Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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WAKE UP AND QUIT DREAMING!
;-)
I was just trying to make some humorous (to me at least) comparisons as to what you could do with money from a relatively large car payment.
I don't drink and don't recommend it to anyone.
I have a '03 Chevy Tahoe - MSRP $45,708
2 year lease
I don't remember what I paid but it was around $40 then I used GMCard rebates, GM Rebates, and loyalty cash to reduce CAP cost.
Monthly payment - $512 + tax
You are all assuming what he is paying for the vehicle, he has no rebates, he has not cap cost reduction.
You know what assuming makes us.
Further, you are assuming that his poor credit stems from current bad credit habits. Your "pipe dream" comment means you obviously have never worked with a customer (or aren't customer service oriented enough to bother) who is recovering from bad credit habits.
You have no way of knowing what his money factor is until his score is pulled. Also, I've found that, just as there are a lot of people out there who think they have great credit but find out otherwise when they pull it, there are many people out there who are pleasantly surprised when they pull their credit when they think they have bad credit.
Why not forego the credit bashing until you have more facts?
Further, you are assuming that his poor credit stems from current bad credit habits."
I was thinking the exact same thing. How can you be upside down on a leased vehicle? And to be honest, the first thing I thought of when he said his "credit stinks" is that he did something in the past to drag it down, but might be doing ok now. So, it's just a matter of how well his score has recovered.
The poster said his/her credit "stinks".
In my experience that would indicate it's probably pretty bad and they are well aware of that.
Assuming that Bravada isn't trashed or over miles, they won't be upside down since it was leased.
I had a customer the other night with a Jeep Cherokee at the end it it's lease. It was 48,000 over on miles! Figure that one at 15 cents a mile!
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
second, if he was approved for a lease back then with a decent payment, and NOW has credit issues, chances are that part of the issues are due to the van, which, if true, wipes away almost ANY chance of getting another.
third, ive been selling cars for 4.5 years, and in all that time, i have NEVER...let me repeat...NEVER had someone have better credit than they thought. some people say they have good credit and it is...but those who say they have "so-so" credit generally can only be approved on a 1-payment term.
having said that, im not saying this person will never get what he wants. could the stars align properly? sure. but im playing the odds here.
If 5 seats are enough, lots of choices. If you want new, how about an Escape for 20K? Might not be loaded with leather and a roof, but not too expensive to lease (or buy).
The $200 Civic would probably do the job also.
Now "wants" I can relate to. Thankfully, I also have a case of the "cheaps"
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
My credit stems from being laid off more than a year and having trouble making timely car payments. 5/3 has always been great to work with, but I do wonder about the future.
I don't believe I said I "need" the $30K vehicle, just wanted. Dreams are certainly good to have, but reality is usually different. Also doesn't "have" to be new.
I am checking out other vehicles mentioned. I don't need leather, although it's easier to clean w/kids, and I would NEVER pay $500/mo for ANY car, unless I was making too much money (never gonna happen).
Also, I'm a female
Regarding my 99 Bravada: I leased it 1-yr used for just over 48 months. No negotiating, sticker was around $22K, they gave me $800 for my trade-in. I PRESUME I'll be upside down b/c of the value of Oldsmobiles nowadays, but who knows. Doesn't that only matter if I "trade it in"? It's not over miles and is in good condition.
I like the idea of pulling my score (someone recommended myfico.com) so I'll probably do that today. I can't wait to see. Any other sites out there?
Thanks for all the responses. I know how much time it takes.
If you are leasing, not over on mileage and the vehicle is in good condition you cannot be upside down. Worst case is that you hand the keys back at the end of the lease and owe nothing.
I'm pretty sure that is a national program. If 5th/3rd didn't repossess your car, and you are now current, your credit may not be as bad as you think. And grandtotal is correct.. You can't be upside down.
regards,
kyfdx
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;-)
In January my wife, daughter and I had to travel to Jacksonville, FL from New Jersey.
My daughter was in need of a liver transplant at the Mayo clinic. We were told that my wife and daughter would have to relocate to Jacksonville immediately to be on the transplant list.
Since this could take many months and they would need reliable transportation to and from the hospital, we decided to purchase a new vehicle.
