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scorpio1945

New Car Purchase

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Limbo. I seem to recall quite a few 'Working Class Heroes' without Nobel prizes; Liberating a Country to the east of the UK circa 1944-45. I suspect you missed them as you were in school elsewhere.

The Mazda 2 is a nice little Car will27 ;)

No, I wasn't born yet, but my town was on the frontline. Before the offensive

the British troops were replaced by Americans and Canadians under the command

of the American General John Anderson. We have still a road called after him.

If I am not wrong it was the 35th Infantry Devision that liberated my town.

The first Americans I ever met as a kid were American soldiers that were based

in Elmpt-Niederkruechten.

With respect! The regiments:. . .post-6305-074362500 1284262209_thumb.jpg

And Will:

The Mazda2 and the Fiesta have many parts in common as they are made

in the same factory by the same company, but not the price.

I guess the package of freebies has a value of roughly 25.000 Baht.

That's good!

The profit margins on new cars are very small because of the

enormeous competition. I think that they are happy if they make five

percent on them. I have been reading somewhere, that the dealerships

stay afloat by the returns of their workshops, not by selling cars.

Mazda2 is a beauty!

Limbo :yohan:

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Limbo. I seem to recall quite a few 'Working Class Heroes' without Nobel prizes; Liberating a Country to the east of the UK circa 1944-45.

No, I wasn't born yet, but my town was on the frontline. Before the offensive

the British troops were replaced by Americans and Canadians under the command

of the American General John Anderson. We have still a road called after him.

Sorry Will, just a second, but I found a picture taken 65 years ago, 1945, some kilometers

south of my town. American soldiers of the 8th Armoured Division took over the positions

of the British soldiers.

Would like to share it ...

Funny to know that English Tony, who now moved to Payao, was making his

Mae Sai pictures at about the same time. He was a British soldier then.

Didn't see him for a long time. He must be 84 now.

Limbo :yohan:

. . . . . . . post-6305-090163500 1284265676_thumb.jpg

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This is the new car post isn't it? 555 my first use.

Anyway, Bit the bullet and ordered a top of the line Fiesta 4 door. A heads up for the unwary. The interest rate they quote is preety sneaky. They gave me 1.71% but in actualality it is 3.3%. They do not amortize the loan. They simply take 1.71 % of the total loan and add it to the total loan amount. It is what the dealers did a long time ago in the US before the truth in lending law. Not sure if this is a bank or car dealer sneaky. Maybe just Thai way.

I also checked on what the exact same car would cost in the US. Looks like 160,000Bt more. Does anyone know if this goes in the Gov't coffers. 29% tax? on made in Thailand cars seem a bit steep. Again I guess it is the Thai way.

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This is the new car post isn't it? 555 my first use.

It is indeed. I got it confused with the education thread. My apologies.

How long to wait for delivery of the car?

BBQ beef sandwiches on Tuesday for lunch here, I think. Don't forget. I'm expecting you and the little lady unless I hear different.

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Thanks for the advice/opinions gang.

I slightly prefer the Ford, but the waiting

time and lack of freebies provided has

pushed me towards the Mazda2.

It's for the wife anyway and she likes

the Mazda.

Regards

Will

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This is the new car post isn't it? 555 my first use.

Anyway, Bit the bullet and ordered a top of the line Fiesta 4 door. A heads up for the unwary. The interest rate they quote is preety sneaky. They gave me 1.71% but in actualality it is 3.3%. They do not amortize the loan. They simply take 1.71 % of the total loan and add it to the total loan amount. It is what the dealers did a long time ago in the US before the truth in lending law. Not sure if this is a bank or car dealer sneaky. Maybe just Thai way.

I also checked on what the exact same car would cost in the US. Looks like 160,000Bt more. Does anyone know if this goes in the Gov't coffers. 29% tax? on made in Thailand cars seem a bit steep. Again I guess it is the Thai way.

Great choice, I love my Yaris but if the Fiesta was available last year I would have gone for that, the specs of the Fiesta are much higher than any of it's competitors.

The % is normal here for car loans, just the Thai way unfortunately.

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How long to wait for delivery of the car?

2-3 months but who knows. Depends on if we get the ladies blue or my dark gray. They said they will let us change color if we don't like it but that will delay delivery.

BBQ beef sandwiches on Tuesday for lunch here, I think. Don't forget. I'm expecting you and the little lady unless I hear different.

I will put on calendar

Edited by scorpio1945

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I think that's called the "Rule of 64", scorpio1945.

A loan amortisation method that was outlawed in many US states.

I used to sell advertising to auto dealerships, so am aware of the tricks of the trade.

I think you made a good choice.

I'm still going with the Nissan March; I saw the exact color I want to buy today on the street here in CM. Silver.

I'll wait till I can get the exact model and color I want, even if it be next Songkran....:rolleyes:

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Outlawed? So all the time you pay rent for money they have back already?? Strange

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Outlawed? So all the time you pay rent for money they have back already?? Strange

Sorry, I misspoke.

