299,999+ Mile Club

Sorry to turn this into a loan discussion, but that's NOT a good car loan interest rate, at least on shorter term loans. I don't know about loans that long though.

Auto Loans and Auto Loan Rates -- Free search for the best auto loan rates for my area (San Jose) comes up with PenFed at 3.49% for 72 months and 1.99% for up to 48 months (https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp). A friend of mine said her CU (Star One) approved her for 2.5% (Star One Credit Union - Promotions - Main Promo 15 - 30) when she was looking for either 3 or 4 years. https://www.cefcu.com/promos/car-sale.php is doing 1.89%

 

Right you are about what a 'good' APR for sterling credit is these days.

 

damn....$5k for an 09 prius...even with close to 500k is a DEAL if I never heard of one

 

Since it's hard to pick between V and 2011, why not wait a few months for 2013? At least you will get the 500000 for sure.

 

Man, I hate to be a "downer" on this thread, but here goes.....

Why not purchase a used Prius? Get a late model Prius like yours with 100,000 miles on it for about 10k? You could finance that over a 2 to 3 year period and your payments would be less and they would likely end before you sold the car. I realize rates are higher for a used car, but when you are financing $20,000 less, the rates aren't the biggest factor in your monthly car payment.

 

at that rate, he might as well keep what he has since he's owned it since new and knows what has/has not been done. He only has 2 more years worth of payments

At the rate he drives, he MUST be getting compensated per mile by his company, unless he owns the company and writes the car off his taxes. The compensation should be used to pay off the car quicker since you do in excess of 3100 miles a week, and the IRS allows $.55 a mile that equals $1705 a week in compensation. He can take that, lump it into his note and pay it down quicker...

 

The problem with the used car option in this specific case is that no used car transaction is going to include $5k for the old car as part of the package. Or if it does, it will not be worth it. Advice to 2fas4U has to remember two things about him: 1, he has roll-over debt to deal with today, and 2, his extreme car use means that even optimistically a car will at best last 3 years.

As I tried to make clear, his current path is leading to more and more debt. In the not so distant future the loan valve will be shut off. 2fasFu seems to understand this, so our job is done. His life, his choices. I am happy that he will be making an informed one.

I had trouble understanding his last post, but I think I can distill it like this:

Carpe Diem (buy a new car) and in 3 years:
Plan A: Retire if the roll-over debt prevents him from getting a new car.
Plan B: The world comes to an end, and all these plans are not needed
Plan C: The world does not come to an end, but god will provide.

I can only hope he does not have family who rely on him for money in 3 years.

 

Wow. Heavy stuff.

 

A really bad idea to make a decision, with the expectation that Plan B or C will happen.

 

Maybe we should start a new thread to discuss 2 fas 4 u's car buying, loan, etc. situation...

 

I think with driving 3000+ miles a week, thinking about working less rather working out how I can finance the car would be top of my list.

At 3000 miles a week he must be working over 60 hours a week!

 

If I was 2Fast I would be looking for a raise or a new job.

If not, a low mile, well maintained, used Prius is a very good suggestion. In Canada, I purchased a used Toyota certified Prius that included all maintenance records and I was able to take over the extended warranty from the previous owner.

 

I have nothing but praise for 2 fas 4 u. Great accumulation of mileage with no accidents or major service issues (aside from oil usage). I wish there were some way we could get Toyota to reward him for his one-of-a-kind accomplishment. They should employ him on the next vehicle as a tester and have him follow some standardized reporting and maintenance program. That would help the income generated to offset the additional cost of the next vehicle.

As to financing, there is only one answer I can see. He has to pay off this (and the next) vehicle duing its anticipated working life. ("Pay off," in this case, means the debt and trade-in value are equal). This is an income-generating asset but is also a depreciating asset so income must be made to match TCO, including depreciation. If that can be accomplished with a new vehicle by some combination of (a) higher trade-in, (b) lower interest rate, and (c) built-in maintenance plan, then great. If not, the other option is to continue driving the 2009 until it's trade-in value matches remaining debt. (That may require an ICE rebuild or swap for another ICE, which would increase debt but also increase longivity.)

IMO, there is no upside to increasing debt with a new asset that doesn't generate higher net income.

Come on Toyota, give our boy some credit for this (and the next) mileage accomplishment. Put him to work as a tester. He certainly has the credentials for that kind of position.

 

UPDATE: 464000
First let me be very clear, I did not come to this site expecting or wanting anything, from Toyota. I am not here to bash, neither is this post against anybody here. I am just a little upset at Toyota. Incase anyone is expecting to reach where I did here is what u get.

I called Toyota to see for the 3rd attempt, if there is anything they can do for the achievement obtained.

1st option I keep the car to see how long the batteries would last, and in the process If they should fail can I recieve some assistance. Response: I would have to wait until they fail, call them and see if they can help. (No Guarantee).

2nd option After going to a dealer I was quoted 1.9 apr for 60 months, and the regular 6.9 for 75. I called and said for the achievement accomplished is it possible to use the 1.9 for 75 months, so as to save some extra money. No one is giving me anything in the process, and im not looking for a free car, and by staying at 1.9 u are still getting money. Response: they dont control the interest rates, i would have to basically get what the dealer offers. (out of luck).

3rd To add insult on top of that the rep that I spoke to had the nerve to ask me If I would participate in a survey to rate his performance. ( I kid u not ).

With that said I have nothing against toyota they dont owe me anything, I will probably still buy another prius. IM FINISHED.

If I should decide to keep my 2009 prius, if I reach 500000 I will let u know, If the batteries fail prior to I will let u know.

What ever decision I make, I MAKE.

AGAIN THANKS TO EVERYBODY FOR THE ENCOURAGMENT AND ADVICE. I APPRECIATE IT. USBSEAWOLF2000 THANKS FOR THE PICTURE POSTING. I ALSO HOPE THAT MY ADVICE WAS HELPFUL. WITH THAT IM FINISHED.

 

All the best, 2 Fas. I'm sure I speak for many when I say I enjoyed immensely following your adventure, and thank you for sharing.

Cool.

You sound upset -- I hope I had no part. Money is a personal thing, and I apologize if any lines were crossed. As for Toyota --- they are not saying no interest, they are saying they will judge the accomplishment when completed. The dealer of course cares not at all. That does not strike me as a crazy stance from the company.

Cheers!

 

pretty cool to get that mileage

2 fas 4, is using his car for work , so it is his office,

What company makes money on there offices?
It is a cost of doing business, if he is not complaining about why should anyone else care

2 fas 4 u , get what you think is best your business, and what you will enjoy

 

About financing, this may have been mentioned earlier and I don't really have personal experience. I heard the rate from a bank is often lower than that from a dealer. You may want to contact a few local banks if you haven't done so. Good luck!

 

Ditto.

 

Sorry, but this comment makes no sense. Any economic entity that wants to stay in business will pay close attention to significant expenditures and strive to minimize those business costs, not just accept them as "given".

For many companies, facilities cost is not a major expenditure - or the company may think that its brand and image is enhanced by occupying luxurious quarters.

Regarding 2 fas 4 u, the cost of his vehicle appears to be very significant relative to his income. It does not appear that his income will increase if he buys a new Prius.

Hence he received advice about how to minimize that cost by keeping his current car as long as possible, which makes excellent sense. In the end, though, he will of course do as he wishes and I am sure we all wish him well.