Financing IPE F1???

[dparm]

Originally Posted by M3Dimi

How do you suggest I start to build up credit then. Because as of now I have never used a credit card or anything like that I have money in my bank acc and only use debit everywhere so I need to start somewhere and why not with something I want like! This exhaust...

You will need to get one of those "starter" credit cards that has a low credit limit -- they're targeted for people in your situation that have almost no credit history. Use it regularly (but never go more than 80% of the limit), pay it off every month, and after a while you can request a credit limit increase.

Concurrently you may want to get a retail store credit card, e.g. Target REDcard, Macy's, Discount Tire, etc. Most of them are not real credit cards and only work at said store, but they're usually really easy to get and help build a credit history. Heck, the Target card gets you 5% off everything in the store every day. Not a bad deal.

In other words, the easiest way to build up credit is to start small and "prove" to the industry that you are capable of managing your money.

[p-lethal]

6 month interest free loan, why not? it will help build your credit, just make sure you have that money set aside and not in a new set of rims

[///Matthew]

Pay cash for a used exhaust. You're future self will thank you.

[WickedE93]

Originally Posted by M3Dimi

Nah well maybe like monthly payments of like 1k or something for 6 months from bank account not sure if I should do credit yet if I even find somewhere that sells it with payments I've seen other systems but not that one.

Personal Loan from your bank of credit union. Just don't tell them the real reason you want the money

[M3Dimi]

Originally Posted by BimmerRookie

Don't use this exhaust as a method to build credit....Depending on your income and accounts with your bank, your bank may have credit card offers for you. I think that's an easy way to get a cc and then move all your debit purchases to your cc, then pay that off to build credit.

That's what I was planing on doing with the exhaust.

[M3Dimi]

Originally Posted by ///Matthew

Pay cash for a used exhaust. You're future self will thank you.

I would as I said previously but they are like a unicorn they don't exist... I looked trust me.

[elim11]

lol. i'm not a financial advisor by any stretch...but don't do it. you're setting yourself up extra financial burden and debt that you dont need. instead you should be saving up for a rainy day fund. you already have an amazing (and expensive car). If things start to fail, it will get expensive real quick.

Just my 2 cents. Good luck. One day when you get older you'll see/think about this and just laugh.

[E90Dave]

Trust me when I tell you that spending so much on an exhaust is the biggest automotive rip off in history -

As much as they want you to believe that a rocket scientist designed and built these "exotic" exhausts, they're all just pieces of pipe with welds.

Not saying that there isn't engineering behind sound, but I'm just saying to take all of this brand loyalty and "it's better" posts with a grain of salt.

Have a good performance fabrication shop fab you up an exhaust. It'll save you a lot of $!

[M3Dimi]

Originally Posted by E90Dave

Trust me when I tell you that spending so much on an exhaust is the biggest automotive rip off in history -

As much as they want you to believe that a rocket scientist designed and built these "exotic" exhausts, they're all just pieces of pipe with welds.

Not saying that there isn't engineering behind sound, but I'm just saying to take all of this brand loyalty and "it's better" posts with a grain of salt.

Have a good performance fabrication shop fab you up an exhaust. It'll save you a lot of $!

I've heard a lot of different ones there's nothing that came close to that IPE f1 exhaust I have no brand loyalty I just want what sounds the best to me everyone I've talked to says get akrapovic and all this I'm not impressed by its sound. Also I know it's a rip of its 6k or more for an exhaust it's insane but I want a valve system so I'm not that asshole everywhere I go (Mustang Drivers) and this has it if I didn't care about everyone else I would have done the cheapest straight pipe by now and not given a fuck. That's why I want this one. And I've looked for them used and researched And all I've come up with is how rare they are to come by used and then they still cost 4-5k so why would I spend that much on a used exhaust which is probably damaged no one takes those things off their cars...

[E90Dave]

Originally Posted by M3Dimi

I've heard a lot of different ones there's nothing that came close to that IPE f1 exhaust I have no brand loyalty I just want what sounds the best to me everyone I've talked to says get akrapovic and all this I'm not impressed by its sound. Also I know it's a rip of its 6k or more for an exhaust it's insane but I want a valve system so I'm not that asshole everywhere I go (Mustang Drivers) and this has it if I didn't care about everyone else I would have done the cheapest straight pipe by now and not given a fuck. That's why I want this one. And I've looked for them used and researched And all I've come up with is how rare they are to come by used and then they still cost 4-5k so why would I spend that much on a used exhaust which is probably damaged no one takes those things off their cars...

I had a Frequency Intelligent valvetronic exhaust on my last E92 M3. It was awesome... for about a week.

When the instant gratification wears off and you realize it's just a piece of pipe on your car that you're in $6,000 of debt for you'll be sorry.

Just trying to help man!!

[nadans]

Why not consider armytrix? Almost half the price of IPE and sound is identical imo. The owner of armytrix was the co-founder of IPE until he left them and created armytrix(nearly similar design) from what I've heard. Or wait until used parts come up. Buying IPE new is not worth it imho.

[Millie]

Using credit for car mods. lol.

[M3Dimi]

Originally Posted by Millie

Using credit for car mods. lol.

Updated my main post I put this in the general forum and on here I didn't know where it would better be suited anyway read my situation really quick I've been getting flamed quite a bit on the other thread lol

[///Matthew]

Originally Posted by M3Dimi

I would as I said previously but they are like a unicorn they don't exist... I looked trust me.

Buy a different exhaust in cash. What you're proposing is absolutely not worth it.

[Edward]

I didn't get far past your title and I'm sure every response is like this. Don't. Just....don't.


Save your money for a rod bearing service because I'd hate to see what you might do to fund a new engine if yours blows up.

