Vehicle Finance now 96 Months......... - Page 3





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  1. #41
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by bostoe View Post
    Am I old fashioned or ill informed?

    How can anybody think a vehicle is affordable when you cannot pay it off, within 48 months with no balloon payment? We live in a third world country, with a dodgy economy. Instead of "belt intrek" we are becoming more flash!

    Absolutely crazy!

    It is bliss to have all vehicles paid for, which will still last a couple of years and in the mean you time to save for when they need to be replaced avoiding financing like the plague! But, I buy second hand and try to buy cash. Instead of driving a brand new Double cab etc, I drive a 2011 Isuzu. I can afford the Isuzu, not the bling bling brand new, top of the range bakkie, which I might be able to buy if I was making use of these never never loans!

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  2. #42
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    Default Re: Vehicle Finance now 96 Months.........

    Look at the age of those commenting about how bad this thing is. Most are in our "later years". When you are 35 and think that you have a lifetime ahead of you then 8 years means very little, especially of you believe that the next 8 years will be stable for you.

    Paying over 72 months and having a residual or balloon payment is much worse than stretching the finance.
    Lusted for a Landy but the Pajero was sexier and bigger in the right departments, just like my Missus.

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  4. #43
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by Stranger View Post
    Look at the age of those commenting about how bad this thing is. Most are in our "later years". When you are 35 and think that you have a lifetime ahead of you then 8 years means very little, especially of you believe that the next 8 years will be stable for you.

    Paying over 72 months and having a residual or balloon payment is much worse than stretching the finance.
    I was lucky to take a residual at a very young age. Lesson learnt.
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  5. #44
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    Default Re: Vehicle Finance now 96 Months.........

    This is madness , enticing people to live even further beyond their means than what a lot are currently . Another issue will be the fact that the shortfall between vehicles value & outstanding balance to the finance house will now be bigger than ever . This will have to be paid for too . SA consumers are living on a knife edge in terms of their finances , this will just serve to push them deeper into the dwang
    When faced with the dilemma of being right or being happy , I choose happy every time

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  7. #45
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    Default Re: Vehicle Finance now 96 Months.........

    Finance can be your friend. Business minded peeps can generate returns above the repo rate. So sometimes it is better to use your spare cash in your business and finance assets🤔

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  9. #46
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by jelo View Post
    Yes, a well aged horse steak should be treated like venison and coated in olive oil, salt and pepper, seared on all sides and sliced thinly, cranberry or other sourish fruits can contribute to the flavour, but you could just sprinkle with lemon juice or balsamic vinegar depending on your preference..........



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  11. #47
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    Default Re: Vehicle Finance now 96 Months.........

    Donkeys Against Rape.
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  12. #48
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    Default Re: Vehicle Finance now 96 Months.........

    anything paid off is better then something new that the bank owns. but egos play a huge role with youngsters of today. sad thing is your new car is only new for the first few weeks , then all your mates have told you how nice it is how cool you are, then it's just a old car again that you pay off for years.
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  13. #49
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by peter bee View Post
    anything paid off is better then something new that the bank owns. but egos play a huge role with youngsters of today. sad thing is your new car is only new for the first few weeks , then all your mates have told you how nice it is how cool you are, then it's just a old car again that you pay off for years.
    well something must have rubbed off, none of my kids owe on their cars and they aren't anything new or pretty..........
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  15. #50
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    Default Re: Vehicle Finance now 96 Months.........

    jelo
    well done, one kids just paid off there car, now they looking at something bigger and better, i had a #### fit, and i think won the battle, they i hope will save the payments from the paid off thing and pay cash for the upgrade.
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  16. #51
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by peter bee View Post
    jelo
    well done, one kids just paid off there car, now they looking at something bigger and better, i had a #### fit, and i think won the battle, they i hope will save the payments from the paid off thing and pay cash for the upgrade.
    we will also refuse to pay a cent towards any flash wedding
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  18. #52
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    Default Re: Vehicle Finance now 96 Months.........

    Being a bit slow today I misunderstood the 96 part and thought it meant that vehicles as old as 1996 models can now be financed.

    And for a brief moment I had visions of a nice old Patrol standing in the driveway.
    Last edited by Swartjan; 2019/10/21 at 03:08 PM.
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  19. #53
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by jelo View Post
    well something must have rubbed off, none of my kids owe on their cars and they aren't anything new or pretty..........

    Just like their father.
    Lusted for a Landy but the Pajero was sexier and bigger in the right departments, just like my Missus.

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  20. #54
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by Stranger View Post
    Just like their father.
    OY I resemble that remark
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  22. #55
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by jelo View Post
    we will also refuse to pay a cent towards any flash wedding
    Cheapscate!


    No I agree fully with that, so much money is thrown down the drain these days, wedding's are one of the worst money wasters.

    I just think a lot of the current young people have had it too easy growing up, and dont care to learn about how to manage their money.

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  24. #56
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    Default Re: Vehicle Finance now 96 Months.........

    Quote Originally Posted by jelo View Post
    we will also refuse to pay a cent towards any flash wedding
    You have that spot on too. I have the reset policy.

