What to do???
New User
Joined: Mar 2006
Posts: 23
Likes: 1
Totally agree with NewEngland
"A good rule is *never* buy a car based on the monthly payments.". I would add, never buy ANYTHING based on monthly payments. Salesmen's famous words: "Just $25 extra a month.. you get this, Just $15 extra you get that..." and so on... These words are famous because they work, and because we often think in the short-term (while companies think in the long term and all of the extra cash in the form interest they will be making...).
Good decision soundwave!
"A good rule is *never* buy a car based on the monthly payments.". I would add, never buy ANYTHING based on monthly payments. Salesmen's famous words: "Just $25 extra a month.. you get this, Just $15 extra you get that..." and so on... These words are famous because they work, and because we often think in the short-term (while companies think in the long term and all of the extra cash in the form interest they will be making...).
Good decision soundwave!
Elder User
Joined: Sep 2005
Posts: 576
Likes: 0
From: crete, illinois
apparently the dealer didn't want to sell it bad enough.
dealers make more on used vehicles and interest usually is more.
i've got a story that is pretty embarrassing to say the least!
in '98 i bought a brand new pontiac grand prix gtp fully loaded. i was just 21 and they seen me coming.
i had an accident so i new my insurance would be high on anything i bought but i was making pretty good money so it didn't matter too much.
i put down $5000 on it, the sticker was $28000.
well when it came down to it the guy asked me where i wanted to be monthly and for some reason i thought, what can i afford not what i want to afford and said $400 bucks.
he came back with $480 and when i got to the finance manager he talked me into going 84 months! what a dumba-- i am!
it got my payments down to $450 and some change but in the long run i would have wound up paying over $40000 for it then figure in my insurance at $200+ a month. i was basically working for my car.
after two years of this i decided to get rid of it.
easier said than done. i was so upside down it wasn't even funny!
thats how i got into my ranger.
up against a wall, i really had no other choice. i traded it in but...not before another string of crap.
i didn't want to pay close to $600 a month for a ranger so i leased...for five years.
i know by now some of you guys must feel like hurling, believe me its not an experience i wish on anybody!
so i wound up with my brand new ranger with the 3.0, off-road pkg., slider, cd, air, etc. for $21000 + $5000 which i was upside down but remember, i was leasing it!
luckily i had 100,000 miles to use.
in the end i still have the ranger and has been lifted and personalized to my liking and i love it, its the best vehicle i've ever owned and plan on getting 200k out of it.
yes, after the term was up i opted to by it for an additional $5000 bucks cash. it may sound stupid but its mine now, i'm the only owner, i know every inch of that truck, it has treated me awsome, and to be honest i'd pay $100k for a vehicle i can ALWAYS count on and do all the things i do!
be careful, don't be stupid, car dealers are scum, go to carmax if anything!
you live and you learn, thats all i got to say!
dealers make more on used vehicles and interest usually is more.
i've got a story that is pretty embarrassing to say the least!
in '98 i bought a brand new pontiac grand prix gtp fully loaded. i was just 21 and they seen me coming.
i had an accident so i new my insurance would be high on anything i bought but i was making pretty good money so it didn't matter too much.
i put down $5000 on it, the sticker was $28000.
well when it came down to it the guy asked me where i wanted to be monthly and for some reason i thought, what can i afford not what i want to afford and said $400 bucks.
he came back with $480 and when i got to the finance manager he talked me into going 84 months! what a dumba-- i am!
it got my payments down to $450 and some change but in the long run i would have wound up paying over $40000 for it then figure in my insurance at $200+ a month. i was basically working for my car.
after two years of this i decided to get rid of it.
easier said than done. i was so upside down it wasn't even funny!
thats how i got into my ranger.
up against a wall, i really had no other choice. i traded it in but...not before another string of crap.
i didn't want to pay close to $600 a month for a ranger so i leased...for five years.
i know by now some of you guys must feel like hurling, believe me its not an experience i wish on anybody!
so i wound up with my brand new ranger with the 3.0, off-road pkg., slider, cd, air, etc. for $21000 + $5000 which i was upside down but remember, i was leasing it!
luckily i had 100,000 miles to use.
in the end i still have the ranger and has been lifted and personalized to my liking and i love it, its the best vehicle i've ever owned and plan on getting 200k out of it.
yes, after the term was up i opted to by it for an additional $5000 bucks cash. it may sound stupid but its mine now, i'm the only owner, i know every inch of that truck, it has treated me awsome, and to be honest i'd pay $100k for a vehicle i can ALWAYS count on and do all the things i do!
be careful, don't be stupid, car dealers are scum, go to carmax if anything!
you live and you learn, thats all i got to say!
