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-   -   Finance Rates (https://rennlist.com/forums/997-forum/1128582-finance-rates.html)

ryangambrill 02-10-2019 04:26 PM

Finance Rates
 
Awaiting PPI. Starting to research finance rates/terms.

Good Credit here @ 825+

Short List of places I plan on checking out:
- PenFed.org
- Lightstream
- nihfcu.org
- ffcommunity.com

Astraelraen 02-10-2019 04:49 PM

Lightstream is easiest and you will have no lien on the title. They wire the money to you next day, you cut a check

drivrswntd 02-10-2019 05:26 PM

+1 for Lightstream. Used them for my 06 and it couldnít have been easier.

Skwerl 02-10-2019 06:06 PM

I used DCU and got 1.something for 60 months.

ryangambrill 02-10-2019 06:07 PM


Originally Posted by Skwerl (Post 15629528)
I used DCU and got 1.something for 60 months.

What is DCU?

Skwerl 02-10-2019 06:10 PM

I believe they're formerly known as Digital Credit Union. Based in Massachusetts.

http://www.dcu.org

ryangambrill 02-10-2019 06:12 PM


Originally Posted by Skwerl (Post 15629528)
I used DCU and got 1.something for 60 months.

I am looking at their rates. 4.25 - 6.75 depending on term.

When did did you get 1.something?

Skwerl 02-10-2019 06:18 PM

That was in 2016. I want to say it's 1.69 but I'd have to look. It's possible they've gone up since then.

Edit: Yeah, I just looked and see that their rates seem to have gone way up. Guess I had good timing.

shyamvenky 02-10-2019 06:27 PM

+1 for PenFed - I purchased my current 997 using them early last year. Rates were around 2% I think.
I've used DCU as well before - very smooth to deal with.
I just checked PenFed's rates => things have gone way up in the last year!

prairiedawg 02-10-2019 06:28 PM

Great lakes Credit Union 3.49-3.99% with excellent credit.

doclouie 02-10-2019 08:39 PM

Another one for Pen Fed. Their rate last year was over 1% lower than light stream. Process was simple and easy. Had the money in 3 days if I remember correctly. This is with an 800+ credit score. I will definitely go there again as it did not make sense to use my cash when theirs only cost me like 3.5%. My cash brings me in a lot more than that.

Chris M. 02-10-2019 10:41 PM


Originally Posted by ryangambrill (Post 15629319)
Awaiting PPI. Starting to research finance rates/terms.

Good Credit here @ 825+

Short List of places I plan on checking out:
- PenFed.org
- Lightstream
- nihfcu.org
- ffcommunity.com

What rates are you seeing?

minthral 02-10-2019 10:44 PM

Really doubt you can get better than 4% today. I got 3% june 2018.

Redhot2474 02-10-2019 10:48 PM

Lightstream
 
Lightstream is fantastic , itís a division of suntrust bank - all rates are high right now...

Fined 02-11-2019 08:57 AM

+1 for Penfed, I've had several cars with them
+1 for Lightstream. Recently moved one car over to them at about 3.9%.. painless, money in my account the next day. they weren't interested in any details about the car at all.



I'd avoid DCU though. I've had a couple of cars with them. It's no problem if you don't need anything, but if you end up needing to call then be prepared to wait for hours, and the service is pretty far from that you'll get at Penfed.

himself 02-11-2019 09:41 AM


Originally Posted by ryangambrill (Post 15629319)
Awaiting PPI. Starting to research finance rates/terms.

Good Credit here @ 825+

Short List of places I plan on checking out:
- PenFed.org
- Lightstream
- nihfcu.org
- ffcommunity.com

I think rates are hovering around 3-4% now for great credit. Might get better, but I haven't seen anything in the 1's. I just did some research and ended up with USAA.

-td

dgjks6 02-11-2019 10:02 AM

3.99
0 down
60 months
Credit score above 800
Huntington

cwheeler 02-11-2019 10:54 AM

At my local credit union I got a little over 3% with 50% cash down and a credit score of 840 and 60 month term.

They would have given me the same rate with 0 down.

Cw

Balr14 02-11-2019 12:12 PM

I am getting the impression most of you don't consider paying cash a good idea?

dgjks6 02-11-2019 12:51 PM

Cash? For a depreciating asset?

doclouie 02-11-2019 12:53 PM


Originally Posted by Balr14 (Post 15631076)
I am getting the impression most of you don't consider paying cash a good idea?

