(Rant) Anyone else way upside down in there LSX loan?
09-04-2007, 08:48 AM
#43
Paid Cash for the LT1 Car, sold the LT1 Engine, built and dropped in a 402 Stroker..
That might be an easier way to get a heavily modded LSX Car..
I am looking into buying a Truck, so I may have a Car Payment soon, my other DD is paid for as well.
What was the reasoning your Parents said to go to a Dealership?
That might be an easier way to get a heavily modded LSX Car..
I am looking into buying a Truck, so I may have a Car Payment soon, my other DD is paid for as well.
What was the reasoning your Parents said to go to a Dealership?
09-04-2007, 10:02 AM
#46
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i dont have the whole bi weekly payment thing but i did pay 15500 for my car. financed it through the ford dealership.
put 2000 down.
got an interest rate of 22%
car comes out to be 27000$ over 5 years.
been 1 year so far
450$ a month
put 2000 down.
got an interest rate of 22%
car comes out to be 27000$ over 5 years.
been 1 year so far
450$ a month
09-04-2007, 10:40 AM
#48
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Wow. No way I will ever do that to myself. I already have $13,000 saved for my next F-body and my next car won't cost me more than $12,000. I am scared as **** to finance anything.
And I'm definitely a deal hunter. My first TA was an auto with 50,000 miles with an old lady owner and I stole it for $9,000.
And I'm definitely a deal hunter. My first TA was an auto with 50,000 miles with an old lady owner and I stole it for $9,000.
09-04-2007, 11:35 AM
#49
Originally Posted by 99DWPTA
i dont have the whole bi weekly payment thing but i did pay 15500 for my car. financed it through the ford dealership.
put 2000 down.
got an interest rate of 22%
car comes out to be 27000$ over 5 years.
been 1 year so far
450$ a month
put 2000 down.
got an interest rate of 22%
car comes out to be 27000$ over 5 years.
been 1 year so far
450$ a month
09-04-2007, 12:06 PM
#50
Originally Posted by 99DWPTA
i dont have the whole bi weekly payment thing but i did pay 15500 for my car. financed it through the ford dealership.
put 2000 down.
got an interest rate of 22%
car comes out to be 27000$ over 5 years.
been 1 year so far
450$ a month
put 2000 down.
got an interest rate of 22%
car comes out to be 27000$ over 5 years.
been 1 year so far
450$ a month
WOW
09-04-2007, 01:48 PM
#51
And the bad thing is they rate your auto insurance off of your credit rating. So any car you have financed with god awful finance rates has to have full coverage because its financed and then you get shitty insurance rates on top of that. ****** Racket. All it is, is legal robbery.
09-04-2007, 05:02 PM
#52
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i felt the same way about my camaro..i was sick of paying half of everything i made on a damn car, (600 bucks a month with insurance and everything)..even if it was a fbody...so i figured id wait till later in my life intill i can really "afford" it and other things on top of it...so i sold it for less than i owed on it, just to get rid of it...now im 20 years old and only in debt like around 500 bucks (id have to look to see the actually number) and make pretty decent money
09-05-2007, 03:56 AM
#53
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splitz...Im just wondering why it would cost you money to refinance, maybe I missed something? Ive refinanced cars before to get a lower rate and never had to come up with any additional money. at a 700 credit score you should get way lower than 17% im talking like 6-7% assuming your income/debt ratio is cool now.
To the OP, just be happy with your car. Your young and have a nice car to drive. Yes payments suck, but you'll never get away from them, cuz your next big purchase will most likely be a house.
To the OP, just be happy with your car. Your young and have a nice car to drive. Yes payments suck, but you'll never get away from them, cuz your next big purchase will most likely be a house.
09-05-2007, 05:45 AM
#54
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Originally Posted by Quik Z06
splitz...Im just wondering why it would cost you money to refinance, maybe I missed something? Ive refinanced cars before to get a lower rate and never had to come up with any additional money. at a 700 credit score you should get way lower than 17% im talking like 6-7% assuming your income/debt ratio is cool now.
