Author Topic: Overheard at Work  (Read 13252733 times)

ender

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Re: Overheard at Work
« Reply #13500 on: June 13, 2016, 04:16:50 PM »
It kinda sounds like the husband is just agreeing to cover all the family expenses and his wife is free to spend her income however she wants.  She probably makes around $100/day given the above numbers (of course pre tax).  This arrangement is not entirely unconventional

Regardless of convention, I hope we can agree that 36,500 CAD per year for fun money is bat-shit crazy?

Oh I don't know, it seems reasonable. You could buy brand new cars and light them on fire every year for that amount too.

Err, wait. I guess not :P

Beard N Bones

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Re: Overheard at Work
« Reply #13501 on: June 13, 2016, 05:08:13 PM »
Another Chapter in the Story of Mrs. Anti-Mustachian (MAM)...

It was previously mentioned that MAM and her husband "bought" (read: financed) a new gas guzzling SUV recently.  Unfortunately there is so much more to the story than meets the eye with this one.  You read through the pages and threads of the Antimustachian Wall of Shame and you will see countless examples of the poor choices people make regarding vehicle purchases.  I've only read through 40 some odd pages through this Overhead at Work thread, but I am confident this is the worst one of its kind in all that has been posted thus far.  MAM has taken things to a whole different level.  Here is what MAM has done... and what she plans to do.

As stated earlier, MAM and her husband spent $38,000 to purchase a gas guzzling, bed pan and catheter-included, SUV.  MAM told me her husband was more hesitant in making large purchases than herself.  (yep, another way she talks down on her husband.  Because, of course, how she makes purchases is the right way to do it.  Queue Eye Roll.)  This time around, it was her trying to convince her husband that a new vehicle was necessary.  She had already been to the dealership and found two vehicles that seemed to tickle her fancy.  No question she would have purchased the one she wanted without her husband there if she could.  But alas, he was a necessary part of the process as someone that would sign papers for the financing needed for the purchase.  She expressed frustration: "In the past, they went to the dealership one day, signed the appropriate paperwork, and drove away with the vehicle they wanted that same day.  Why is he dragging his feet in buying a vehicle this time?!  You know we need another vehicle.  Our van runs but it makes all sorts of noises and there are warning lights blinking on the dash.  Even though the mechanic that looked at it said that the warning light doesn't make the van unsafe and the van is still operable, we need a new vehicle."  So within a week of her telling me this, she arrives at work one day ecstatically excited.  The previous evening her and her husband went to the dealership and decided on a vehicle.  They "splurged" on the vehicle that cost an extra $1500 because it was a Sparkling Diamond color (or some ridiculous color name like it).  Yep, fantastic deal she tells me, because it is 0% financing for 8 years.  That is less than $200 biweekly she goes on to say.  My response was a goofy smile, mandible of jaw on the floor, and I stammered out a "w. w.. wwwow.  That is great.  Good for you."  Queue my Forehead hitting the Wall once again...

And this is where it gets worse.  Within the first week of getting the vehicle, she is talking about plans she has for her and her family.  She thinks that her current purchase is so good, that she is going to "sell" their SUV to her daughter (16 years old, just got her driver's license) in a couple of years.  That way, her and her husband can get a new vehicle again at that point, and her daughter won't have to worry about driving an old, cheap car.  Yep, her daughter is still in school, works a minimum wage job, and her mom is going to give her a real life education on how to make financing payments - on a car.  Considering the vehicle she bought, the very little maintenance they do on their vehicles, the amount of (needless) driving they would put on that vehicle in a couple of years, even the fact she smokes in the vehicle all the time, there is no doubt she will "sell" the vehicle to her daughter for more than it is worth - she says "for whatever remains on the financing of the car, is what I would sell it for." 

No, don't teach you child about making responsible financial choices.  No, rather, teach them the ways of anti-mustachianism in very real terms and make them learn hard life lessons instead - if they learn them at all. 
I've got a very young family and just typing this out, makes my stomach queezy and I'm way too worked up for my good.  Time to walk home, get some fresh air, and calm down ("keepin' calm and stachin' on!)

Goldielocks

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Re: Overheard at Work
« Reply #13502 on: June 14, 2016, 12:53:44 AM »
Reminds me...

FIL sold us his car, a 10 year old Acura sedan that had quite a bit of mileage on it.  He acted like he was doing us a favour by selling his "baby" to us at the full retail value.   Never mind that he had never sold a car privately in his life, had always done a trade in, and happily, too.   And he expected us to be ever grateful to him.   It was touch and go, but DH bought the car because it was priced at private retail, equivalent to the other seller we found, it was what we generally wanted, and we know the owner.  Thank goodness MIL got a bit upset at FIL when she found out and insisted on taking it to the mechanic and paying for repairs before handing it over.

Of course, two years later SIL, received a new Acura from FIL because DH was given an Acura two years before and the new Acura was a very good price....  I think another poster commented (different thread) about how people remember and justify things all twisted.

Never "sell" your old crap to your kids!   I liked the forced savings idea (where money is returned as education) another poster mentioned,  but selling stuff you don't want anymore to your kids, and calling it a "gift" or "Favour" is crappy.

nick69

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Re: Overheard at Work
« Reply #13503 on: June 14, 2016, 03:23:29 AM »
Never "sell" your old crap to your kids!   I liked the forced savings idea (where money is returned as education) another poster mentioned,  but selling stuff you don't want anymore to your kids, and calling it a "gift" or "Favour" is crappy.

Depends on whether you think there should be some sort of forced 'family hand me down discount' or if its just business.

