Am I crazy?
07-02-2007, 02:27 AM
#1
1st Gear Member
Thread Starter
Join Date: Jun 2007
Location:
Posts: 83
Am I crazy?
I am a Mustang guy. I have a 66 coupe that I bought when I was 15 (love it). For some reason I bought a Cadillac last year (I thought I needed a professional car). I owe a few thousand more than it's worth. I found a new '07 GT that I want. I will roll over that money into the new loan and therefore I will have to finance it longer than I usually do. Am I crazy? I can't get the Mustang out of my mind!
07-02-2007, 03:02 AM
#3
6th Gear Member
Join Date: May 2006
Location: Nicely done
Posts: 11,881
RE: Am I crazy?
not crazy at all. don't worry, be happy
ORIGINAL: fakenhguy
I am a Mustang guy. I have a 66 coupe that I bought when I was 15 (love it). For some reason I bought a Cadillac last year (I thought I needed a professional car). I owe a few thousand more than it's worth. I found a new '07 GT that I want. I will roll over that money into the new loan and therefore I will have to finance it longer than I usually do. Am I crazy? I can't get the Mustang out of my mind!
I am a Mustang guy. I have a 66 coupe that I bought when I was 15 (love it). For some reason I bought a Cadillac last year (I thought I needed a professional car). I owe a few thousand more than it's worth. I found a new '07 GT that I want. I will roll over that money into the new loan and therefore I will have to finance it longer than I usually do. Am I crazy? I can't get the Mustang out of my mind!
07-02-2007, 03:12 AM
#5
5th Gear Member
Join Date: Jun 2007
Location: Decatur AL USA
Posts: 2,176
RE: Am I crazy?
Make sure you get GAP Insurance (Covers the difference between what you owe and what the cars worth).
Make sure you check around on pricing (I got mine for around $270 Under Invoice) and trade-in.
You are only crazy if the Caddy you are trading is a CTS-V.
Make sure you check around on pricing (I got mine for around $270 Under Invoice) and trade-in.
You are only crazy if the Caddy you are trading is a CTS-V.
07-02-2007, 03:16 AM
#6
5th Gear Member
Join Date: Feb 2007
Location:
Posts: 2,691
RE: Am I crazy?
I rolled 6K of car loan into my new loan... Yes, trade in was worth 13K, so I still got 7K on a down payment, but your caddy will be worth a good amount too.
Its not as crazy as you think. Its the people who roll big loans into big loans who will get in trouble...
Its not as crazy as you think. Its the people who roll big loans into big loans who will get in trouble...
07-02-2007, 03:57 AM
#7
5th Gear Member
Join Date: Aug 2006
Location: Los Angeles Ca
Posts: 2,127
RE: Am I crazy?
Sell the Caddy privately, you'll get a little better price than what dealer is willing to dish out, might even put youeven, or slightly above what you owe on the pimp-mobile
. Get your S197! Now is the time to get an '07 with all the incentives out there.[8D]
. Get your S197! Now is the time to get an '07 with all the incentives out there.[8D]
07-02-2007, 04:36 AM
#8
2nd Gear Member
Join Date: Feb 2007
Posts: 339
RE: Am I crazy?
+1, sell it out right if you can, even if you break even or throw in a few bucks to pay off the loan. By not having a trade in it gives you more leverage when you buy your new Stang,Also your not crazy, the S-197 bug bit me and I have just gone along for the great drive since.
07-02-2007, 05:23 AM
#9
6th Gear Member
Join Date: Apr 2005
Location: West Los Angeles
Posts: 5,390
RE: Am I crazy?
I don't get it.
It's like borrowing money to buy a stock that you KNOW will drop 20% the next day!
Unless you're making money with the Mustang, by impressing kids or auto guys who are clients, stick with the least amount of debt, then come back to the table when you have a downpayment.!
It's like borrowing money to buy a stock that you KNOW will drop 20% the next day!
Unless you're making money with the Mustang, by impressing kids or auto guys who are clients, stick with the least amount of debt, then come back to the table when you have a downpayment.!
