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Author: CarlosKB Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Still Laughing Date: 6/21/1998 10:30 PM
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I got an offer in the mail the other day which I have to share. It was so off the wall I read it three times before I believed it. It seems that the kindly bank holding my car loan is generously offering to let me skip a month's payment. Isn't that nice of them?

The second paragraph, though, (well, at least they didn't bury it in an eight point footnote)revealed that their offer would set me back a $25 application fee plus whatever extra finance charges accrued because of the resulting extension of the term of the loan by another month. And, of course, since this is the case, "skip" is a misnomer. "Delay" is the more accurate term but I guess that isn't as attractive marketingwise.

The sheer audacity of the mailing cracked me up. The extra finance charge made some sense but what I still can't fathom is the $25 application fee. Who would ever pay that just so they can skip one month's car payment? I don't get it. I would love to know the percentage of positive replies the bank gets from such a ridiculous offer


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Author: TMF2Aruba Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2611 of 308782
Subject: Re: Still Laughing Date: 6/22/1998 10:08 AM
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<<It seems that the kindly bank holding my car loan is generously offering to let me skip a month's payment. Isn't that nice of them?>>

Hey, Carlos!

Congratulations. ; )

You've just gotten your first offer for a "holiday payment". Some of us get these "offers" all the time on credit card bills, and you're right to laugh.

The unfortunate thing is that there are so many unsuspecting folks out there who will think that they're being given a gift of sorts, and will unwittingly end up paying much more than they need to.

Once again, knowledge is power.

Tony
...but I still am...
Off2Aruba

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Author: Wannabechef One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2615 of 308782
Subject: Re: Still Laughing Date: 6/22/1998 10:57 AM
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I hate car payments! Take their $25. Pay 2 payments next month and enjoy that $25. I paid off a 36 month car loan with my Camry (new car) purchased at the time (1994) in 18 months. The car rides like a dream and the engine purrs. I'll keep it until it dies, if ever! I'm a firm believer in painting and reupholstering when the time comes since the darn thing depreciates each year. With 13 coats of paint from Toyota, I seriously doubt th car body is going to rust out. Hopefully, you invested some good money that will last you, too.

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Author: megeranski Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2633 of 308782
Subject: Re: Still Laughing Date: 6/23/1998 1:51 AM
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about car loans--

although no one likes 'em, mine was as ok as an experience like that can be. why? because i used my credit union.

i can't say enough good things about credit unions. they're rates were the lowest, and they helped structure the loan so i paid less total price . and, i could have the amount deducted from my pay check automatically each month, so NEVER a late payment. (my pay check was being direct-deposited into my credit union account -- where they pay interest on my account, rather than me having to pay a bank monthly fees!)

everyFoolish-body should belong to and take advantage of their credit unions!!

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Author: PSUEngineerFool Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2654 of 308782
Subject: Re: Still Laughing Date: 6/23/1998 12:30 PM
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i can't say enough good things about credit unions. they're rates were the lowest, and they helped structure the loan so i paid less total price . and, i could have the amount deducted from my pay check automatically each month, so NEVER a late payment. (my pay check was being direct-deposited into my credit union account -- where they pay interest on my account, rather than me having to pay a bank monthly fees!)

everyFoolish-body should belong to and take advantage of their credit unions!!


Your right, you can't say enough good things about credit unions. They give you more interest on your savings, have low fees, and lower interest on car loans.

It stinks that banks are trying to put many of the credit unions out of business. Lets hope Congress backs the credit unions.

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