Hey guys, I need some
Opinions , I came across a very nice 06gt vert with red interior 58k on it link below...this is my question I had a 08 pony then upgraded to the 2010..I have 10 percent on 84 months paying 458$, with this new loan if I take it is 7 percent at 72 months, with 3/36 bumper to bumper warranty, and gap included out the door for 492, and after calling and talking to to him he said he can prolly knock it down another 20$-25$ witch is great and also 10$ cheaper on insurance and too boot i get my gap insurance check and my extended warranty money back witch will be 1700$ after i spoke to them so question is do I pull the trigger or no? I see the pros and cons I'm going down 4 years and more Milage , my car has 25k, but I'm getting the GT and vert and red interior I always wanted and is mint! And my rims will look killer on it so guys what do i do?

 

Geez 84 months and $458..., even with the restructure seems high, but if you can swing it .

 

Yeah i know trust me at that point I lost my job and I couldn't make the car payment and was in trouble and it's just what I needed to do at the time to get back on my feet so it worked out at that time.. so with the negative equity included that's what would be my payment, for got to mention that.

 

I have always found that once a person develops a neg. equity in a vehicle, trading seems to put them in deeper. I suggest keeping the car you have a riding out the loan time.

 

Yeah thats been going threw my mind too, but the extra money I would be getting is going to pay off a loan I have left too, so im trying to look at it as a whole deal.

 

Thanks for anybodys opionon, im going toomorrow to give me last inspection and decide either to take it home or not so plz keep the comments coming! thanks guys.

 

Wow ... 84 months of $458 for a 2010 V6? That's nuts dude .... If your credit is in better shape now why not just refinance the car you have ... You could probably knock your payments down $100 / month ...

Personally I could never go back to the old body style and interior after owning a 2010+

 

yeah 84 lol before that it was 538 so going to 458 was cheaper lol but like i said at the time i had no choice, and i cant refiance cause i owe 26k when its worth 18K, so these guys are working this deal with everything includded Gap,3/36k warranty tax tags , and im getting my 1700 check from the gap insurance and extended warranty..This is why i ask the opinon cause being i owned a 08 then 10 could i go back to the old stye? it a different beast then what i had before pls the vert but will i get ored really fast?, so im really kinda cunfused i really need more imput from you guys..

 

Ride out the loan you've got. Id hate to see yet another person who thinks the grass is greener on the other side only to bury them deeper into debt. Welcome to america, 2011

 

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