It is all about managing my money. Like most people I could have paid cash for my 997.2, even when it was brand new, but with the current investments I have that money tied to it makes zero sense. A $50k car at 3.5% interest is a great idea currently, because that same $50k I could have taken out of those investments to pay for the car returned me 18% last year and over 30% the year before. Now if my cash was not giving me that high rate of return I would gladly pay cash.

If your loan rate is 4% and your investment of that same money is 4% then it does not matter which way you go. If you make 10% on that money though you keep it where it is at and back the other 6% while paying your 4% interest. Money in the past few years has been cheap. I am afraid those days are over though at least until the economy takes another hit.

V999 02-11-2019 01:20 PM

Picked up a p-car on Saturday. My dealership's finance guy thought he could get me 3.5%. But my personal cut-off for cash vs. finance was 2.9%. If he could've done that, I would've financed at least some portion of it.

V999 02-11-2019 01:22 PM


Originally Posted by dgjks6 (Post 15631166)
Cash? For a depreciating asset?

I'm no kind of finance or tax expert, so perhaps this is an opportunity for me to learn something. Why does it matter that the car is a depreciating asset?

sober_owl 02-11-2019 01:37 PM

has anyone refinaced with lightstream? to get a lower rate with them vs the other guy? how does that work?

Balr14 02-11-2019 01:51 PM


Originally Posted by doclouie (Post 15631169)


It is all about managing my money. Like most people I could have paid cash for my 997.2, even when it was brand new, but with the current investments I have that money tied to it makes zero sense. A $50k car at 3.5% interest is a great idea currently, because that same $50k I could have taken out of those investments to pay for the car returned me 18% last year and over 30% the year before. Now if my cash was not giving me that high rate of return I would gladly pay cash.

If your loan rate is 4% and your investment of that same money is 4% then it does not matter which way you go. If you make 10% on that money though you keep it where it is at and back the other 6% while paying your 4% interest. Money in the past few years has been cheap. I am afraid those days are over though at least until the economy takes another hit.

What you say makes a lot of sense, but I lack your confidence in investments, or have the wrong ones. I still haven't recovered from the losses I took in 2008 - 2009.

rjaudi 02-11-2019 02:03 PM

Look at all the credit unions available to you in your local area. I know mine is an anomaly, but I get 1.99% (I just checked it and this is current) for 7 years on any age car.

dgjks6 02-11-2019 02:09 PM


Originally Posted by V999 (Post 15631239)
I'm no kind of finance or tax expert, so perhaps this is an opportunity for me to learn something. Why does it matter that the car is a depreciating asset?

Same as doclouie said. You want you cash working for you. Not against you. W

ex year one I invest the 55,000, I make 10% - I get $5500, less every year after that because you wonít have the whole $55000
if I finance the entire amount I only pay about $6500 in interest over 5 years -

so so at the end of 5 years Iím still way ahead

its actually more complicated than that because you have to pay taxes on the gains

and it can be dangerous because you can end up upside down if you have to sell the car in the short term so I would not do it if I could not pay off the loan or I was only planning on keeping the car short term

cwheeler 02-11-2019 07:37 PM


Originally Posted by Balr14
I am getting the impression most of you don't consider paying cash a good idea?

I def think it's the best idea, but I'm doing some large house reno and need cash for that as well. And I'm OCD when it comes to keeping a certain amount of cash in the bank.

Cw

doclouie 02-11-2019 10:48 PM


Originally Posted by Balr14 (Post 15631312)
What you say makes a lot of sense, but I lack your confidence in investments, or have the wrong ones. I still haven't recovered from the losses I took in 2008 - 2009.

2008-2009 was a hard year for sure, but the last 3-4 years have been wonderful. I have been blessed far more than I should have been and I am only in my 40ís. I am a real buy and hold guy who is more risk adverse than most, but I take my investments seriously. That being said I only look at them a few times a year. Remember when it comes to investments the only thing you can really control is how much you will pay in fees and never invest what you cannot lose. I love index funds of all sorts.

workhurts 02-11-2019 11:35 PM

Doc. What paid 18% last year? The market was mostly flat. Real estate cap rates over 10% aren't easy to get and with higher returns risk goes up significantly so am curious what kind of asset did 18% in 2018.

