Status of Everything Attachments

[Torvy]

That map is out of date.

Try this one, it is a bit more current.

 

[Torvy]

If you ignore sales tax......

I have a $50.00 bill in my pocket. I go to a restaurant and pay for dinner with it. The restaurant owner then uses the bill to pay for the laundry. The laundry owner then uses the bill to pay the barber. The barber will then use the bill for shopping. After an unlimited number of payments, it will still remain a $50 - which has fulfilled its purpose to everyone who used it for payment.
But if I come to a restaurant and pay with a credit card, bank fees for my payment transaction charged to the seller are 3%, so around $1.50 and so will the fee $1.50 for each further payment transaction or owner, the laundry or payments of the owner of the laundry shop, or payments of the barber and down hill from there. Therefore, after 30 transactions, the initial $50 only $5.00 will remain and the remaining $45 became the property of the bank thanks to all digital transactions and fees.

Funny, but not really true.

The banks use their money to pay employees like any other business and the money keeps rolling through the economy. In fact, the banks use of the money can actually increase availability of cash. Those monies not paid to employees or vendors are loaned to others to reinvest. The bank itself is forced to hold a % in reserve (by the feds). Everything else they must use. Business owners could just stuff some in their 'mattress' and pull it out of the economy.

Your example pretends that money stays in a lump. Some pays employees, some pays creditors, some goes to ownership.

The biggest drag is the taxation as it does little to help the actual economy.

 

[Lineman North Florida]

Self-moderation works, just don't click on it

Post of the day.

 

[TN8Man]

That is incredible.

I asked and recieved a cash discount on a watch at a jewelry store. I won't name either but they are both well known brands and NOT known for discounting.

I don't negotiate price on everything I buy but frequently I do. You won't get it if you don't ask.

Negotiating a price is common practice on certain products.

Requesting a discount because you are paying with cash is a different but related situation and its not something I have seen as a common practice.

 

[jmc]

Could be me but offering cash to buy a car at a dealership doesn't seem to help. I think the salesperson also gets a commission on a finance package.

 

[WM75Guy]

Could be me but offering cash to buy a car at a dealership doesn't seem to help. I think the salesperson also gets a commission on a finance package.

I had the same experience. I ordered a new GMC Yukon yesterday at the dealership. The price is still MSRP unless GM corporate offers a discount, no dealer incentives to reduce the price. Expected to be here in June. I will have to wait till then to see what incentives GM is offering to know the final price.

 

[Jstpssng]

I think the salesperson also gets a commission on a finance package.

I'm quite sure that they do.

 

[MoKelly]

Could be me but offering cash to buy a car at a dealership doesn't seem to help. I think the salesperson also gets a commission on a finance package.

There is a motorcycle dealer here that gives you an extra discount if you finance.

Price is actually higher if you pay cash.

Something is going on for sure.

 

[John0829]

Could be me but offering cash to buy a car at a dealership doesn't seem to help. I think the salesperson also gets a commission on a finance package.

When we bought our Honda CR-V it was made clear to the dealer we were paying cash. They begged us to finance and pay it off at the first installment it saying it would "help" them. I told them they had to help me then by dropping the price even more than negotiated to "help" me "help" them. They would not so I did not.

They finally did admit they do get kick/commission back on every finance they do.

 

[LouNY]

I have gotten a better price a few times by financing and then paying off the note then just writing a check, stupid but who knows. One time it involved GMAC financing it ended up a couple of thousand cheaper to finance with their incentives then pay it off a couple of months later, I think I had to wait 2 or 3 months before I could pay it off and as I recall it was a circus trying to get a final payoff number, ended up having to pay a few dollars over the due amount and wait for the loan to be closed for a refund.

 

[steve tym]

The last F450 I bought, got $1,000 off if I financed $10,000?. Paid it off 3 moths later.

 

[two_bit_score]

The biggest drag is the taxation as it does little to help the actual economy.

Amen!

 

[two_bit_score]

I have gotten a better price a few times by financing and then paying off the note then just writing a check, stupid but who knows. One time it involved GMAC financing it ended up a couple of thousand cheaper to finance with their incentives then pay it off a couple of months later, I think I had to wait 2 or 3 months before I could pay it off and as I recall it was a circus trying to get a final payoff number, ended up having to pay a few dollars over the due amount and wait for the loan to be closed for a refund.

That's been my experience too. Trying to buy a car for "cash" is usually the worst way now if you are dealing with a franchised new car dealer.

