Posted 28 April 2012 - 07:53 AM
If you go the beater route, I would get a reliable import like a Corolla, Camry, Civic, Accord, etc. Craigslist and AutoTrader are your best bet here. Find a car, get it checked out by a mechanic and make a deal. Everything is negotiable.
Alternatively, you could consider something in a lower price range. Why not check out a new or slightly used Civic, tC, Golf, etc?
Also, why not just buy out the Genesis you have with all those features and finance it for a term you know you can afford. It sounds like you already really like the car. You already have some equity in it and it has a decent warranty.
Posted 29 April 2012 - 07:08 AM
My credit score came out to 700 so they thought I'd be approved no problem even with the bk. but at the last minute they found out they wouldn't approve me for 2.99% for 72m, but would do 5.49% for 75m. Still a good rate for someone not even a year after bk. That raised the payment to about 413, but he said in about a year I can refinance to a better rate and most likely get the 2.99 for 60 so my payment should be around 380 or so this time next year. I still didn't know if I should do it because I don't know what they are going to do with the hours at work, but he said I could get a beater and try to turn my lease in, but they are going to ding me big time for being in an accident. I don't know how much they would have charged me, but didn't want to take the chance. He took care of the 400 disposition fee, my last payment and also gave me 700 more than the buyout in which he said they probably won't even be able to sell it for because of the accident and also about a grand off the new car. I still had to put 1k down, but already have somebody interested in some of my parts off the car and should be able to get at least 500 or so from them. Plus I get to keep the bigger wheels off my car if I want to. He's supposed to deliver it Tuesday.
What do you guys think? I hope I didn't make a mistake. I mean its the car I wanted and seems like a good deal. I just couldn't see paying all that money just to get out of my lease. This way I'll start making equity in a few years and have a real good chunk of equity for a down payment on my next car providing I can manage to make the payments and don't get into an accident in the next 5-6 years. btw, I only signed up for the base warranty (5 year, 60k miles power train), but they have a better one with gap and bumper-to-bumper I could get, but its like 25 more a month.
Edited by Medsport, 29 April 2012 - 07:13 AM.
Posted 29 April 2012 - 07:27 AM
but he said in about a year I can refinance to a better rate and most likely get the 2.99 for 60 so my payment should be around 380 or so this time next year.
You just got lied to.
Posted 29 April 2012 - 10:34 AM
Posted 30 April 2012 - 07:03 AM
He's supposed to be here with the new car tomorrow morning and help me take the aftermarket intake off my current car. He said I could keep the bigger 19" summer only wheels and take the car with the 18" all seasons that are on it. I thought that sounded like a good deal as I could use the 19's in the summer and put the 18's that come with the car for winter. But now I'm not sure. I wonder if they are planning on keeping the car and try to sell it or return it to the lease company and if they do return it I wonder if I could get charged for having different wheels on it? I don't think so since it sounds like they are more or less buying my car and not just doing a direct transfer to the leasing company. But even if that's the case I'm wondering if I should put the 19's back on it anyway and use the wheels on my present car for the winter (since I bought some nearly new winter tires for it in the fall in the rear) and keep the stock car's wheels for summer?
Edited by Medsport, 30 April 2012 - 07:04 AM.
Posted 30 April 2012 - 08:26 AM
If you're going to return the car as lease turn-in, you need to remove all aftermarket parts and restore to stock condition. If they're buying out the lease and taking it as a trade in, it can be in whatever condition the dealer considers acceptable.
Edited by mk_378, 30 April 2012 - 08:29 AM.
Posted 30 April 2012 - 08:59 AM
But what should I do guys and quick as I don't have much time to decide!
Edited by Medsport, 30 April 2012 - 09:01 AM.
Posted 30 April 2012 - 11:57 AM
The decision on the wheels is up to you. If it were me I'd just put back whatever came with the car.
What exactly have you signed with the dealer so far?
Other thoughts that have been bouncing around in the back of my head since yesterday...
-I think you might be able to get a better rate since you've made auto payments post BK
-I think you are biting off too much car given your work scenario.
-It's highly unlikely that you are getting more for your trade than they will make on in (unless they are getting their $$ from the purchase)
-Having your payments pushed out because the rate is higher than expected is not a good idea. The answer here is to put more down or buy less car.
-Considering an expensive extended warranty is probably not a great idea when you are sweating the payment as is.
-It is very unlikely you will be able to refi this car in a year, at least without some money down. At 6% I'd expect your LTV to over 100% for about 3 years, if not longer, depending on final terms. I would probably have a better idea once I know exactly what you are buying.
Posted 30 April 2012 - 01:00 PM
Edited by Medsport, 30 April 2012 - 01:15 PM.