I bought my first car off my parents when they decided it was time for an upgrade (they'd had it 15+ yrs at that point). I wasn't forced to buy anything, the option was just there if it made financial sense (and it did). The only reason they sold it to me instead of the dealership was that I offered them $1 more than the trade in price.

theadvicist

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Re: Overheard at Work
« Reply #13504 on: June 14, 2016, 03:33:10 AM »
At least she got 0% financing :)


Yeah, but is there really such a thing as 0%? I always think it's just worked into the purchase price.

When we bought my engagement ring, we were told, "And we do 0% financing! It won't cost you a penny!". My husband-to-be said, "So how much discount can you offer for paying in full today?", and it turned out, it was 5% of the price.

LennStar

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Re: Overheard at Work
« Reply #13505 on: June 14, 2016, 04:48:14 AM »
Yes, 0% offers are always already in the price.
Also, the company giving you 0% makes a better deal then giving the money to a bank at -0.1% (Yes, banks here in Europe charge you (big businesses) now for giving your money to them. But we have solved the finance crisis ahaahahahaaaaaaaa!)

KodeBlue

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Re: Overheard at Work
« Reply #13506 on: June 14, 2016, 04:54:36 AM »
Wait, wait, wait $100 per day, per DAY?!?

Please tell me 'Blow It' money is what my dirty mind is thinking as a charge for services rendered in the bedroom.

And, just to be clear, MAM thinks that Blackjack is set up to give people money. Is it impolite to ask why she is still working? Looking forward to future tales.
Well, if you are good at counting cards, Blackjack isn't so bad.  Maybe she doesn't do it often, so she doesn't get caught?
How can she count cards? She apparently can't even count money.

marty998

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Re: Overheard at Work
« Reply #13507 on: June 14, 2016, 05:23:03 AM »
Guy in lift talking to friend...

"We spend $160 on personal training"
"A month?"
"A week"

I just raised my eyebrows and walked out. I mean... I guess it looked like it was working for him.

There's worse you could be spending cash on then making yourself more healthy.

Ceridwen

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Re: Overheard at Work
« Reply #13508 on: June 14, 2016, 08:06:17 AM »
Today I'm meeting someone in my office lobby to sell a baby item I sold to them online.  In the elevator this morning, a colleague sees me with the (rather bulky) item and inquires, so I tell her my plans.

CW: How much are you getting for that?
Me: $5
CW: Wow, I would not go to this trouble for $5!
Me: -

Exiting elevator
CW: (sarcastically) Enjoy your $5!
Me: I WILL!!!

Ceridwen

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Re: Overheard at Work
« Reply #13509 on: June 14, 2016, 08:08:48 AM »
At least she got 0% financing :)


Yeah, but is there really such a thing as 0%? I always think it's just worked into the purchase price.

When we bought my engagement ring, we were told, "And we do 0% financing! It won't cost you a penny!". My husband-to-be said, "So how much discount can you offer for paying in full today?", and it turned out, it was 5% of the price.

My husband went through the same thing when he bought my engagement ring, but they offered no discount for paying in full, so he took the 0% financing just to spite them.

Paul der Krake

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Re: Overheard at Work
« Reply #13510 on: June 14, 2016, 08:20:36 AM »
At least she got 0% financing :)


Yeah, but is there really such a thing as 0%? I always think it's just worked into the purchase price.

When we bought my engagement ring, we were told, "And we do 0% financing! It won't cost you a penny!". My husband-to-be said, "So how much discount can you offer for paying in full today?", and it turned out, it was 5% of the price.

My husband went through the same thing when he bought my engagement ring, but they offered no discount for paying in full, so he took the 0% financing just to spite them.
He showed them by taking the thing they were pushing?

TheGrimSqueaker

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Re: Overheard at Work
« Reply #13511 on: June 14, 2016, 08:22:52 AM »
Today I'm meeting someone in my office lobby to sell a baby item I sold to them online.  In the elevator this morning, a colleague sees me with the (rather bulky) item and inquires, so I tell her my plans.

CW: How much are you getting for that?
Me: $5
CW: Wow, I would not go to this trouble for $5!
Me: -

Exiting elevator
CW: (sarcastically) Enjoy your $5!
Me: I WILL!!!

Oddly, the CW wouldn't have thought it weird to go to that amount of trouble for an overpriced latte, which would involve SPENDING $5.

dandarc

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Re: Overheard at Work
« Reply #13512 on: June 14, 2016, 08:25:03 AM »
At least she got 0% financing :)


Yeah, but is there really such a thing as 0%? I always think it's just worked into the purchase price.

When we bought my engagement ring, we were told, "And we do 0% financing! It won't cost you a penny!". My husband-to-be said, "So how much discount can you offer for paying in full today?", and it turned out, it was 5% of the price.

My husband went through the same thing when he bought my engagement ring, but they offered no discount for paying in full, so he took the 0% financing just to spite them.
He showed them by taking the thing they were pushing?
They might have even gotten more money on the 0% financing.  I know at a retail job I used to work, the 6-months same-as-cash financing we had to offer actually paid the store something like 102% of the amount financed.

MrMoogle

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Re: Overheard at Work
« Reply #13513 on: June 14, 2016, 08:34:55 AM »
At least she got 0% financing :)


Yeah, but is there really such a thing as 0%? I always think it's just worked into the purchase price.

When we bought my engagement ring, we were told, "And we do 0% financing! It won't cost you a penny!". My husband-to-be said, "So how much discount can you offer for paying in full today?", and it turned out, it was 5% of the price.

My husband went through the same thing when he bought my engagement ring, but they offered no discount for paying in full, so he took the 0% financing just to spite them.
He showed them by taking the thing they were pushing?
They might have even gotten more money on the 0% financing.  I know at a retail job I used to work, the 6-months same-as-cash financing we had to offer actually paid the store something like 102% of the amount financed.
0%, but added "financing fees."

