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goal07

Finally - got my car

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Well...I did it...bought me a 2008 Mercedes C350.

 

I was able to get rid of my horrible Drive Financial Loan which I was WAYYYY upside down on. I rolled over about 13K in negative equity into the new vehicle loan. I know that's alot, but it was the only way that I could get out of that loan. The total came to about 147%, but NFCU kept telling me that it didn't matter...that there weren't any advanced restrictions on my loan and obviously it was true. I must admit, I am surprised.

 

I got my car about 2 weeks ago and Drive loan was PIF today...YAY!!!!

 

For those that don't remember or didn't have a chance to read...here's the link from my post regarding my preapproval from NFCU.

 

http://creditboards.com/forums/index.php?s...t&p=2977113

 

Thanks everyone for all of your help / advice.

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congrattssss can you tell me how you're loving it? Theres a rumor that mercedes is going to be selling a C class 4 cylinder soon in the US. Im interested in that one specifically, how is the interior quality? and comfort?

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That's great Goal congrats!

 

Not to hijack but re: upside down, would my brand new car be considered upside down if I trade it in for another new car?

 

I'm wtg on my NFCU preapp and I just got a car in nov and want to trade it in. When I looked into at the dealer I got this one from he told me I wouldn't be upside down because it's new. Is this correct? This month makes only pymt 4.

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A brand new car is badly upside down the moment it leaves the lot, unless you put down a lot of money on it. You should of course look up the typical trade value and get your payoff quote to see where you stand.

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A brand new car is badly upside down the moment it leaves the lot, unless you put down a lot of money on it. You should of course look up the typical trade value and get your payoff quote to see where you stand.

 

okay now that I recall he told me I would need to put roughly 3k down and my note would be 200 more. But if I already have a check in hand from my CU then I would basically do what goal did and roll it over. Maybe that's the best route to go then. And pay extra on the principal for a while and refinance.

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Thanks everyone...I'm really excited...I love it so far. The best part is getting rid of Drive Financial, with a high price, but at least I can move on and upward from here.

 

Also, another great thing is that my payment is $3 more...you hear me...$3 more a month...Drive was killing me on interest and NFCU cut my interest by about 18%. I finally feel like my hard work is paying off.

 

I will post a picture of it this weekend.

 

I'm loving it...the interior is awesome...it's gray leather with seat warmers, DVD, Navigation, CD Changer, Voice Command everything, shade in the back...I got it all...it's awesome...I got the sport instead of the luxury so it's chrome instead of the woodgrain...I can't express how happy I am with it thus far.

 

As for the poster asking about being upside down...I would say if you can put something down and keep from rolling so much over, I would do it. I just sent a big check to NFCU today to pay toward my principal (TG for bonuses).

 

Thanks again everyone....if I missed any questions, let me know.

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Thanks everyone...I'm really excited...I love it so far. The best part is getting rid of Drive Financial, with a high price, but at least I can move on and upward from here.

 

Also, another great thing is that my payment is $3 more...you hear me...$3 more a month...Drive was killing me on interest and NFCU cut my interest by about 18%. I finally feel like my hard work is paying off.

 

I will post a picture of it this weekend.

 

I'm loving it...the interior is awesome...it's gray leather with seat warmers, DVD, Navigation, CD Changer, Voice Command everything, shade in the back...I got it all...it's awesome...I got the sport instead of the luxury so it's chrome instead of the woodgrain...I can't express how happy I am with it thus far.

 

As for the poster asking about being upside down...I would say if you can put something down and keep from rolling so much over, I would do it. I just sent a big check to NFCU today to pay toward my principal (TG for bonuses).

 

Thanks again everyone....if I missed any questions, let me know.

 

Sweet sounds fully loaded enjoy.

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OP, I'm glad you shared. My situation seems to be similar. My current interest rate is HIGH. Its 20.25%. I have a Nissan Sentra that I must have paid thousands in interest on. The original amount total financed was $18,978.04. With 2 years to go, I have $9,636 left on the loan. Sigh.

 

According to Kelly Blue Book, the trade-in value for good condition is $5,755. The suggested retail value is $10,575. Sigh.

 

I'm too, trying to buy a Mercedes. My co-worker tells me that a MB dealership wouldn't 1.) want to take my car as a trade-in and 2.) give me what its worth. I'm not sure what to do.

 

OP, I dont mean to high-jack your thread, but if it isn't too private a question...is your payment CRAZY high? My concern is that if I do trade the car in (whether to the MB dealer or to someplace like carmax) that the up-side down effect will KILL my car note on the MB or leave me with another loan (in the case where I sell it to carmax) payment.

 

I dont know what to do!!!

Edited by theshoediva

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Thanks everyone...I'm really excited...I love it so far. The best part is getting rid of Drive Financial, with a high price, but at least I can move on and upward from here.

