Weird Story dealership says my mustang is not mine?
01-31-2008, 10:18 PM
#21
2nd Gear Member
Join Date: Dec 2007
Location: virginia
Posts: 484
RE: Weird Story dealership says my mustang is not mine?
You can only get a loan for usually 2 grand over loan value, a 05 gt is not even close to 28k value. You need to work out a deal for a new gt. Your total amount for your used gt was 28k so your good with this amount. You owed 29 on the evo they gave you 24 so you have 5k in negative equity. Ford has 1500 in rebates in 08 mustangs, use this towards your equity. So then you would have 3500 negative equity. Find a nice gt maybewith not all the options for around 27 or 28. Then with your 2 grand down payment you can walk out with a brand new gt for under 30k and just a little over what you were getting a 3 year old gt for. Just hope they didnt demolish your credit by applying with so many banks trying to get you approved for the used one. Ofcouse you can always talk them downa little on the price of the new one. Soyou would get a better deal on a new one
01-31-2008, 10:26 PM
#22
2nd Gear Member
Join Date: Jan 2005
Location: Florida
Posts: 300
RE: Weird Story dealership says my mustang is not mine?
This sounds like it is a legit concern, if the bank doesn't buy the paper, then yes you are toast. They will have to get your EVO back and refund your $2k. Your WAY to high on your LTV.
Do you have a payment coupon book? if so, then your loan is a done deal, any letters from any banks with a loan number?
Do you have a payment coupon book? if so, then your loan is a done deal, any letters from any banks with a loan number?
01-31-2008, 10:33 PM
#23
2nd Gear Member
Join Date: Sep 2006
Posts: 169
RE: Weird Story dealership says my mustang is not mine?
I don't think the stealership let you deal like that.
ORIGINAL: 07 S197
You can only get a loan for usually 2 grand over loan value, a 05 gt is not even close to 28k value. You need to work out a deal for a new gt. Your total amount for your used gt was 28k so your good with this amount. You owed 29 on the evo they gave you 24 so you have 5k in negative equity. Ford has 1500 in rebates in 08 mustangs, use this towards your equity. So then you would have 3500 negative equity. Find a nice gt maybewith not all the options for around 27 or 28. Then with your 2 grand down payment you can walk out with a brand new gt for under 30k and just a little over what you were getting a 3 year old gt for. Just hope they didnt demolish your credit by applying with so many banks trying to get you approved for the used one. Ofcouse you can always talk them downa little on the price of the new one. Soyou would get a better deal on a new one
You can only get a loan for usually 2 grand over loan value, a 05 gt is not even close to 28k value. You need to work out a deal for a new gt. Your total amount for your used gt was 28k so your good with this amount. You owed 29 on the evo they gave you 24 so you have 5k in negative equity. Ford has 1500 in rebates in 08 mustangs, use this towards your equity. So then you would have 3500 negative equity. Find a nice gt maybewith not all the options for around 27 or 28. Then with your 2 grand down payment you can walk out with a brand new gt for under 30k and just a little over what you were getting a 3 year old gt for. Just hope they didnt demolish your credit by applying with so many banks trying to get you approved for the used one. Ofcouse you can always talk them downa little on the price of the new one. Soyou would get a better deal on a new one
01-31-2008, 10:37 PM
#24
2nd Gear Member
Join Date: Dec 2007
Location: virginia
Posts: 484
RE: Weird Story dealership says my mustang is not mine?
ORIGINAL: tientran
I don't think the stealership let you deal like that.
I don't think the stealership let you deal like that.
ORIGINAL: 07 S197
You can only get a loan for usually 2 grand over loan value, a 05 gt is not even close to 28k value. You need to work out a deal for a new gt. Your total amount for your used gt was 28k so your good with this amount. You owed 29 on the evo they gave you 24 so you have 5k in negative equity. Ford has 1500 in rebates in 08 mustangs, use this towards your equity. So then you would have 3500 negative equity. Find a nice gt maybewith not all the options for around 27 or 28. Then with your 2 grand down payment you can walk out with a brand new gt for under 30k and just a little over what you were getting a 3 year old gt for. Just hope they didnt demolish your credit by applying with so many banks trying to get you approved for the used one. Ofcouse you can always talk them downa little on the price of the new one. Soyou would get a better deal on a new one
You can only get a loan for usually 2 grand over loan value, a 05 gt is not even close to 28k value. You need to work out a deal for a new gt. Your total amount for your used gt was 28k so your good with this amount. You owed 29 on the evo they gave you 24 so you have 5k in negative equity. Ford has 1500 in rebates in 08 mustangs, use this towards your equity. So then you would have 3500 negative equity. Find a nice gt maybewith not all the options for around 27 or 28. Then with your 2 grand down payment you can walk out with a brand new gt for under 30k and just a little over what you were getting a 3 year old gt for. Just hope they didnt demolish your credit by applying with so many banks trying to get you approved for the used one. Ofcouse you can always talk them downa little on the price of the new one. Soyou would get a better deal on a new one
01-31-2008, 10:56 PM
#27
2nd Gear Member
Join Date: Sep 2006
Posts: 169
RE: Weird Story dealership says my mustang is not mine?
If you work for a dealer and you let customers deal like that while they are on hooks, you arethe most honest man I have ever seen
ORIGINAL: 07 S197
Why not???? I work at one, there isnt a problem with this
ORIGINAL: tientran
I don't think the stealership let you deal like that.
I don't think the stealership let you deal like that.
ORIGINAL: 07 S197
You can only get a loan for usually 2 grand over loan value, a 05 gt is not even close to 28k value. You need to work out a deal for a new gt. Your total amount for your used gt was 28k so your good with this amount. You owed 29 on the evo they gave you 24 so you have 5k in negative equity. Ford has 1500 in rebates in 08 mustangs, use this towards your equity. So then you would have 3500 negative equity. Find a nice gt maybewith not all the options for around 27 or 28. Then with your 2 grand down payment you can walk out with a brand new gt for under 30k and just a little over what you were getting a 3 year old gt for. Just hope they didnt demolish your credit by applying with so many banks trying to get you approved for the used one. Ofcouse you can always talk them downa little on the price of the new one. Soyou would get a better deal on a new one
You can only get a loan for usually 2 grand over loan value, a 05 gt is not even close to 28k value. You need to work out a deal for a new gt. Your total amount for your used gt was 28k so your good with this amount. You owed 29 on the evo they gave you 24 so you have 5k in negative equity. Ford has 1500 in rebates in 08 mustangs, use this towards your equity. So then you would have 3500 negative equity. Find a nice gt maybewith not all the options for around 27 or 28. Then with your 2 grand down payment you can walk out with a brand new gt for under 30k and just a little over what you were getting a 3 year old gt for. Just hope they didnt demolish your credit by applying with so many banks trying to get you approved for the used one. Ofcouse you can always talk them downa little on the price of the new one. Soyou would get a better deal on a new one
01-31-2008, 11:08 PM
#30
5th Gear Member
Join Date: Sep 2007
Location: Tampa, FL
Posts: 2,181
RE: Weird Story dealership says my mustang is not mine?
I think you can still end up with a new GT for less than the used one. I just bought mine about 6 months ago, all options except shaker 1000 (have the shaker 500) and I was out the door for a tad under 24. Even with your negative 5 in equity you should be able to make it work. That being said, I would demand my money and my old car back and go to another dealer (and get your own financing first).