Ceridwen

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Re: Overheard at Work
« Reply #13514 on: June 14, 2016, 08:53:24 AM »
At least she got 0% financing :)


Yeah, but is there really such a thing as 0%? I always think it's just worked into the purchase price.

When we bought my engagement ring, we were told, "And we do 0% financing! It won't cost you a penny!". My husband-to-be said, "So how much discount can you offer for paying in full today?", and it turned out, it was 5% of the price.

My husband went through the same thing when he bought my engagement ring, but they offered no discount for paying in full, so he took the 0% financing just to spite them.
He showed them by taking the thing they were pushing?

First of all, they weren't pushing it.  He went in and bought exactly what he wanted to.  Buy yes, he figured that if they wanted to go through the extra expense on their end (paperwork, employee time, etc) to set up 0% financing, he'd let them go through the effort.

Chris22

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Re: Overheard at Work
« Reply #13515 on: June 14, 2016, 11:45:17 AM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

Ceridwen

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Re: Overheard at Work
« Reply #13516 on: June 14, 2016, 11:54:53 AM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

Interesting.   I had no idea that's how it could work.

mm1970

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Re: Overheard at Work
« Reply #13517 on: June 14, 2016, 11:58:35 AM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

Interesting.   I had no idea that's how it could work.
Yes, I read some information on how to buy a car (from a dealer), which I unintentionally followed when our last car died and we bought new.

1.  First negotiate the price of the car.
2.  Negotiate the trade in amount (or vice versa?)
3.  Financing, if you need it.

They always try to lump it, but the important thing is to do all 3 separately.

So on that particular car, they kept trying to lump them together, and I wouldn't budge.  I finally got up to leave and they met my price. 
Then we  moved on to the trade in on my POS (it was fair.  The actual trade in value if it had been running was about $800).

When it came to financing, we pulled out the checkbook.

mtn

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Re: Overheard at Work
« Reply #13518 on: June 14, 2016, 12:15:22 PM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

If you pay in cash, they (either the dealership or financing company, doesn't matter) get nothing other than the profit from the sale of the car. If you finance, even at 0%, they at least have a chance at making more--if you miss a payment, you pay a late fee. If you can't make your payment for some reason, they'll renegotiate with you at a lower monthly payment and higher interest rate for longer term. But if you paid in cash? They have no chance at that.

And it means nothing to most dealerships if they get paid now or later--the exception would be the small mom and pop shops.

Chris22

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Re: Overheard at Work
« Reply #13519 on: June 14, 2016, 12:48:34 PM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

If you pay in cash, they (either the dealership or financing company, doesn't matter) get nothing other than the profit from the sale of the car. If you finance, even at 0%, they at least have a chance at making more--if you miss a payment, you pay a late fee. If you can't make your payment for some reason, they'll renegotiate with you at a lower monthly payment and higher interest rate for longer term. But if you paid in cash? They have no chance at that.

And it means nothing to most dealerships if they get paid now or later--the exception would be the small mom and pop shops.

Fair points, except that a dealership does get paid at time of sale, the financing company buys the car from the dealer (takes title) and then you pay the financing company.  Once the sale occurs, the dealership is essentially done. 

Digital Dogma

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Re: Overheard at Work
« Reply #13520 on: June 14, 2016, 01:55:44 PM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

I found this was true with many of the Subrau dealerships near me, but after many many visits around the state I found one hungry for a sale. When they'd ask about financing I'd tell them "We're not interested in financing" and they'd lose all interest in making a sale. We had a low interest car loan set up through Navy Federal Credit Union but weren't about to let that slip during negotiations. When we got past the negotiation aspect of the deal to the high-pressure sales pitch for warranty and turned down everything, we presented the high pressure salesman with the info he needed to finance the vehicle through Navy Federal. He went through all sorts of affectation that "ooh this will be so much more difficult than financing through us"... isn't that why we paid the dealership a $400 conveyance fee?

Chris22

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Re: Overheard at Work
« Reply #13521 on: June 14, 2016, 02:07:09 PM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

I found this was true with many of the Subrau dealerships near me, but after many many visits around the state I found one hungry for a sale. When they'd ask about financing I'd tell them "We're not interested in financing" and they'd lose all interest in making a sale. We had a low interest car loan set up through Navy Federal Credit Union but weren't about to let that slip during negotiations. When we got past the negotiation aspect of the deal to the high-pressure sales pitch for warranty and turned down everything, we presented the high pressure salesman with the info he needed to finance the vehicle through Navy Federal. He went through all sorts of affectation that "ooh this will be so much more difficult than financing through us"... isn't that why we paid the dealership a $400 conveyance fee?

Why were you worried about being secretive?  Every time I've bought a car, I've gotten a pre-approval from my bank or CU at an interest rate (usually it's about 2.5%) and then went in to the dealer.  When it came time to pay, I've said, I've got this pre-approved check at 2.5%, I'll use that unless you can beat it.  All but one time (when I was buying a used car from a dealer that sold a different make, so I wasn't eligible for their captive finance arm) they've beaten the rate.  What do you gain from keeping your financing source a secret? 

frugalnacho

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Re: Overheard at Work
« Reply #13522 on: June 14, 2016, 02:13:32 PM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

I found this was true with many of the Subrau dealerships near me, but after many many visits around the state I found one hungry for a sale. When they'd ask about financing I'd tell them "We're not interested in financing" and they'd lose all interest in making a sale. We had a low interest car loan set up through Navy Federal Credit Union but weren't about to let that slip during negotiations. When we got past the negotiation aspect of the deal to the high-pressure sales pitch for warranty and turned down everything, we presented the high pressure salesman with the info he needed to finance the vehicle through Navy Federal. He went through all sorts of affectation that "ooh this will be so much more difficult than financing through us"... isn't that why we paid the dealership a $400 conveyance fee?

