Go Back   The Supercar Registry > General Discussion > Supercar/Musclecar Discussion


Reply
 
Thread Tools Display Modes
  #11  
Old 03-07-2019, 01:26 PM
Charley Lillard Charley Lillard is offline
Yenko Contributing Member
 
Join Date: Apr 2000
Location: Woodland, ca. US
Posts: 15,641
Thanks: 349
Thanked 3,668 Times in 993 Posts
Default

Woodside is always present at Barrett-Jackson.
__________________
......
Reply With Quote
  #12  
Old 03-07-2019, 02:18 PM
owners2 owners2 is offline
Yenko Contributing Member
 
Join Date: Aug 2005
Location: fountain inn ,s.c
Posts: 709
Thanks: 0
Thanked 13 Times in 5 Posts
Default

Thanks for the help guys. one of my employees is trying to get finance to purchase my 68 SS 396 Camaro & his bank says its to old.
Reply With Quote
  #13  
Old 03-08-2019, 09:49 PM
WILMASBOYL78's Avatar
WILMASBOYL78 WILMASBOYL78 is offline
Yenko Contributing Member
 
Join Date: Jul 2003
Location: new york
Posts: 8,171
Thanks: 1
Thanked 1,597 Times in 491 Posts
Default collector car loans

my banker is a real car guy...he started the collector car program at his bank...mainly offered to good customers, but they may do an outside deal?

contact me offline if you want more info..

-wilma
__________________
02 Berger 380hp #95
Lots of L78 Novas
Join National Nostalgic Nova!
70 Orange Cooler
69 Camaro
Reply With Quote
  #14  
Old 03-13-2019, 02:27 PM
YENKO DEUCE REGISTRY's Avatar
YENKO DEUCE REGISTRY YENKO DEUCE REGISTRY is offline
Yenko Contributing Member
 
Join Date: Apr 2000
Location: PA
Posts: 13,092
Thanks: 715
Thanked 296 Times in 137 Posts
Default

Quote:
Originally Posted by olredalert View Post
----If you don't already have a home equity loan it may be a good choice. The interest is deductible still (I think) and generally all you have to do is pay the interest monthly. I have done this in the past when I wanted to buy a car to sell or knew that cash was coming in soon......Bill S
HELOC % is no longer deductible if used for a car purchase, only if used for the purchase of a home or home repairs - how they plan to enforce this is unclear. I'd find a car being sold by a home construction contractor...... but that's just the view from a CPA!

"HELOCs and second mortgages will no longer be deductible if the loan proceeds are used to pay for personal items, including college tuition, vacations, credit card debt, student loan debt, a vehicle or clothing; the interest paid on that amount will not be deductible."
__________________
Marlin
70 Yenko Nova-350/360, 4speed M21, 4.10 Posi (Daddy's Ride)
69 SS Nova-396/375hp, 4speed M20, 3.55 Posi (Benjamin's Ride)
67 RS Camaro-327/250hp, 2speed Glide, & 3.08 Open (Danny's Ride)
Reply With Quote
  #15  
Old 03-13-2019, 02:45 PM
YENKO DEUCE REGISTRY's Avatar
YENKO DEUCE REGISTRY YENKO DEUCE REGISTRY is offline
Yenko Contributing Member
 
Join Date: Apr 2000
Location: PA
Posts: 13,092
Thanks: 715
Thanked 296 Times in 137 Posts
Default

Quote:
Originally Posted by the427king View Post
If you have a 401K use the loan feature and pay yourself back the interest and you can do it at around 4% right now. best of both worlds. Can only boorrow 50K or half of your balance,which ever is lower ...
While this can be a tempting option, the long term consequences can add up.... To make this work you should ensure that the appreciation of the car you purchase + the 4% you pay back to yourself (I'm not sure if you actually get all of that, but....) is greater than the gain you forfeit from the 401k fund itself. Also, not all plan administrators allow for 401k loans, so check before assuming. Finally, since 401k contributions are made on a pre-tax basis, loans greater than $50k and/or not repaid within 5 years will trigger a tax impact - at your current income bracket rate!! So, make sure you think this one through very thoroughly.....


"401(k) Loan Repayment
The IRS will consider your 401(k) loan to be a reportable, taxable distribution unless you meet either of these conditions:

You repay the loan within five years.
You use the proceeds to buy or build your primary residence.

Even if you satisfy either of these two requirements, the IRS will treat your total loan balance that exceeds the lesser of $50,000 or half the value (but not less than $10,000) of your vested account balance as a taxable distribution. If you’ve already taken a loan, you’ll have to reduce the $50,000 ceiling to the extent of the highest outstanding loan balance during the one year period ending on the day before the new loan minus the outstanding balance on the date of the new loan."
__________________
Marlin
70 Yenko Nova-350/360, 4speed M21, 4.10 Posi (Daddy's Ride)
69 SS Nova-396/375hp, 4speed M20, 3.55 Posi (Benjamin's Ride)
67 RS Camaro-327/250hp, 2speed Glide, & 3.08 Open (Danny's Ride)
Reply With Quote
  #16  
Old 03-17-2019, 01:34 AM
the427king's Avatar
the427king the427king is offline
Senior Member
 
Join Date: Jun 2011
Location: CT
Posts: 7,059
Thanks: 206
Thanked 447 Times in 279 Posts
Default

And if you are under 59 1/2 you will also be subject to 10% penalty on top of your tax bracket on any balance considered a taxable distribution .........however, paying yourself 4% interest instead of a loan company 10 or 12% is a big big positive...your payments are a lot lower, you can make payments quarterly instead of monthly,and thats a 14 to 16 % swing that goes in your pocket
__________________
Ebay Auctions http://www.ebay.com/sch/427-king/m.h...=16&_rdc=1



No Fisher priced toys here
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 11:12 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.

O Garage vBulletin Plugins by Drive Thru Online, Inc.