Help! 06GT or my 2010
07-16-2011, 09:18 AM
#11
2nd Gear Member
Thread Starter
Join Date: Dec 2007
Location: pa
Posts: 386
1. You own a 2010 car that is still under the bumper to bumper 36k/3yr warranty. Cancel your current "extra warranty". It will get pro-rated and applied towards the loan. Not to mention that your current car has a 5yr/60k powertrain warranty.
2. Keep your current GAP coverage. You are upside down so bad that if you wreck, you're making payments on a chunk of metal in some salvage yard.
3. I suggest you talk to a financial councilor and figure out what you are doing before you take another step. I am a certified Navy Financial councilour and you are a classic example of a person being taken advantage of by the Dealership.
Quit talking to them in terms of payment and instead talk about total amount financed. They are drawing you in with a low # and pretty much it sounds like you are going to get boned over royally. That, and I did a little # crunching, and you numbers aren't making any sense. I think you should have them provide everything in paper, and then go home and use internet calculators to figure out what they are hiding.
As things sit now, I would save up $1-2,000. Cancel the powertrain warranty you bought. After that has been applied towards the loan, visit the bank and take hopefully $2,000 with you. Then you can try to re-finance for about $22-23,000 and take a traditional 5-6 yr loan. The $ per month would be roughly the same as right now, or slightly less, and you can pay off the car in a much quicker time period.
Don't trade down or out of this car. It will only make things worse for you long term. And you'll likely be financing about $30,000 for a old car that is worth 1/2 that
2. Keep your current GAP coverage. You are upside down so bad that if you wreck, you're making payments on a chunk of metal in some salvage yard.
3. I suggest you talk to a financial councilor and figure out what you are doing before you take another step. I am a certified Navy Financial councilour and you are a classic example of a person being taken advantage of by the Dealership.
Quit talking to them in terms of payment and instead talk about total amount financed. They are drawing you in with a low # and pretty much it sounds like you are going to get boned over royally. That, and I did a little # crunching, and you numbers aren't making any sense. I think you should have them provide everything in paper, and then go home and use internet calculators to figure out what they are hiding.
As things sit now, I would save up $1-2,000. Cancel the powertrain warranty you bought. After that has been applied towards the loan, visit the bank and take hopefully $2,000 with you. Then you can try to re-finance for about $22-23,000 and take a traditional 5-6 yr loan. The $ per month would be roughly the same as right now, or slightly less, and you can pay off the car in a much quicker time period.
Don't trade down or out of this car. It will only make things worse for you long term. And you'll likely be financing about $30,000 for a old car that is worth 1/2 that
07-16-2011, 09:45 AM
#12
5th Gear Member
Join Date: Feb 2007
Location: Hawaii
Posts: 2,211
please answer the following questions clearly and without using run-on sentences.
1. Does your current car have a warranty you purchased for it?
2. What is the mileage on your current car?
3. Does your current vehicle have GAP coverage?
as of right now, your current car came from the factory with a 5yr/60,000 mile powertrain warranty. It has a seperate 3yr/36,000 mile bumper to bumper warranty
1. Does your current car have a warranty you purchased for it?
2. What is the mileage on your current car?
3. Does your current vehicle have GAP coverage?
as of right now, your current car came from the factory with a 5yr/60,000 mile powertrain warranty. It has a seperate 3yr/36,000 mile bumper to bumper warranty
if you have a warranty you purchased, I would suggest you cancel that warranty. it's rather pointless in my opinion. Once canceled, the money will be refunded against the balance of the car loan.
that is a positive. less overall owed.
Another point to consider is that all warranties are pretty much 100% worthless unless they come directly from Ford. Aftermarket Warranty companies have 100 different ways to avoid paying for warranty claims.
that is a positive. less overall owed.
07-16-2011, 09:53 AM
#13
2nd Gear Member
Thread Starter
Join Date: Dec 2007
Location: pa
Posts: 386
please answer the following questions clearly and without using run-on sentences.
1. Does your current car have a warranty you purchased for it?
2. What is the mileage on your current car?
3. Does your current vehicle have GAP coverage?
as of right now, your current car came from the factory with a 5yr/60,000 mile powertrain warranty. It has a seperate 3yr/36,000 mile bumper to bumper warranty
1. Does your current car have a warranty you purchased for it?
2. What is the mileage on your current car?
3. Does your current vehicle have GAP coverage?
as of right now, your current car came from the factory with a 5yr/60,000 mile powertrain warranty. It has a seperate 3yr/36,000 mile bumper to bumper warranty
if you have a warranty you purchased, I would suggest you cancel that warranty. it's rather pointless in my opinion. Once canceled, the money will be refunded against the balance of the car loan.
that is a positive. less overall owed.
