1965. Anybody remember financing terms?

Discussion in 'The Okie Corral' started by teumessian_fox, Apr 16, 2012.

  1. teumessian_fox

    teumessian_fox

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    A new GTO was just under $4K with all the options.

    Back then, what were finance rates?

    What did they require as a down payment?

    Just curious.
     
  2. jame

    jame I don't even know....what I'm doing here....

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    In 1965 I was six years old, and I remember my Dad scrambling to gather the financing for his first farm. Sold all available fat hogs, cattle, and he called in all the favors he could find.

    He needed 20% down on $32,000. 80 acres going for $400/Acre.

    I can't imagine a car purchase being anything less.
     

  3. janice6

    janice6

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    We bought/built our house in 1963. 1100 Sq. Ft. with concrete driveway, one stall garage, black dirt on lot, all sodded and landscaped, $14,000. 4 3/4 % FHA loan and $200 down.

    Similar loan terms on new $3500, 1967 Mustang V8.w/auto
     
  4. Javelin

    Javelin Got Glock? Silver Member

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    Back in 1965 America was promising and prosperous... and pretty much on a decline since.
     
  5. SmokeRoss

    SmokeRoss GTDS Member #49

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    I bought a new car in Jan 72. The interest rate was 12 percent.
     
  6. Javelin

    Javelin Got Glock? Silver Member

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    If you would have waited another 5 or 6 years it would have been 20%+ (if they would finance you at all).
     
  7. SmokeRoss

    SmokeRoss GTDS Member #49

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    I purchased my 3rd house in 1977. The interest on it was 8.5. The first 1 was owner finance, don't remember the rate, and the 2nd was taking over a defaulted loan and was a decent rate. Car loans were horrible.
     
  8. JohnBT

    JohnBT NRA Benefactor

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    My parents bought a new house in 1965 with an FHA loan. The 30-year rate was 4% plus 1/8% (0.125%) for the FHA insurance. They wouldn't tell my grandparents the terms because they simply would not have understood anybody paying that much interest for anything.

    When they paid it off in the '80s my father sent in the little slip of paper that FHA had included in the original paperwork. The paper said to send it in, but not why. As it turned out, because it had been a good year for FHA (or somesuch nonsense), out of the blue they got an FHA rebate check for just over $1600. The house was only $23,500 originally.

    My 1/80 30-year conventional mortgage rate was 12.75% with almost 30% down. I was lucky because the rates were going up, up, up.

    John
     
  9. JohnBT

    JohnBT NRA Benefactor

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  10. M2 Carbine

    M2 Carbine

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    About 1962 I bought my Stinson 10A for about $2,000.

    In 1963 I bought my first new car, a 1964 Chevy Impala. I recall it was $2,400.

    [​IMG]

    In 1967 I bought my land for $450 an acre. It's worth about thirty times that now. (Buy land. :) )


    I don't remember what any of the finance costs were but it wasn't bad.



    In any case we worked to get totally out of debt and in the 1970's began paying cash for everything. Smartest thing I ever did.
    Once you stop throwing a good chunk of your paycheck down the toilet in finance charges it's surprising how much money you have.
     
    Last edited: Apr 17, 2012
  11. Toyman

    Toyman

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    For what it's worth, the 30 year mortgage is the credit card of home loans - you're getting ripped off. Get a 10 and 20 yr quote and you'll see what you could save. Better yet, talk to your local NOT-FOR-PROFIT Credit Union. There's a reason credit unions are growing like crazy right now. In a credit union, you ARE the shareholder.

    Think about it, why is your $40k car loan 4 to 6 years and your $80k home 30 years?

    My GF has been in home mortgages for 23 years. She even tried to warn everyone about the home loan shenanigans - in the late '80's.
     
  12. tarpleyg

    tarpleyg

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    $80K home? Where do YOU live? Oh, MI...well, around here you can't even get an empty lot for that in most respectable areas.

    Greg
     
  13. devildog2067

    devildog2067

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    For white men, anyway.
    Today's America is still the greatest nation on Earth, and in many ways a better place than it was forty years ago.
     
  14. devildog2067

    devildog2067

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    Cars depreciate much more quickly, that's why. If a bank needs to repossess a house in 25 years they'll probably still do ok. In 25 years a car might not exist anymore.

    Also--$80k for a home loan? A decent house around here starts over half a million.
     
  15. Toyman

    Toyman

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    What does that tell you? :cool: Here, $500k would buy you a mansion with a view of the beach.
     
  16. devildog2067

    devildog2067

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    It tells me that, on average, people would rather live here than they would there. Basic rules of supply and demand. Of course, if you're the kind of person that doesn't want what the average person wants, then you can get a pretty good deal out there.

    First of all, I would not call that a mansion, my friend. That place isn't much larger than my condo. This is a lakefront house.

    And as a fellow Midwesterner who has lived on both coasts, as much as I love the lake, it's not the same as a real beach on the ocean.

    Finally--if I were going to live someplace without much around, I'd want to live someplace with NOTHING around. No neighbors, no lights, nothing for 10 miles in any direction. My ideal style of living would be a nice condo in the city and a weekend place that you have to fly to because there aren't any roads that take you there.
     
  17. Openroadracer

    Openroadracer

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  18. Homechicken

    Homechicken

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    Better yet, get the 30 year with the better interest rate and then pay it off in 15 or 20 years.
     
  19. Unk

    Unk

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    Interest paid my salary for >39 years however less debt or no debt is best for most families.

    You mortgage your FUTURE way of life and unfortunately no one really knows the future.

    First home VA at 6% APR - worried we'd have trouble with the $99 pmt [inc prin, int, taxes and ins]. We waited to buy as I thought anyone who would pay 6% was nuts.