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Originally Posted by PBO
So you're to blame  |
No I am not to blame. Blame Toyota that gave my dumb fat arse the job.
Quote:
Originally Posted by PBO
Don't US residential loans offer what we know as 'redraw facilities'?
The redraw allows you to access the extra payments in times of need all the while keeping the interest component down - win/win for the borrower with spare cash
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That is exactly my plan PBO. All the extra money that I have put on the loan I can access at any time I want but I have to pay a $50 fee and it has to be a minimum of $2000 redraw. No probs there but what I think it is worth mentioning is the difference in interest rate. The difference is huge compared to what you guys in U.S. pay. I pay 7.30%p.a. Not sure what you guys in U.S. pay but I bet it's a lot less than that. Our economy took the GFC reasonably well compared to a lot of countries but there is a price to be paid for that and higher interest rates are one of them.
Jerry to be honest my particular plant has been blessed. Even when other Toyota plants around the world were dropping shifts and other manufacturers closing doors on some of their plants altogether we were still pumping out cars and doing overtime. The reason for that is that we supply the Arab market with our cars and ........ well they are pretty rich and didn't feel much of the GFC effect. They kept on buying cars at the pretty much the same rate as usual.
Other Toyota plants around the world got pretty jealous with us and we nearly lost a certain percentage of our quota to them but in the end we ended up keeping it somehow. Things are a lot better now so they have left us alone. Right now we are coming to the end of the model run and we are still doing couple of hours overtime a every day. It will slow down for couple of months towards the middle of the year but when the new model kicks in it should be back to crazy amounts of overtime.