Yet Another Milestone!!

[edgelett]

There's a central registry that tracks two things:
- how much in loans do you already have? (including credit card limits)
- have you ever missed a payment?

Same here mate, and it's why I had so much trouble getting a loan for the FTR.
i have never missed a mortgage payment. We paid off our Jetski.
I could afford the payments on the FTR but following the banking royal commission, where banks were found guilty of giving loans to people who couldn't afford the repayments, they are OVER cautious now and want you to have a bit more left over each week before they will give a loan.
I had to hunt around to get a 5.5% interest rate. First rate I was offered was 8.9% and even though I could make those payments too, the bank wouldn't give me the loan.
but again it's the difference between countries.
I'm glad Mike's son is able to get a loan and get his bike.

 

[ferraiolo1]

Alright. So why didn’t he put money down?

Did he not have that cash?

did he get a 6 year loan?

the second he signed those papers he lost 4k. If there wasn’t money down that means he is massively upside down already.

if he is buying new corvettes why not pay a down payment on the bike?

If the above is correct this is not good finance practice at all.

I personally worked up in bikes making money buying and selling till I had enough equity in the bike I traded in to put a hearty down payment on the ftr. Same goes for my new silverados I’ve bought over the years.

i just hate to see people upside down on loans. Especially when you can buy a used rr with no miles for 13k right now.

 

[nathanw]

It appears that we agree on something.

Why take on a payment when your planning to buy a house in the same yr? This makes zero sense. PLUS, he wants to buy a house this yr and two yrs later buy a 60-80k Corvette; when he's still making payments for the FTR???... It all sounds like a recipe for financial disaster. Free country and there are plenty out there that amass large amounts of debt buying things that they really can't afford. It's the American way.

To get at $215 per month with zero down it's at least a 6 yr loan, which means the bike will likely cost closer to 20K when it's all said and done.

 

[Max Kool]

Yeah either way you look at it, that bike needs to get paid for. A low monthly payment with zero down can only mean one thing.... (ok two, if you include winning the lottery).

 

[Deleted member 192]

Damn. Must be slipping in my old age. I'll try harder. I promise.

 

[Deleted member 192]

Final cost doesn't bother him as he will only have the loan for less than a year. Hes a smart guy.
I have a credit card that I use for EVERYTHING. Every week or two, I pay it off. CC company keeps trying to push their 0% card on me. They see me making 2-3k payments. And push 0% as a reward. When I ask what the rewards points are like, they always try to push the 0% because there are NO rewards points.
So why would I give up a 21% card that pays me a couple hundred bucks a quarter to have it, for a 0% card?
Their rate means nothing to me. I pay 0% interest as it is because no balance exceeds 30 days in age.
THESE are the lessons I taught my kids. So debt may be disastrous to those living above their annual income and financial prowess. The truly wealthy use their good names to turn profits. I'm still trying to figure out how to do that.
When I get it worked out, I'll let you all know!

 

[Deleted member 192]

So after a shower and some thought on this thread, it occurred to me. It seems that instead of folks being happy that another FTR was sold and likely a couple more new members on this forum (not that other forum moderated by a phony), instead folks are critical of the age of these new buyers. EXACTLY how the 300 plus pound 60 year old TS111 riders are of the FTR.
Seriously folks, these kids could have bought anything they wanted. They chose an American badass called the FTR. I'm happy for them.
As for the C8 in 2022. Konrad decided to push that purchase out till after building his house. Well, that, and he procrastinated long enuf that every 2020 unit to be produced was already bought and paid for.
Im sure at this point you folks are thinking, this is easy when you come from money. Negative. I worked a meager time clock job just like everybody else. 42k was as good as it ever got. Hell, my kid nearly exactly doubled that after 5 years tending bar at Chillies.
In 2015 I finally got a divorce. I was living in the back of my FJ in rest stops or in my sailboat which was on its trailer in storage. I was eating hot dogs and taking showers at truckstops.
So I got a crappy job driving a crappy semi. Solved my housing problem and had $800 in my pocket to boot. After working 4 years driving that same crappy truck, I was making $1500 to $2400 a week. It wasn't easy folks. Then last year I bought my own truck and quadrupled my weekly income. Still not easy.
I focus on the upward mobility of my two kids. Last year I saw a structure that would have my daughter debt free in 2 years. So to get the momentum going, I had her sell her car and I gave her my beloved FJ. Today she is well ahead of schedule!
I guess instead of being jealous, i will help you in any way i can and then stand on the sidelines and cheer you on.
All the while knowing that nobody ever got anywhere without help. And, our lives are only a couple bad turns away from living in our cars. Been there.
So i say, let's help our kids and each other. Together, we can win this!

 

[Max Kool]

“After working 4 years driving that same crappy truck, I was making $1500 to $2400 a week. It wasn't easy folks. Then last year I bought my own truck and quadrupled my weekly income. Still not easy”

that’s on av 8k a week, still not easy? Cool story 😎

I‘m happy he bought a bike, and an FTR at that. Serious. But we had different math teachers...

Sleep well.

 

[K9F]

Thanks for the explanation and story Max. We are more or less cut from the same cloth, I have no credit whatsoever apart from mortgage.
I am 59 this September the same month my mortgage is done and dusted. Am hopefully cutting my working week down to three days from June, life is too damn short and I have lots I still wish to do and having a long weekend every weekend will facilitate this.

