probinator

Ok this is my first new car. I know a kid that washes cars, that I hang around with. he says he could get me a good deal on a car. Does this sound ok?
I do have a bankruptcy. so 2.9 or zero percent is out of the question.



Car buyers let me know what you think. This is for a ,2007 mustang gt, 5spd, leather, red fire metallic with sirrus radio, and front side airbags,355 gear or that axl thing, and lug nutz.


If I got this right he is giving me the car for 25,816.75 + tax, lic, doc fee's =1874.98 for a grand total of 27973 -4500down payment/rebate = 23473.48 so im financing 23473.48 at 6.90?

what he said is my payments will be 465 a month for 5 years, with 4500 down. IS THIS A GOOD DEAL?


thanks a million guys for some imput. also if its a bad deal do you think I should wait till the end of the year or after? I dont mind waiting a little bit. but I want a car now.

http://img301.imageshack.us/my.php?image=mvc206lfm1.jpg

LegallyTorchRED

If the kid washin' the cars can get you that good of a deal, I'd recommend talking to the SM, I'd think he could improve on the deal.

probinator

well this is with him talking with the sales man.

Orion_240

That's way too much money! Can you really afford monthly payments that are that huge??? Those are Mercedes payments!
Add it up and you're going to pay over $32K! My best advice is that you buy an older car, or maybe a used 2005 V-6 for $18,000.
Otherwise you will be going massively into debt, your insurance will be higher and you won't have a penny for mods!

LegallyTorchRED

UH,.................. Orion.
When you are financing $23,473.00, the payment is gonna be around $460.00. It might be huge to you, but, that's just plain 'ol math.
Please advise where a new Mercedes can be had for around $24K.

probinator

yeah after everything its about 32k. but around here, you would be lucky to find a GT Premium for under 28k. plus the little extras I got on there.


Trust me Im not getting no v6 mustang. All I want is a 07 GT 5speed.

after some financing what are you guys paying. If you dont mind me asking.

moosestang

Have they ran a credit check on you yet? I'd be surprised if they financed you at 6.9% with a bankruptcy. You'll probably get all the paper work done and they'll come back with a higher interest rate.

That is pretty close to what I paid using Xplan. I put down $4k and financed $23,400 through my credit union at 4.5% for 6 years. My payments are $367 a month. I'll probably pay the car off after 5 years though and my insurance payments through Geico are under $100 each month.

How much did you owe that you needed to file for bankruptcy?

LanceH

Seems like a pretty good deal to me. I just bought mine Wednesday and like you, had a bankruptcy 3 or 4 years ago. I did the Capital One Blank Check thing with 6.35% for $25,000 and traded in my 98 Sebring with 107K miles on it. I basically told them that I had the check and the car to trade and no cash so if they could make it work, I would take it. After a bunch of BS and attempting to rip me off like trying to get me to take their loan for 6 years instead of 5 with only $15 cheaper payments lol( don't get me wrong, this happens at ALL stealerships ), they finally accepted my deal. So I am at $487 for 60 months which is comparable to your deal since they ended up giving me $3070 for my trade. Good luck and enjoy, this car is awesome!

timothyrw

I think it would be a good idea to do what LanceH did with Capitol One Online. At least try because it would be great insurance in case they try and give you a higher rate once they check your credit.

grabberorange1

I'd say that is a decent deal, good price on the Stang and if you can get that interest rate with a BK you better take it...

Please pass on the info where I can get my wife that Mercede's for $465 a month, I'll go get it as a Christmas present for her...