Posts by Andrew Martin69
16 posts shown.
bluemaker said:Total headache. That’s just how simple leasing works here in America.
Honestly, just living in the States is frustrating enough (full disclosure: I’m an American woman, Catholic, and I love my country). Why would leasing be any different? 😁
Compared to taking out a loan, leasing is "easy."
I just want to know who the hell is actually getting all these loans if the average salary is only around $4,500?!
but we've already been down this road...
Andrew Richardson8 said:So if a finance lease is basically just a loan, why even call it leasing? Based on how you guys are explaining it, I don't see any actual difference between a finance lease and just taking out a standard car loan.
That’s the whole point—there isn't one.
The only real difference is that getting approved for a lease is faster and way less of a headache.
Look, the difference between operating and finance leasing is pretty simple. Like goldengull3 said, operating is basically just renting, while finance leasing is nothing more than a loan. Operating makes sense if a business needs gear for a specific window of time and doesn't give a damn about actually owning it.
In the books, you don't list it as a company asset. Instead, the lease payment is just an expense, you calculate sales tax on the monthly payment, there's no depreciation, and no long-term debt showing up...
With finance leasing, though, you pay the sales tax upfront when the vehicle or equipment is delivered based on the total value. That gear becomes a company asset, you deduct interest as an expense, you deal with depreciation, and the debt stays off the main balance sheet.
I still say finance leasing—since it's really just a credit line—isn't worth it for an individual.
goldengull3 said:Look, buddy, you aren't leasing a car—you're taking out a loan. There’s no down payment or co-signer involved in a real lease...
I wouldn't step foot in a "leasing" company like that ever again.
Every single "leasing" outfit out there asks for a down payment, a guarantor, a deposit, or just some other crap they rename to sound fancy.
That's why I'm telling you, there's zero actual difference between a loan and a finance lease, even if the title technically stays with the leasing company.
Ben said:You're spot on, it’s basically just a finance lease. But the way I see it, the big difference between a loan and a lease is that the leasing company owns the car while you're paying it off, and you only actually own it AFTER the last payment. Honestly, considering the down payment, it feels like they're asking way too much for a guarantee. But whatever, just venting here since we don't have many options anyway—we haven't got the cash sitting around, and getting a standard bank loan is even harder.
When you're talking about a finance lease, that's just technical jargon. In reality, there's zero difference for you whether it's a lease or a loan.
A lease is faster, less of a headache, all in one place, and maybe even cheaper upfront (!?), but that's because the leasing company is gonna squeeze you for what they want.
I'd personally grab quotes for both a loan and a lease, crunch all the numbers, including the interest you'd lose on your savings account. I'm not even sure if a finance lease ends up being better than a bank loan once you look at the math—ignoring how fast you can get it, of course.
banderas said:Off-topic, but a buddy of mine over at a local Ford dealership told me they're seeing a crazy high number of people getting their cars repossessed lately because they can't keep up with the payments. 2. Look, it’s not even about being thirty or forty. It’s about people dropping $30k or more on a car when... $67 And they can't even cover the bill for the second round. 😵
Probably borrowed the cash for their first one, too.
We seriously need to start teaching kids about money in elementary school. Like, actually teach them how life works before they end up broke.
It honestly blows my mind how little some Americans bother to actually research things before throwing their money around. Every single time.
Feels like half of them are just coasting on that whole "we'll deal with it later" attitude.
It’s most likely a finance lease, which means once you’re done paying, you own the car outright—unlike an operating lease where you just hand the keys back at the end.
I know businesses list equipment taken on a finance lease as their own assets, so honestly, there isn't much difference if you're just an individual.
At the end of the day, a finance lease is basically just a loan, except the paperwork is supposed to be faster and way less of a headache.
As for protecting themselves from people defaulting, obviously the leasing companies (just like big banks like Wells Fargo) are going to try to cover their backs as much as possible.
The main thing is to do your homework and actually read the fine print. People always get blindsided when things go sideways because they didn't bother reading the tiny text.
Some buddies of mine totaled their car that was on a business lease; now they're getting screwed around by GEICO trying to get the payout, all while they're still stuck paying those monthly lease payments. Then again, they'd be in the same mess if they had just taken out a regular loan.
So, both promissory notes and checks hit your checking account, but here’s the kicker: a promissory note actually carries more weight. If the debtor doesn't have the cash in their account, a check just bounces back to you, but if you've got a notary-certified promissory note? You can go straight after their assets without even stepping foot in a courtroom. It's basically an instant way to collect.
Maui_High says:
They drill this stuff into kids' heads in school: We have everything, we're a wealthy nation, the West Coast is the most beautiful place on Earth, the Midwest could feed 20 million people, etc., etc.
__________________________________
Truth is, they fed me that garbage in school too, but I was actually smart enough to only buy the "West Coast is the best" line. 😁
Chloe was actually talking about a mortgage, and honestly, if you want to talk about how people here deal with irrational spending and being reckless with debt, we should probably start a whole different thread for that.