The best deals at a franchised dealer are from the fleet department. Almost all the BS that comes from the showroom is eliminated in the fleet dept.

 

[two_bit_score]

I had the same experience. I ordered a new GMC Yukon yesterday at the dealership. The price is still MSRP unless GM corporate offers a discount, no dealer incentives to reduce the price. Expected to be here in June. I will have to wait till then to see what incentives GM is offering to know the final price.

The franchised dealers don't own the cars. They are all owned by the manufacturer.
Dealers, in concert with manufacturers, have been pressuring Texas to weaken the rule that a dealer cannot advertise a vehicle for sale that he does not have in his physical possession.

 

[two_bit_score]

Negotiating a price is common practice on certain products.

Requesting a discount because you are paying with cash is a different but related situation and its not something I have seen as a common practice.

It's just all part of negotiating the outcome. If done in the right way, offering cash for a discount is often effective. You should try it. Some people are afraid to offer less than asking price. They don't like rejection.

Sometimes offering to buy multiples of an item might get you a discount and another discount for cash. If you approach it as a win-win it can be.

 

[Lineman North Florida]

I have gotten a better price a few times by financing and then paying off the note then just writing a check, stupid but who knows. One time it involved GMAC financing it ended up a couple of thousand cheaper to finance with their incentives then pay it off a couple of months later, I think I had to wait 2 or 3 months before I could pay it off and as I recall it was a circus trying to get a final payoff number, ended up having to pay a few dollars over the due amount and wait for the loan to be closed for a refund.

Same thing happened to me back in 2015 when I bought a Chevrolet 2500 HD, we negotiated the best out the door price and at the end I told him I would just buy it outright, at that point he told me that I could get $ 1000k more off the price if I would finance some of it with GMAC at like 1.9% , so I financed about 10k and paid it off in 3 months, that was a first for me, usually they play the 0% financing game.

 

[stuckmotor]

I have gotten a better price a few times by financing and then paying off the note then just writing a check, stupid but who knows. One time it involved GMAC financing it ended up a couple of thousand cheaper to finance with their incentives then pay it off a couple of months later, I think I had to wait 2 or 3 months before I could pay it off and as I recall it was a circus trying to get a final payoff number, ended up having to pay a few dollars over the due amount and wait for the loan to be closed for a refund.

Financing reminds me of the title a song called, "The Games People Play".

 

[Gator6x4]

The seller has to pay the surcharge if they want to make the sell. I refuse to buy from a seller who tacks on the surcharge to the buyer.

Most places tack the credit card charges onto the price of the product. It is pure gravy for them when a person pays cash. Remember the FREE MONEY 0% down 0% interest car loans. How much did the cost of the vehicles increase when these were so hot. Have the prices on vehicles started returning to pre 0% down 0% percent interest day? NO.

"A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses."

"40% of Americans with credit card debt don't know their interest rate, survey shows. Many Americans are in the dark about one important aspect of their credit cards. Of those who carry a balance, 40% don't know the interest rate they're being charged on their primary card, a new survey from Bankrate found."

"You can also get better interest rates when you have a higher credit score, which can save you money in the long-term. Conversely, a credit score of 700 or higher is generally viewed positively by lenders, and may result in a lower interest rate. Scores greater than 800 are considered excellent."

 

[ultrarunner]

The best way to get credit is not to need it.

I know quite a few paycheck to paycheck and for a lot of them self imposed.

A co-worker in the building bought a new car and then took an offer for a credit card and maxed it on vacation…

I thought maybe her husband has a very good job but she is single… but had a boyfriend on the vacation…

He was suppose to pay half but they broke up…

Almost everyone has means and my grandmother said to always live below your means avoids trouble…

Maybe too many with financial woes didn’t have a grandmother like mine?

 

[Gator6x4]

The best way to get credit is not to need it.

I know quite a few paycheck to paycheck and for a lot of them self imposed.

A co-worker in the building bought a new car and then took an offer for a credit card and maxed it on vacation…

I thought maybe her husband had a very good job but she is single but had a boyfriend on the vacation…

He was suppose to pay half but they broke up…

Almost everyone has means and my grandmother said to always live below your means avoids trouble…

Maybe too many with financial woes didn’t have a grandmother like mine?

The person you described probably also falls in this category of American Workers.

63% of workers unable to pay a $500 emergency expense, survey finds. How employers may help change that

High inflation continues to add financial stress to workers' budgets. Experts say new benefits to provide emergency savings plans may help.

www.cnbc.com