Big Swole 02-12-2019 12:31 AM

Got 4.05% for 63 mos. at my CU (LGE). They'd only finance 80% of the value of a 2012 though. No probs.

Had a LightStream loan prior to that. Very easy but higher rate for the 84 mo. term I got originally. Hence the refi with LGE.

o'bluetouring 02-12-2019 02:36 AM

Not a CU but we got 3.94% for 72mo from Bank of America last month when we purchased our car.

ryangambrill 02-12-2019 08:29 AM


Originally Posted by Big Swole (Post 15632850)
Got 4.05% for 63 mos. at my CU (LGE). They'd only finance 80% of the value of a 2012 though. No probs.

Had a LightStream loan prior to that. Very easy but higher rate for the 84 mo. term I got originally. Hence the refi with LGE.

Rates have definitely increased. Pulled this from LGE Website:2012 model year (purchases and refinances)4up to 48 Mo.$1,0004.70%Receive a notification when this rate changes63 Mo.$10,000 5.00%

Appears as though Lightstream is the best deal going right now.

Quadcammer 02-12-2019 09:24 AM


Originally Posted by dgjks6 (Post 15631357)


Same as doclouie said. You want you cash working for you. Not against you. W

ex year one I invest the 55,000, I make 10% - I get $5500, less every year after that because you wonít have the whole $55000
if I finance the entire amount I only pay about $6500 in interest over 5 years -

so so at the end of 5 years Iím still way ahead

its actually more complicated than that because you have to pay taxes on the gains

and it can be dangerous because you can end up upside down if you have to sell the car in the short term so I would not do it if I could not pay off the loan or I was only planning on keeping the car short term

I love it, everyone always makes 10% on their money every year like clockwork right? If so, hedge fund managers must be calling daily offering you jobs.

I personally can't stand debt of any kind. Maybe it will prevent me from getting wildly rich, but I don't care. I sleep better knowing that I don't have payments to worry about.

I tried the loan thing once, couldn't handle it, paid it after a year.

there is absolutely Zero wrong with paying cash as piece of mind is priceless.


dgjks6 02-12-2019 12:55 PM


Originally Posted by Quadcammer (Post 15633221)
I love it, everyone always makes 10% on their money every year like clockwork right? If so, hedge fund managers must be calling daily offering you jobs.

I personally can't stand debt of any kind. Maybe it will prevent me from getting wildly rich, but I don't care. I sleep better knowing that I don't have payments to worry about.

I tried the loan thing once, couldn't handle it, paid it after a year.

there is absolutely Zero wrong with paying cash as piece of mind is priceless.

This thread has taken an interesting turn. And I agree. Nothing wrong with paying cash. However, I donít have $60,000 laying around in a savings account or under my mattress. I wish I did. Itís all invested in something. So the money has to come from somewhere. Instead of taking money out of an investment paying more than the interest of the loan, it makes more sense to finance the car. If I was worried about being able to make the payment or retired thinking short term, I probably would pay cash. But still being in my 40ís that is not where Iím at. Iím think 20 years down the road.

Sorry, I used the 10% to keep the calculation simple. Also from articles like this (though I think adjusted for inflation average growth is 7%).

https://www.nerdwallet.com/blog/inve...market-return/

My loan was 4%. Going back since I have started putting away for retirement I have had on average more than 4%. Last year my lowest account was 6.96%. I just use the mutual funds the companies I work for pick out. Nothing special.

Over the 5 years of finance vs cash Iíll probably be ahead $4-5,000. And that few thousand dollars invested over 20 years will make even more. Thatís a couple months less I have to work until retirement.

If your investments over time return less than 4% I would find a new guy or find less risky investments. Again, this is thinking long term. Will the market crash again? Yes. Will it go back up? Well, it always has so I assume it will again. Since Iím not retiring for a while I donít worry about it.

Quadcammer 02-12-2019 01:38 PM


Originally Posted by dgjks6 (Post 15633711)


This thread has taken an interesting turn. And I agree. Nothing wrong with paying cash. However, I donít have $60,000 laying around in a savings account or under my mattress. I wish I did. Itís all invested in something. So the money has to come from somewhere. Instead of taking money out of an investment paying more than the interest of the loan, it makes more sense to finance the car. If I was worried about being able to make the payment or retired thinking short term, I probably would pay cash. But still being in my 40ís that is not where Iím at. Iím think 20 years down the road.