MikieG9596 I can relate to your story too divorce can be hard and in 2003 I was on my arse without a single cent to scratch that arse with, I had already served 25 years in the military and having somewhere to live and continuing in the military was my saving grace so perhaps divorce wasn't as hard physically for me as others but mentally it took it's toll for a while.

This thread has interest as fundamentally living in a civilised society even great distances apart, wants, desires, goals and experiences on occasion seem pretty similar.

Apologies to all for the off topic.

 

[ferraiolo1]

Yeah % back cards are great, i used my 2% citi card for everything. and you actually get free money if you use it correctly.

I still dont understand why he wouldn't put money down, even if he pays off the loan in a year or two, thats still unneeded interest he is paying in. But im sure he has a plan.

Ether way, congrats to you and him, im sure you will have many good adventures... just make sure he is carrying when you go riding... wink wink.

 

[edgelett]

I'm impressed that your son is earning enough to pay off an FTR in a year or two at 24. great to land a good paying job at that age.

 

[Deleted member 192]

Thanks everyone. Ferrailo, he has a collection that makes most cops blush, and yes, it will probably be either his G26 or his G43! Had to go back and read your last post. I swore you wrote "Hink Hink". All the most successful financial gurus will tell you, never use any of your free and clear assets. So if you can do it on a signature, you should. I think his rate is 3%. Not optimal, but not important as he will knock it out.


In 2015, all I had was the FJ loan. My wife refused to keep the truck. I'm glad she did. I literally had no credit history. My buddy Mark made me apply for a $300 Capitol One card. That card has grown to $6300 since. I use it everyday. My credit score seems to be topped out at around 700. I doubt it will do any better without a mortgage trade line reporting. Maybe one day I'll settle down after my kids are squared away.

Max, my formal education is in aerospace. I spent my adult life in military and Law Enforcement. Sadly, trucking should have been where i invested my time. Legal loads (at least for me) pay around 8k. Oversized and Over Weight loads run up to 30k depending on the commodity. Jumbo can go over 500k. I dont do jumbo. Wish I had the equipment for that. So no Max, not easy. I can easily trip and be back to square one tomorrow.

Konrad abandoned his 4th year of premed (and all the libtard indoctrination) to jump into powerplant engineering. I wanted a cardiologist, instead I got a guy that will make sure we all have power as I lay on the floor clutching my chest. Either way, his move advanced his estate by a decade.

Hes a great guy and citizen. I want to be just like him when I grow up. He knows how to work towards a goal. He spent 11 years to become an Eagle Scout
When he gets here. Please give him a welcome. He is nothing like his ole man. He is way better!

When we say FTR is for mature people, truit's TRUE. After working a lifetime, or spending 15 years in school to attain a goal, the FTR is chosen as a personal reward. We all can relate to that. The struggle never ends. FTR is a nice piece of happiness to get away from reality on!

 

[ferraiolo1]

Nice accomplishments!!
And I was thinking the same when I spelled wink lol

 

[Deleted member 192]

Oh, I knew you were! He made me look like a complete fool. I thought I was helping our female sisters, and he turned into a real shitshow.
I wont even mention that forum to my boy.

 

[Sullaha]

the reason for this is there has recently been a royal commission in to banking here where banks were caught out giving loans to people who couldn't afford the repayments and therefore they are extra careful about giving loans out.
My interest rate is 5.5% and my repayments are $110 a WEEK, and my loan is over 5 years.
Both my other half and I are fully employed, and I'm the deputy director of the company I work at so it's not like we're on minimum wage.

Yet those using those very same banks on this side of the Tasman, took one a one page online application and a five minute phone call, they were even trying to get me to borrow more, "are you quite sure that's enough sir?"
3.99% but over so many years mine will be a $50k FTR Meh, it's just money surely those poor banks need it more than me.
Good on those who didn't borrow to get theirs though, I'd like to be like you when I grow up.

 

[Deleted member 192]

3.99% will cost 50k? You borrowing from the mob?
My 1.99% will end up costing me $465 at the end of 4 years.
I am guessing lending in your country is VERY different

 

[Max Kool]

What I said, different math teacher.

 

[Sullaha]

3.99% will cost 50k? You borrowing from the mob?
My 1.99% will end up costing me $465 at the end of 4 years.
I am guessing lending in your country is VERY different

I didn't do any maths and clearly neither did you, tell me what 3.99% x many equals? I pulled a number out of the air because it's not important. Looking at the FTR parked in my lounge is. The comment about just being money should have made that apparent.
This is the kind of reply that puts me off forums, I came here to interact with people who like a cool bike but instead I find pendants who read words and numbers with no interest in thinking about actual intent of messages.
Go get laid or do a wheelie mister!

 

[SURLY]

I didn't do any maths and clearly neither did you, tell me what 3.99% x many equals? I pulled a number out of the air because it's not important. Looking at the FTR parked in my lounge is. The comment about just being money should have made that apparent.
This is the kind of reply that puts me off forums, I came here to interact with people who like a cool bike but instead I find pendants who read words and numbers with no interest in thinking about actual intent of messages.
Go get laid or do a wheelie mister!

You keep your bike in the lounge? I am so jealous
PS off to get laid.

 

[Murdock]

Folks, I guess the original message was that there is another FTR owner, yehaaw and welcome! For what reason do we discuss financial backgrounds? Everybody who is old enough to ride an FTR is old enough to decide how to pay for it. Saddle up and ride your horses ... äh ... bikes, ladies and gentlemen! ;-)

PS off to get .... back to work ...damn