On January 21, we purchased a new 2003 Ford Windstar Limited from Dealer A (not sure if we're allowed to mention names on the list).
There were no problems with the purchase. However, we noticed a slight noise when the front passenger door was opened and closed. My wife also noticed some glass shards in the vehicle. We returned the vehicle for service and found that the passenger door was rubbing on the front fender and taking off some of the paint. We then asked if this vehicle had been damaged since the door was rubbing and there were the glass shards. We were assured it had not been.
As it turned our stay in Jacksonville was shorter than expected and on February 14, we began driving the new vehicle home. On that trip we noticed that the passenger sliding door was leaking water. When we arrived home, we also noticed that a corner of the body side molding on the sliding passenger door was coming loose.
We brought the vehicle to a local Ford dealer for warranty repairs. After removing the molding this local dealer discovered that the door was dented and that if they applied new molding, it would only come off again. They said the door needed repair at an auto body shop and was not covered under warranty.
We took the vehicle to an auto body shop recommended by the local dealer. He found that not only was the door damaged, but the vehicle's rear quarter panel was also damaged and had been repaired. The repair was very shoddy and he showed me where instead of repairing the dent the filled it with bondo and when they resprayed the vehicle they didn't even cover the car since the inside wheel well was very rough to the touch from the overspray.
He estimated the repair to the door and to correct the bad job originally done would be $1,529.00. After spending $30,000, on a vehicle that was only seven weeks old this was quite a shock.
Of course I called the dealer in Florida. They claimed to have no knowledge of any damage or repair work done by them. However, the vehicle was a dealer transfer and perhaps work had been done there without their knowledge.
It turns out that Dealer B had indeed done repair work to the vehicle in the amount of $561.92. Dealer A said they knew nothing about this since the legal limit for disclosing damage to the consumer in Florida is $650.00. Dealer A whom I purchased the vehicle from is claiming to have no responsibility.
At one point Dealer A offered to pay $750.00, half the repair estimate on the basis of good customer relationships. But why should I be out any money at all for a vehicle I just purchased as new.
Further, I think Dealer B covered the dent with new molding just to stay under the $650, limit so he would not have to disclose the damage. The molding must have been broken for the door to be damaged underneath. If they had repaired the door properly which would have been repairing the dent and respraying the door, surely they would have been over the $650 limit and that would need to be disclosed or would be fraud.
I mean it would be ludicrous to believe that any body would pay full price for a new vehicle that had $1,500, worth of damage to it.
I have complained to the Ford Company and I have requested a new vehicle to replace the one I purchased. If I had been told of the damage I would never have purchased it.
Meanwhile Dealer A, is no longer willing to even pay the $750, to help repairs, they say they are not responsible.
I'm still trying to contact Dealer B, but I'm sure they will just say that they're not responsible since they didn't even sell me the vehicle.
So I'm stuck between two dealers, neither of whom say they have any responsibility.
Anybody have any ideas what to do next...
Thanks for any advice.
You bought a vehicle new that was repaired and thus they misrepresented the vehicle to you.
I would bet a little pressure from a lawyer at nominal cost would get you all your money back or at least get the dealer to pay for all repairs to get your body work to nearly new.
Good Luck!
No repossession, thankfully. Someone mentioned 5/3 is very conservative ... they are completely right! The first dealership lied about my salary all those years ago, so 5/3 called me to confirm and discuss the situation. Very nice of them.
LOL at "looks like the stars are lining up...."
planz, I'm sorry I have no advice for you. That sounds terrible, and I would have to agree to at least talk to an attorney. Good Luck and glad things turned out alright w/your daughter!
regards,
kyfdx
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Any GUESSES what I might have to pay with my yucky score? (530 from one, 590 from another. 3rd one asked me a verification question from 1995! Gotta wait 7 days.)
Just using that ad as an example; it's the only one I remember.
I'll probably wait until the very end of my lease, but I will at least talk to some of the dealers. Their ads state "will work w/bad credit, blah blah blah"...