Lead Driver
Joined: Jul 2004
Posts: 5,946
Likes: 61
From: in the woods of MA
Originally Posted by frdrngrlvr
i was so upside down it wasn't even funny!
Soundwave... if you don't mind a little stern advice - If I was a personal financial advisor (which I'm not - I don't even play one on TV
) Your story would be raising red flags for me right from the start, mainly that you've got yourself into a position where you owe 21k on a vehilce that is worth somewhere between 10K-16K. That's not a good thing - it's not inconceivable that somethign could happen, and you could end making payments on a vehicle you don't even own! And the financial circumstances that the F-150 deal would get you into would be even worse - you'd end owing 39K on a vehicle that is worth at absolute most, 25K, more likely 20K. You be owing twice what the vehicle is worth. So again, I think you're doing absolutely the right thing to walk away from that one, for sure. But going forward, try to get out from under that "upside" condition - as odd as it sounds, being in that position is probably the reason the dealer wants to stick you with the high interest rates.Just my .02 worth... good luck!
Thread Starter
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Laughing Gas
Joined: Nov 2005
Posts: 983
Likes: 3
From: Detroit 'burbs
Originally Posted by NewEnglandHerdsman
Right, bad news...
Soundwave... if you don't mind a little stern advice - If I was a personal financial advisor (which I'm not - I don't even play one on TV) Your story would be raising red flags for me right from the start, mainly that you've got yourself into a position where you owe 21k on a vehilce that is worth somewhere between 10K-16K. That's not a good thing - it's not inconceivable that somethign could happen, and you could end making payments on a vehicle you don't even own! And the financial circumstances that the F-150 deal would get you into would be even worse - you'd end owing 39K on a vehicle that is worth at absolute most, 25K, more likely 20K. You be owing twice what the vehicle is worth. So again, I think you're doing absolutely the right thing to walk away from that one, for sure. But going forward, try to get out from under that "upside" condition - as odd as it sounds, being in that position is probably the reason the dealer wants to stick you with the high interest rates.
Just my .02 worth... good luck!
Soundwave... if you don't mind a little stern advice - If I was a personal financial advisor (which I'm not - I don't even play one on TV
) Your story would be raising red flags for me right from the start, mainly that you've got yourself into a position where you owe 21k on a vehilce that is worth somewhere between 10K-16K. That's not a good thing - it's not inconceivable that somethign could happen, and you could end making payments on a vehicle you don't even own! And the financial circumstances that the F-150 deal would get you into would be even worse - you'd end owing 39K on a vehicle that is worth at absolute most, 25K, more likely 20K. You be owing twice what the vehicle is worth. So again, I think you're doing absolutely the right thing to walk away from that one, for sure. But going forward, try to get out from under that "upside" condition - as odd as it sounds, being in that position is probably the reason the dealer wants to stick you with the high interest rates.Just my .02 worth... good luck!
What happend was i bought my current 2004 FX4 Ranger January 3rd, 2005 for $27,000 brand new. I rolled over about $5,000 from my old beat up 1999 Ranger Sport 4X4 into my 2004. The salesman/dealer who sold me it has sold my Fiance' her two leases and her sister and her brother in law 3 or 4 cars. He gave me the "X" plan and ended up knocking off a few grand from the orginal purchase price but because I owed 5K, it still ended up being around $27,000.
By the way, I passed the dealer on my way home from work today and he still has about 7, 2005 FX4 F150's INCLUDING the one I wanted on the lot. The one I wanted to buy has been on his lot for at least since last late summer. Ill post when/if I notice it gone....
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Laughing Gas
Joined: Nov 2005
Posts: 983
Likes: 3
From: Detroit 'burbs
In case anyone who read this thread was still wondering, the F150 I wanted to get is STILL on the lot! Its been there at least over a year because I first noticed this particular F150 (2005 blue flairside FX4 w/heated mirrors package) last April when I first started taking my mountian bike out regularly.