To the OP, just be happy with your car. Your young and have a nice car to drive. Yes payments suck, but you'll never get away from them, cuz your next big purchase will most likely be a house.
To the OP, just be happy with your car. Your young and have a nice car to drive. Yes payments suck, but you'll never get away from them, cuz your next big purchase will most likely be a house.
I got a refinance "offer" from a bank in the mail yesterday. Ok, in the FINE print it said, initial APR is 20.99%, then after 6 months goes down to 17.5%, then in another year, would go down to 12%. AND extend the term to 60 months
So, that would actually cost MORE in the short term AND long term!
Sometimes you just gotta take your lumps and move on and pay it. But I have been paying more on a monthly basis just to see if that could shortern the term. Obviuously, since it's simple interst, the shorter amount of time you take, the LESS interest you pay.
09-05-2007, 08:40 AM
#55
So what, I should feel sorry for you because you bought more car than you could afford, paid too much for it, got a rotten interest rate because you didn't have the credit to do it, and now are sad about it?
How emo of you.
How emo of you.
Originally Posted by Pizza King
I bought my t/a in July of last year. I searched for months b/c I was dead set on buying a t/a. The cheapest one from a dealership I could find was 14900. By time I bought 3 year best warranty you can buy, taxes, etc... I walked out 21k in the hole. I know was raped. My parents really insisted that I buy from a dealership even though they were't paying for it. Obviously I'm young so this amount may not seem like much but when are a manager of a small town pizza place you aren't exactly striking it rich. I'm currently going to college and plan to major in business and managing 40 hours a week.
Anyways here I am, a year and almost 2 months later, trying to refinance the car. I got stuck in bi-weekly payments which if anyone has ever had to do them they suck. They make me feel out the paper work without even checking the cars worth and etc out only for them to tell me they couldn't do anything for me becasue I owe way over the loan value of the car. It just eats me day after day to think I owe way more than the worth. It was my mistake but its really taking the fun out of driving it anymore b/c thats all I can think about.
OK... Rant off.
Anyone else in a similar situation want to cheer me up? haha
Kyle
Anyways here I am, a year and almost 2 months later, trying to refinance the car. I got stuck in bi-weekly payments which if anyone has ever had to do them they suck. They make me feel out the paper work without even checking the cars worth and etc out only for them to tell me they couldn't do anything for me becasue I owe way over the loan value of the car. It just eats me day after day to think I owe way more than the worth. It was my mistake but its really taking the fun out of driving it anymore b/c thats all I can think about.
OK... Rant off.
Anyone else in a similar situation want to cheer me up? haha
Kyle
09-05-2007, 08:52 AM
#56
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Originally Posted by Boodyrider
So what, I should feel sorry for you because you bought more car than you could afford, paid too much for it, got a rotten interest rate because you didn't have the credit to do it, and now are sad about it?
How emo of you.
How emo of you.
I'm not complaining about it, just wondering if there was perhaps a different way of going.
09-05-2007, 08:55 AM
#57
Didn't feel like reading 3 pgs. so I apologize if this has been said before:
1. Change majors (its not your strength).
2. Refinance through a low interest-rate credit card or through your parents. Refi through a traditional bank or loan will not work (like you said, you are upside down, so quit looking).
3. Realize you can't change the past, only learn from it.
1. Change majors (its not your strength).
2. Refinance through a low interest-rate credit card or through your parents. Refi through a traditional bank or loan will not work (like you said, you are upside down, so quit looking).
3. Realize you can't change the past, only learn from it.
09-05-2007, 01:55 PM
#58
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Here is another option. 401K loan. Most places will let you do this. Good rates also. Can only borrow up to 40 percent of your 401K money tho. Good luck with the refi.
09-05-2007, 03:07 PM
#59
Wow, you guys make me feel good about my car. 12k loan on mine...paid 12,500 out the door in 05 on my 2000 camaro. Got a 3.9% loan though my bank, and i was only 19 at the time.
or maybe it was in 04... I forget
or maybe it was in 04... I forget
Last edited by markp03; 09-05-2007 at 03:12 PM.