Why were you worried about being secretive?  Every time I've bought a car, I've gotten a pre-approval from my bank or CU at an interest rate (usually it's about 2.5%) and then went in to the dealer.  When it came time to pay, I've said, I've got this pre-approved check at 2.5%, I'll use that unless you can beat it.  All but one time (when I was buying a used car from a dealer that sold a different make, so I wasn't eligible for their captive finance arm) they've beaten the rate.  What do you gain from keeping your financing source a secret?

I think he means before the sale.  Once you tell them you've obtained a good rate elsewhere, they know they won't be able to make any profit on the financing portion of the sale.  They may actually negotiate down to a reasonable vehicle price if they think they can get it all back by setting you up with a 23% loan.

Chris22

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Re: Overheard at Work
« Reply #13523 on: June 14, 2016, 02:17:10 PM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

I found this was true with many of the Subrau dealerships near me, but after many many visits around the state I found one hungry for a sale. When they'd ask about financing I'd tell them "We're not interested in financing" and they'd lose all interest in making a sale. We had a low interest car loan set up through Navy Federal Credit Union but weren't about to let that slip during negotiations. When we got past the negotiation aspect of the deal to the high-pressure sales pitch for warranty and turned down everything, we presented the high pressure salesman with the info he needed to finance the vehicle through Navy Federal. He went through all sorts of affectation that "ooh this will be so much more difficult than financing through us"... isn't that why we paid the dealership a $400 conveyance fee?

Why were you worried about being secretive?  Every time I've bought a car, I've gotten a pre-approval from my bank or CU at an interest rate (usually it's about 2.5%) and then went in to the dealer.  When it came time to pay, I've said, I've got this pre-approved check at 2.5%, I'll use that unless you can beat it.  All but one time (when I was buying a used car from a dealer that sold a different make, so I wasn't eligible for their captive finance arm) they've beaten the rate.  What do you gain from keeping your financing source a secret?

I think he means before the sale.  Once you tell them you've obtained a good rate elsewhere, they know they won't be able to make any profit on the financing portion of the sale.  They may actually negotiate down to a reasonable vehicle price if they think they can get it all back by setting you up with a 23% loan.

Maybe I just give off the "good credit vibe" or something, but every dealer I've worked with doing this has always taken it as a challenge, if I bring them 2.5%, they're going to get me 2.4% or better come hell or high water.  Given that Subaru dealers are used to working with a reasonably affluent customer base, I doubt they are anticipating soaking anyone with a 23% loan, and I don't believe new car dealers have their own captive financing anyways (it's through the manufacturer or maybe a bank), there's nothing in it for them for a higher interest rate. 

mtn

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Re: Overheard at Work
« Reply #13524 on: June 14, 2016, 02:32:48 PM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

If you pay in cash, they (either the dealership or financing company, doesn't matter) get nothing other than the profit from the sale of the car. If you finance, even at 0%, they at least have a chance at making more--if you miss a payment, you pay a late fee. If you can't make your payment for some reason, they'll renegotiate with you at a lower monthly payment and higher interest rate for longer term. But if you paid in cash? They have no chance at that.

And it means nothing to most dealerships if they get paid now or later--the exception would be the small mom and pop shops.

Fair points, except that a dealership does get paid at time of sale, the financing company buys the car from the dealer (takes title) and then you pay the financing company.  Once the sale occurs, the dealership is essentially done.

Correct, except for the bolded part above (not my words). It is in both the dealer and the finance company's best interest to get you to finance. But you're right, hence the reason why making a cash offer to [most large] dealerships doesn't really help you as a negotiating tactic.

frugalnacho

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Re: Overheard at Work
« Reply #13525 on: June 14, 2016, 02:39:16 PM »
Sometimes cash/100% at front is cheaper, but many times, they push the financing so hard that it's actually worse for you if you want to pay in cash.  Go negotiate a deal on a car where they think you're financing at 0%, and then tell them at the last minute you want to pay cash, they'll try to renegotiate the deal because they want you in the financing, even at 0%.  They get kickbacks from the financing company to keep you financed, even at 0%.  Can't say I completely understand it, but I've witnessed it.

I found this was true with many of the Subrau dealerships near me, but after many many visits around the state I found one hungry for a sale. When they'd ask about financing I'd tell them "We're not interested in financing" and they'd lose all interest in making a sale. We had a low interest car loan set up through Navy Federal Credit Union but weren't about to let that slip during negotiations. When we got past the negotiation aspect of the deal to the high-pressure sales pitch for warranty and turned down everything, we presented the high pressure salesman with the info he needed to finance the vehicle through Navy Federal. He went through all sorts of affectation that "ooh this will be so much more difficult than financing through us"... isn't that why we paid the dealership a $400 conveyance fee?

Why were you worried about being secretive?  Every time I've bought a car, I've gotten a pre-approval from my bank or CU at an interest rate (usually it's about 2.5%) and then went in to the dealer.  When it came time to pay, I've said, I've got this pre-approved check at 2.5%, I'll use that unless you can beat it.  All but one time (when I was buying a used car from a dealer that sold a different make, so I wasn't eligible for their captive finance arm) they've beaten the rate.  What do you gain from keeping your financing source a secret?

I think he means before the sale.  Once you tell them you've obtained a good rate elsewhere, they know they won't be able to make any profit on the financing portion of the sale.  They may actually negotiate down to a reasonable vehicle price if they think they can get it all back by setting you up with a 23% loan.

Maybe I just give off the "good credit vibe" or something, but every dealer I've worked with doing this has always taken it as a challenge, if I bring them 2.5%, they're going to get me 2.4% or better come hell or high water.  Given that Subaru dealers are used to working with a reasonably affluent customer base, I doubt they are anticipating soaking anyone with a 23% loan, and I don't believe new car dealers have their own captive financing anyways (it's through the manufacturer or maybe a bank), there's nothing in it for them for a higher interest rate.

