JohnEnglish

Anecdotal evidence but my buddy has automatic withdrawal set up for his car payments. He forgot to transfer the money to his account and missed the payment on his Acura. Acura called him and told him he had a 3 day grace period, they would try again in 3 days and if the money wasn't there then it was considered a late payment.

Also, it's not how big of a percentage your car payments are but rather how much of your take home pay you're spending and saving. You could be spending 50% of your take home pay on a car if that's your only expense.

da mayor

iTrader: (2)

i hope you called them... it's 11:00am Eastern time... don't post on teh forums spend the 5 minutes to just have them note the account as a grace

Saltin

I couldnt even imagine spending 20% of my net on a car, that's way too much.

mw09g37

iTrader: (3)

yeah just barely... actually i didn't explain it completely. car = 20%-25% of total take home

that number is supposed to also include insurance because thats a fixed cost associated with the car.

but good thing you're leasing... lowered the monthly. and if you choose to keep the car you can take out a used car loan and do that one for 3-7 years if you choose.

but yeah they will carry it over to next month as long as you're in good standing. As a finance company IFS is pretty forgiving... They don't even run a credit check on you if you buy another infiniti thru IFS.

BillPaul

20-25% of take home income devoted to a car might be survivable, but it would be more prudent to allow no more than 10-15%. This would help make financial or medical emergencies more survivable, and allow building a nest egg.

So, a Honda Accord or some other reliable but more economical car would be be better. Cars are a lousy investment with very high initial depreciation. Best to avoid expensive cars like the G37 unless you truly have the income to afford it.

JaxG

They do if youre ever late, or have a series of late payments. If youre not, they dont check your credit again.

mw09g37

iTrader: (3)

yeah Like i said if you're in good standing they don't. if you're not you'll never qualify again without a co-sign.

but yeah realistically if you have any sort of debt) a car should be the last thing on your mind... I mean a car should be last priority... but at the end of the day you just have to be smart about it. Cause if you don't put away money at the end of the month... something's wrong. and you'll never make any money cause all you have are depreciating goods.

financeman

Read the fine print on the promissory note you signed....its all there.

ged1067

Cars are what keep poor people poor!!!

GED

shumby

iTrader: (3)

lol cars don't keep you poor banks do. I pay 1200 a month for my FX. That said i got 0.9% from IFS. So i took a loan for the whole amount. I got 80K in the bank earning 3.5%. so basically I pay out of that and am still earning money.

financeman

++++1.....IMHO - buy assets (rental properties, investments, things that pay you), not expenses (cars, boats, toys).....unless you already have a decent net worth or want to work for someone else the rest of your life. Nothing wrong with a nice car, but if it takes 25% of take home pay to fund an expensive Infiniti, your car is a financial yoke.

lier200a

iTrader: (1)

Do you guys watch that show "Operation Repo"? That will be interesting to see a G37 get repoed...

ged1067

I do not enjoy wathching other get shafted!

GED