Wasn’t planning on financing, but…

Bronco cat

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Sorry to hear. You should look into Medicare. If you have no source of income, or are below a certain threshold you should qualify. Not saying you should be looking for a handout but it sounds like you were a victim of circumstance. In terms of financing, if you are prior military, look into USAA. They just offered me 1.89% for 48 months. Have also heard good things about PenFed. Best of luck and speedy recovery.
Penfed is similar with as low as .99%
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bdg149

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Its' not a sob story, it's happened to many over the last year and will likely to happen even more given the current administration. I am sorry to hear of your troubles and I can certainly understand your disappointment and frustration but I will offer this advice. Don't buy the Bronco. Others will disagree but in your current situation your current blessing is you have a wad of cash to offset your lost income. This will keep you out of dire financial straights until you get your monthly revenue re-established. No vehicle is worth taking a big risk on your future. You can order another one later when the time is right. You have waited this long, another year wont matter in the long run. Your financial future is MUCH more important. Hope things turn around quickly for you and I am glad you have a nest egg you can rely on until things get better. (And they most assuredly will.)

This is the most sound advice on here. It sucks, and isn't what you want to hear, but you will not enjoy the new Bronco if you are struggling to recover and pay off all the medical bills. Why not wait til the 22 order banks open and restart the process. That should give you several months to get the job and surgery issues sorted out without the strain of a depleted savings or $800+/mo payment to deal with.

The only reason to stick with the purchase is to flip it immediately and use the cash towards COBRA or surgical costs.
 

Bronc-O

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This is the most sound advice on here. It sucks, and isn't what you want to hear, but you will not enjoy the new Bronco if you are struggling to recover and pay off all the medical bills. Why not wait til the 22 order banks open and restart the process. That should give you several months to get the job and surgery issues sorted out without the strain of a depleted savings or $800+/mo payment to deal with.

The only reason to stick with the purchase is to flip it immediately and use the cash towards COBRA or surgical costs.
The only issue I see with this is he'll probably burn right through that cash dealing with the medical bills. $60k isn't likely to come close to covering them and his credit will quickly take a big hit. Even if he gets back to work in 6 months, not likely he'll be able to get financed at a decent rate if at all for a year or more.
The perspective I'm looking at this from is I'm getting up there in years, so for me, the vehicle comes first.
 

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You’re advising him to buy a $60k vehicle and apply for a welfare program for the poor to pay his bills, so we all pick up the tab so he can enjoy his new fancy ride…what a scumbag piece of advice. Filthy.
I gave two options. I work in healthcare. I see it all the time. You can judge all you want, but people do it. It’s up to them what they can live with. Also, keep in mind that we all have paid into the system. It’s there to support us if we ever need it. I am very blessed that I have not had to use it but people fall on hard times. Don’t be so harsh. You never know if you ever get in that situation and you’ll be driving around a bronco. You really want someone judging you for for it? Better point down that nose before you drown.
 

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Thats sucks, I did hear last year that a testicle is worth about 35,000. That will get ya a base model.
 
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njAK84

njAK84

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Pay cash for the Bronco as planned, stretch out the hospital bills to the end of time, like everyone else 🤷‍♂️
Full disclosure, the more I’ve been thinking about it and mulling things over, this is (hilariously, but truthfully) the most logical choice. Grazie.
 

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@tracythemighty

You should absolutely apply for Medicaid, not Medicare (people over 65). Medicaid means testing is income based and has nothing to do with how much you have in the bank. $1 million in the bank and no income - you qualify.

Bronco: Kudos on saving for the vehicle! As cool as the Bronco is, as your financial advisor (😂), I strongly recommend you NOT buy it at this time! I would invest the money in something secure (DM me for ideas), pay for your ACL AND your elbow and convalesce with piece of mind that you're not over extended while unemployed.

The euphoria experienced with a new vehicle is short lived, while the security and piece of mind you get from a growing savings/investment portfolio pays increasing happiness dividends over time.
 

omega145

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Maybe wait until you are back on your feet to buy a new vehicle? I mean realistically, as painful as that sounds (not as painful as your injuries), this would be the smartest thing. Who knows how long you might be unemployed. Would suck to somehow get financing and then get repo'd because you couldn't pay the monthly payment.
 

bdub2you

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Easy to secure 1.99% APR over 72 months.
You should easily make 8-9% in the market with safe investments.