Yes, but that should be a completely separate issue from negotiating the price.  First discuss the price of the car, then the financing.   They will magically beat out the competitions offer by 0.1% because making some money is better than making no money, but they would give you a much much worse rate if they could get away with it.

toodleoo

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Re: Overheard at Work
« Reply #13526 on: June 14, 2016, 03:50:11 PM »
Coworker told me today: I gotta finish paying off my 401(k) loan so I can take out another loan to pay for my daughter's wedding!

*facepalm*

lizzie

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Re: Overheard at Work
« Reply #13527 on: June 14, 2016, 04:08:48 PM »
OK, I brought this on myself intentionally, but it was kinda fun...

My boss is fond of mocking me for being, as he says, "cheap" because I do things like bring my lunch from home and bike or bus to work. Also, on the rare occasions when we do go out as a group (like to take an intern out or something), he'll pay with his credit card and we're expected to pay him back, and I expect him to give me back the change I'm owed. This makes me "cheap" even though he earns far more than I do.

Anyway, the other day after one of these lunches he stopped at the bank to get a $100 bill to give his nephew for graduation. I knew this was probably a bad idea, but I couldn't resist: I needled him by saying, "$100? That's all? I just gave my niece $500 for her graduation."***

So my boss actually calls in another coworker to berate me to her: "Can you believe Lizzie gave her niece $500 for graduation? What a faker, she's always pretending to be so frugal, bringing in her lunch blah blah blah, but she's richer than any of us!"

I said, "You know, you might want to consider that those things are actually related."

The look on his face: priceless.


***This might seem excessive, but I had my reasons, such as that I enjoy spoiling my niece because she's a sweetheart who's had a rough life and besides she can really use it.

With This Herring

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Re: Overheard at Work
« Reply #13528 on: June 14, 2016, 04:46:50 PM »
Another Chapter in the Story of Mrs. Anti-Mustachian (MAM)...

*snip description of absolute fiscal carnage, beautifully detailed*

Queue Cue my Forehead hitting the Wall once again...

FTFY
("Cue" because it is the signal to make something happen, such as when a movie director says "Cue fight scene!"  The idiom isn't about lining things up.)

*snip*
And this is where it gets worse.  Within the first week of getting the vehicle, she is talking about plans she has for her and her family.  She thinks that her current purchase is so good, that she is going to "sell" their SUV to her daughter (16 years old, just got her driver's license) in a couple of years.  That way, her and her husband can get a new vehicle again at that point, and her daughter won't have to worry about driving an old, cheap car.  Yep, her daughter is still in school, works a minimum wage job, and her mom is going to give her a real life education on how to make financing payments - on a car.  Considering the vehicle she bought, the very little maintenance they do on their vehicles, the amount of (needless) driving they would put on that vehicle in a couple of years, even the fact she smokes in the vehicle all the time, there is no doubt she will "sell" the vehicle to her daughter for more than it is worth - she says "for whatever remains on the financing of the car, is what I would sell it for." 

No, don't teach you child about making responsible financial choices.  No, rather, teach them the ways of anti-mustachianism in very real terms and make them learn hard life lessons instead - if they learn them at all. 
I've got a very young family and just typing this out, makes my stomach queezy and I'm way too worked up for my good.  Time to walk home, get some fresh air, and calm down ("keepin' calm and stachin' on!)

Oh, that's horrendous.  Is there a chance you know MAM Junior well enough to tell her "Whatever you do, don't agree to take over payments on that SUV.  Tell your parents you are uncomfortable driving it and buy a small, older, low-mileage Toyota with cash.  You'll thank me in ten years."

TOgirl

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Re: Overheard at Work
« Reply #13529 on: June 15, 2016, 06:15:22 AM »
I bring my breakfast/coffee/lunch to work everyday, but often go with coworkers when they buy their food, as it makes for a nice break from the office, and a nice walk. I eat my food before or after we walk to buy theirs. Last week, a new designer pizza place opened up down the street (in one of the most expensive areas in the city) so obviously coworkers HAD TO try it out!!! They order paper thin, personal size margherita pizzas (hand tossed, blah blah...) ball of dough, three leaves of basil, some sauce, and a few spots of mozzeralla...for $10.95 plus 13% tax....when they came out of the oven, the crust had bubbled up as pizza crust does, but the bubbles were all burnt. They brought their pizzas back and we ate in a meeting room together once I grabbed my lunch from my desk. As they scraped the burnt flakes off of their pizzas, they were exclaiming "wow...these are a great deal, at a restaurant these would easily be $18 each plus tax and tip, we scored on lunch today!!!" Hmmm....my packed meals for the day cost about $3 total, and none of them are burnt...

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Re: Overheard at Work
« Reply #13530 on: June 15, 2016, 07:00:57 AM »
I bring my breakfast/coffee/lunch to work everyday, but often go with coworkers when they buy their food, as it makes for a nice break from the office, and a nice walk. I eat my food before or after we walk to buy theirs. Last week, a new designer pizza place opened up down the street (in one of the most expensive areas in the city) so obviously coworkers HAD TO try it out!!! They order paper thin, personal size margherita pizzas (hand tossed, blah blah...) ball of dough, three leaves of basil, some sauce, and a few spots of mozzeralla...for $10.95 plus 13% tax....when they came out of the oven, the crust had bubbled up as pizza crust does, but the bubbles were all burnt. They brought their pizzas back and we ate in a meeting room together once I grabbed my lunch from my desk. As they scraped the burnt flakes off of their pizzas, they were exclaiming "wow...these are a great deal, at a restaurant these would easily be $18 each plus tax and tip, we scored on lunch today!!!" Hmmm....my packed meals for the day cost about $3 total, and none of them are burnt...
THREE DOLLARS A DAY on work food? What are you, rich? ;)

Proud Foot

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Re: Overheard at Work
« Reply #13531 on: June 15, 2016, 07:43:04 AM »
Not quite at work but on the way home yesterday I heard this ad on the radio..

