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Guinness posted:Hilarious that you found this thread to ask in, but seriousanswer your credit union is likely part of the Co-Op network and you can withdraw from any Co-Op network ATM or even walk into any Co-Op network CU branch and use it as if it were your own for ordinary checking/savings account stuff. The Co-Op network is huge and nationwide. I kind of doubt they will be helpful for multi- thousand dollar transactions. Co-op is okayish for making deposits but they likely have a withdrawal limit as they can't verify your account at a moment's notice. What you need.is a bank with a national banking charter so it isn't split up into separate banks by state. Bank of America is a real pain in the rear end in that regard. It depends on where you are going to be. Is it really all of the contiguous 48 or are there a set of states where you normally tend to go? That could narrow it down significantly.
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Mar 7, 2017 03:41
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Cant you just call your bank and say I'd like to up my withdrawal limit for the day to whatever? I've definitely done that when I needed to pay some security deposits and whatnot.
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Mar 7, 2017 03:44
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Thanks for the link for the Co-op thingTeeter posted:The Newbie Personal Finance Thread has been pretty great to me for any general banking questions along these lines. That said, while you're here in this thread you may as well stick around and tell us more about all these vehicles you've been purchasing... Its simple, buy a car from somewhere they don't salt from someone who wants to get rid of it quick, put 30-50k on it and sell it a year later. If you pick up something for under 2k that needs something stupid fixed you can put on the miles for the cost of oil changes and gas. As for motorcycles, you can always use more motorcycles. edit: I get sent all over the country, mostly the southwest and new england lately but its kinda random.
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Mar 7, 2017 03:47
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omnibobb posted:Cant you just call your bank and say I'd like to up my withdrawal limit for the day to whatever? Yes, I've done exactly that with my credit union and pulled it out of an ATM.
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Mar 7, 2017 04:00
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Motronic posted:The loan disclosure was very clear...listed the exact amount of interest as well as totaling the entire vehicle price with interest if I were to pay the loan for the full term. You didn't have to negotiate for this. Anyone in the US offering credit is obligated by law to do all of this besides washing the car. If a dealership does this, it doesn't necessarily mean they're great and boy you sure twisted their arms. They're not obligated to state on the first page about early repayment penalty, it's just a good business practice. If there is no ERP, it makes the loan more attractive to state that on the first page. Unless you had to negotiate to remove an ERP, it has nothing to do with your consumer savvy, it's part of their standard disclosure. I'm going to go on record and say I sincerely doubt they redrafted their disclosure when you walked in and they saw your poo poo was so tight. Granted, it never hurts for people to know what the hell they're talking about when they go buy a car, but this dealership probably didn't suddenly start following the law just because you played hardball.
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Mar 7, 2017 04:19
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Motronic posted:I'm not sure every dealership is as bad as you think it is. I mean, I literally just bought a car for my wife today.......I drive junk, but I like her in nice stuff because i travel a lot and she's got most of the kid hauling duties. Also because she puts up with me so she has to have something nice in her life. ("it's making this noise" "Drop it as the dealership valet, have them give you a loner" is frankly worth it to me, even though I'm someone who does all of my own work normally) This is a whole lotta smug from someone that has to finance a four year old car. GWM is paying cash for depreciating assets.
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Mar 7, 2017 05:00
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n8r posted:This is a whole lotta smug from someone that has to finance a four year old car. GWM is paying cash for depreciating assets. Why? You can get below 3 APR on auto loans (in the US at least) and invest that cash instead as long as you can handle the risk.
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Mar 7, 2017 05:23
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1.8% on my 3 year old vehicle loan - 60 month term. I put zero down. 18 months in and KBB says I'm $200 under water still. Wouldn't have it any other way. I only play hardball at dealerships to stop the the BS early, however. Edit: So that's probably around 2.1% at today's rates? Would do it again.
