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poll: who owns your car? you? or the bank?
danny_galaga:
i was actually thinking about this the other day and one of the threads in p N p reminded me. i see a lot of BMWs on the road for some reason, and i was idly wondering how many are actually owned by the driver. not many i bet
ive never gotten a loan for a car. even the one new car i owned was paid in cash. im just curious to see what the proportions are. its really simple, either you bought it outright, or you got a loan (doesnt matter if its paid off or you are still paying it off, the bank was involved) or you have a company car only. i can tell someone is going to say "i have a company car, but i have a loan for my own car as well". well, you have a loan. click option 2! if you're confused, dont vote ;)
shardian:
Every car I've owned I've paid in cash, except for the Ford Escape. I finally broke down and bought a newer vehicle for my family last May, and got a small loan. I didn't have to, but I would prefer to keep money in the bank than be broke and need it. I paid half down, and got a loan for the other half. Besides, then interest I collect on the money pretty much cancels out the simple interest of the loan.
So to answer your question, me and the Credit union are in halfsies. ;D
Jdurg:
I own my car outright, although I initially did get a 0.00% financing plan for it. It was the fall of 2003 and I bought my Honda Civic and put a pretty good downpayment on it. The dealership had a financing plan that for the first five years of the ten year loan the interest rate on the loan would be fixed at zero percent. Then it would go up or something after five years. It was a great deal so I took it.
The monthly payments were only around $200 so I would routinely pay double that since I could afford it at the time and wanted to pay off the loan. Finally, thanks to a good week playing poker at the casino, I had enough money to pay off the loan completely. I did that and now have the title to the car in my possession with the loan paid off MANY years earlier than expected. I didn't pay one cent in interest which was very nice, and there were no early pay-off fees. All in all, it was a great deal. ;D
Zero_Hour:
You forgot the Lease option, which always struck me as an odd way to obtain a vehicle, but obviously it appeals to someone.
ChadTower:
I own my car, did have a loan on it that has been paid off for a couple of years. My wife's car is owned by the bank and is about half paid off.
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