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VWoA is awesome!!

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Modshack1

Modshack1

Go Kart Champion
Shini said:
If the payments aren't going to change at all then I don't see a problem with it, helps someone in a financial bind breathe a little easier...wether it be to pay off a random expense or to mod now vs later.
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Huh????? Let see....Buy mods or pay rent and the car payment....Duh!
 
maxtdi

maxtdi

Go Kart Champion
Shini said:
If the payments aren't going to change at all then I don't see a problem with it, helps someone in a financial bind breathe a little easier...wether it be to pay off a random expense or to mod now vs later.
Click to expand...

Payments will go UP in every scenario other than the one where there is 0% interest.
 
B

BAM its mitch

Go Kart Champion
Payments going up isn't even the real reason that this is a bad idea, it's that you are filling in the hole in front of you by digging a bigger one in front of that one. Eventually you are going to find yourself in a deep-ass hole.
 
Shini

Shini

Go Kart Champion
thedude4bides said:
Hang on here... Vw credit uses simple interest, not compound, meaning the amount of interest on every single payment is the SAME. If you pay more early, then you cut out interest on the payments at the end that you don't need to make. This makes earlier payments more beneficial than in the compound scenario. (note that in the first place simple interest formula gives VW more interest in the end which is why they use simple interet) If you simply push back the payments and the payments are for the same exact amount then what is the harm in pushing them back?

Need to know if VW credit accrues additional interest to say they make out...
Click to expand...

Modshack said:
Huh????? Let see....Buy mods or pay rent and the car payment....Duh!
Click to expand...

maxtdi said:
Payments will go UP in every scenario other than the one where there is 0% interest.
Click to expand...

If it's what thedude4bide's is talking about, the interest is calculated in, divided over the course of X months, and then all you do is push back 1 or 2 payments, and it doesn't change anything other than deferring your payments 2 more months, therefore making you pay for/keep the car 2 more months...For someone with zero budget for mods, they could do this (I wouldn't advise them to do it just for mods of course) but then it would give them room to go to Stage 1 NOW rather than waiting for Santa, or in a worse case, waiting til they're finished paying off the car. That way they get to enjoy some mods while they're paying for the car to enjoy it more.


If it's not going to change your monthly payments at all, and it just means instead of being done in march you're done in may, whose to care what the rhyme or reason for someone doing this for is?

Of course if that's not how they do it, then yeah, it's a crapshoot and you should never do it without having a damn good reason to.
 
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C

Chris@Revo USA

Go Kart Champion
 
N

nouse4aname

Go Kart Champion
thedude4bides said:
Hang on here... Vw credit uses simple interest, not compound, meaning the amount of interest on every single payment is the SAME.
Click to expand...

That's rule of 78, not simple interest...

Simple interest takes in a changing principal to compute the interest owed which would be reduced by early/extra payments or added to with extensions.
 
inc55

inc55

Go Kart Champion
Shini said:
If the payments aren't going to change at all then I don't see a problem with it, helps someone in a financial bind breathe a little easier...wether it be to pay off a random expense or to mod now vs later.
Click to expand...

Thank you bro. Some responses are very silly. I was not suggesting I would be using this money to buy mods instead of paying my car payment. But like shini said if I wanted to get stage 1 now or make a car payment I would defer my payment to get the tune. I'm sorry but it makes sense to me. Yes, I may be financially irresponsible but I'm good with managing money in the sense of figuring out how to pay for something. Yes, I owed 4k to my lanlord but I sold household items and payed him off. I found a new place which is rent free and I found someone to rent my old place. My credit is untouched. I'm starting to understand that I shouldn't spend what I don't have. The BBK was necessary for my safety and I pieced it together over time.

Anyways Ill be taking accounting this semester so I'm sure I'll learn more. I doubt many people knew they can defer their payments. My goal was simply to contribute to these forums and provide people with options.
 