"Don't know what to get Dad for Father's Day? Come down to xyz gunshop and get the latest brand name AR-15 rifle plus 1,000 rounds of ammunition for only $999!!!"

I don't have any idea of whether that is a good deal or not, but do people actually spend that much for one holiday gift?  i think the total I have spent on gifts for my Dad for all Father's Days combined is less than that!

mtn

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Re: Overheard at Work
« Reply #13532 on: June 15, 2016, 07:45:16 AM »
Not quite at work but on the way home yesterday I heard this ad on the radio..

"Don't know what to get Dad for Father's Day? Come down to xyz gunshop and get the latest brand name AR-15 rifle plus 1,000 rounds of ammunition for only $999!!!"

I don't have any idea of whether that is a good deal or not, but do people actually spend that much for one holiday gift?  i think the total I have spent on gifts for my Dad for all Father's Days combined is less than that!

They're probably advertising to anyone who wants the ammo; father's day is just the reason. I'm sure there are some people out there who will spend that much, but most won't. I think I'm taking my dad out to play golf and get lunch at White Castle.

Chris22

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Re: Overheard at Work
« Reply #13533 on: June 15, 2016, 08:51:22 AM »
Not quite at work but on the way home yesterday I heard this ad on the radio..

"Don't know what to get Dad for Father's Day? Come down to xyz gunshop and get the latest brand name AR-15 rifle plus 1,000 rounds of ammunition for only $999!!!"

I don't have any idea of whether that is a good deal or not, but do people actually spend that much for one holiday gift?  i think the total I have spent on gifts for my Dad for all Father's Days combined is less than that!

For my family, and others I know, Father's Day is the one holiday where dad maybe picks his own gift out and goes out and buys it.  And it's usually stuff like a new grill or a a tool or something that Dad needed (or "needed") anyways.  One year I told my wife don't buy me anything, I just want to go to the golf store and get a new putter.  This year I told her I am sick of dealing with the two leaky, rickety, constantly breaking plastic hose reels and crappy garden hoses we have, I'm going to go out and buy a nice metal cart and a decent, durable, quality hose that will last and not leak all over.  Stuff like that.   

Kitsune

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Re: Overheard at Work
« Reply #13534 on: June 15, 2016, 09:09:43 AM »
Huh. In my family, Father's Day (and Mother's Day) is an excuse to do something nice for the person.

So, like... My husband will probably get to sleep in and my daughter and I will make a breakfast he likes. We're having my dad over for dinner so he can spend time with his grandkid. That kind of thing. For Mother's Day, I got to sleep in and drink a latte in bed while reading a book, and my husband cut tulips from the garden and brought them in because he knows I love tulips. Maybe minor expenses in terms of ingredients, but mostly it's about effort and caring. (Ok - we got my mom flowers, because that matters to her. 15$ expense.)

My colleague, though... New bbq and tools for Father's Day! A kitchen aid bbq, because why wouldn't you spend 500$ extra for a brand name that doesn't add bbq quality! And then she complains about being broke. SIGH.

zolotiyeruki

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Re: Overheard at Work
« Reply #13535 on: June 15, 2016, 09:10:36 AM »
Not quite at work but on the way home yesterday I heard this ad on the radio..

"Don't know what to get Dad for Father's Day? Come down to xyz gunshop and get the latest brand name AR-15 rifle plus 1,000 rounds of ammunition for only $999!!!"

I don't have any idea of whether that is a good deal or not, but do people actually spend that much for one holiday gift?  i think the total I have spent on gifts for my Dad for all Father's Days combined is less than that!
It depends on the gun, really.  You can get a decent low-end AR-15 for $550 (plus shipping and any FFL fees), but you can also spend >$1k.  Ammo for those rifles is somewhere in the $0.25-$.40/round range, typically.

Warlord1986

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Re: Overheard at Work
« Reply #13536 on: June 15, 2016, 09:48:06 AM »
Daddy usually gets some specialty shaving cream and/or specialty coffee and/or a bottle of specialty olive oil. Each is less than $10. They work for Father's Day, Christmas, birthday, etc. The response I get tells me they're appreciated.

mm1970

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Re: Overheard at Work
« Reply #13537 on: June 15, 2016, 10:20:58 AM »
I bring my breakfast/coffee/lunch to work everyday, but often go with coworkers when they buy their food, as it makes for a nice break from the office, and a nice walk. I eat my food before or after we walk to buy theirs. Last week, a new designer pizza place opened up down the street (in one of the most expensive areas in the city) so obviously coworkers HAD TO try it out!!! They order paper thin, personal size margherita pizzas (hand tossed, blah blah...) ball of dough, three leaves of basil, some sauce, and a few spots of mozzeralla...for $10.95 plus 13% tax....when they came out of the oven, the crust had bubbled up as pizza crust does, but the bubbles were all burnt. They brought their pizzas back and we ate in a meeting room together once I grabbed my lunch from my desk. As they scraped the burnt flakes off of their pizzas, they were exclaiming "wow...these are a great deal, at a restaurant these would easily be $18 each plus tax and tip, we scored on lunch today!!!" Hmmm....my packed meals for the day cost about $3 total, and none of them are burnt...
THREE DOLLARS A DAY on work food? What are you, rich? ;)
Hah, funny.  Last week I was doing some  math on my work food.  Back in the day, when I'd explained to coworkers that I was packing lunches and saving $3500 a year doing it (packing for 3 people), I was eating a lot more carbs.