Incoming post in 6 months: Seriously considering giving one kidney on the black market in south pac Asia because I'm addicted to the 8400 RPM life.

[M3Dimi]

Originally Posted by Edward

I didn't get far past your title and I'm sure every response is like this. Don't. Just....don't.


Save your money for a rod bearing service because I'd hate to see what you might do to fund a new engine if yours blows up.

Incoming post in 6 months: Seriously considering giving one kidney on the black market in south pac Asia because I'm addicted to the 8400 RPM life.

Lol

[ajee622]

great post go for it!!!!!

[jphughan]

Originally Posted by M3Dimi

It's only depreciating for other people for me who's planing on keeping the car for a long time if not permanently it's a great idea I understand that some of you wouldn't do this.

No it's depreciating regardless of your plans, because since when does everything work out to people's plans? If you end up in a financial jam and need to sell your car and part it out and find that you can't sell it for what you still owe, welcome to the risk of depreciation. If you want to build credit, use your credit card as a debit card -- make daily purchases on it and pay it off in full every month.

You already said it in your first post and a later one -- financing an exhaust is insane, and you have an idiotic mentality of using your time living at home to dump money into a car rather than building savings for a rainy day. If you don't have AT LEAST 6 months' worth of living expenses in savings calculated on the assumption that you'd be renting on your own (and ideally at least a year's savings), then you shouldn't even be contemplating this, because that would mean your car habit is preventing you from being able to move out and live on your own with a reasonable safety net.

[Edward]

^ I agree with all that logic...I don't think that 6 months is necessarily a requirement for such a young kid who has very low expenses and parents to back him up. Most certainly you're right on about 6 months since it can take that long to get a new job in case you get canned and have to dip into the reserve to not get evicted or default on your mortgage or other liabilities.

The finances of a 21 year old is quite a funny thing. I recall that at 21 I was graduating college and would get an allowance of roughly 1200 a month from my parents and I had no expenses since they had paid for everything for me. I never bought anything big and never felt like I could buy expensive things by saving because that outlay would represent like 90% of my net worth and I always felt I should have money in the bank that I don't spend.

[M3Dimi]

Originally Posted by jphughan

No it's depreciating regardless of your plans, because since when does everything work out to people's plans? If you end up in a financial jam and need to sell your car and part it out and find that you can't sell it for what you still owe, welcome to the risk of depreciation. And if your goal is to build credit, you'd need to get a loan through a real lender like a bank, and I doubt you'd even find one to do this. If you want to build credit, use your credit card as a debit card -- make daily purchases on it and pay it off in full every month.

You already said it in your first post and a later one -- financing an exhaust is insane, and you have an idiotic mentality of using your time living at home to dump money into a car rather than building savings for a rainy day. If you don't have AT LEAST 6 months' worth of living expenses in savings calculated on the assumption that you'd be renting on your own (and ideally at least a year's savings), then you shouldn't even be contemplating this, because that would mean your car habit is preventing you from being able to move out and live on your own with a reasonable safety net. Would you even be able to afford this exhaust payment if you were renting your own place? Do you really want to say, "Yeah, I would like to live on my own, but I can't swing it because I have too nice an exhaust on my car."!?

And as for the assumptions about the naysayers, I'm 30 right now with no kids and yes bills to pay because I'm an adult. I didn't move back home at all after graduating college because I felt my parents had already spent plenty of their money on me, so I made sure not to need another dime from them after I graduated. I have never financed anything except 3 cars and a house -- not even the engagement ring I bought my wife that costs more than your exhaust. My credit cards are always paid in full every month, I contribute to an IRA and 401k, have cash savings for a rainy day, etc. It's adulting. Are you living at home now because you can't afford to move out or some other reason?

I'm living at home because I'm going to a community college currently that's relatively close to where I live and I'm planing on transferring out in a year or so to ucla most likely so there's no reason for me to move out yet and spend 800+ a month on some shitty ass place in a bad neighborhood in SoCal. That's why I'm living at home currently and it doesn't bother me I know a lot of people that are doing the same thing it's pretty common over here btw I wasn't born here so I'm not some "Stupid American" that some of you might be thinking I moved here when I was 7 from Europe. And I've been brought up knowing that debt is a bad thing but I also know that you can't build credit without taking using it so that's why I'm considering this I'm not 100% on it at all but like I said I am considering it.

Also I'm not planing on moving in with parents after college lol I just still haven't left my house it's not like I moved out and went back.

[M3Dimi]

Originally Posted by Edward

^ I agree with all that logic...I don't think that 6 months is necessarily a requirement for such a young kid who has very low expenses and parents to back him up. Most certainly you're right on about 6 months since it can take that long to get a new job in case you get canned and have to dip into the reserve to not get evicted or default on your mortgage or other liabilities.

The finances of a 21 year old is quite a funny thing. I recall that at 21 I was graduating college and would get an allowance of roughly 1200 a month from my parents and I had no expenses since they had paid for everything for me. I never bought anything big and never felt like I could buy expensive things by saving because that outlay would represent like 90% of my net worth and I always felt I should have money in the bank that I don't spend.

I get that most people are like that idk I just got hooked on this stuff early I guess.

[jphughan]

Originally Posted by BimmerRookie

Don't use this exhaust as a method to build credit....Depending on your income and accounts with your bank, your bank may have credit card offers for you. I think that's an easy way to get a cc and then move all your debit purchases to your cc, then pay that off to build credit.

Originally Posted by M3Dimi

That's what I was planing on doing with the exhaust.

BimmerRookie if I'm not mistaken was suggesting that you get a credit card and pay it off in full each month to rapidly build good credit. You seem to be planning to put the whole exhaust on a credit card and then pay it off in installments. Have you LOOKED at credit card interest rates?