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EdFred said:
Simple interest loan. Every car/motorcycle I've bought with a loan has been like that.
Payoff = number of months remaining x current monthly payment.
Current one (and the first one I have had in 25+ years) is 0% so paying off early does nothing.
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Weird. Any financing or loan we've done in the past 20 years or will in the future, the assumption is that we'll pay it off early - usually way early - at our convenience.
 
DaleB said:
Weird. Any financing or loan we've done in the past 20 years or will in the future, the assumption is that we'll pay it off early - usually way early - at our convenience.
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Our plan, barring 0% interest loans, is to drop cash and be done with it. Of course last year when it was a car purchase, a cabin purchase, a new septic system, and new windows all within a 2 month period, that made the butthole pucker watching the account get low low low low low.
 
AV8R_87 said:
0% interest loans have the regular interest baked into the sale price.
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The price was the same either way. Told them I was paying cash to start and had the checkbook with me. No difference between the two. Kept the money as emergency fund.
I have never paid more on a 0% loan than I would have if I wrote a check for the whole amount there. Same with every 0% for x months on credit card. Was actually cheaper with that one, because it was Lowe's and I get 5% every purchase, including the one that was at the 0%.
 
I’ll take their “X months same as cash” every time. I’m actually getting interest on money in savings and checking now, so it’s a teeny little discount. As for the rest, now that I’m retired and in control of my taxable income, one factor in the cash vs. finance decision is income tax, since I’ll need to take a distribution for anything major.

I’ve never gotten a 0% car loan… never seen it offered on used cars, and we don’t buy new any more. So far I haven’t encountered a situation where any financing would make a new vehicle more attractive than one a couple years old. We do get anywhere from 6 to 24 months interest-free on a lot of things though. Yes, thank you, I’ll do that.
 
EdFred said:
Simple interest loan. Every car/motorcycle I've bought with a loan has been like that.
Payoff = number of months remaining x current monthly payment.
Current one (and the first one I have had in 25+ years) is 0% so paying off early does nothing.
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That sounds like a precomputed rate. A simple interest loan calculates the interest each month based on the amount of loan remaining, and therefore it’s advantageous to pay it off early.
 
Half Fast said:
That sounds like a precomputed rate. A simple interest loan calculates the interest each month based on the amount of loan remaining, and therefore it’s advantageous to pay it off early.
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The first one is what I've always had for non-mortgage loans:


Simple interest add-on loans: These are actually written as a single loan; all of the interest that will be due is calculated up front, added to the total of the loan as a finance charge, then that sum is divided over the number of months in the term to arrive at your monthly payment. Each payment consists of exactly the same amount of principal and interest, and as such, there's no savings to be had from prepaying these kinds of loans early.
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Simple interest amortizing loans: These work like a mortgage, with a declining loan balance and declining term producing a constant monthly payment with changing compositions of principal and interest. Prepaying these can save you some money.
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That’s why you sign the purchase agreement with sale price first, get your copy of that in your hand and then write and hand them a check instead of signing the financing agreement.
 
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Zeldman said:
I don't know how it works now, but it used to be the commission on the sale is higher if the salesman sells the car on dealer financing. And as long as the buyer keeps the dealer financing for 3 to 6 months, the salesman collects the higher commission. By paying the loan off right away you took money out of the salesman pocket.
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I think Carvana confirmed that they are an unnecessary evil that some people continue to suffer through because they hate themselves.
 
Who is responsible for the cheap plastic "safety nozzles" on gas cans? I bought two different kinds recently and they're both absolute trash. One doesn't work at all and promptly fell apart. The other doesn't lock open and requires constant pressure on the nozzle tip to remain open.

I really need to find some old-school unsafe gas cans that actually work.
 
AvNavCom said:
Who is responsible for the cheap plastic "safety nozzles" on gas cans?
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Idiots that refused to take ownership of their mistakes.

It must be the manufacturer's fault that I burned myself by pouring gas on an open fire.
 
AvNavCom said:
Who is responsible for the cheap plastic "safety nozzles" on gas cans? I bought two different kinds recently and they're both absolute trash. One doesn't work at all and promptly fell apart. The other doesn't lock open and requires constant pressure on the nozzle tip to remain open.

I really need to find some old-school unsafe gas cans that actually work.
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The EPA. Claimed too much spillage with the good kind.
 
AvNavCom said:
Who is responsible for the cheap plastic "safety nozzles" on gas cans? ...
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We're from the government and we're here to help.

Go to YouTube.
Enter "fix gas can" into the search bar.
 
I ordered regular spouts from Amazon for mine. Most of the "non-spill" spouts we had leaked all over and resulted in much more spilled gasoline than a regular spout. Crappy gaskets, crappy designs...
 
DaleB said:
I ordered regular spouts from Amazon for mine. Most of the "non-spill" spouts we had leaked all over and resulted in much more spilled gasoline than a regular spout. Crappy gaskets, crappy designs...
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:yeahthat:
About the only thing the modern spouts are good for is on a tiny can when you're filling a chainsaw or something small like that. Otherwise:

 
I just take the 'spout' off and use a funnel. I also make sure to set the (still wet with gas) 'spout' in the grass just as a FU to the EPA.
 
DaleB said:
Most of the "non-spill" spouts we had leaked all over and resulted in much more spilled gasoline than a regular spout. Crappy gaskets, crappy designs...
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This is the part that annoyed me the most. I have certainly spilled more gasoline in the last week as a result of these crappy plastic designs that I ever would have with a simple pouring gas can of old. Appreciate all the responses. One YT video let me modify the nozzle to make it slightly less infuriating. Definitely going to order the replacement nozzles that just do the job! Thanks all!
 
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