How Geico and Synchrony let me down

[Beachbummer]

And now we are familiar with the truth according to @Dwrat.

 

[Dwrat]

And now we are familiar with the truth according to @Dwrat.

Have you ever heard of Dave Ramsey?
Look him up if you are unaware.

 

[djetok]

 

[Beachbummer]

I am familiar...[EDIT: ..with Dave Ramsey..] it's like Alcoholics Anonymous. It's great for some, but others can drink without horrible consequences. We should not all refrain from drinking only because some cannot do it without harming themselves.

Credit is a Tool that when used correctly can greatly increase your quality of life at a low cost. Used poorly can mess you up...just like a chain saw. BUT, it does not mean everyone using it is wrong.

 

[Adubbs76]

Re-read first post.
It was made out to both of them just as it should have been.
I personally think Geico took good care of you.
Not really there fault you own a boat you can't afford on your own.

This is an ass hat comment just because someone has a loan doesn’t mean they can’t afford a boat. Due to the low initial interest rate on these loans in many cases it makes more sense to get a loan and invest your money in something that yields you a better return. But I wouldn’t expect you to understand that.

 

[Dwrat]

I am familiar...[EDIT: ..with Dave Ramsey..] it's like Alcoholics Anonymous. It's great for some, but others can drink without horrible consequences. We should not all refrain from drinking only because some cannot do it without harming themselves.

Credit is a Tool that when used correctly can greatly increase your quality of life at a low cost. Used poorly can mess you up...just like a chain saw. BUT, it does not mean everyone using it is wrong.

I hear you.
Not trying to cause a problem.

 

[Neutron]

I hear you.
Not trying to cause a problem.

Just because you chose not to have a note on a boat or other toy, doesn't mean anyone that has one is wrong.
Your tone in your first statement is rude and disrespectful.

You are making assumptions according to your personal financial beliefs.

 

[Mainah]

A home mortgage is the only justifiable situation for a loan.

So if one has 100k in the market and wants to buy something for 100k that a bank is going to offer to loan them at half the rate of their annual return on the same money they should throw that away?

Now lets say someone has no money in the market and little in savings but a good employer sponsored retirement/insurance package and wants to have fun with their family before the kids are out of the house and knees/back go out. They should just save money have no fun and leave their kids plenty of money?

I am not encouraging anyone to take out a loan or not to. For each it is their own choice and there are plenty of cases where it makes sense depending on their persons goals.

For me he who dies having as much fun and love as life can provide has won regardless if he lived and died penniless or lived and died a billionaire.

 

[2kwik4u]

A home mortgage is the only justifiable situation for a loan.

Hows the view from that high horse up there? Credit is as big of an asset as cash. Who are you to say that 6% interest isn't worthwhile to have and enjoy something now instead of paying for it with cash 9yrs from now?

Have you ever heard of Dave Ramsey?
Look him up if you are unaware.

Dave Ramsey is an idiot. I've read every single one of his books because you can't have a conversation on personal finance without someone professing him to be a god among men. He'll have you live like a pauper in the years you body has some usefulness so you can die with an inflated bank account and no experiences to show for them.

 

[2kwik4u]

So if one has 100k in the market and wants to buy something for 100k that a bank is going to offer to loan them at half the rate of their annual return on the same money they should throw that away?

Now lets say someone has no money in the market and little in savings but a good employer sponsored retirement/insurance package and wants to have fun with their family before the kids are out of the house and knees/back go out. They should just save money have no fun and leave their kids plenty of money?

I am not encouraging anyone to take out a loan or not to. For each it is their own choice and there are plenty of cases where it makes sense depending on their persons goals.

For me he who dies having as much fun and love as life can provide has won regardless if he lived and died penniless or lived and died a billionaire.

You and I sir are on the same page!

 

[AlphaKap]

I am going to call back tomorrow for details.

I partially think the bank is sitting on it to accrue interest but not sure that this scenario occurs enough for it to be worth while. Maybe with people selling boats.

And points for people that understand financing. I paid half and really did not want to sell stock. Although with what my stock has done in the past month i probably should have

 

[Sbrown]

I've read every single one of his books because you can't have a conversation on personal finance without someone professing him to be a god among men.

Just a quick sidenote:
That single statement speaks volumes to me and I find the attitude behind it very refreshing.

 

[2kwik4u]

Just a quick sidenote:
That single statement speaks volumes to me and I find the attitude behind it very refreshing.