So I realized that my salad/ veggies/ fruit/ protein lunches are closer to $5, compares to my beans-and-rice lunches of $1.50.

But hey, I'm less chubby!

MgoSam

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Re: Overheard at Work
« Reply #13538 on: June 15, 2016, 10:26:51 AM »

So I realized that my salad/ veggies/ fruit/ protein lunches are closer to $5, compares to my beans-and-rice lunches of $1.50.

But hey, I'm less chubby!

I usually toss a few pounds of frozen chicken breasts in the slow cooker with two hot sauces and turn it on low for 9 hours, shred and put in a container. My lunches consist of nuking a portion of the chicken and eating it with a quick salad. The salad is extremely simple, usually just a mix of greens (spinach, kale, romaine, ect). It costs maybe $2 per lunch.

TOgirl

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Re: Overheard at Work
« Reply #13539 on: June 15, 2016, 11:11:16 AM »
I bring my breakfast/coffee/lunch to work everyday, but often go with coworkers when they buy their food, as it makes for a nice break from the office, and a nice walk. I eat my food before or after we walk to buy theirs. Last week, a new designer pizza place opened up down the street (in one of the most expensive areas in the city) so obviously coworkers HAD TO try it out!!! They order paper thin, personal size margherita pizzas (hand tossed, blah blah...) ball of dough, three leaves of basil, some sauce, and a few spots of mozzeralla...for $10.95 plus 13% tax....when they came out of the oven, the crust had bubbled up as pizza crust does, but the bubbles were all burnt. They brought their pizzas back and we ate in a meeting room together once I grabbed my lunch from my desk. As they scraped the burnt flakes off of their pizzas, they were exclaiming "wow...these are a great deal, at a restaurant these would easily be $18 each plus tax and tip, we scored on lunch today!!!" Hmmm....my packed meals for the day cost about $3 total, and none of them are burnt...
THREE DOLLARS A DAY on work food? What are you, rich? ;)
Hah, funny.  Last week I was doing some  math on my work food.  Back in the day, when I'd explained to coworkers that I was packing lunches and saving $3500 a year doing it (packing for 3 people), I was eating a lot more carbs.

So I realized that my salad/ veggies/ fruit/ protein lunches are closer to $5, compares to my beans-and-rice lunches of $1.50.

But hey, I'm less chubby!

Hahaha! I don't know if it's really $3 a day...I keep a big bag of oats at work for oatmeal, (add a scoop of protein powder and frozen berries to it), and then leftovers for lunch - usually veggies or salad, with chicken or tuna...but it sure makes me feel rich at the end of the week, when they've spent $60-70 plus on lunches and I've spent maybe $10-15 on all my breakfasts and lunches for the week...

I get how it's hard for them though - they have no time! A quote from this morning "nope, didn't pack a lunch again!!! I know I know!! I SHOULD!!! But I didn't have time because we were out for dinner!"

Let's not discuss their fancy coffee habits several times a day....while I use the keurig in the office and a reusable pod, so my cups of survival are $0.04 each...

deadlymonkey

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Re: Overheard at Work
« Reply #13540 on: June 15, 2016, 12:23:29 PM »
Something I found out today at work, so it counts, right?

Another team in my department was supposed to have a new person start this week. Orientation Monday, then first day in the department Tuesday. He wasn't here yesterday. Today, I found out why. Monday, he emailed HR and said that he wasn't taking the job, and was going to stay with his current company. He'd accepted the job offer 2-3 weeks ago.

He's blacklisted with HR - will never even get an interview here again.

I experienced something similar to this as a grad student.  The department was interviewing for  new tenure track position and was interviewing different candidates.  As part of the process they invited the few finalists to the campus o give lectures, a general one for the undergraduates and a much more technical lecture for grad students.  As part of the process, the chair asked the grad students for input based on whom we would like to learn from.  In the end they offered the position to someone who appeared to enthusiastically want the job and did a great job interviewing.  Turns out at the last moment he turned it down because he just wanted an offer from prestigious university X to use for negotiating a position at university Y where he really wanted to work. 

That is ok and all I guess, but kind of a dick move since they had to start the whole recruiting process over again.

mm1970

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Re: Overheard at Work
« Reply #13541 on: June 15, 2016, 12:27:01 PM »

So I realized that my salad/ veggies/ fruit/ protein lunches are closer to $5, compares to my beans-and-rice lunches of $1.50.

But hey, I'm less chubby!

I usually toss a few pounds of frozen chicken breasts in the slow cooker with two hot sauces and turn it on low for 9 hours, shred and put in a container. My lunches consist of nuking a portion of the chicken and eating it with a quick salad. The salad is extremely simple, usually just a mix of greens (spinach, kale, romaine, ect). It costs maybe $2 per lunch.
Most of the cost comes in with the produce box,  $40 a week.  I just calculated the cost per item (approx) and that's the biggest cost.  There's also protein (often eggs), sunflower seeds, and often a bit of cheese.  It's a very nice salad.

But my "lunch" cost also includes 2 snacks - cottage cheese ($0.72), fresh fruit ($1), plus more fresh vegetables with nuts or hummus.

MgoSam

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Re: Overheard at Work
« Reply #13542 on: June 15, 2016, 01:01:23 PM »

So I realized that my salad/ veggies/ fruit/ protein lunches are closer to $5, compares to my beans-and-rice lunches of $1.50.

But hey, I'm less chubby!

I usually toss a few pounds of frozen chicken breasts in the slow cooker with two hot sauces and turn it on low for 9 hours, shred and put in a container. My lunches consist of nuking a portion of the chicken and eating it with a quick salad. The salad is extremely simple, usually just a mix of greens (spinach, kale, romaine, ect). It costs maybe $2 per lunch.
Most of the cost comes in with the produce box,  $40 a week.  I just calculated the cost per item (approx) and that's the biggest cost.  There's also protein (often eggs), sunflower seeds, and often a bit of cheese.  It's a very nice salad.