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Mar 7, 2017 07:21
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NancyPants posted:You didn't have to negotiate for this. I wasn't suggesting that I was "playing hardball" or thought I had to "negotiate" for them to follow the fair credit reporting act. This was an illustration of how not horrible the process can be, and has been in my experience. Multiple times. In response to a post saying how fairness and transparency couldn't be a component of a successful dealership model. n8r posted:This is a whole lotta smug from someone that has to finance a four year old car. GWM is paying cash for depreciating assets. I in fact do not "need" to finance a 4 year old car. I make enough total compensation that it is literally cheaper for me to pay interest rather than realize any more capital gains this year. It's March and my total tax bill is already drat near 6 figures. I literally handed them a check for like $20k, which didn't require me to even move funds around, and told them to put the other $30k into financing if they could give me under 2.25% and they gladly did. Is that smug enough for you? GWM is knowing that even though you can write a check for an $85,000 vehicle, as well as properly afford one, you find one that someone already ate nearly 1/2 of the depreciation on, looks new, is still under warranty and then ask your CPA how best to pay for it in your particular financial situation. Motronic fucked around with this message at 13:22 on Mar 7, 2017 |
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Mar 7, 2017 12:46
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Motronic posted:I wasn't suggesting that I was "playing hardball" or thought I had to "negotiate" for them to follow the fair credit reporting act. This was an illustration of how not horrible the process can be, and has been in my experience. Multiple times. In response to a post saying how fairness and transparency couldn't be a component of a successful dealership model. Yeah. Buying something on finance isn't BWM, per se. It depends on the situation and can actually be GWM if you can afford it and you plan it carefully. I once bought a washing machine on finance instead of cash, even though I had enough cash in hand: it was an interest-free deal (as long as you never missed a payment) and I was confident that I would be able to make the payments: so I used the money to pay off a credit card instead. It actually made a decent chunk of change. Even now, my insurance policies (car/house/life) are paid monthly instead of a lump sum upfront. The difference in cost is negligible (I think it's about £2 per policy per year) and it helps my credit score to the point where I financially benefit from that. spog fucked around with this message at 13:27 on Mar 7, 2017 |
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Mar 7, 2017 13:25
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Motronic posted:I wasn't suggesting that I was "playing hardball" or thought I had to "negotiate" for them to follow the fair credit reporting act. This was an illustration of how not horrible the process can be, and has been in my experience. Multiple times. In response to a post saying how fairness and transparency couldn't be a component of a successful dealership model. My question wasn't really why are car dealerships horrible or why don't people care about shady car dealerships. What I meant was, are underhanded practices a necessary component of the model--did they have to screw over the next little old lady who came in because their margins weren't high enough on your purchase? If they are, does that mean you can't profitably run an honest car dealership (I put it in quotes last time because I think working as an agent for an auto manufacturer adds external pressures which lead to conflicting priorities for an ethical business so I was imagining something similar to a dealership), and if they aren't, does that mean Americans are happy enough for other people to get screwed over if they can pretend those people somehow deserved it?
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Mar 7, 2017 13:59
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FrozenVent posted:Home made pulled pork is less than a buck a meal And delicious to boot. (guess what I ate last night) e: NEVERMIND I'm not going to start a car loan derail
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Mar 7, 2017 14:04
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I don't have a great new story nor do I want to contribute to car dealer derail, but I just got word that my cousin has successfully crowdfunded the money from my family to get a loan on a new F-150 right before he goes delinquent on his student loans, business loan, and credit cards and ruins his credit. This was the original story: quote:My cousin is hitting up people in the family for money because they need to repay their small-business loan for a craft brewing company they started.
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Mar 7, 2017 15:19
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greazeball posted:My question wasn't really why are car dealerships horrible or why don't people care about shady car dealerships. What I meant was, are underhanded practices a necessary component of the model--did they have to screw over the next little old lady who came in because their margins weren't high enough on your purchase? If they are, does that mean you can't profitably run an honest car dealership (I put it in quotes last time because I think working as an agent for an auto manufacturer adds external pressures which lead to conflicting priorities for an ethical business so I was imagining something similar to a dealership), and if they aren't, does that mean Americans are happy enough for other people to get screwed over if they can pretend those people somehow deserved it? The answer is they used to not need to screw over some customers to make ends meet, but did it anyway. Now they need to because customers are too educated about cars and margins are too low. 'This American Life' had an interesting series in a Chrysler car dealership. I don't recall them screwing anyone over on tape, but it offered some insight into how tough it is for dealerships today. Of course 'screwing' the customer is subjective. The car price and loan could be completely fair, but then the customer walks out with an extended warranty they'll probably never use.
