Jump to content
MCF HangOut X Lexus – 9 May 2024, Lexus Boutique ×

Advise needed for my ride

MLS

By MLS,
in General Car Discussion

 Share

Recommended Posts

Terrylmt

Terrylmt

Supercharged

Need advice regarding my friend's car loan. He have a bmw worth 70k but he still owe the bank 85k and a lexus worth 80k and he still owe the bank 46k. With this situation is there any way he can top up maximum of 20k for downpayment for the 4series Gran coupe which is about 52k? As after selling both Lexus and bmw he only left 19k cash

 

So if I am reading this correctly, if he sells off both his current cars by himself = (70K + 80K) - (85K+46K) = 150K - 131K = 19K

And this is the 19K balance that you are referring to.

 

Plus he has 20K cash that he can put in, which means he has 39K cash on hand - that means he doesn't want to come up with 13K more?

 

So why not just go to PML and ask for overtrade on his existing BMW, and sell the Lexus off? BMW to BMW might get better trade-in offer.

 

Just a suggestion.

 

Otherwise, don't change if there isn't a real need to.

↡ Advertisement
Link to post
Share on other sites
Chucky2007

Chucky2007

Turbocharged

There’s 3 Drivers in the house? Cannot afford/don’t wanna come up to with 20k cash and wanna get another BMW 4?

 

Really a car lover your Friend and so cute ask your to help with financial questions

 

My advice to your Friend.. got to use creativity to find that 20-40k, then better sell the existing car to get another car bah...

 

Btw I sounded very lemon because I can not afford bmw. I only have one lousy car.. worth 95k and don’t owe the bank any money now.. Scary to dump money all in sheet metals

Link to post
Share on other sites
Terrylmt

Terrylmt

Supercharged

There’s 3 Drivers in the house? Cannot afford/don’t wanna come up to with 20k cash and wanna get another BMW 4?

 

Really a car lover your Friend and so cute ask your to help with financial questions

 

My advice to your Friend.. got to use creativity to find that 20-40k, then better sell the existing car to get another car bah...

 

Btw I sounded very lemon because I can not afford bmw. I only have one lousy car.. worth 95k and don’t owe the bank any money now.. Scary to dump money all in sheet metals

 

His friend is selling two cars and buying one to replace the two old ones bro.

 

Lai lai lai.. simmer down... [sunny]

Link to post
Share on other sites
Thaiyotakamli

Thaiyotakamli

Supersonic

Need advice regarding my friend's car loan. He have a bmw worth 70k but he still owe the bank 85k and a lexus worth 80k and he still owe the bank 46k. With this situation is there any way he can top up maximum of 20k for downpayment for the 4series Gran coupe which is about 52k? As after selling both Lexus and bmw he only left 19k cash

Sell all

 

Then go rent bmw 4 series until that $19k finish first, by then ask for another advice

Link to post
Share on other sites
Watwheels

Watwheels

Supersonic

This really shows how or what a typical car buyer can be....like going to a fish market to buy fish.

 

No talk about the legal stuff or penalty one.

 

Don't know what I'm talking about?

When you take a car loan you will sign a copy of the hire & purchase agreement. It's basically a contract that's legally binding with the bank. What that means? Means if you break the contract you get sued or you pay a penalty. How much? You gotto go ask the bank first coz they may not allow you to settle the repayment early.

 

Ppl with financial sense will also know that they will not want to buy a new car until they are almost done servicing their existing car loan. Only fish/vege buyers will ask this type of  naive question with no idea whatsoever.

 

Cars are fast depreciating assets that's only worth their paper values. They are not like real estate property. I doubt what you say the car is worth is even near that amount.

Link to post
Share on other sites
TameDriver

TameDriver

Twincharged
(edited)

Financial situation liddat still wanna talk abt buying a 4series coupe ah? *facepalm*

 

He probably thinks very highly of MCFer gurus to help figure out the situation. Cannot shuan pple leh.

 

My contribution: there're special deals at 303 Alexandra Rd now (same deals as at CarsExpo).

Monthly cost of as low as $116 with 0 downpayment.

Edited by TameDriver
  • Praise 2
Link to post
Share on other sites
Vratenza

Vratenza

Supersonic

Just very surprised that someone who managed to get himself into hundreds of K of car loan debt over 2 premium-make cars need advice on how to get out of those debts to jump into another hundreds of K debt?

 

I would have thought he is more savvy at loans than most of the MCFers here who are into full cash?  :D

 

Link to post
Share on other sites
Apple-Tree

Apple-Tree

6th Gear

I think I have the BEST idea, register the new BMW car as a PHV, only need 10% down payment and spread loan over 10 years.  Just tint the front & rear windscreen and the stickers cannot see one.

 

Also best buy that BMW without roof one, left with one sticker at the front.

 

 

Link to post
Share on other sites
Chucky2007

Chucky2007

Turbocharged

His friend is selling two cars and buying one to replace the two old ones bro.

 

Lai lai lai.. simmer down... [sunny]

Oic...

 

Sell 1 bmw and 1 Lexus and still cannot not enough for a new bmw? So tough to get one really?

Link to post
Share on other sites
Terrylmt

Terrylmt

Supercharged

Oic...

 

Sell 1 bmw and 1 Lexus and still cannot not enough for a new bmw? So tough to get one really?

 

4er GC, at RRP, is going for:

  • $215,800 for 420i
  • $253,800 for 430i M-Sport
  • $294,800 for 440i M-Sport

which should mean that his friend is going for the 420i if the downpayment needed is $52K.

Link to post
Share on other sites
Thaiyotakamli

Thaiyotakamli

Supersonic

4er GC, at RRP, is going for:

  • $215,800 for 420i
  • $253,800 for 430i M-Sport
  • $294,800 for 440i M-Sport
which should mean that his friend is going for the 420i if the downpayment needed is $52K.
200k how come downpayment 52k? Pml can do under table ah

Oic...

 

Sell 1 bmw and 1 Lexus and still cannot not enough for a new bmw? So tough to get one really?

If based on MAS rule, he cant even pay a new harrier turbo downpayment
Link to post
Share on other sites
Terrylmt

Terrylmt

Supercharged
(edited)

200k how come downpayment 52k? Pml can do under table ah

If based on MAS rule, he cant even pay a new harrier turbo downpayment

 

"Discount" lor... Or maybe his friend last name is Darby.

 

Edited by Terrylmt
Link to post
Share on other sites
Soya

Soya

Supersonic

Just very surprised that someone who managed to get himself into hundreds of K of car loan debt over 2 premium-make cars need advice on how to get out of those debts to jump into another hundreds of K debt?

 

I would have thought he is more savvy at loans than most of the MCFers here who are into full cash? :D

Tink this fella needs to be coached by our cbcbcb guru....

Sell all

 

Then go rent bmw 4 series until that $19k finish first, by then ask for another advice

I'm guessing the golden question then would be "How to buy a 750i w zero d/p?"
  • Praise 1
Link to post
Share on other sites
kdash

kdash

Supersonic

Tink this fella needs to be coached by our cbcbcb guru....

 

new nick for him haha... @eviilusion @theoldjaffa 

↡ Advertisement
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing
×
×
  • Create New...