Kenneth Hernandez67,
haven't read your thread until now.... had two friends—my brother and sister, both in their twenties!—deal with schizophrenia. I've seen firsthand what happens when people lose all sense of where they are, what time it is, or even who's around them. One friend actually wandered out of my place in the middle of the night, left a note on the table with the bill settled (she was visiting me, and I don't charge for that!) plus cash for a room, headed to a hotel, and then kept calling me every thirty minutes while I had zero clue where she was... that was like 8 or 9 years ago...
since then, both her and my brother (his stuff hit about a year or two after hers) have fully recovered. She managed to finish college and get a job... he’s working too and in a solid relationship.
I know she's constantly on meds (not sure which ones) and puts in a ton of work on herself. He isn't quite as disciplined and hits those anxious patches every once in a while.
they don't live in the same city so I don't see them much, but we talk regularly and from what I know—they're doing good.
honestly, mad respect to you... most people don't have half the empathy needed for their own family, let alone an uncle... and don't even get me started on how people treat strangers.
wishing nothing but the best for you and your uncle.
Andrew Martin69 said:Can someone help me out here too?
When you get a residential mortgage, do you strictly have to buy or build a place just for living in?
Like, would a bank actually approve a home loan for a beach house in Florida if I don't plan on renting it out?
The term "residential mortgage" doesn't mean you're solving a housing crisis, it just means the money is for buying real estate.
By that logic, yeah, a bank will totally clear a loan for a condo by the coast. You just need a standard purchase agreement since JPMorgan Chase is gonna wire the cash straight to the seller anyway.
Whether you rent it out or leave it empty is none of their damn business.
If you actually want to run it as a rental property, you’d look into commercial loans or investment loans instead.
If you're looking to grab an apartment, we're talking about a residential mortgage here, not some random home loan (even if they still put a lien on the place)!
Right now, the big thing is this residential mortgage deal from JPMorgan Chase with a 4.99% rate.
Thomas Cruz4 sent you the link to the JPMorgan Chase site, so just go check out the fine print yourself. I think this "special offer" runs through the end of August, so quit stalling and hurry up.
Basically, we're talking about a home equity loan where you use property as collateral. Usually, the house is worth way more than what you're borrowing—like double or triple. Interest rates on these sit right in the middle: higher than a standard mortgage, but lower than those nasty unsecured personal loans.
If you're buying a place, you’re getting a mortgage, which is technically a type of secured loan because the bank holds a lien on the house. In that case, the loan-to-value ratio is much tighter compared to when you just take out a line of credit against property you already own.
So, when people say "mortgage-backed loan," they usually mean a loan where you don't necessarily have to prove what you're spending the cash on, as long as you put up some real estate as backup.
Too many options. Enough to make you think you see yourself in there somewhere, but honestly... feels like those dumb personality tests where it’s just YES or NO, when we all know the truth is somewhere in the middle.
Let's say I'm actually making moves. Let's assume I know what needs doing, and I definitely know exactly where I don't want to be.
Sean Grant85 hit the nail on the head—there are people who absolutely hate their companies but stay because the paycheck is too good to walk away from. My story? A few years back, I quit my job. I had a great title and amazing pay, but the stuff that sucked wasn't changing—it was actually getting worse. The office culture turned toxic. The people doing the least were the ones thriving by gossiping and playing politics. Honestly, I could write a whole book on the bullying I dealt with. It was all about nepotism; people were getting roles regardless of whether they actually knew what they were doing...
Most people at my old firm are doing fine, but no amount of money could make up for how miserable I was.
Since then, I've bounced through two different companies only to realize—hey, some places are even worse! Now I'm back in the hunt for something new. Even if I haven't nailed down exactly what I want, I am 100% certain about what I don't want.
(Someone tell me if this is just the classic "woman's cliché" or whatever).
Google,
I spent six years doing this Mayo Clinic yoga program, but I finally quit. Just started a new class and man, what a massive difference—this new one is way better. See, at Mayo Clinic they didn't have levels, so you had total newbies mixed in with pros doing the exact same breathing and poses. They wouldn't even correct your form; they just assumed your body would "figure it out" eventually. Total nonsense. Now, my instructor actually fixes my posture, which is huge because I realized I’ve been doing half these moves totally wrong.
The new place actually uses skill levels too. There are only about 8 of us in the group, unlike that crowded Mayo Clinic studio. Most importantly? The instructor isn't constantly hounding people about money or late fees, and he isn't trying to hawk CDs, workbooks, or books to us...
Look, unlike Uncle Branko, I’d tell you to just sign up for a class first. Get the hang of the breathing, the poses, and the meditation, then try to actually force yourself to be disciplined and do it at home every day.
Sadly, I’m not nearly as disciplined as Uncle Branko... if I could just manage to get out of bed earlier in the morning...