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Mar 7, 2017 15:32
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Krispy Kareem posted:Now they need to because customers are too educated about cars and margins are too low. Lol@these big fat tears I am crying for them. Really. They should just peddle that story and retrain to the tissue manufacturing business, all their troubles would be solved.
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Mar 7, 2017 16:09
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Motronic posted:I get another grand off plus 2017 map updates, we shake hands, and then discuss financing or not. Stuff like this is why car dealerships work the way they do. A self-described guy who owes six figgies in quarterly taxes bothers to mention inconsequential poo poo like map updates because the dealer made it sound like a great bonus that mattered. People loving love haggling for cars for some reason and think they got a great deal and have to brag about it.
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Mar 7, 2017 16:17
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greazeball posted:My question wasn't really why are car dealerships horrible or why don't people care about shady car dealerships. What I meant was, are underhanded practices a necessary component of the model--did they have to screw over the next little old lady who came in because their margins weren't high enough on your purchase? If they are, does that mean you can't profitably run an honest car dealership (I put it in quotes last time because I think working as an agent for an auto manufacturer adds external pressures which lead to conflicting priorities for an ethical business so I was imagining something similar to a dealership), and if they aren't, does that mean Americans are happy enough for other people to get screwed over if they can pretend those people somehow deserved it? The capex on running a dealership is pretty bonkers; you need a lot big enough to house a bunch of new cars; sitting out in the open, plus inventorying enough cars optioned in such a way that when someone comes through the door to buy one, enough of the time it's sitting on the lot ready to go. You can only sell to customers who either have good enough credit or the cash on hand for your product; so basically those with good enough credit. There's very little you can do to differentiate yourself from your competitors except for having the exact car someone wants in stock when they show up. You need to eat fairly fixed monthly costs for sales staff, service and parts departments, and insurance. You need to inventory enough parts to run the parts and service departments in a timely manner. Your service department might be a differentiator if you're lucky, but the people buying the cars won't know that unless they're repeat customers. So yeah, you could either educate your customers and try to build a loyal customer base of people who will pay you not amazing amounts of money for the difficult to inventory items you sell, OR you could wring every last cent out of the substantial proportion of people who are ignorant or lazy who wander through your door and are ready to be taken, but you can't do both of them at once because they're mutually exclusive. So basically underhanded practices are the necessary default. But if you come in knowing the game, the good dealerships can switch out of them pretty quickly.
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Mar 7, 2017 16:21
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Motronic posted:Is that smug enough for you? 7/10 good, but I think you can do better if you applied yourself.
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Mar 7, 2017 16:49
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http://livingwage.mit.edu/ Interesting take on the income levels one would need in various different locations/situations to have a living wage. Not particularly BWM but helps put some of those "I make $750k/yr in the Bay Area and can't make ends meet" stories a bit more into perspective.
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Mar 7, 2017 16:59
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BWM: Cosigning on a car loan for your deadbeat sister. https://www.reddit.com/r/personalfinance/comments/5xxfpt/26_yrs_old_cosigned_a_car_loan_for_my_46_yr_old/quote:I'm still a little bit in shock after talking with the auto loan company, but I will try to explain my situation.
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Mar 7, 2017 17:20
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Barry posted:BWM: Cosigning on a car loan for your deadbeat sister. https://www.reddit.com/r/personalfinance/comments/5xxfpt/26_yrs_old_cosigned_a_car_loan_for_my_46_yr_old/ Letting family who are BWM make you BWM is BWM.
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Mar 7, 2017 17:22
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Barry posted:http://livingwage.mit.edu/ The difference is less between bay area and where I live than I thought. Maybe we should consider moving hmm.
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Mar 7, 2017 17:34
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Barry posted:BWM: Cosigning on a car loan for your deadbeat sister. https://www.reddit.com/r/personalfinance/comments/5xxfpt/26_yrs_old_cosigned_a_car_loan_for_my_46_yr_old/ Least it seems like hes got his finances in order and realizes he needs to cut his sis off.