Sorry, I used the 10% to keep the calculation simple. Also from articles like this (though I think adjusted for inflation average growth is 7%).

https://www.nerdwallet.com/blog/inve...market-return/

My loan was 4%. Going back since I have started putting away for retirement I have had on average more than 4%. Last year my lowest account was 6.96%. I just use the mutual funds the companies I work for pick out. Nothing special.

Over the 5 years of finance vs cash Iíll probably be ahead $4-5,000. And that few thousand dollars invested over 20 years will make even more. Thatís a couple months less I have to work until retirement.

If your investments over time return less than 4% I would find a new guy or find less risky investments. Again, this is thinking long term. Will the market crash again? Yes. Will it go back up? Well, it always has so I assume it will again. Since Iím not retiring for a while I donít worry about it.

yes, of course, the long-term averages is roughly 7% for equities, but for any given 5 year period which may represent a typical auto loan term, performance is much more variable or potentially negative. it all depends on your risk aversion.

Chris M. 02-12-2019 03:47 PM


Originally Posted by Quadcammer (Post 15633221)
I tried the loan thing once, couldn't handle it, paid it after a year.

That's funny, I've done the same thing and I'm about to do it again actually. We'll see how long I last this time.

Big Swole 02-12-2019 03:50 PM

Some of us have no choice but to finance our dream cars.
I'd MUCH rather pay cash, but it'll be paid for over time, and then it'll be mine.

raidersfan 02-12-2019 03:59 PM


Originally Posted by Quadcammer (Post 15633829)
yes, of course, the long-term averages is roughly 7% for equities, but for any given 5 year period which may represent a typical auto loan term, performance is much more variable or potentially negative. it all depends on your risk aversion.

Equity values are also likely to move somewhat in tandem with performance car values. In a bear market, a lot of potential 911 buyers are not in the market. Look at 2009! The strong 997.2 values we see right now would likely drop 20% if we were to enter into a recession. The weekend car and vacation house are the second and third items to go (the mistress leaves on her own once she realizes you are broke).

Balr14 02-12-2019 05:23 PM


Originally Posted by Quadcammer (Post 15633221)
I love it, everyone always makes 10% on their money every year like clockwork right? If so, hedge fund managers must be calling daily offering you jobs.

I personally can't stand debt of any kind. Maybe it will prevent me from getting wildly rich, but I don't care. I sleep better knowing that I don't have payments to worry about.

I tried the loan thing once, couldn't handle it, paid it after a year.

there is absolutely Zero wrong with paying cash as piece of mind is priceless.

I'm like you. I save my money and pay cash for everything, even my house. I wish I had the balls to use credit and invest my money, but I have been burned too many times.

ryangambrill 02-12-2019 05:30 PM


Originally Posted by Balr14 (Post 15634394)
I'm like you. I save my money and pay cash for everything, even my house. I wish I had the balls to use credit and invest my money, but I have been burned too many times.


Originally Posted by Quadcammer (Post 15633221)
I love it, everyone always makes 10% on their money every year like clockwork right? If so, hedge fund managers must be calling daily offering you jobs.

I personally can't stand debt of any kind. Maybe it will prevent me from getting wildly rich, but I don't care. I sleep better knowing that I don't have payments to worry about.

I tried the loan thing once, couldn't handle it, paid it after a year.

there is absolutely Zero wrong with paying cash as piece of mind is priceless.

Thank you both for providing value to this thread.

Balr14 02-12-2019 05:40 PM


Originally Posted by ryangambrill (Post 15634413)
Thank you both for providing value to this thread.

Sorry. I was mostly curious. I'll go away now. But, I did get some valuable insight.

Big Swole 02-12-2019 05:40 PM


Originally Posted by ryangambrill (Post 15634413)
Thank you both for providing value to this thread.


LOL Well played!

Skwerl 02-12-2019 05:44 PM


Originally Posted by Big Swole (Post 15634135)
Some of us have no choice but to finance our dream cars.
I'd MUCH rather pay cash, but it'll be paid for over time, and then it'll be mine.

But half the point of having a fancy dream car is telling everyone how you paid cash and didn't think twice about it.