Posted 30 April 2012 - 02:11 PM
I'm not sure what the total was before ttt, but taxes and fees total otd was just over 27k I believe.
You really should know exactly what you are paying for the car, any fees, and TTT. How else can you tell if you got a good deal? Truecar show's a "target price" of $23,323 for Ohio (I think you mentioned that's where you are). This includes $244 in ad fees and $875 for destination (neither are negotiable). I don't know much about TTT in Ohio but a quick lookup tells me you have roughly $70 in tag/title fees and 5.5% to 7.5% sales tax, depending on your county. This leads me to an OTD price, since that's what you provided to compare, of about $25,143 assuming the full 7.5% sales tax. There's an extra $2k in the deal somewhere at this point. Since they are telling you that you are not paying anything towards the lease I'm going to assume this is mostly extra profit, on top of what they already make at the $23.3K price.
I really can't remember if we talked about it already, but have you tried CUs? Did the guy at Ford ever get back to you? It's not a terrible rate for a rebuilder, by any means, and I wouldn't fault you for accepting it. But since you are in a budget crunch I encourage you to shop shop shop.
The rate (5.49) is the best I've been offered so far (the other two were 6.25 and 7.24).
Yeah I decided against the warranty.
Marv or one of these other guys probably knows best, but afaik, since you have not taken delivery nor made the downpayment, you are not obligated to the purchase.
I've filled out all the paperwork. They even set up a first payment date of June 13. All that is left is to take delivery and give him a check for the downpayment (1k). He's supposed to be here in the AM. So what are my options?
Really, it's a cost of doing business for them. I hate to seem them work hard on a deal and take it on the chin but I'm not sure you owe them anything really, unless you made a non-refundable deposit. If you decide to back out I would let the salesman know tonight so he doesn't waste his time. Don't think he will give up on the deal either - it might create some incentive for the dealership to lower the price and continue to sweeten the deal.
btw, I'm sure I would owe the dealership something too since they had to locate the car, have it shipped to the dealership and then having the salesguy drive it to my house (55 miles). He was even supposed to help me take my intake off and put the original back on.
Lease stuff is not my forte - you would have to look to one of these other guys for that.
Also you never answered if I will owe the lease company anything extra if I keep it and turn it in, if its even possible now?
It's not worth the ink he used to write on the card. Do you really think he would help you with $20/mo for up to 75 months ($1500 total) based on something he scribbled on a business card? I'd like to think there are honest people out there that would, but I'm inclined to not believe it from a salesman. He's not making $1500 on the sale himself. This is a sleazeball move IMO... and makes me care less about their effort to get the car for you. This tells me that he takes you for a fool. Sorry for the brutal honesty.
For what its worth, the salesguy even said he would send me 20 a month if my hours get cut to help make payments and wrote it down on his business card and gave it to me. I know, most likely just a ploy, but still.
I don't want to give you blanket advice because I clearly don't know you personally, but I am worried that you are getting yourself back into trouble. Even ignoring the details of this deal, with your job situation and the fact that you are stretching your budget for the car as described, from one BK'er to another, you really should reconsider what you are doing here. My suggestion is to get something much cheaper for now, used or new, until the job situation is more stable. If the job doesn't change, you then have extra money to save or put to good use elsewhere. Seriously - think long and hard before you take this deal.
Edited by road2freedom, 30 April 2012 - 02:14 PM.
Posted 30 April 2012 - 06:01 PM
As was stated in the thread earlier, you should absolutely never negotiate on payment. See, to get the payment down you ended up with another 15 months on the loan. These types of deals often lead to rolling lots of negative equity into the next car when this one needs to be replaced before the note is paid off.
Good luck with everything; hopefully the car does fine at least until the 76th month.
Posted 30 April 2012 - 08:22 PM
Posted 30 April 2012 - 10:12 PM
I still think in general you might be pushing yourself a bit.
I don't think it's too late, but it is up to you.
Edited by road2freedom, 30 April 2012 - 10:14 PM.
Posted 01 May 2012 - 06:51 AM
I'm sure they won't go for me waiting and will give me all kind of c*** if I try to back out. But you're saying legally I can with no repercussions? If I was to back out would it effect my credit or in the least bar me from obtaining credit from the place that granted it to me? It sounds like the same place was going to approve me with the other purchase I was considering so right now there are only one or two places that would even approve me it seems.
Posted 01 May 2012 - 10:56 AM
The dealership may give you some flack for wasting their time. Remember though - they still want to make the sale so I would be surprised if they aren't nice as possible and try to find a way to close the deal, even for a cheaper car if you decide to go that route.
Posted 03 May 2012 - 09:02 AM
Posted 03 May 2012 - 09:58 AM
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