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Mar 7, 2017 17:42
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Inept posted:Stuff like this is why car dealerships work the way they do. A self-described guy who owes six figgies in quarterly taxes bothers to mention inconsequential poo poo like map updates because the dealer made it sound like a great bonus that mattered. People loving love haggling for cars for some reason and think they got a great deal and have to brag about it. I didn't say I got a "great deal". I said the deal was good. I'm the one who asked for the map updates. They had no idea how much they cost but were willing to throw parts/service under the bus to close the deal (it's about $200 retail, so I wasn't exactly taking a piece out of them). I could have spent the next few hours or days negotiating over another grand (playing the walking away game), but I have better uses of my time. https://www.reddit.com/r/personalfinance/comments/5xyyfg/i_am_a_full_time_ebay_seller_who_has_never_paid/ posted:I am a full time eBay seller and have been for many years. I have yet to file taxes. ...... Should I go all the way back to 2011 when paypal first started submitting 1099s (where can I find them?)? https://www.reddit.com/r/personalfinance/comments/5xyyfg/i_am_a_full_time_ebay_seller_who_has_never_paid/
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Mar 7, 2017 17:52
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Dwight Eisenhower posted:The capex on running a dealership is pretty bonkers; you need a lot big enough to house a bunch of new cars; sitting out in the open, plus inventorying enough cars optioned in such a way that when someone comes through the door to buy one, enough of the time it's sitting on the lot ready to go. You can only sell to customers who either have good enough credit or the cash on hand for your product; so basically those with good enough credit. There's very little you can do to differentiate yourself from your competitors except for having the exact car someone wants in stock when they show up. You need to eat fairly fixed monthly costs for sales staff, service and parts departments, and insurance. You need to inventory enough parts to run the parts and service departments in a timely manner. Your service department might be a differentiator if you're lucky, but the people buying the cars won't know that unless they're repeat customers. Having a huge huge inventory of cars on the lot isn't inherently necessary, but it certainly caters to the American instant-gratification gotta-have-it-now mentality. And now the industry is so entrenched in the mega-dealership model that everything is built to support it, too. Having some demo models in inventory and then ordering most customer cars would lower the capex significantly, but might offer too many customers a chance to cool off and think over their purchase while it gets shipped. Guinness fucked around with this message at 18:02 on Mar 7, 2017 |
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Mar 7, 2017 17:58
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Guinness posted:Having a huge huge inventory of cars on the lot isn't inherently necessary, but it certainly caters to the American instant-gratification gotta-have-it-now mentality. And now the industry is so entrenched in the mega-dealership model that everything is built to support it, too. The sketchy nature of used car sales also means that there's no way in hell I'm signing for a car I haven't actually seen, based on a "representative" model. It makes sense for new, but most dealerships have a used component as well.
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Mar 7, 2017 18:43
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Barry posted:http://livingwage.mit.edu/ Also makes you realize how much being a single parent costs. The living wage jumps from just under $10 in my area for a single adult to over $20 for an adult with one child. If you want to help people out of poverty, subsidized childcare is the way to go.
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Mar 7, 2017 18:45
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Guinness posted:Having a huge huge inventory of cars on the lot isn't inherently necessary, but it certainly caters to the American instant-gratification gotta-have-it-now mentality. And now the industry is so entrenched in the mega-dealership model that everything is built to support it, too. Yeah but that's kind of the point of everything I was describing: it's not strictly necessary from a fundamental business viability, but in the context of competition it becomes pretty much the only viable course. You could order all customer cars or you can have a huge lot with the car a customer wants in stock on the lot. You can make some sales custom ordering, but you will lose some amount of sales to a competitor who has the car in stock that day. You could operate transparently and offer generally favorable financing terms and prices and educate your customers, but only some of them will be loyal to you for doing so. The rest will go to your competitors, who will make more money off of them, ripping those customers off. You could hire & train a bunch of educated salesmen who will know a lot about the product and can answer customers' questions factually and help them differentiate the cars you're selling from other makes. But they probably won't close as much as a slimy flim flam man, and can get up and leave taking their knowledge to other dealers in your geographic region. etc etc etc
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Mar 7, 2017 18:55
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tldr; taking advantage of the ignorant? 