Big Swole 02-12-2019 05:47 PM


Originally Posted by Skwerl (Post 15634450)
But half the point of having a fancy dream car is telling everyone how you paid cash and didn't think twice about it.

I would love to be in the position to decide to brag about that, but unfortunately I'm not. Instead, I get to brag about transferring $1283.00 per month to my CU loan! LOL

:)

Sporty 02-12-2019 07:00 PM

When I bought my 2005 C2 14 years ago I financed it with get this - a zero % until paid off $25k loan offer from Discover Card and used my home equity credit line that was running/averaging less that 3.0% sometimes as low as 1.75% (which was prime rate less a 1% ) and TAX DEDUCTIBLE so the rate was even lower. Anyway there are smart ways to finance, however I have never seen a 0% offer like that again nor do i think i ever will - and i never used my discover card for purchases. Plus I can still get in the low 30's for my car. BTW to the OP there are CD's out there paying 3.5% for four-five years FWIW. Guess i just got lucky and now just have to worry about $ for a Flat Six rebuild given all this BS (bore scoring) discussion. From the latest, it looks like 997.2 and 991 could inevitably be subject due to DFI so maybe a Raby built 997.1 will be the 993 of the future ha ha

Quadcammer 02-13-2019 10:07 AM


Originally Posted by ryangambrill (Post 15634413)
Thank you both for providing value to this thread.

no judgements. You do what works best for you. Sounds like you got a whole bunch of options. The one time I did a car loan, I used lightstream and it was as easy an pleasant as possible. No questions about the car, no lien, nothing. Just cash in the account in 2 days. Piece of cake.

gulshan 02-13-2019 06:05 PM

OP, another pov. If an appliance like Honda CRV financing makes sense. It belongs in the same mental bucket like mortgage, bills etc.. you need to get to work rain or shine.. Now talking of your summer toy and fun other car I would pay cash. You don't want to be reminded of a monthly payment every time you fire up your 997. Finance and you will turn ignition with left hand and feel wallet with right hand as Porsche intended..

linderpat 02-13-2019 07:00 PM

Well, let's add another curve ball. Certain cars are actually an appreciating asset. Not sure our 997's are there yet (not even the turbo), but I assume they will be eventually. In that case, when there is great market uncertainty, liquidate from the investment account and put the proceeds into those cars that you think will appreciate. Even if they appreciate just a little bit, you might be further ahead if the market tanks. At least that's what you can tell your wife when you decide you need to grab another cool car:icon107:

Vince Honorato 02-13-2019 11:35 PM

Lightstream here, 0 down, 5%, credit score mid 750's. Not bad for a 12 year old car with 90k miles. Money in account within 2 days.

Had the PPI done and deposit down the next day.

doclouie 02-13-2019 11:50 PM


Originally Posted by workhurts (Post 15632730)
Doc. What paid 18% last year? The market was mostly flat. Real estate cap rates over 10% aren't easy to get and with higher returns risk goes up significantly so am curious what kind of asset did 18% in 2018.

Most of it came from stock picks that I had. Military stocks for the most part.

Cyn Crvr 997S 02-15-2019 03:55 AM

Another one here for Light Stream . Actually I stumbled on them thru Lending tree.com . Painless easy and 2 days cash in the bank . Easiest loan I've ever applied for .. As others have mentioned,, they have no interest in the car , its basically a signature loan . Just recently bought my 997 last month put 16 grand cash down 20 on the loan . I didn't want to drop all cash for the full price . Came to 4.75 % , $386.18 for 60 months. I'm pretty happy with that , and already have the pink on hand ..

gsxrjjordan 03-05-2019 08:10 PM

This thread's been great. Like most (I think), I'd like to leave as much cash as possible working for me, especially in tax-deferred or tax-free investments, so I'm looking to finance part of a 997.2 Turbo.
It has been tough after the suuuuuper cheap money we've had the last few years to stomach paying "actual" interest, but it's still a lot less than the 8-10% I remember paying on my first car.