 

Also, another great thing is that my payment is $3 more...you hear me...$3 more a month...Drive was killing me on interest and NFCU cut my interest by about 18%. I finally feel like my hard work is paying off.

 

I will post a picture of it this weekend.

 

I'm loving it...the interior is awesome...it's gray leather with seat warmers, DVD, Navigation, CD Changer, Voice Command everything, shade in the back...I got it all...it's awesome...I got the sport instead of the luxury so it's chrome instead of the woodgrain...I can't express how happy I am with it thus far.

 

As for the poster asking about being upside down...I would say if you can put something down and keep from rolling so much over, I would do it. I just sent a big check to NFCU today to pay toward my principal (TG for bonuses).

 

Thanks again everyone....if I missed any questions, let me know.

 

Wow, sounds like a nice car. I've been looking at the same exact model...silver with a gray interior and some of the same options you got. But the payments would be crazy. I can afford to put $10,000 down but that would still mean I'd be financing $25K and that comes out to $500/month! Ouch!! That's a lot especially when the monthly payments on my 2003 Honda Accord are currently $0 per month! My Accord is not a C350 though :rolleyes:

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OP, I'm glad you shared. My situation seems to be similar. My current interest rate is HIGH. Its 20.25%. I have a Nissan Sentra that I must have paid thousands in interest on. The original amount total financed was $18,978.04. With 2 years to go, I have $9,636 left on the loan. Sigh.

 

According to Kelly Blue Book, the trade-in value for good condition is $5,755. The suggested retail value is $10,575. Sigh.

 

I'm too, trying to buy a Mercedes. My co-worker tells me that a MB dealership wouldn't 1.) want to take my car as a trade-in and 2.) give me what its worth. I'm not sure what to do.

 

OP, I dont mean to high-jack your thread, but if it isn't too private a question...is your payment CRAZY high? My concern is that if I do trade the car in (whether to the MB dealer or to someplace like carmax) that the up-side down effect will KILL my car note on the MB or leave me with another loan (in the case where I sell it to carmax) payment.

 

I dont know what to do!!!

I forgot about posting this... any thoughts or feedback?

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For the payment amount, you can probably use an online calculator to figure out the approximate monthly payment.

For example, I used the Penfed calculator...and let's see.

 

Even at their 4.5% interest rate for a loan of 5 years,

 

$500 will buy you ~27k

$600 will buy you ~32k

$700 will buy you ~37k

$800 will buy you ~43k

 

So, with a MB...the lowest end C-class C300 starts at 32k...and will probably be more with options and so forth. So, your looking at a minimum of $600 payments with a 4.5% interest rate. And, since you will be adding the balance of your trade-in, your probably closer in the $700-800 range.

 

Hope that helps.

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Well...I did it...bought me a 2008 Mercedes C350.

 

I was able to get rid of my horrible Drive Financial Loan which I was WAYYYY upside down on. I rolled over about 13K in negative equity into the new vehicle loan. I know that's alot, but it was the only way that I could get out of that loan. The total came to about 147%, but NFCU kept telling me that it didn't matter...that there weren't any advanced restrictions on my loan and obviously it was true. I must admit, I am surprised.

 

I got my car about 2 weeks ago and Drive loan was PIF today...YAY!!!!

 

For those that don't remember or didn't have a chance to read...here's the link from my post regarding my preapproval from NFCU.

 

http://creditboards.com/forums/index.php?s...t&p=2977113

 

Thanks everyone for all of your help / advice.

 

 

PenFed approved me last week at their 4.25% rate. The Eq pull they used had my score at 696. The amount was $11,900.

 

Goal, if you dont mind sharing what was the process you took from beginning to end regarding getting your new car. I've never traded a car in and secured financing prior to going to the dealer. How did it work for you?

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Wow.. congrats!!!!

 

So you got a new MB with that much upside down with these scores?:

 

EXP-544

EQ-633

TU-590

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OP, I'm glad you shared. My situation seems to be similar. My current interest rate is HIGH. Its 20.25%. I have a Nissan Sentra that I must have paid thousands in interest on. The original amount total financed was $18,978.04. With 2 years to go, I have $9,636 left on the loan. Sigh.

 

According to Kelly Blue Book, the trade-in value for good condition is $5,755. The suggested retail value is $10,575. Sigh.

 

I'm too, trying to buy a Mercedes. My co-worker tells me that a MB dealership wouldn't 1.) want to take my car as a trade-in and 2.) give me what its worth. I'm not sure what to do.

 

OP, I dont mean to high-jack your thread, but if it isn't too private a question...is your payment CRAZY high? My concern is that if I do trade the car in (whether to the MB dealer or to someplace like carmax) that the up-side down effect will KILL my car note on the MB or leave me with another loan (in the case where I sell it to carmax) payment.

 

I dont know what to do!!!

I recommend Carmax. I sold my last car to them for about $3.5K more than the Infiniti dealer would give on a trade in. Check and compare both, and go with what works best for you! Good Luck!

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