Search found 282 matches

by Broadway2018
Sat May 27, 2017 9:16 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

Two questions to start... How much of your monthly gross income (percentage) is currently going to the car payment? How much of your monthly gross income (percentage) is currently going to savings? I make $125k a year and am putting the max in my 401k plus I try to save about $500 a month. The extr...
by Broadway2018
Fri May 26, 2017 3:16 pm
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Re: Worth it to Refinance?

I can see how the PMI comes out as more expensive than the student loans, but there is a large red flag here -- your student loans are currently variable interest rates. And we know the Fed is planning to raise rates in the near future. While that's FAR from certain to happen, it's a known risk and...
by Broadway2018
Fri May 26, 2017 2:37 pm
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Re: Worth it to Refinance?

This is a tough call...to me it boils down to which of the 2 debt (mortgage vs student loan) to tackle first. And honestly the difference in the interest isn't very significant. Meaning, the student loan interest is about $142/month. The PMI is $193/month. As others have mentioned, you do have a lo...
by Broadway2018
Fri May 26, 2017 10:48 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

The math above makes sense but includes some assumptions that may not. You said you don't drive much. So I took this to mean 7k miles per year. The post above estimates 10k per year. If you don't drive much, there is no good reason why you need to buy a new $15k car every 10 years. I drive under 4k...
by Broadway2018
Fri May 26, 2017 10:34 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

Since you've asked a lot about the math and I haven't seen anyone lay it out directly, here's how I'd look at it. From what I gather, the facts are: - Outback trade price that dealer will give you: $26k - Outback mileage: 28k - Outback year: 2015 - Legacy price (you said out the door, so I'm assumi...
by Broadway2018
Fri May 26, 2017 9:59 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

Have you tried pricing it on the private market? A dealer is the last place to go in terms of maximum value. Outbacks hold their value well. Perhaps you might feel better if you could sell it privately for 30k? If it has low mileage this could be a good deal for someone. Is is 3.6 or 2.5 motor? The...
by Broadway2018
Fri May 26, 2017 9:41 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

This post it the exact reason we see so many "should I buy this car?" posts on the forum. Nobody wants to be in this position, so I feel for you. Here's a slightly different take, perhaps. You're talking about spending 15k on a car with 40-50k miles for which you don't know the history and with few...
by Broadway2018
Fri May 26, 2017 9:17 am
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Re: Worth it to Refinance?

I would do refinance 1. .. that interest savings will be so much better than what you are trying to pull off with the car. if it's a sunny day, take your 2015 out for a ride and enjoy it. Rinse and repeat for the next 10 years or so... edit: got the refinance #'s mixed up Thank you for the advice! ...
by Broadway2018
Fri May 26, 2017 8:50 am
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Re: Worth it to Refinance?

$193 x 12 = 2,316 That money is just disappearing. You have a boat full of debt (another topic altogether), but I would likely do whatever it takes to get rid of PMI in your situation. Even if your closing costs are $2,000, that is one year of PMI. Years 2-X can be used to pay down on your other de...
by Broadway2018
Fri May 26, 2017 8:34 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

Thoughts? You're just waiting for 1 person to agree with you... I am trying to figure out the math. When I put everything into a total cost to own calculator, I see the Subaru Legacy costing $6k less over 5 years and a $9k difference over 10 years. So trying to figure out how I would not be saving?
by Broadway2018
Fri May 26, 2017 8:07 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

Trading a 15 Forester Limited for a 14 Legacy base? What are the costs involved? Dealer bogus doc fee (this is actually just dealer profit, there is no doc cost to the dealer) Sales tax, if in your state. Dealers make typically $2k on used cars. So figure value wise, you're losing $2k on your car a...
by Broadway2018
Fri May 26, 2017 7:22 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

I think what you are missing is you will have a car that is one model year older and has many more miles. Those factors are directly related to what each vehicle is worth. Which one to keep depends on how many miles a year you drive, how long you expect to keep the vehicle, and what happens if ther...
by Broadway2018
Fri May 26, 2017 6:47 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

So I test drove a Toyota Camry and Subaru Legacy. Both are 2014 Certified. I really like the Subaru Legacy much better and the Subaru dealer is willing to give me more money on my trade. The certified 2014 Subaru Legacy base model w/ 50k miles is coming to $15k out the door. Thoughts? I think you a...
by Broadway2018
Fri May 26, 2017 6:10 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

So I test drove a Toyota Camry and Subaru Legacy. Both are 2014 Certified. I really like the Subaru Legacy much better and the Subaru dealer is willing to give me more money on my trade.

The certified 2014 Subaru Legacy base model w/ 50k miles is coming to $15k out the door. Thoughts?
by Broadway2018
Thu May 25, 2017 11:59 am
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Re: Worth it to Refinance?

This is what I calculated so far...

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by Broadway2018
Thu May 25, 2017 11:02 am
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Re: Worth it to Refinance?

You need to look at your total refinance costs. A new lender may provide more favorable terms. Alternatively, present your case to your lender that you are arranging alternative financing and find out it they will terminate the PMI without an appraisal should you pay the loan down to 80% of origina...
by Broadway2018
Thu May 25, 2017 11:01 am
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Re: Worth it to Refinance?

You usually don't have to refinance in order to get rid of PMI - and it may not be worth doing so if you can avoid it due to closing costs. Your "return" on eliminating PMI is $2316 per year - so if you have to put down $57K to do that, that's around 4%, plus the 3.5% interest savings from the mort...
by Broadway2018
Thu May 25, 2017 10:31 am
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Re: Worth it to Refinance?