Another point to consider is that all warranties are pretty much 100% worthless unless they come directly from Ford. Aftermarket Warranty companies have 100 different ways to avoid paying for warranty claims.that is a positive. less overall owed.
07-16-2011, 09:55 AM
#14
5th Gear Member
Join Date: Feb 2007
Location: Hawaii
Posts: 2,211
Frankly, I know this sounds rude and I appologize in advance. But you clearly should not be buying a car at this point in time. Your footing financially, and bargaining is not where it needs to be.
You need to sit down and learn how to buy a car. You are falling right into the typical Car Dealership trap. And you are happily leading yourself to getting fleeced for thousands of dollars. I recommend you visit your local bookstore and read a few car buying books. 1-2 hours of study will save you from years of grief.
You need to sit down and learn how to buy a car. You are falling right into the typical Car Dealership trap. And you are happily leading yourself to getting fleeced for thousands of dollars. I recommend you visit your local bookstore and read a few car buying books. 1-2 hours of study will save you from years of grief.
07-16-2011, 09:59 AM
#15
5th Gear Member
Join Date: Feb 2007
Location: Hawaii
Posts: 2,211
using the #'s you provided
7% interest
72 month note
$492 monthly payment
backtracking the #'s, that equates to financing $29,000 for a 2006 GT vert with 58,000 miles. That leaves you upside down on that particular car by I'm guessing around $15,000 dollars (most I'd ever consider paying for a 2006 is maybe $14,000 for one in perfect condition)
by buying that new car, you would be doubling your negative equity that you currently carry. enjoy the current car and I hope you are more careful next time
7% interest
72 month note
$492 monthly payment
backtracking the #'s, that equates to financing $29,000 for a 2006 GT vert with 58,000 miles. That leaves you upside down on that particular car by I'm guessing around $15,000 dollars (most I'd ever consider paying for a 2006 is maybe $14,000 for one in perfect condition)
by buying that new car, you would be doubling your negative equity that you currently carry. enjoy the current car and I hope you are more careful next time
07-16-2011, 10:04 AM
#16
5th Gear Member
Join Date: Feb 2007
Location: Hawaii
Posts: 2,211
I have a 6 year/100,000 mile limited warranty" it is a certified pre owned...and I wrapped it it with the extended warranty making it bumper to bumper and yes the warranty is a ford warranty I think its called "ford ESP? Idunno I have the paperwork but its not a aftermarket one I paid like 1700 or somthin like that...I have 25k yes I do have gap insurance.
cancel the Ford ESP you purchased. It doesn't even go into effect until your car hits the 3yr/36k point. There is a good chunk of money to lower your overal balance and reduce the negative equity you have. And the ESP is worthless in terms of actual use. It's a great product if needed. But you have a very reliable car and it has 2 factory warranties that are already in place to cover you.
alright, hope I helped. sorry if I came across strongly. seen too many people get screwed by pretty much this exact same situation
07-16-2011, 02:22 PM
#19
2nd Gear Member
Thread Starter
Join Date: Dec 2007
Location: pa
Posts: 386
Went to the dealer and I didn't Take the car, they was selling me the GT for 17,300 and giving me 18,150 my total was 25,789 with tax tags and gap insurance...but I said no, i was saying to him how i had the same car before just not a 4.6 and vert, but besides that its not exciting to me, plus the leather looked ripped and repaired and the coolant looked liken it was never replaced or somthing it was **** **** yellow like it looked bad lol i also said ok lets say i take the car and i want a different car year later cause im bored of it? ill be in worse situation as i am now he was trying to tell me ill be berried no matter what,they he was saying my car was is a plain Jane v6 , its a simple fact what u rather be barried in? "" he was saying to me lol At that point I was like thanks but no thanks...this was a chevy dealer also..so yeah I didn't do it, so I need way to try and catch up to the neg equity.
07-16-2011, 02:36 PM
#20
5th Gear Member
Join Date: Mar 2006
Location: ATL
Posts: 2,955
Update. I thought it over more. You SERIOUSLY should not be looking into another car. You said you've got more money coming in. I suggest you either pay double or triple every month until its payed off.
Last edited by Bmr4life; 07-16-2011 at 03:27 PM.