It is the "Rule of 78's"

Here's a link on Wikipedia; ignore all the history at the beginning of the article and scroll down to the middle of the page where you will see a reference to the loan calculation method, and mention of it being banned in the US as of the early 1990's:

http://en.wikipedia.org/wiki/Interest

"Flat Rate Loans and the Rule of 78s: Some consumer loans have been structured as flat rate loans, with the loan outstanding determined by allocating the total interest across the term of the loan by using the "Rule of 78s" or "Sum of digits" method. Seventy-eight is the sum of the numbers 1 through 12, inclusive. The practice enabled quick calculations of interest in the pre-computer days. In a loan with interest calculated per the Rule of 78s, the total interest over the life of the loan is calculated as either simple or compound interest and amounts to the same as either of the above methods. Payments remain constant over the life of the loan; however, payments are allocated to interest in progressively smaller amounts. In a one-year loan, in the first month, 12/78 of all interest owed over the life of the loan is due; in the second month, 11/78; progressing to the twelfth month where only 1/78 of all interest is due. The practical effect of the Rule of 78s is to make early pay-offs of term loans more expensive. For a one year loan, approximately 3/4 of all interest due is collected by the sixth month, and pay-off of the principal then will cause the effective interest rate to be much higher than the APY used to calculate the payments. [5]

In 1992, the United States outlawed the use of "Rule of 78s" interest in connection with mortgage refinancing and other consumer loans over five years in term.[6] Certain other jurisdictions have outlawed application of the Rule of 78s in certain types of loans, particularly consumer loans. [5] unquote

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Outlawed? So all the time you pay rent for money they have back already?? Strange

Sorry, I misspoke.

It is the "Rule of 78's"

Here's a link on Wikipedia; ignore all the history at the beginning of the article and scroll down to the middle of the page where you will see a reference to the loan calculation method, and mention of it being banned in the US as of the early 1990's:

http://en.wikipedia.org/wiki/Interest

"Flat Rate Loans and the Rule of 78s: Some consumer loans have been structured as flat rate loans, with the loan outstanding determined by allocating the total interest across the term of the loan by using the "Rule of 78s" or "Sum of digits" method. Seventy-eight is the sum of the numbers 1 through 12, inclusive. The practice enabled quick calculations of interest in the pre-computer days. In a loan with interest calculated per the Rule of 78s, the total interest over the life of the loan is calculated as either simple or compound interest and amounts to the same as either of the above methods. Payments remain constant over the life of the loan; however, payments are allocated to interest in progressively smaller amounts. In a one-year loan, in the first month, 12/78 of all interest owed over the life of the loan is due; in the second month, 11/78; progressing to the twelfth month where only 1/78 of all interest is due. The practical effect of the Rule of 78s is to make early pay-offs of term loans more expensive. For a one year loan, approximately 3/4 of all interest due is collected by the sixth month, and pay-off of the principal then will cause the effective interest rate to be much higher than the APY used to calculate the payments. [5]

In 1992, the United States outlawed the use of "Rule of 78s" interest in connection with mortgage refinancing and other consumer loans over five years in term.[6] Certain other jurisdictions have outlaw ed application of the Rule of 78s in certain types of loans, particularly consumer loans. [5] unquote

Do not think I am talking about the same thing. Interest in the US is based on a declining balance. Here they take the interest rate times the loan amount times the number of years divided buy the number of months to come up with your monthly payment. The declining balance is no factor. Easy to calculate but not the TRUE interest rate. Makes it look very good till you find out the truth.

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Ah, well then I double misspoke, and my apologies! :)

I guess the consolation is that 3.3% interest rate is still a very attractive one...I envy you as I am single with no Thai co-signer for a loan.

I have to pay cash 100% up front.

Enjoy your new car!

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Ah, well then I double misspoke, and my apologies! :)

I guess the consolation is that 3.3% interest rate is still a very attractive one...I envy you as I am single with no Thai co-signer for a loan.

I have to pay cash 100% up front.

Enjoy your new car!

No apology needed. I learned something. That is never a mistake.

Haven't got the loan yet. I know that nothing in Thailand is an automatic.

Also, car buyers note that there is a 50% penalty on the unpaid interest if you want to pay the loan off early. Lots of tricks to the Thai system.

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We need to find Mcgriffith a Thai co-signer.

It's not healthy being single in Thailand.

And NO, you can't try out all the likely applicants Macca.

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Scea, I've already decided my move to CR is a done deal.

Lots of new construction in my area in the last 6 months or so.

My district is considered the Beverly Hills of CM.

But it has become Ground Zero (as in NYC) re: incessant redevelopment. Ah well, it was bound to happen I suppose.

Thais see a beautiful area with lots of old growth trees, and hi-so family big properties....Hey, let's start throwing up a few boutique hotels, upscale student housing for rich CMU uni students, etc.

Soon as the rains taper off next month, I'll be up to scout out living arrangements.

Probably move into a condo/apt for a few months whilst exploring long term housing options.

I'll wait till my move to CR before I look for a Thai loan co-signer.....

;)

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