If you do a "no cost" refi, then go for it. I have never, ever paid any cost refinancing and have been quite happy to abandon my mortgage holder for $12 a month in savings with yet another no cost refi. As another option, could you simply pay down your existing mortgage and ask the lender to remove...
by Broadway2018
Thu May 25, 2017 10:16 am
Forum: Personal Consumer Issues
Topic: Worth it to Refinance?
Replies: 18
Views: 1863

Worth it to Refinance?

My fiance and I bought a home in January 2017, however, only had 5% down and had to pay PMI. I am coming into some money from another house sale in July 2017 - around $60k total. Our current mortgage is at $347,000, 3.5% for 20 years, and we pay $193 for PMI a month. If I refinance and put down 20% ...
by Broadway2018
Tue May 23, 2017 1:30 pm
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

What exact model do you have? Limited? 4 or 6 cylinder? Did you actually pay $36k, or was that the MSRP? How many miles does your car have on it? Have you looked for similar vehicles near you on cars.com and autotrader.com? I have the Limited model w/ eyesight, nav, everything and it is a 4 cylinde...
by Broadway2018
Tue May 23, 2017 12:53 pm
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

As others have alluded to here, if you go through a dealer, the bid/ask spread on a car is 10% or more of the value. If you sell, try to both sell via a private party, and buy the replacement via a private party sale. However, you have a vehicle that's not *that* much more expensive than the replac...
by Broadway2018
Tue May 23, 2017 12:40 pm
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 3309

Re: What to do w/ $60k Lump Sum?

Ok so my plan is to find out exactly how much I need to get out of PMI. Also, all remaining funds will go to the student loan. As far as trading in my car...I was looking at RAV4's and found one at $15k with low miles. However, there are a ton of Hyundai Sonota's at $10k with low miles and still ha...
by Broadway2018
Tue May 23, 2017 9:54 am
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 3309

Re: What to do w/ $60k Lump Sum?

I'd go for getting rid of the PMI first. Why because you are paying 192 each month, so 2304 goes to this. Divide by 45K, and this turns out to be effectively a loan at 5.12%. As the amount of money needed to get rid of PMI decreases over time (as you have more equity) effectively this interest rate...
by Broadway2018
Tue May 23, 2017 9:15 am
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 3309

Re: What to do w/ $60k Lump Sum?

I'd go for getting rid of the PMI first. Why because you are paying 192 each month, so 2304 goes to this. Divide by 45K, and this turns out to be effectively a loan at 5.12%. As the amount of money needed to get rid of PMI decreases over time (as you have more equity) effectively this interest rate...
by Broadway2018
Tue May 23, 2017 8:30 am
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 3309

Re: What to do w/ $60k Lump Sum?

Thank you, everyone, for the advice! So many options given the amount of debt I have. I will let you know when I decide. I am now leaning more towards mortgage payoff to eliminate PMI, however, very skeptical of the bank requiring a $450 appraisal up front.
by Broadway2018
Mon May 22, 2017 8:36 pm
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 3309

Re: What to do w/ $60k Lump Sum?

According to my accountant, I will owe taxes on the depreciation I took (rental property).I lived in it 2 out of the 5 years and am selling prior to the 5 years being up. I will owe about $3600 in taxes.
by Broadway2018
Mon May 22, 2017 6:50 pm
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 3309

Re: What to do w/ $60k Lump Sum?

Ok so my plan is to find out exactly how much I need to get out of PMI. Also, all remaining funds will go to the student loan. As far as trading in my car...I was looking at RAV4's and found one at $15k with low miles. However, there are a ton of Hyundai Sonota's at $10k with low miles and still hav...
by Broadway2018
Mon May 22, 2017 2:18 pm
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 3309

Re: What to do w/ $60k Lump Sum?

Unfortunately, I make too much to deduct student loan interest. I did find out I would need to pay $450 for an appraisal and I am guessing my house would not appraise for more than $375k (lowest would be $365k which is from December 2016). Then the bank (Chase) said they could remove PMI after I pay...
by Broadway2018
Mon May 22, 2017 1:51 pm
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 3309

What to do w/ $60k Lump Sum?

So here's the situation. I am selling a property and will walk away with roughly $60k at closing. I have the following debt/situations: 1) Current house - only put 3% down on a $362k house so I pay PMI. The PMI is $192 a month and my interest rate is 3.5% for 20 years. There is no length of time I n...
by Broadway2018
Mon May 22, 2017 9:45 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

Thank you everyone for the advice! I really appreciate it! mckaydw, you nailed how I feel. The extra money won't have a long term impact. However, I owe $26k and could easily go pick up a car for $15k off the lot with low miles. This would help me start investing early. I am going to look at a 2013 ...
by Broadway2018
Sun May 21, 2017 1:38 pm
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Re: Sell 2015 Subaru or Keep?

Thank you for the responses! I have about $15k cash I could go buy a car with and not have a payment. Or I could apply the $15k to this car and just pay it off faster. My loan is at 2.24%. I really am leaning towards keeping it, however, have searched the used car market. I could get a Toyota Rav4 w...
by Broadway2018
Sun May 21, 2017 10:10 am
Forum: Personal Consumer Issues
Topic: Sell 2015 Subaru or Keep?
Replies: 71
Views: 8019

Sell 2015 Subaru or Keep?

So I made the mistake of buying a 2015 Subaru Outback Loaded w/ crash detection (eyesight). Needless to say this cost me $36k and I financed it. I can make the payments and have no trouble except now I realize I should be investing that money instead of paying down a vehicle. I owe $26k on it still ...