, those stupid doc fees have gotten out of control.

Edit: I do still have the CCA rebate. USAA has ceased theirs, alas.

Any reason you wouldn’t be willing to finance some part of it, even if only briefly? You could finance $10k just to get the credit and then pay it off whenever you want. Dealer might ask you to keep the loan for 90 days but even if you don’t do that, there really is no penalty to you.

[wdc330i]

Originally Posted by SARAFIL

Any reason you wouldn’t be willing to finance some part of it, even if only briefly? You could finance $10k just to get the credit and then pay it off whenever you want. Dealer might ask you to keep the loan for 90 days but even if you don’t do that, there really is no penalty to you.

Interesting idea. But I am actively looking for a house, with a letter in hand from my lender. Not sure how that would look, or do to my rate? Seems risky...

[SARAFIL]

Originally Posted by wdc330i

Interesting idea. But I am actively looking for a house, with a letter in hand from my lender. Not sure how that would look, or do to my rate? Seems risky...

Not sure what your house search looks like but if you think you have a decent shot of finding a house you’d like in the next month or two, I’d probably just wait for that process to happen.

Re: loan approval impacts, I agree it’s better to avoid curveball w/ new inquiry for a car loan, but also guessing a $60k or even $30k cash purchase at this point would raise some eyebrows too. I think you’d want to disclose either one to your lender at this point. 😁 Payment on a $10k loan will be tiny so unlikely to distort any debt ratios, and therefore not sure a $10k loan and rest in cash vs. paying full balance in cash would be materially different in eyes of the mortgage underwriter.

[wdc330i]

Originally Posted by SARAFIL

Not sure what your house search looks like but if you think you have a decent shot of finding a house you’d like in the next month or two, I’d probably just wait for that process to happen.

Re: loan approval impacts, I agree it’s better to avoid curveball w/ new inquiry for a car loan, but also guessing a $60k or even $30k cash purchase at this point would raise some eyebrows too. I think you’d want to disclose either one to your lender at this point. 😁 Payment on a $10k loan will be tiny so unlikely to distort any debt ratios, and therefore not sure a $10k loan and rest in cash vs. paying full balance in cash would be materially different in eyes of the mortgage underwriter.

I did not include a particular bank account in my pre-approval process, from which I could buy a car. Of course, it would turn up in underwriting, but was not part of the original OK...So, who knows? But yes, wise thing is to close on a house and then buy the car. Then I am free to do whatever makes the best sense financially. But, also hard to move houses with just a convertible! (Although, I guess there are rentals...)

[ZBB]

We ended up paying cash for the Model Y less than 30 days before closing on the TX house...

We mentioned it to the mortgage guy just before the purchase, and the cash was already out by the time underwriting took place. Didn’t get any other questions...