I wonder how long it'll take to get rid of it, and what price they'll finally sell it at.
I wonder how long it'll take to get rid of it, and what price they'll finally sell it at.
Post Fiend
Joined: Jan 2005
Posts: 7,147
Likes: 0
Not a bad choice, there saying gas will hit 3.50 a gallon this summer, and 4.00 a gallon by next. It will be hard enough just to aford gas for the ranger. It would be a shame to have a higher payment for a longer period, just to look at it in the driveway, like my wife does her 04 durango, that I told her not to buy!
Laughing Gas
Joined: Jul 2004
Posts: 1,245
Likes: 0
I'd stop driving by the dealership and looking personally. The fact you keep cruising by the place means you're still tempted to buy the truck.
Given your situation, it would be a VERY bad financial decision to buy that truck right now. You already rolled over $5000 from your previous vehicle and you'll just be tacking more onto the loan if you trade or sell now AND extending your payments. My guess is that even in your current situation you will probably be upside down on the loan for another couple of years because of the carry over from your previous loan. Really your only option is to stick it out with the vehicle you're currently driving.
Just concentrate on paying off what you have now. Then if you're in a good financial position to buy the truck you want in another 5-6 years, then pull the trigger. It would probably also behoove you NOT to buy new since you seem to trade up every 3-4 years. As you probably noticed you suffer quite a bit of depreciation in the first year to 18 months of ownership. Let someone else take that hit and buy something with low miles that's about 2 years old. You'll get a better deal and your wallet will be much better off as well.
Given your situation, it would be a VERY bad financial decision to buy that truck right now. You already rolled over $5000 from your previous vehicle and you'll just be tacking more onto the loan if you trade or sell now AND extending your payments. My guess is that even in your current situation you will probably be upside down on the loan for another couple of years because of the carry over from your previous loan. Really your only option is to stick it out with the vehicle you're currently driving.
Just concentrate on paying off what you have now. Then if you're in a good financial position to buy the truck you want in another 5-6 years, then pull the trigger. It would probably also behoove you NOT to buy new since you seem to trade up every 3-4 years. As you probably noticed you suffer quite a bit of depreciation in the first year to 18 months of ownership. Let someone else take that hit and buy something with low miles that's about 2 years old. You'll get a better deal and your wallet will be much better off as well.
Junior User
Joined: Apr 2006
Posts: 89
Likes: 0
Just alittle note on the 50,000 dollar f-150 i stopped by the dealer this last week and my boss asked them with a five year loan what were we looking at for a price on a four-door f250 diesl with an 8inch lift and 20's ( maybe 18's) and they told us 50,000 out the door. hes probably going to go back and take them up on the deal and we will find out if they try and loope hole him. And its not used it is new
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Laughing Gas
Joined: Nov 2005
Posts: 983
Likes: 3
From: Detroit 'burbs
Thoes super duitys are nice! Im not driving by the dealer everyday to see the truck, I drive by the dealer everyday because it's 4 blocks from my house and on my way to work! The F150's are parked right on the road, too.
The day it's off the lot Ill post it on here. Thats got to be some record for days on a lot for a new car of truck.
The day it's off the lot Ill post it on here. Thats got to be some record for days on a lot for a new car of truck.
Last edited by soundwave; Apr 26, 2006 at 05:33 PM.
Laughing Gas
Joined: Jul 2002
Posts: 765
Likes: 11
From: Moneta, VA
Originally Posted by soundwave
The day it's off the lot Ill post it on here. Thats got to be some record for days on a lot for a new car of truck.
Lead Driver
Joined: May 2004
Posts: 6,461
Likes: 6
From: Abilene Kansas
i got lucky when i bought my truck. luckily the owner of the ford dealership was personally using the truck. i rolled up and asked him how much for that one, and he said its not for sale and i said why not, its in the ranger line. he laughed and said it got parked there by one of the kids who washes the trucks for them. he then thought about it and decided he might want to sell it. it had very very slight hail scrapes on the paseneger side and still had the new car smell. the truck had a tick over 11k miles and was 4 years old. i wanted the 4.0 but for 12k with extended warentee i couldnt pass it up. i still have the returned check after the bank processed it. one of the better checks ive ever written in my life.. she may not be purty, or fast but dangit... SHES MINE
Matt
Matt
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