If You Financed Your Computer........read!!!

[KAYNE]

I FINANCED MY COMP JUST TO GET SOME CREDIT BY MY NAME. HERE IS HOW BAD THEY FUCK YOU IF YOU LET THEM.

CURRENTLY OWE 743.49$ (PRESENT VALUE)
APR (ANNUAL PERCENTAGE RATE)=27.99%
YEARS REMAINING ON LOAN=2
COMPOUNDING PERIODS/YEAR=365 (DAILY COMP.)

IF I ONLY PAY THE MINIMUM PYMT, WHICH IS ONLY LIKE 55$, FOR THE REMAINING 2 YEARS, I WOULD END UP PAYING 1302$ ON THAT 743.49$ REMAINING. IMAGINE IF ALL I DID WAS PAY THE MINIMUM PYMT FOR THE DURATION OF THE LOAN!!! THE LOAN COST WAS SOMETHING LIKE 2000$

I BORROWED 1400$, IF I PAID ONLY THE MINIMUM EACH MONTH, I WOULD HAVE TO PAY BACK 3200$

NOW KEEP IN MIND....THE ONLY REASON I FINANCED IT WAS TO GET CREDIT. I HAD A 33K$ TRUCK IN MY NAME WITH NO CREDIT. GO FIGURE. I AM A STUDENT WITH NO JOB SO THE INTEREST RATE IS ASTRONOMICAL.

I WORKED IT OUT SO IT WILL BE PAID OFF IN LESS THAN A YEAR FROM TIME OF PURCHASE SO HARDLY ANY INTEREST WILL HIT ME AT ALL. FUCK THEM!!! AND I HAVE MY CREDIT ALSO!!! HAHA


KAYNE

 

[KAYNE]

YOU PEOPLE WITH CREDIT CARDS ARE GETTING FUCKED IF YOU DONT PAY THE BALANCE OFF EVERY MONTH!!!

......AND NO MY COMP WASNT ONLY 1400$!!! I PUT MONEY DOWN. DIDNT HAVE ANY CREDIT.


KAYNE

 

[WODIN]

Kayne...your learning...keep it up.

 

[jeep310]

Kayne, the other part that sucks is you paid $750 for your computer..........when you pay it off, it will be obsolete and worth like $200 bucks. I had a guy at work that bought a 266 mhz computer for $1500...(one year no interest or payments) Well the fool never made a payment, and when the bill came a year later, he owed like $2200 for it. I heard that he sold it for $150. Stupid. Good luck with your finances bro.

 

[Kryp2o]

It's quite simple actually: The more you finance, the more you're "owned."

 

[AAP]

The sad thing is forget two years, by the time it reached your house and you got it set up and online, that model was obsolete.

You financed yesterdays technology.

 

[Warik]

NOW KEEP IN MIND....THE ONLY REASON I FINANCED IT WAS TO GET CREDIT. I HAD A 33K$ TRUCK IN MY NAME WITH NO CREDIT. GO FIGURE. I AM A STUDENT WITH NO JOB SO THE INTEREST RATE IS ASTRONOMICAL.

Why couldn't you have just gotten a credit card instead and paid the balance in full every month for a year or two like I did? My credit is awesome now. Never paid interest on anything.

Can't understand why you would willingly subject yourself to 27.99% APR.

-Warik

 

[Warik]

YOU PEOPLE WITH CREDIT CARDS ARE GETTING FUCKED IF YOU DONT PAY THE BALANCE OFF EVERY MONTH!!!

Bwahaha...

Not if you took out a 0% cash advance for your maximum credit limit and deposited it in the bank while the balance sits on your 0% introductory APR credit card.

*evil, maniacal laughter*

-Warik

 

[vixenbabe]

Anyone who wants to get credit can get it..College kids are a FANTASTIC TARGET for these "legal" banking bandits.....THEY LOVE YOU PAYING THE BARE MIN. CHARGE EACH MONTH!

Should have gotten a gas card at your local gas station. IF you paid it each month IN FULL...You would have gotten your good credit and NOT been raped in the process!

 

[BuggyWhips]

Kaynes a finance major too.
Actually when i bought my car last year I was raped with an abnormally high interest rate which was somewhat close to what kayne was paying. I paid the car off in 6 months though. The whole reason for me subjecting myself to the loan was to establish a larger credit base. Although I had credit cards and paid them all off within a month; their claim was that up to that point I never made any purchases on credit of that amount. I never understood the reasoning behind that but I got the same answer from a bank which aslo told me I had excellant credit.
I guess it was because I was a college student, 20 yrs old, no real net worth and a part time job that didnt pay much.. Oh well, maybe now that I paid the car off they can see that i am responcible with my credit.

 

[KAYNE]

Re: Re: If You Financed Your Computer........read!!!

Why couldn't you have just gotten a credit card instead and paid the balance in full every month for a year or two like I did? My credit is awesome now. Never paid interest on anything.

Can't understand why you would willingly subject yourself to 27.99% APR.

-Warik

WHY GET A CC AND PAY IT OFF EVERY MONTH FOR TWO YEARS WHEN I WILL PAY THIS OFF IN 6MO-1YR AT MOST. THEN I HAVE CREDIT. HARDLY ANY INTEREST WILL HIM ME, IF ANY. THATS WHY, AND ONLY WHY, I "SUBJECTED MYSELF" TO A 27.99% APR (32.3% EAR)!!! CREDIT CARDS ARE EVIL!!! IF I WOULD HAVE PAID THE COMP OFF TOO EARLY, NONE OF THIS WOULD HAVE WENT TOWARDS ESTABLISHING CREDIT. A COUPLE MORE MONTHS AND IT WILL BE PAID OFF AND I WILL HAVE CREDIT. BETTER THAN BUYING IT ALL AT ONCE LIKE I ALMOST DID.

KAYNE

 

[KAYNE]

You financed yesterdays technology.

DIDNT WE ALL!!!


KAYNE

 

[KAYNE]

i read somewhere once that if you had x-amout of $ on your credit card and made the MINIMUM payment every month yoiu would be paying that MINIMUM for 25 years.


It all depends on the money owed and whatnot, but anyways.....ouch.

LOL..........I DID AN INTEREST CHART ON ONE OF MY DADS CREDIT CARDS AND FIGURED OUT THAT IT WOULD TAKE HIM ALMOST 50 YEARS TO PAY OFF HIS BALANCES WITH MINIMUM PYMTS AND SOMETHING LIKE 150k$ INTEREST!!! OF COURSE HE DOENST PAY THE MINIMUM THOUGH.

JEEP
I DIDNT PAY 750$ FOR IT. THAT IS ALL I OWE NOW. I'M WAITING TO PAY THE REST OFF TO ESTABLISH A CREDIT LINE FOR MYSELF. I PAID SOMETHING LIKE 2200$.


KAYNE

 

[big dog]

Kayne, you should know something like that...