    Every time they demand something, I reset to zero funding.
    Lusted for a Landy but the Pajero was sexier and bigger in the right departments, just like my Missus.

    2004 Gen 3. 3.8i petrol V6 (PAJTU)
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  26. #57
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    Default Re: Vehicle Finance now 96 Months.........

    I bought a car in 2003 and at that stage the best interest rate I could get was 18.5%, I had to take it on a fixed rate and a year later the rates were down to 11%.
    I couldn't stand paying the hight rate so tightened my belt and scraped together everything I had, sold some stuff and managed to pay it off in 3 months. I saved a huge amount in interest and that lesson stuck.

    Since then I have always managed to put down at least 60% deposit, and reduce term to 48 years and then proceed to pay it off in less than 24 months.

  27. #58
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    Default Re: Vehicle Finance now 96 Months.........

    What if its not about being flash, or keeping up with the Jones'?

    My wife has a 2012 Kia, came with a 5yr warranty thing and some sort of maintenance plan. Both those plans were extended and that was paid for in cash. So she essentially has a car, with so far, 7yrs worth of "cover".
    It only has 70000km on it, has no issues, touch wood, and she intends on using it for quite a while still.

    I love my skanky old ranger, the body is maybe a bit worse for wear, but mechanically I can't fault it much. I service and repair it myself for cheap, I actually use the bin for loading stuff. It takes me camping. Its still a bit of a workhorse that i won't be able to afford to replace with something that ticks all the same boxes.

    Both vehicles were settled early when it suited us, although we were okay with paying the installments for the full term of the finance.

    I have pondered getting a second vehicle, something smaller for the daily commute but couldn't stomach the idea of the high installments or ridiculous residual figures.

    And i'm not talking GTI's and the high priced "show off" boxes.
    I'm thinking more along the lines of Kia Picanto, Ford Figo, VW UP, entry level type stuff.... not Kwid or GO though.

    (I'm not going to do it though)

    Having the option to spend a few monies less every month because the installments are "less" frees up that money for other monthly living stuff.

    In current times I think many people could think like this. And I'm not talking about the people who just want to show off and get the flashest car they can "afford"
    I'm talking about those who are working hard to make ends meet, and want to get some decent reliable, warrantied, safe transport for their family, instead of a 10yr old high mileage #####box from a dealer that will end up on Carte Blanche. Not everybody has R10k monthly to spend on a car. Some can only afford less, but will still make all the payments.

    Imagine if we could get Prado's for R600k and finance them for 8yrs, and drive them for 12 or even 15yrs... is that not realistic?

    DISCLAIMER
    I am not rushing out to purchase a vehicle on 96months finance
    I realize that the installments and residual payments work out more expensive
    I am not rushing out to purchase a vehicle on 96months finance
    I realize that 96 month finance will cost more in the long run
    I am not rushing out to purchase a vehicle on 96months finance
    I am not encouraging the finance of vehilces over 96 months
    I am not rushing out to purchase a vehicle on 96months finance

    Now, let the onslaught begin

  28. #59
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    Default Re: Vehicle Finance now 96 Months.........

    The banks need to find a way to increase the loan books, and to go around the affordability requirements you simply increase the term and charge a bit more on the rate since someone negotiating for a 96 month contract won't have much sway on what rate is on offer.

    it is not only on vehicles, mortgage loans have had their largest growth in the last quarter - and this is not because the economy is picking up but that lenders have to find a way to stimulate the economy. Unfortunately, from a macro perspective things will get worse before they get any better, not only in South Africa but globally.
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  29. #60
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    Default Re: Vehicle Finance now 96 Months.........

    My thinking: unintended consequences. Our authorities are famous for arrangements without thinking about the obvious undesirable outcomes.

    Firstly, only premium quality cars will probably qualify to be financed over such a long term. My reasoning is simply that financing institutions does not finance assets which is at risk of not possessing sufficient collateral for the financier over the risk term to recover their money at risk. However, premium quality cars will overnight be elevated above the purchase price cut-off limit.

    Secondly, as things stand at the moment, servicing outlets complain that because of financial constraints people do not maintain their vehicles service wise to ensure a long service life. My guess is that the new dispensation will have to have extended warranties (insurance policies), future service and maintenance costs built into the purchase price in order to ensure the required longevity of the vehicle to safeguard their "investment". This will make the extended repayment period installments as costly as the normal financing terms.

    Thirdly, this arrangement will put people who do not understand money matters, that should have been riding bicycles, into cars , unless legislation requires a new set of requirements which cannot be circumvented.

    Fourthly, it is said that an American billionaire sold his shares a day before black Friday. When he was asked how he knew that he should get out of the share market he said that the youngster who always polished his shoes on the pavement on his way to the office was late and came running along being out of breath that particular morning. When he asked the youngster where he has been to he said he quickly went to the stock exchange to buy some shares. That, he said, was a clear indication to him that he should immediately get out of a market destined for people with money.

    Lastly, sure, it may stimulate the economy, because with thousands more people buying cars all the related motor industry outlets should benefit from more business, inviting more competitors to that field. And then, what will the effect be when this over inflated motor industry bubble bursts? I have no idea. Perhaps the economists should give us an indication of what can be expected.
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