Our Honda ads state less than the ones in Cinci, for seemingly comparable vehicles, but who knows. I haven't even test driven any vehicles yet b/c I wasn't sure if I could get into one!
however...
if you can get ford's a or x plan, ford motor credit is buying LOTS of red carpet lease paper. check into a freestar. they have great residuals and rates right now. if you can get approved, a freestar SE could be in the mid-to-upper $300's.
She is thinking of a two year old civic or corolla instead of our two year old base camry with 11K miles.
My guess is that we would get about 12K on trade (at most). In exchange, we could buy the smaller car for about 9 or 10 K with 20 - 40 K miles (not from a dealer). If we stuck to dealers, we would be looking at a basic exchange of our Camry for a Corolla or Civic, with more miles.
Or, if we go new (say a focus wagon), we would be looking at 13-15 K (depending on equipment). We would end up with either a higher car payment for longer periods of time (I put a 6K down on the Camry), or have to pay a lot of cash down.
Am I correct in my assessment?
I believe that you are totally correct in your assessment and I'm sure the pro's here will verify it one way or the other.
Since you put $6,000 down on your Camry and are already two years into your loan, looks like you are in good shape and trading wouldn't change your position all that much. Also, you have the best used car there is with low miles and you know the history.
I would imagine that if you have the four cylinder Camry, your mileage can't be that much less than the Civic or Corolla. You also have to consider DMV fees, tire situation on a 40K auto.... I would stay put if I were you.
Just my .02......I'm just a car nut, not in the car business.
Mark
If you were driving 20k/year, I wouldn't bother changing anything. -Mathias
I suspect I will have to have a dealer tell us what I already know. Because, according to the wife, I know nothing.
We took my Explorer out on the logging road to see how things were going with the log truck (driver got it stuck and broke the rear end). Anyway, on our way our there was the Chevy, stuck, the guy had been out there looking at the log truck to see if he could fix it. So, we figured what the heck, let's see if the Explorer can pull the Chevy out of its little hole, was buried pretty deep in the snow. Well, I'm darn impressed, that little Explorer pulled the Chevy right out.......hehehe. Ah, life in Alaska.
aka, you know we're just kidding ya... hope all is well with you, your hubby and your daughter. Just curious, how are gas prices in Alaska, considering that's where a ton of it comes from?
Gas prices are horrible, $1.65 for 87 octane (thank goodness the Explorer is happy with that). As much as I'd love to have a car that managed 40-50 mpg on the hwy I'd miss the abilities the Explorer has.....going offroad.....pulling Chevy's out of the ditch.....just too many things to give up for fuel economy. Gotta pay to play I guess. Of course we pay more than most......not only do we have the Explorer, but we also have the Ram 3500 V10 dually........OUCH.
mamamal: No way you can "downsize" to a slightly cheaper car and come out ahead. As Terry would say, you'll break even about 2011. The transaction costs will eat you up, especially trading to a dealer. If you follow Mathias advice, you could possibly do it, but I think that would involve selling your car yourself to really make it work.
regards,
kyfdx
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Whenever we hear a customer say they want to downsize, we cringe.
However, in most cases nope, can't be done, especially when trading a midsize car for a compact car, just not enough money to be saved. Heck, even trading my SUV for a TDI Jetta would take years to realize any savings, same goes for hubby's V10 being traded for a diesel.
If wifey does not listen to me, I fully expect to be featured in inconsiderate customers.
Struggling to stay on topic. For the car pros out there when a married couple come in and it seems a deal is close and then it blows up, is it usually the husband or the wife who causes it? Or is there any pattern at all to it?
Duncan
Usually it's the hubby .. the ego is flying all over the place and usually what happens is the hubby forgets the real issue .. as a rule I park myself with the Mrs, she will chime in and straighten everything out, meanwhile the Mr still thinks his trade is worth $3,000 more because he knows a guy that has a friend, that has an uncle that bought a car like they one he has 5 years ago and he thinks, etc etc, etc.com .... meanwhile the papers are getting signed.
Terry.
As for when we go car shopping as a couple......errr, family, we almost always take the kids, they are well behaved and love giving their opinions about what we are looking at. I do all the talking, dealing, bargaining, he just signs on the dotted line. Works best that way since I think he's too laid back and would just take whatever they threw at him. I'm the pitbull in the family.