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Location: Formerly Pleasanton Ca, now in Marietta Ga
10,364 posts, read 8,611,109 times
Reputation: 16716
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Quote:
Originally Posted by Malloric
That's based on income. If he has 5 million in assets and but low income from annuities or distributions he'd still qualify for welfare medical coverage.
The point was his income amount, or did you miss that.? The income is what will qualify him for the loans for those 70k car loans. If it’s so low that he gets medical coverage then he won’t qualify for a loan. I think I have 5 x his income and way more assets and still couldn’t get a loan for a car of that value. When it comes to auto loans, I learned I had to ladder my way up with loans to get a larger loan.
Talking about buying a car cash for say $40k. Drive it say 1 year or so and resale it for $35k...maybe even $33-$34k. My net loss is $5-7k per year and I get to drive a different car every year.
Another possibility I thought of is the Tacoma...maybe something cool like a Tacoma or 4Runner Pro? Those seem to hold value extremely well.
Your evaluations on resale pricing is not correct. Car values drop all the time. They vary from car to car on which hold their value. You cannot predict the future. You are going to get yourself into a losing financial situation with that mind frame.
The point was his income amount, or did you miss that.? The income is what will qualify him for the loans for those 70k car loans. If it’s so low that he gets medical coverage then he won’t qualify for a loan. I think I have 5 x his income and way more assets and still couldn’t get a loan for a car of that value. When it comes to auto loans, I learned I had to ladder my way up with loans to get a larger loan.
Maybe. I've never had them do any income verification though. Just walk in, stated income. I usually understimate though and I'm not trying to get $70k cars. Last one they did try and up-sell me to a $45k car since I qualified for it.
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