09-21-2022, 07:00 AM | #67 |
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I had my BMW loan on autopay, and don’t remember a BMW finance option to simply add $25 each month. However, all the bank connections are already in place, so it was simple to make extra payments of any amount. You just login to BMW finance and make the payment.
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Mosaud19983890.00 |
09-21-2022, 08:42 AM | #68 |
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I think you all are ignoring banking laws which, though they may vary by state, require contracts which clearly state the interest on the loans. You can't get around this in any financing scenario when you are making payments over time. It is the law.
Of course leasing uses a money-factor, but a Google search can tell you how it relates to interest. But, since you don't really own the car, you can call it a "rental" fee is you're really looking for a way to circumvent ridiculous religious doctrine. And I'm pretty sure that God invented Math. |
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vreihen1614882.00 Mosaud19983890.00 |
09-21-2022, 11:04 AM | #69 |
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...and the Arabic culture gave us the mathematical concept of zero, IIRC.....
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09-22-2022, 07:02 AM | #70 | |
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That LARIBA site/model tries to get around it by saying there really is no interest, I'm just buying the asset and reselling to you at a higher price, in installments. It's very transparent that they're trying to create a loophole - especially since they still market their products as "financing" - but I don't know if regulators are calling BS or looking the other way on this. |
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Mosaud19983890.00 |
09-22-2022, 07:03 AM | #71 | ||
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Mosaud19983890.00 |
09-22-2022, 07:46 AM | #72 | |
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And the reasoning behind this? What's wrong with interest? You're literally just giving something to someone because they helped you get something you'd not otherwise be able to get. Like if someone said I'll allow you to eat today, but you must work on my shed for a hour." That's interest, no? Sorry if this has been addressed, I didn't read all responses. And NO DISRESPECT intended! |
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09-22-2022, 08:33 AM | #73 | |
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But, I talked them into taking the 3-year loan out. But, I feel like we should keep the minivan. I mean, the X7 is a WANT. Not really a NEED
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09-22-2022, 11:14 AM | #74 | |
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In regards to interest specifically, I think it comes down to avoiding the exploitation of less fortunate people, who are more prone to getting stuck in a vicious cycle of compounding interest, growing the loan balance while they continue to make minimum payments. It's essentially - rather than specifying exceptions, complicated rules, etc, let's eliminate even the possibility of predatory lending by prohibiting interest altogether. At least this is my interpretation of why it's forbidden. In modern society, the interpretation of interest within the religion has varied quite a bit. Some say interest is fine to pay as long as you're not the one collecting interest - because avoiding it in today's world is nearly impossible. Then there's others (some I know personally) who very strictly adhere to the religion and will actually hold off on large purchases until they have the means to purchase those items in cash.
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///MPhatic13538.50 vreihen1614882.00 |
09-22-2022, 11:27 AM | #75 | ||||
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Thanks for the insight! |
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09-22-2022, 12:42 PM | #76 |
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FWIW, the bible also has several mentions of interest not being acceptable.....
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09-22-2022, 01:03 PM | #77 | |
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The C650's loan is at 1.99% and I'm deciding if I want to just clear it off my books or take it to term. Only owe $3800 on it and have just over 2 years left to pay it off following the set monthly payments. |
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