Shini

Shini

Go Kart Champion
inc55 said:
Thank you bro. Some responses are very silly. I was not suggesting I would be using this money to buy mods instead of paying my car payment. But like shini said if I wanted to get stage 1 now or make a car payment I would defer my payment to get the tune. I'm sorry but it makes sense to me. Yes, I may be financially irresponsible but I'm good with managing money in the sense of figuring out how to pay for something. Yes, I owed 4k to my lanlord but I sold household items and payed him off. I found a new place which is rent free and I found someone to rent my old place. My credit is untouched. I'm starting to understand that I shouldn't spend what I don't have. The BBK was necessary for my safety and I pieced it together over time.

Anyways Ill be taking accounting this semester so I'm sure I'll learn more. I doubt many people knew they can defer their payments. My goal was simply to contribute to these forums and provide people with options.
Click to expand...

Eh, silly maybe, but the crowd here on the forum is a bit older, and therefore wiser. The responses are things I'd typically expect from my Dad if I was to tell him I wanted to defer a payment or two for a mod, but hey, if the car is going to come out costing the same either way, I'd rather get my mod on than wait 5 years :iono:

It's hard to not let stuff people say on the interwebs get to you, but just do you, you're the one paying for everything, not them. Some people think it's retarded to pay for expedited shipping, because it's going to get to the same place eventually anyway...This would be along those same lines. Even if your rate did go up, it's just like adding overnight shipping on a package, you're going to pay more for something to get it sooner than later. If YOU can afford, and want to do it, then do it. I personally wouldn't if it would make my monthly payment go up, but if it doesn't, why not.
 
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rs999

rs999

Go Kart Champion
Shini said:
Eh, silly maybe, but the crowd here on the forum is a bit older, and therefore wiser. The responses are things I'd typically expect from my Dad if I was to tell him I wanted to defer a payment or two for a mod, but hey, if the car is going to come out costing the same either way, I'd rather get my mod on than wait 5 years :iono:
Click to expand...

Let me introduce you and inc55 to an oldie but goodie from SNL:

 
M

matthewk

Passed Driver's Ed
inc55 said:
Thank you bro. Some responses are very silly. I was not suggesting I would be using this money to buy mods instead of paying my car payment. But like shini said if I wanted to get stage 1 now or make a car payment I would defer my payment to get the tune. I'm sorry but it makes sense to me. Yes, I may be financially irresponsible but I'm good with managing money in the sense of figuring out how to pay for something. Yes, I owed 4k to my lanlord but I sold household items and payed him off. I found a new place which is rent free and I found someone to rent my old place. My credit is untouched. I'm starting to understand that I shouldn't spend what I don't have. The BBK was necessary for my safety and I pieced it together over time.

Anyways Ill be taking accounting this semester so I'm sure I'll learn more. I doubt many people knew they can defer their payments. My goal was simply to contribute to these forums and provide people with options.
Click to expand...

Why exactly? :iono:
 
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Shini

Shini

Go Kart Champion
rs999 said:
Let me introduce you and inc55 to an oldie but goodie from SNL:

Click to expand...

Guess a lot of us are at fault on this one, I certainly didn't buy my car without having the money for it, a lot of us didn't. Guess we should say "VWoA is awesome!!" again, let me have the car I wanted before having the money for it!

My Step-father lives by that rule, if you don't have money for something, you don't get it. It's not for everyone. Just because the OP owed his landlord 4k at one point doesn't mean he's terrible at finances and deserves all the harsh tones in the thread.

Being financially responisble has been engrained/lectured into me for 26 years from my father and I still ended up oweing a landlord 3k once, douchey roomates who tear up their room, leave a hole in the wall, don't pay the last 2 months of rent, and refuse to pay the fee's after moving out so it's all on you then can do that to a person, sh!t happens.

You only live once, might aswell enjoy it while you're here. A plus credit doesn't mean much once you're 6 feet under, neither does deferring 2 payments to get a mod.
 
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