But my "lunch" cost also includes 2 snacks - cottage cheese ($0.72), fresh fruit ($1), plus more fresh vegetables with nuts or hummus.

Fair enough, and your lunches sound tastier than mine. I recognize that my lunches are boring, but they are working for me and they are easy for me to sustain.

Slee_stack

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Re: Overheard at Work
« Reply #13543 on: June 15, 2016, 01:17:40 PM »
Fruit is also the expensive part of my lunch.  About $1 for (1) apple and (1) banana.  Overall cost is usually just under $2.  I usually have a half PB sandwich (no jelly, too sweet), some chips, almonds/raisins and the fruit.

I go out to lunch about once a quarter and then usually only if its required (and then its paid for).   I prefer to take quick lunches and leave a smidgen earlier.

bb11

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Re: Overheard at Work
« Reply #13544 on: June 15, 2016, 02:43:12 PM »
Coworker who is constantly spending lavishly on himself while making fun of me (not in a cruel way) for being frugal; in his mid-30's with very little saved despite making near $100k for years:

"I promise you in 10 years you'll have outgrown your frugality."
We both makes jokes about each other's spending, so it's not a comment I get mad at. We've talked about finances a decent amount and he knows my strategy. What is amazing to me is that he truly thinks his way is right, and that frugality is just some remnant of my youthful naivete that I will mature out of into a good consumer.

I'm amazed.  He knows your strategy--does he disagree that mathematically it is INEVITABLE that you will be ready to retire way before he is?  If so, what does he mean by "his way is right"?  Does he mean that spending is more virtuous than being frugal, because it drives the economy or something?  Does he think that it's objectively true that happiness comes from spending, and you're just delusional about being happy with low spending but some day you'll realize that and start spending more and become truly happy?  (But you'll still be way ahead of him in savings!)
As I said, I'm amazed.

I think it's a combination of denial (he will sometimes say "I wish I could have a more frugal mindset, but I just don't") and thinking that spending more truly does make you happier.

mustachepungoeshere

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Re: Overheard at Work
« Reply #13545 on: June 15, 2016, 10:33:33 PM »
Talking funerals with a colleague.

A local cemetery charges $30,000 for a tomb within a particular mausoleum.

They also have a $2000 option for burial in the lawn cemetery and a small plaque.

Co-worker, whose mother has already bought 16 places for the family in another mausoleum, said, "Oh that's good that they have somewhere for families with no money."

(These prices exclude actual funeral expenses, e.g. coffin.)

TheGrimSqueaker

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Re: Overheard at Work
« Reply #13546 on: June 15, 2016, 10:35:14 PM »
Talking funerals with a colleague.

A local cemetery charges $30,000 for a tomb within a particular mausoleum.

They also have a $2000 option for burial in the lawn cemetery and a small plaque.

Co-worker, whose mother has already bought 16 places for the family in another mausoleum, said, "Oh that's good that they have somewhere for families with no money."

(These prices exclude actual funeral expenses, e.g. coffin.)

It never ceases to amaze me when people volunteer to be a future century's museum exhibit.

ETA: I wonder how many of our current museum exhibits weren't really wealthy, influential rulers so much as people with more money or wampum than sense.

KodeBlue

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Re: Overheard at Work
« Reply #13547 on: June 16, 2016, 12:57:42 AM »
$1400/mo for a car payment?! Holy crap. that's more than my mortgage, which at ~1300 is I think on the high side compared to most here!

Yeah, just for a car payment. The level of craziness is out of this world.

Almost 3 times my mortgage payment! Yikes. Next time you talk this person find something out for me...does stupid hurt?

NykkiC

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Re: Overheard at Work
« Reply #13548 on: June 16, 2016, 01:18:03 AM »
I work at an organisation currently going through a major restructure looking to reduce overheads by $100mil+ due to declines in the mining industry among other things. I was discussing property and first homes with a colleague who works in a Health and Safety role and is married to an operator who works on a remote site (both with said company undergoing massive cuts).

"We're looking for a 3+ bedroom house, with two bathrooms and a double garage - our budget is $800,000 but we'd prefer to not go over $750,000".

Wowsers batman! Holy debt in a time of uncertainty. Eggs in one basket much? And we're not talking San Francisco, or New York or anywhere that potentially can justify epic house prices - we're talking Brisbane, Australia.

Its ok though - they plan to own it for at least 5 years before upgrading.

Gosh, its like you don't know that we're Australians and its therefore compulsory to spend crazy amounts of money on a stand alone home with more bedrooms than we will ever need. We also have no option except to buy in a few highly spread out cities that aren't optimised for public transport. And if you can't afford it, then you can take the advice of the new Ambassador to the United States: get a better job.

mustachepungoeshere

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Re: Overheard at Work
« Reply #13549 on: June 16, 2016, 01:19:53 AM »
$1400/mo for a car payment?! Holy crap. that's more than my mortgage, which at ~1300 is I think on the high side compared to most here!

Yeah, just for a car payment. The level of craziness is out of this world.

Almost 3 times my mortgage payment! Yikes. Next time you talk this person find something out for me...does stupid hurt?

Ask this guy (courtesy of r/cars on Reddit).

He bought a 2010 GT-R with 66,000 miles and a dodgy history, and paid $55k on 75 month financing.

It's ok, though:

Quote
I had a good amount of equity in my 370z so buying this car wasn't the stupidest decision I've ever made.

https://m.reddit.com/r/cars/comments/4o3qda/i_picked_up_what_i_thought_was_a_dream_yesterday/?utm_source=mweb_redirect&compact=true