I'm surprised by how many banks will do 3% on a new car from a dealer but want 6%+ for a 2011-2012 Porsche. That new Kia they're willing to go low on is a substantially higher risk than a 8yr old P-car!
Lightstream seems to get a lot of votes, but they're in the 5.99% camp on something that old sold private party.
PenFed looks to do 4.29% @ 60 months, but not 72 months or longer for a 2011-2012 (not looking for that loan anyway, but it's a data point).
Bank of America looks great for [email protected] rates (3.74%) with the extra 0.50% for having a high-balance checking account with them, but again, private party 5.99% is as low as I'm seeing. Ouch.
Alliant CU came in at 3.99% for 60 months, 4.24% for 72 months, and...
Great Lakes CU (found from this thread!) looks to be the lowest at 3.49% / 3.99% for 60/72 months.
Navy Fed wasn't far behind at 3.99% / 4.79%.

EDIT - if you're buying a car private party, call these clowns before applying - Great Lakes CU and Alliant both will not fund an out-of-state private party loan unless you're an established member. What a waste of time! Currently doing 4.24% @ 65mo through DCU and have been very pleased with their customer service versus the other two.

groovzilla 03-05-2019 08:23 PM


Originally Posted by doclouie (Post 15631169)


It is all about managing my money. Like most people I could have paid cash for my 997.2, even when it was brand new, but with the current investments I have that money tied to it makes zero sense. A $50k car at 3.5% interest is a great idea currently, because that same $50k I could have taken out of those investments to pay for the car returned me 18% last year and over 30% the year before. Now if my cash was not giving me that high rate of return I would gladly pay cash.

If your loan rate is 4% and your investment of that same money is 4% then it does not matter which way you go. If you make 10% on that money though you keep it where it is at and back the other 6% while paying your 4% interest. Money in the past few years has been cheap. I am afraid those days are over though at least until the economy takes another hit.


I've never financed a car.
Savings on insurance alone is a no-brainer - And when u buy right, it's not a depreciating asset.
But it all depends on ones financial situation and experience/ability to find the right car.

Since everyone's financial situation is different, there is really no way to pay cash if you don't have the funds but owning the car outright saves a lot in insurance and of course 4-5% savings every month with no bank to pay.
I always have thought it was smarter/better to wait and save the $$ before hitting up a bank

workhurts 03-05-2019 10:21 PM

What's the insurance savings? Never heard of such a thing.

Robocop305 03-05-2019 10:58 PM

You still need to insure the car even if it's paid off, unless you want to run the risk of liability and self insure.

kellen 03-06-2019 01:06 AM


Originally Posted by workhurts (Post 15683284)
What's the insurance savings? Never heard of such a thing.

Prob no need for full coverage when the vehicle is paid off.

sandwedge 03-06-2019 01:49 AM


Originally Posted by kellen (Post 15683597)
Prob no need for full coverage when the vehicle is paid off.


What would you drop in coverage and what would the savings amount to? Never heard this argument either.

mjsporsche 03-06-2019 08:21 AM


Originally Posted by kellen (Post 15683597)
Prob no need for full coverage when the vehicle is paid off.

I would not subscribe to this. You want coverage to cover what the car is worth, not what you owe.

groovzilla 03-06-2019 11:46 AM


Originally Posted by mjsporsche (Post 15683867)
I would not subscribe to this. You want coverage to cover what the car is worth, not what you owe.

When you own the car outright, all you need/all that is required is liability coverage NOT comprehensive. If I cause an accident I have full liability coverage but have to pay for my car's damage.
Liability insurance on my 2007 C4S is only $750 a year added to my Allstate auto policy - Full coverage would cost me $2300 per year so I have a savings of $1550 a year only having liability coverage.
I can also put my car in "Suspense" during the winter months when I don't drive it trimming more fat off the $750 - I think last year I saved another $150
When I do the math, I have saved probably $60,000 on both my sports cars insurance premiums over 30 years.
I've never had an accident I have caused - Years ago someone did hit my 1982 911sc and they were responsible for my car's damage.
I also have a $4million Umbrella policy that will kick in on my properties and autos.

But like I said it depends on your particular financial situation.
I only drive my cars 3-4000 miles a year and drive well and in control - I'm no kid anymore and don't take the car to the limit.

ttreat 03-06-2019 01:09 PM

I don't know if I would go as far as only covering liability full time on my 997 but there are definitely insurance savings when you don't have a lien. This doesn't apply to companies like Lightstream where they are giving you a title with an unsecured loan. For one, Insurance companies provide some level of gap insurance which costs you, especially required if you are buying a new car. This isn't such a big deal on a 997 as the depreciation doesn't create a gap in the loan value. Secondly, like some others I park my car in the winter months. During this time I drop my collision coverage which saves me money. Even though you are not driving the car a loan requires you to have full coverage 100% of the time.

workhurts 03-06-2019 08:29 PM

I don't think not having a lien has ever made me want to take comprehensive off. The spread just had never been enough to warrant it.

