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The bank loan was paid off today! Yippee! It is pure coincidence that payoff day was the anniversary of the Mustang!

For those of you that might be interested, I found a great way to take out a loan for cars (either new or used), but it is not for everyone. If you are fiscally well off, you will have a bunch of liquid cash in a savings account at your bank for emergencies, along with mutual funds and uncashed winning lottery tickets). I took out a loan against my savings account at 5.5%. The loan amount in savings cannot be touched, but it accrues interest at 3.5% or so. The resulting loan is 2.0%. As your monthly payments decrease the loan value, the money gets freed up again in your savings account. If you run into a real problem and need access to the savings, you can convert the loan into a used car loan at a higher rate of interest.

I've done this three times now, and it is really slick! What is neat about this method is that I receive the title right away, as the car is not collatoral for the loan. Highly recommended for those that have a fair amount of funds.

http://clubs.hemmings.com/baymustang/platesmall.jpgLet me check your shorts! My multimeter is just a-waiting! Formerly known as Midlife in the old VMF.
King of the Old Farts *struts*
 

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Uh, can you send me one of those application forms from the Bank of Midlife?

Vintage Burgundy 1966 Mustang GT Fastback (Midlife's younger brother)
MCA member #46447
 

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That's great timing, did you plan it that way? Like Charles, I've never had a loan on either of my Mustangs, although I did have to pay my dad a dollar before we could officially transfer the title of my coupe into my name a long time ago.

I love it when a plan comes together!

[color:red]1968 Coupe, "Murphy" - Original (car and owner)</font color=red>
[color:blue]1968 Fastback, "Trouble" - Restomod</font color=blue>
[color:white]1967-1968 MCA Certified Judge</font color=white>
 

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What a most excellent plan! Unfortunately, all that lovely cash just went to Uncle Sam!

Shannon a.k.a. The ShanMan! /forums/images/icons/cool.gif
66' Vintage Burgundy C-code coupe
http://albums.photopoint.com/j/View?u=1571656&a=12306481&p=42935059&Sequence=2.jpg
 

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You mean I didn't have to sell my children to finance the restoration of my 66? Wow, don't tell SWMBO, she's still pissed about that!

DanM
66 Coupe, check her out at http://www.66CoupeNW.stangnet.com

"Imagination is more important than knowledge. It is a miracle that curiosity survives formal education" - Albert Einstein
 

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I like it. To bad that method won't work for me. My wife doesn't allow us to have savings. I used a similar method to get my convertible. My 401K allows me to design loans for a certain percent of the balance. The amount of the loan is frozen in the 401K. The payment is taken from my paycheck and paid back to my 401K plus 8 percent. The way it's worked out in this bear market is I pulled the loan when the stock price was sky high. Now I'm paying it back into the stock fund and buying about 30% more shares than I used for the purchase. By the end of the year, I'll own the convertible free and clear and the money I've used to buy it with will be back in my 401K where it belongs with an 8 percent return PLUS I'll realize about a 30% return once the stock price rebounds back where it was since I've bought all my shares back at a much lower price. Cool. Of course in a bull market I wouldn't have looked so smart. Oh well, got away with it this time. hehe

http://albums.photopoint.com/j/View?u=1575122&a=11977248&p=43129086&Sequence=6&res=high.jpg
66 C-code convertible
66 C-code coupe
65 GTO hardtop
76 Nova hatchback
 

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Home Equity Line of Credit. I get a checkbook to spend as I wish. And it's tax deductible. It's a nice power trip to pretend you have the money and tell the seller you'll write him a check right now.

Of course this requires a little discipline. But when you get the opportunity to buy an original 64.5...well the wife just has to get over it. *G*


/forums/images/icons/blush.gifClick here to see free live bare topless Coppertonecam images./forums/images/icons/blush.gif
/forums/images/icons/smile.gifMy new 64 1/2 vert/forums/images/icons/smile.gif
 

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Only in America....if you can sign your name you can buy anything..I LOVE THIS COUNTRY..*LOL*..P.S...I always use the passbook method...

'59 T-Bird..[color:blue]'70 Mustang Convert</font color=blue>...[color:green]'72 Mach One</font color=green>
http://clubs.hemmings.com/baymustang/t-bird.jpg
The Black Bird At 42,she's the oldest in my Ford stable
 

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The last couple of deals that I ran across, I did a swap.

Traded a complete Home Theater system for a 1974 Triumph TR6. I discounted the system somewhat, so the other guy got a $7,000.00 system for the car (he wanted $6,500.00) and I in turn sold the car to a third party for $6,500.00 and a nice profit. We both came out ahead! And I had the pleasure of driving the car for a couple of weeks, deciding that I really don't fit in one of those things very well...lol

Dang! Just when I got used to being "strange", I became a "newbie", then a "tire-kicker". Now I'm a "beginner"?.....hmmmmmm...where do I start?
 

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With my daughters 96 Mustang. She makes the payments and it is much cheaper than a used car loan. Plus who would finance a 16 year old except Dad??

It teaches her discipline. If she misses a payment MORE discipline!

Gene J

http://albums.photopoint.com/j/View?u=1584519&a=12110688&p=43875040&Sequence=1&res=high.jpg
66 Coupe/66 Convert/84 GT Turbo/96 coupe

Gene's cars
 
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I Like that "my wife doesn't allow us to have savings" Mines the same, spends it like theres no tommorrow.

Tim Russell
Sale, Victoria, Australia

67 Convertible
 
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