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Cash 22 situation

15 years ago

What being in a "Cash-22" situation means?

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Comments (9)

western_pa_luann
15 years ago
ummm... do you mean catch 22?

if so----
Definition:
absurd situation or its cause: a situation or predicament from which it is impossible to extricate yourself because of built-in illogical rules and regulations

Never heard of cash 22.
erps
Original Author
15 years ago
Yes probably. I just googled cash-22 and I couldn't get the point. Thanks.
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The loan is totally unrelated to any issues you may have with the vehicle. Even if the manufacturer used a drinking straw for the gas line and the car burned up in your driveway, you'd still be responsible for paying back the loan. That wouldn't preclude you from legal action against the manufacturer but the two are unrelated. As for paying cash, there's a few things to consider. First off is if you have enough cash reserves for an emergency. Having a paid in full car in the driveway is nice but might not do you much good if you're being evicted from your home. Maybe split the difference, with a healthy down payment to keep the payments low while still having some ready cash should the need arise. Beyond that, it's really a simple question of if you can get a greater return on your money by investing it than you can borrowing money. In all likelihood, the difference is going to be pretty small and you have to also consider the tax implications of any return on investment. Obviously a history of on-time payments has a positive effect on your credit rating, which is important now for a lot of things beyond borrowing money. I might suggest not mentioning that you are considering paying cash until you've agreed on a purchase price for the vehicle. Dealers do make money off of financing, so they may offer a slightly better deal if you finance the vehicle. If you are going to finance the vehicle, it's a good idea to do a little loan shopping before walking into the dealership. Loan rates can be negotiable, just like the price of the car. Some years ago I was buying a new car and did a little shopping before hand and knew I could borrow money at, say, 6%. The dealership was offering 8%. I asked if that was the best they could do and I got the usual pained look from the finance guy like I was taking food out of the mouth of his child. When I told him I'd be back in a couple of days with a check, amazingly he could match the rate.
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clg7067
15 years ago
It's also a good book/movie. At least it was a good movie when I originally saw it. ;)
chisue
15 years ago
When I read the OP's subject line I thought it was an imaginative way of stating the situation where you don't know where to put CASH! LOL There aren't a lot of good options right now. You can't even beat inflation with a CD or Treasury; the market is a continuing mess; and who wants to even mention real estate?
joyfulguy
15 years ago
Use cash to purchase:

CD/GIC/bond - peanuts for income: below rate of inflation. After-tax (apart from tax-free muni, available only in U.S.) result is *way!* below inflation! Who wants to subsidize the borrower??

Mutual funds - recent heavy drops in price levels, continuing. Manager dines on some of it, annually. Anyone interested in shrinking dollars??

Stocks - pretty well the same game (but there's no fund manager to eat part of the value). Anyone interested in shrinking dollars?

Real estate - the foreclosure rate being what it is ... are prices about to stop dropping any time soon? To say nothing of developing anything resembling an advance!

Gold - purchase, assay, shipping, storage costs ... maybe insurance (if available) ... apply.

Provides no ongoing income.

When you sell ... shipping, assay, brokerage costs apply.

You'd better hope that there's a major advance in price in the meantime!
_________________

Take your choice!

All of the above said ... I generally prefer to own stuff myself, rather than lending my money to another entity ...

... which often produces a better return on it for themselves than I get!

ole joyfoul

P.S. Buy pigs! Each mom produces from eight to about a dozen ... maybe more ... per year.

Howja like them apples? (Pigs like apples, too - in fact, they'll eat darn near anything ... they say that farmers in the midwest used to run pigs and cattle together ... and feed the cattle!). Maybe just a rumour!

o j
turnage (8a TX)
15 years ago
"rather than lending my money to another entity ...

... which often produces a better return on it for themselves than I get! "

I noticed in this mornings news that Bank of Montreal is lending Pilgrim's Pride Corp $365 million to help them through their Chapter 11 bankruptcy filing. At a good rate of return I'm sure.
chisue
15 years ago
Great idea, O.J. Pigs! A cow! Some chickens! Oh, foo, my suburb has already been through the 'pigs' debate with Mrs. Walgreen; no pigs allowed.
joyfulguy
15 years ago
Hi turnage,

That " ... good ..." word that you used seems to me to be one of those four-letter kind.

Like in, ""= ... s/he makes 'good' money at her/his job ..." kind of "good", right?

Sort of like, " ... high ... ", maybe?

One thing for sure - if BMO makes it ... they ain't very likely to share much of it with me, a depositor.

o j
turnage (8a TX)
15 years ago
Hi joyfulguy,

I'm sure Pilgrims is very grateful for BOM's help - the little chickens get to keep eating and lots of people keep working.

I guess when a company goes into Bankruptcy Court, they take the cash at whatever interest rate they can get. But shame on that stingy old bank for not sharing with you.

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