Thank you, I try hard to see both sides on most things. I feel like I'm a pretty open minded individual. On finance in terms of level of risk, cost of money, time value of money, percentages of what goes to where, and things of that nature.....Mr Ramsey and I just don't see eye to eye. His approach is far different from mine, and well, that's OK.

As some insight into my approach. I'm currently carrying 4 major loans. Truck, SUV, Boat, Home. I also carry some credit card debt. Sure, that "gotta have it now" mindset is costing me money. 6% on the boat, 3% on the truck, 4% on the house, and I think 5% on the SUV. Average rate on my credit card debt is around 15%. I've made the conscious decision that the things I wanted to purchase were worth the extra fees for them over saving/waiting. The boat in particular was a VERY deliberate choice. With a 6yr old in the house, had we saved, and waited, and saved and waited taking Mr Ramsey's plan into account, we would have been about 8yrs into buying the boat outright with the payment saved into some sort of money market account. Boy would have been 14 at that point, and we've missed a good portion of the window. So I'll take my 10yr loan at 6%, pay a bit extra money (I think the number was around $8k, I'll have to go check), and get the boat now and use it make those memories and spend that time with him doing something we can both get behind. Could we have bought bicycles instead, sure, perhaps just some running shoes and spent time that way, sure........but that's not what we WANTED to do. We make sure that we stay within our means in terms of payments, as well as spending habits. We are in fact frugal in some areas. Very little money goes to eating out, we don't buy much name brand anything, and we focus on "smiles per dollar" on a good number of our buying decisions. We work hard to not put everyday expenses on credit cards, and for the most part succeed in that. As a young couple time is on our side with this approach, and if for some reason our time is cut short, we're well insured to make certain that our loved ones aren't left with any of our debt.

With that all that said, I think doing what you WANT, when you WANT is just as important as doing what you NEED to do when you NEED to do it. Like all things in life, a good balance between needs and wants, frugal and lavish, prudent and reckless, and so forth is the correct approach. "Moderation in all things is the best policy". Mr Ramsey has little moderation in his approach, and I think that is ultimately where the friction comes from.

*edit*......went back and read my comments from last night.....My apologies for being a mean drunk, it appears the switch to bourbon from beer is still in the tuning stage

 

[n1111z]

Re-read first post.
It was made out to both of them just as it should have been.
I personally think Geico took good care of you.
Not really there fault you own a boat you can't afford on your own.

OMG does anyone else suspect this guy is really Clemson Tiger? Have a look at his previous posts!

 

[Matts18]

I am going to call back tomorrow for details.

Yes......politely harass the crap out of them and keep demanding your money. I promise there is someone with the authority at Synchrony to “override” their BS policies and get you a check cut today. Sad to say, but I have come to expect having to do things like this.....

 

[Neutron]

OMG does anyone else suspect this guy is really Clemson Tiger? Have a look at his previous posts!

That did cross my mind, the time of his joining does match the time of CT ban

 

[Wisefam22]

Years ago I had BoA hold my payroll check for 7 days because we were newer account... nope that got fixed, money released, withdrawn, snd account closed.

 

[the MfM]

OMG does anyone else suspect this guy is really Clemson Tiger? Have a look at his previous posts!

I think he’s here with a few accounts.

 

[adrianp89]

OMG does anyone else suspect this guy is really Clemson Tiger? Have a look at his previous posts!

We had a guy like this on the Ram forum, would let Dave Ramsey bang his wife..... that dude could basically start a cult if he wanted to. He is a modern day money version of Jim Jones.

Anyways guys like him don't understand investing, interest rates, etc. As I learned previously, there is absolutely no changing their mind. IIRC they ended up banning that guy on the Ram forums because he would not stop.

 

[swatski]

@AlphaKap sorry you need to go through all this bs, and thank you for sharing your experience, and letting us learn.

Whether it is actually Clemson or not, the Dwrat character instigated an interesting twist in this thread, mean-spirited as his/her comments are. I would not agree with the tone of that "advice" at all. Simply put, IMO having a boat or any other "toy" paid off does not necessarily equal being in a position of financial security.
I have no loans other than mortgage but I do not feel particularly safe or secure any given day, certainly not more than any other member here who may be using a banking system to their advantage.

The loan debate aside, the major cost of a boat ownership is... boat ownership. The trips, the fuel and maintenance, tow vehicle, insurance, storage, docking, mods, etc etc, constant never ending expenses going out left and right! B.O.A.T.

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