For me, comprehensive and liability with 300 or 500k limits is about a grand a year. Without comprehensive it's probably half of that? Would need to check.

I'd consider self insuring if the spread was as big as yours. There's always a number when it makes sense to take the risk.

As as for insurance companies giving you some additional discount for not having a lien. Haven't seen that.

Big Swole 03-07-2019 10:20 AM

No full coverage is madness!

With as many accidents and Hit & Run I work / worked, there's NO WAY I'd never have full coverage.

groovzilla 03-07-2019 12:17 PM


Originally Posted by Big Swole (Post 15686372)
No full coverage is madness!

With as many accidents and Hit & Run I work / worked, there's NO WAY I'd never have full coverage.

Hit and run is fully covered with liability only coverage.

Someone backed into my Mercedes sedan hood a few years ago at parking spot on the street - All damage repairs covered as well as a rental car which added up to $3500 and I had my liability only policy on that car.
Like I said, I've enjoyed the $60,000 in savings over the part 30 or so years by having liability coverage only.
While it's not for everyone, it is a no brainer especially if you don't use your car as a daily driver and have funds in the bank to repair your car in the event you did damage it.
I have full coverage on my Land Rover because I use it more frequently, drive in snow and tow my Airstream with it.

doclouie 03-07-2019 12:33 PM


Originally Posted by Big Swole (Post 15686372)
No full coverage is madness!

With as many accidents and Hit & Run I work / worked, there's NO WAY I'd never have full coverage.

It is all a matter of how risk adverse you are. Some cars I have do have full coverage on and some have only have liability. Makes sense for some people and others it does not.

groovzilla 03-07-2019 01:56 PM


Originally Posted by doclouie (Post 15686689)
It is all a matter of how risk adverse you are. Some cars I have do have full coverage on and some have only have liability. Makes sense for some people and others it does not.

**Another aspect of our insurance discussion which I believe important to mention is that in the state of Washington, we have Uninsured Motorist Coverage as part of the Liability policy.
See in Socialist Seattle, you don't need to get your car inspected or prove insurance coverage in order to get your yearly licencing tabs or registration.
So any liability policy holder who has damage/vandalism or theft caused by non-insured or under-insured motorist will have full replacement value coverage on their vehicle.

Thru my Allstate broker, several years ago I was able to put my car in suspense several times during the year which was handy and saved $ - I could put it on for 30 days than in suspense - One year I did this many times.
Allstate changed their rules and now I can only put car in suspense one time per year.

Big Swole 03-07-2019 02:27 PM

Well I'm certainly glad it works out for some of you folks. No point in making the insurance companies much rich.

But for the Non-Rich folks like me and doing what I do for a living (and living in the Atlanta Area), I just can't chance it.

Cheers to those that can and can afford to gamble. Maybe if I hit the lotto someday, I'll go this route. lol

pv355 03-07-2019 05:59 PM


Originally Posted by ryangambrill (Post 15629319)
Awaiting PPI. Starting to research finance rates/terms.

Good Credit here @ 825+

Short List of places I plan on checking out:
- PenFed.org
- Lightstream
- nihfcu.org
- ffcommunity.com

I got 2.85% for 3-year used car loan in Jan 2019 at my hfcu.org.
I bought a truck. Still have the 08C2S @ 128k miles. I worry about taking it on long trips.


Originally Posted by Balr14 (Post 15631312)
What you say makes a lot of sense, but I lack your confidence in investments, or have the wrong ones. I still haven't recovered from the losses I took in 2008 - 2009.

I feel the same way. Personal finance is exactly that, personal. I don't pay cash for everything either. A 20-30% down payment on most of my loans works for me, and I sleep well at night. I have friends that run a tight debt/eq budget and it doesnt phase them. Then I know others who are reckless and they worry sometimes.
whats the saying? 'whats better than owning a boat? having a friend that owns a boat,'

doclouie 03-07-2019 06:23 PM

Insurance unfortunately is a necessary evil in my opinion. That is why everyone who reads this post is worth more dead than alive, just like me.


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