Financing IS a good idea
Given the exceptionally inflated current stock market valuations the implied 8 year return is currently nothing close to 8%. I definitely wouldn't be saying that "you should easily make 8-9% in the market with safe investments" right now over the next 6 years given current valuations. It's possible the bull market continues, but it's not likely for the duration of the loan.
 

Gamecock

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I gave two options. I work in healthcare. I see it all the time. You can judge all you want, but people do it. It’s up to them what they can live with. Also, keep in mind that we all have paid into the system. It’s there to support us if we ever need it. I am very blessed that I have not had to use it but people fall on hard times. Don’t be so harsh. You never know if you ever get in that situation and you’ll be driving around a bronco. You really want someone judging you for for it? Better point down that nose before you drown.
I work in healthcare too, and I absolutely do judge someone to be of very low character if they concurrently buy a very expensive new vehicle while also applying for a welfare program for the indigent. That's awful. Telling them how to do it and advising this kind of de-facto fraud is almost as bad.

...and we don't "pay into the system" with medicaid. This isn't Medicare. The taxpayers just pick up the tab for the poor and also those who you advise to cheat the system and pretend they are impoverished.
 

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This is where I’d like to comment about the Canadian universal healthcare system however it usually devolves into an argument and it doesn’t really help your cause.

I will say that being half CDN half US I’ve seen my American family members (despite being mostly healthy people) have similar hardships regarding their respective access to even basic medical care.

Our system isn’t perfect & sometimes (those with the financial means) will hop on a plane to the US to skip the line. I do wish however when one of our US friends is forced to choose between retirement savings & a medical procedure, we could just fly him/her up here for a week and call it even!

Good luck, I truly hope you can make it work but would say don’t go broke over a vehiclethey come & go but knees are handy everyday!

cheers

🇨🇦
 

Kmonty

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I work in healthcare too, and I absolutely do judge someone to be of very low character if they concurrently buy a very expensive new vehicle while also applying for a welfare program for the indigent. That's awful. Telling them how to do it and advising this kind of de-facto fraud is almost as bad.

...and we don't "pay into the system" with medicaid. This isn't Medicare. The taxpayers just pick up the tab for the poor and also those who you advise to cheat the system and pretend they are impoverished.
They don’t have an income and those savings won’t last long. I know to you it sounds like cheating the system, but unless a job is found quickly, they are still unemployed. Just because someone has savings (which won’t last long if a job isn’t found regardless) is not an excuse to say they don’t deserve access to healthcare. And like I said, there was another quite viable option that helps people out, too.
 
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bdg149

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The only issue I see with this is he'll probably burn right through that cash dealing with the medical bills. $60k isn't likely to come close to covering them and his credit will quickly take a big hit. Even if he gets back to work in 6 months, not likely he'll be able to get financed at a decent rate if at all for a year or more.
The perspective I'm looking at this from is I'm getting up there in years, so for me, the vehicle comes first.
So let me get this straight...you're worried about burning through cash dealing with medical bills, but you're also advising him to just burn cash to buy a $60k vehicle instead?? The high of having that new Bronco in the driveway will quickly fade when the medical bills start rolling in.

A $60k vehicle is a luxury item. Healthcare and surgical costs should be the priority first. At this point, OP still has a ton of homework to do on COBRA, or some other means of healthcare to help offset all the surgical costs. Once that is secured, get the procedures done and wait to see how much all the bills will add up to. After the dust clears on all that, assess the finances and see if a Bronco still fits into the plan. I guess my advice is to just be patient and take care of the priorities one step at a time. The luxury item can wait...

Of course, we're all going to root for OP to find a new job in the meantime!
 

Gamecock

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They don’t have an income and those savings won’t last long.
Those savings won't last AT ALL if he follows your advice; because you advised him to buy the $60k Bronco so that he could effectively get welfare to cover the bills HE is incurring....talk about twisted sense of right and wrong and personal responsibility.
 

Raptor72

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I financed for 2%. Of course I financed. I purchased a car using someone else's money and am getting WAAAAY better returns on my money in the market. Did I have the cash, yes. But that would have been a horrible financial decision. ALWAYS finance cars and houses if the rate is right. All those who flex saying i payed cash don't understand money.
 
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