Financed + Mods.

[humfrz]

Originally Posted by funwheeldrive

I think I'm the only FRS owner who is keeping their car stock.

Allow me to infect you with an entry level mod ..... CAUTION ..... the "hard mods" may follow ....


http://subaruonlineparts.com/subaru-...er-p-1337.html


humfrz

[Vmax911]

Financing + mods (full exhaust and cosmetic)

[Starkiller]

I laugh when people say if you finance it, then you own it. LOL. Miss a payment and see who owns that thing.

[ZionsWrath]

Originally Posted by Starkiller

I laugh when people say if you finance it, then you own it. LOL. Miss a payment and see who owns that thing.

This

[Whitigir]

That is true. While under Banks regulations, you are not allowed to mod or make any changes to your car, you have to strictly keep it as Manufacturer suggested.

For Example, if somebody finance a 500k Lambo while being a CEO. Next year he filed Bankruptcy, but before that he pulled the engine in the Lambo and modified it with a 4g63 (Aka the Eclipse 4 banger) and sell that engine for some cash. Is it legal ? NO....

You can only mod it when the title is in your hand, but most of the time the bank doesn't care, because if you messed up your car payments and have it repossessed, you got a Huge hit in credit history that would ruin your life for another 5 years....LOL.

Most of the time people Mod it, and 90% of times people finance it, because non of them do Crack for Cash

[n2oinferno]

Originally Posted by Starkiller

I laugh when people say if you finance it, then you own it. LOL. Miss a payment and see who owns that thing.

You do own it, but the property is treated as collateral. And because of this, the lienholder has the ability to collect your property if the debtor doesn't meet the obligations set in the loan contract.

[Quentin]

Originally Posted by ZionsWrath

I think the op is trying to get at why are you spending money on a car you do not own. Yes if you finance the bank owns your car until you pay off the loan.

I finance and since i cant run summer tires in winter i bought wheels and tires. Im also taking it to the track this year. Becausevi financd i wss also able to contribute money to long term investment. Sure it may be safer to buy cash but you know that popular phrase, yolo. Just be careful with your debts. If i lost my job today i have enouh to pay off my car.

If you lost your job, that money that you have liquid will likely help you live normalish until you find a new job. If you paid off your car and had no nest egg, and then lost your job, you might be selling your car to cover your rent or mortgage until you find a new job.

That does open the can of worms about buying a new car when you are living that close what you can "afford", though. No shame in it, though. We've all taken small risks like that in the past. I got my job as an engineer right after finishing under grad. My parents said I had to give my car back since I didn't go to grad school like they wanted (1st world problems, eh?). So, I had a good job, needed some wheels. I ordered a MKV GTI as my first new car... took delivery in Feb. In Mar, my fiance and I found the perfect house. In June we were getting married. So, all of a sudden, I have about $15k saved up, a $470/mo 4 yr loan on a new car, an upcoming wedding, and a house we wanted to buy. We risked it an bought the house with practically nothing down (housing bubble!). Kept our wedding costs in check, and kept our nestegg. A year later, the GTI was paid off, the wedding was easily covered by what we saved, and we were doing fine on the house. By living below our means since then, and buying a right sized house, my spreadsheets show that I'll have the house paid off in under 2 years (almost 20 years quicker than the original mortgage we took out), we have 2 paid off cars, and we didn't have to buy a bigger house when we had our daughter. Basically, I spent a lot of time calculating and understanding expenses and our job security before jumping into that new car, new house, wedding all within 6 months with very little cash on hand. Had I decided to pay the GTI in cash, there is no way I could have bought the house and I would have had no emergency fund. It was definitely a risk to do all of that at once and I did pay more interest than I would have if I just did cash. But, it was a reasonable risk.

In retrospect, I should have just bought my '01 2.5RS from my parents when they said they wanted the car back. That GTI was a disaster and I miss the plucky little GC6.

When I finally do get my FR-S, it will be wheels/tires only and maybe something like a Cusco steering wheel. Being my daily, I will need a set of tires for winter and then a set for the rest of the year. No justification for the steering wheel, but no care.

[nobody__]

Originally Posted by ZionsWrath

I think the op is trying to get at why are you spending money on a car you do not own.

To some degree this is what was intended, but in terms of owning a financed vehicle, I think the quoted below is on point. Because if the above statement falls into everything you finance ie: a home. Then why spend money refurnishing a house you don't own?

Originally Posted by n2oinferno

You do own it, but the property is treated as collateral. And because of this, the lienholder has the ability to collect your property if the debtor doesn't meet the obligations set in the loan contract.

Anyways, I primarily wanted to know how many individuals are digging the whole of the dept bigger (if that analogy makes any sense) and if it's truly worth it.

Also I meant finance not lease, though technically the same. Just that leasing is more along the lines of "renting". As financing it, you have the option to pay it off, if and when possible (as long as its within the loan terms).

[Re~Mix]

I finance the car and mod slightly, so far only TRD components so no biggie. I intend to keep the car, but I chose to finance since the interest rate was so low. Why pay it all up front...

[psyclone07]

Financed + mods here. I also have $$$ just incase things go down.

RCE tarmac 2, whiteline bushings, kn filter , motul 300 gear oil change (not really a mod but not really necessary at 10k. )
P&l header, tsw nurbs coming soon with Michelin pss....

And plenty of other crap planned.

[Chad86]

Originally Posted by Starkiller

I laugh when people say if you finance it, then you own it. LOL. Miss a payment and see who owns that thing.

Seriously...well I guess it is like missing a credit card payment, it will affect your credit score.

Is it better to just pay cash if possible

[jwSubMOA]

I financed and plan on paying off at 13 months in. I have modded the crap out of mine. Full exhaust plus uel header, intake, tune, wheels and tires, tint, STI body kit etc. Turbo, supercharger or V8 conversion using the Whippled 5.3 LS in my shop is next.

[utekineir]

Financed and modded, the loan interest is lower than the returns the money currently averages. Let alone the benefit in keeping the money liquid and usable if necessary.

[funwheeldrive]

I can understand modding if you are financing, what I don't get is why so many people mod when they still have an existing warranty. I see so many people on here with mechanical issues only to be turned down by the dealer since they have aftermarket parts. Plus, I feel like a new car should be enjoyed for a while before adding a bunch of parts to it. It seems like around here, people start throwing on mods the day after buying the car.

Different stroke for different folks I guess.