I understand that entirely, but again we're on a Lexus forum here, and I know for a fact we have many, many members here who make a great deal more income than I do.

For renting vs owning, around here I tell people 5 years.

If its brand new there may be a built in title policy. No PMI because of a specific loan program, it may be waived for 15 year 10% down, or its built into the rate.

The point is, it doesn't work for you but she's not you. Practice saying "I just wouldn't do that" instead of saying "I just don't agree with that". Once voices your opinion, the other passes judgement.

 

Let me state this for the record, I am not saying that what I do, is what anyone else should do. As far as passing judgement, everyone does that. I wouldn't have gone short side and waited that long to shoot (maybe you should have released the puck much sooner or passed it to me), I would have stayed at first (you got thrown out you aren't faster than that kid's arm in my opinion), etc. So what? Maybe you should not take things personally, we're all speaking generalizations and expressing our opinions. Hopefully someone can benefit from hearing the 3 sides of the coin. Don't feel like you are attacked or something just because someone else thinks differently, you're not being attacked, and your opinion is being listened to.

With my aunt, yes, I feel differently. I realize I can no longer assume that someone 50 y.o. has paid off their house. This was my folks' generation. My vocabulary is only so big so I am running out of ways to say imho, my aunt should not have a 15 yr. mortgage on a 300k home, when she just sold one that was over a mil. But I do acknowledge times have changed, people today even pass away with both unsecured and secured debt, and then there's probate.

 

Lets put it this way, I see people's home payoffs all the time. I very rarely see anybody that has a house they own totally outright, even older people. Most people just don't stay in a house long enough to pay it off anymore. The average here is 7-8 years.

Let me ask you this...why shouldn't your aunt have a mortgage? I think she's being conservative with having a 15 year mortgage. I'd have a 30 year. What difference does the value of the house she sold make? Perhaps she has other uses for that money other than to have it sit tied up in a house and she has the financial ability to pay a monthly mortgage payment? My mother is 71...she has a mortgage.

And if you're dead, who cares if you still have debt? Bill collectors don't bother dead people.

 

 

this thread shows there's many ways to prosper (or not), i used to think some ways were 'better' than others, but no longer think that. sure if someone goes hog wild into debt and goes through bankruptcy it's not great, but usually the story is (much) more complicated and not to be judged harshly. plus even people who go through bankruptcy (and millions more than usual did after the 2008 crash), they can and do bounce back, and live happy lives.

money is a challenge for most, for sure. but many choose not to make it the consuming aspect of their lives, and do just fine. may not live a life anyone else wants to live, but that's not important or their business.

so unless there's more to discuss here about a 2.9% rate on a lexus ls, we're probably about done here.

 

 

A deposit is money to hold the vehicle. It's not "money down" as equity if you end up financing 100%. A deposit is not synonymous with equity.

 

I see what you are asking. I don't believe my aunt should have a mortgage at her age, in my mind, she's in the phase of her life where everything's paid off and as far as investments etc., it's conservative. Now to add more info, she plays the stock market. The problem is, as I see it, is the window to recover from a correction is shorter. I figured the sky was falling and I'm done, stick a fork in me, in early 2009. But at the same time, I have to keep working what to 2045? lol

Again, I see your point of view. Why not use the 90% equity, and only put 10% down, if you qualify, age is not relevant. Maybe that's where we disagree. Part of my assumption as well, is, being a company man, compensation keeps rising and becomes very high at 50+. Now, arrangements are made to have such an individual leave at some point within 10 yrs. Such a person needs to be concerned with the income either stopping, or being reduced, or something.

Call me responsible, but I do think it matters that one doesn't stiff debtors even after passing away. That's going beyond not leaving anything to charity or heirs and the IRS, another level if it's part of a master plan....

p.s. I heard debtors bother the deceased's family--no joke

 

After all this, what were the actual terms on the 2.9%? Without knowing anything else, it's not bad, not really good, and again I don't think it should compel a person to purchase a LS500.

If the 2.9% is for 84 mos.? Take it if the out the door price is the same as paying cash. If it's for 36 mos.? Leave it. If unsure, do nothing, that's the least expensive option. If it's for 60 mos.? I would say leave it, some may say take it. If 0% for 84 mos., I'd say if you want the car, go for it....but it's 2.9.

edit I see it was 60 mos., if a person really wanted the vehicle, it wouldn't be the end of the world, and I'm sure they could always pay it off anytime, even day 2.

 

"Creditors". The debtor owes money to the creditor.

And a creditor is only going to get stiffed if you owe more than you have. For example, if your aunt's house is worth more than the mortgage, the lender doesn't get stiffed. The estate sells the house (or other estate assets) and pays of the creditor(s).

And there are definitely unethical creditors out there that will make heirs believe that they are responsible for their deceased family member's debts.

 

I guess we dont care about how relatively cheap the LS now to both lease and finance.

 

You are right....I am thinking about (I may have it wrong it's what I have heard) unsecured credit, and let's face it mine could be worth more than a small house! So someone racks up 200k in unsecured credit, passes away. That debt is sold to a collection agency, and they begin calling the estate--I don't know if it's pretense or what, but they say they don't know who the estate is so that means husband, wife, son, daugther, etc. Creditor, debtor, forward slash, backward slash, who can keep these things straight? lol I'm being stupid I know...

But I do think it's important to take care of one's debts, passing away is not an excuse morally if you ask me. Again, just for me, in some broad sense we should try the best we can to live responsibly.

 

seriously, what kind of discounts are there...does anybody know? If they were crazy, like 35k off sticker no catches, I'll buy one this weekend. These big cats are routinely 12k off in my mind, although someone said S550 no discount? That's no dice.

 

i think you keep looking at this in terms of your own financial preferences and situation. some couldn't give a rats behind whether it's 1.9, 2.9. or 5.9. and since MOST high end luxury cars are leased, this is all moot, well not entirely because there's 'deals' and negotiating on leases too.

 

5.9 is not bad, depends on the FICO