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Mar 7, 2017 18:58
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Dwight Eisenhower posted:You could hire & train a bunch of educated salesmen who will know a lot about the product and can answer customers' questions factually and help them differentiate the cars you're selling from other makes. But they probably won't close as much as a slimy flim flam man, and can get up and leave taking their knowledge to other dealers in your geographic region. Saturn, CarMax, CarSene (local chain to me) and others operate(d) on this model. CarMax is a 23 year old publicly traded company that appears successful, Saturn....well, we know that story but I'm unsure if it was the sales model that had them underperforming or the sweet sweet GM panel gap and chinzy interiors.
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Mar 7, 2017 19:49
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Motronic posted:Saturn, CarMax, CarSene (local chain to me) and others operate(d) on this model. CarMax is a 23 year old publicly traded company that appears successful, Saturn....well, we know that story but I'm unsure if it was the sales model that had them underperforming or the sweet sweet GM panel gap and chinzy interiors. Didn't Scion also have fixed pricing for a while?
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Mar 7, 2017 20:01
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spog posted:Yeah. Buying something on finance isn't BWM, per se. It depends on the situation and can actually be GWM if you can afford it and you plan it carefully. I didn't know monthly insurance affected your credit score. Is it just the frequency of payments?
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Mar 7, 2017 20:12
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SquirrelFace posted:Also makes you realize how much being a single parent costs. The living wage jumps from just under $10 in my area for a single adult to over $20 for an adult with one child. It can start with something as simple as free breakfast.  (Link secretly explains why many people don't really want to help others out of poverty.  )
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Mar 7, 2017 20:18
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Doc Hawkins posted:It can start with something as simple as free breakfast. I don't understand why public schools don't universally distribute free breakfast / lunch to minors. I would gladly pay more property taxes to expand the existing programs, which apply only in very high poverty areas.
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Mar 7, 2017 20:21
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Twerk from Home posted:I don't understand why public schools don't universally distribute free breakfast / lunch to minors. I would gladly pay more property taxes to expand the existing programs, which apply only in very high poverty areas. UH BECAUSE THAT'S SOMETHING FAMILIES SHOULD PAY FOR THEMSELVES, BOOTSTRAPS, I DON'T PAY RELATIVELY LOW TAXES IN THE RICHEST SOCIETY IN THE HISTORY OF THE PLANET SO "URBAN" YOUTHS CAN EAT BEFORE THEY TRY TO LEARN
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Mar 7, 2017 20:25
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Don't they already? Schools all have reduced or free lunch programs. Although I'm not sure if that's even your property taxes in action, since I think federal funds are related to Title 1 schools. The problem then is what those kids eat during weekends, holidays, and during the summer. There are some private programs that give needy kids backpacks full of food every Friday afternoon, but I've never seen anything official from schools.
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Mar 7, 2017 20:27
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Krispy Kareem posted:Don't they already? Schools all have reduced or free lunch programs. Lol not for long, that's one of the things the republicans are about to cut. Also at my state level they're rolling it back separately from the national program, the news reported that 300,000 kids would no longer qualify, then immediately cut to the representative who's trying to do it saying "I've researched this carefully and determined that there would be no noticeable impact" 
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Mar 7, 2017 20:30
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Business, Finance, and Careers > Bad With Money - Wait this isn't DnD?
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Mar 7, 2017 20:32
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Tiny Brontosaurus posted:I didn't know monthly insurance affected your credit score. Is it just the frequency of payments? Although people seem to think a lot of monthly bills count towards credit score when they don't, or only affect your credit if you're delinquent. I've seen several /r/personalfinance posts where people were claiming electric bills/cell phone bills/rent help you build credit.
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Mar 7, 2017 20:42
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Krispy Kareem posted:Don't they already? Schools all have reduced or free lunch programs. Although I'm not sure if that's even your property taxes in action, since I think federal funds are related to Title 1 schools. An old high school friend is a single father, raising 4 elementary school aged children on a prison guard salary. Somehow he makes too much to qualify for even reduced cost school lunches. BWM: Being a single parent to 4 children
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Mar 7, 2017 20:44
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