Car Financing Advice (Please help)

[Ran]

I'm not sure where this goes, but I think I'll get better visibility and responses here in the WL. Thanks for all the help.

Okay, here's the deal. My girlfriend needs a new car BADLY and I need to get something with better gas mileage. She can't afford it so I'm going to do the most unselfish thing I've ever done.

Trade in my new car.

I LOVE my car, but I need to do something to help us out. I'm considering trading in my Mustang for a 2002 Miata for me, and then finding a first gen Miata for her since that's what she wants.

By trading in my Mustang, I'll be losing my @ss since I'll have about $8K in debt on it, but it should still be enough to lower my payments enough to where I can finance this Miata as well as a cheaper one for her.

Any advice on this situation? Any at all? All help is appreciated since I'm really stressed about this. Thanks. :(

[ironchef]

You need to give some more numbers to give you a better answer. How much do you owe on the mustang, how much is the mustang worth, how much are 2002 miatas, and then older miatas, etc...

[Nemesis]

Damn, wont you be rolling over negative equity on the other car? Dude thats a tough situation, but you might end up in a worse position if you do that :(

[ironchef]

Oh and also, how is the current mustang loan scructured? Interest percentage, loan length, current monthly payment, yadda yadda. Pm if you'd like.

[Nemesis]

Dude if you were rolling around in a V6 Stang, Id say go for it. But SUV and anything V8 right now is going to get a poor trade in value. :(

[wantboost]

buy her something old and cheap

like a 94-97 accord, you can find those for 4k all day long (w/ 60k miles)

[Ran]

Oh and also, how is the current mustang loan scructured? Interest percentage, loan length, current monthly payment, yadda yadda. Pm if you'd like.Current payment is $532 a month. :idb: :(

[EJ25RUN]

can you get her some sub $3000-4000 dollar car in the mean time? You are gonna take a huge blow if you go through with this.

[Nemesis]

Its all my fault :(

[ironchef]

Well, looking at KBB retail value, an 02 Miata is about $13k. Private party is obviously cheaper, but since you'd be trading the Mustang in I would think you'd more than likely go through a dealership. Anyway, so $13k + $8k negative equity = $21k loan amount, not including taxes, fees, and such. So lets say $22k for ****s and giggles.

@ 5 years and 6% interest you'd be looking at $425/month. Now that number imo is probably worst case scenario. So, in reality it would probably go down, but is it worth it to save $100-$150 more per month and not have the car you love? Not to mention getting hosed on the trade in?

[Ran]

can you get her some sub $3000-4000 dollar car in the mean time? You are gonna take a huge blow if you go through with this.I can't afford two payments with my current Mustang deal. If I could I would, but I have to get my current note down before I can get her something.

[drmz2realiti]

I know of a place in douglasville that has 9% financing for ne with dpwn payments ne where from 500-700 down on good cars. You can pay bi-weekly w/ low payments

[Ran]

If I could get this 02 Miata for around $350 a month for 5 years or whatever, I'll probably do it. Just because I could spin a $3000-$4000 Miata for cheap.

I just don't know right now. I shot myself in the foot with this impulse buy on the Mustang. :(

[drmz2realiti]

If u need to finance a car that is around 4K i know of a place in douglasville that does 9% financing for everyone with down payments from $500-$700. Payments are bi-weekly & they have cars that people actually want

[Nemesis]

Well the thing is man, if your lady wasnt in this situation would you be fine? If so, she might just have to tough it out for a while man.

[ironchef]

9% financing on a car is GRIMY!

[ShooterMcGavin]

wtf nate? are you married to this chick or not? if not then why do you burden yourself w/her financial shortfalls?

hell, if i recall correctly she's not even giving up the poontang?

i think you must've hit your head recently :lmao:

[ironchef]

Why cant she get a job and pay for her own ****?

[ShooterMcGavin]

Why cant she get a job and pay for her own ****?
might be the smartest question i've ever heard this guy ask :yes:

[Ran]

Why cant she get a job and pay for her own ****?She has a job right now, but she doesn't make enough to finance a car and make her rent.

[ShooterMcGavin]

She has a job right now, but she doesn't make enough to finance a car and make her rent.
so have her move in w/you? better idea than these ridiculous financing loopholes you're having to jump through...

[JITB]

wtf nate? are you married to this chick or not? if not then why do you burden yourself w/her financial shortfalls?

hell, if i recall correctly she's not even giving up the poontang?

i think you must've hit your head recently :lmao:


i agree, but i know how he feels tryin to help out....i "helped" out my ex with a car.. it hasnt bit me in the ass yet.. But she drives the newer car.. :cry:

i say you might want to trade your car in for both of you all. And "help" her with getting something....might be alright tho. As long as its all in her name. Or i say get her a cheap reliable car... which is always better than nothin!

[ironchef]

Why don't you finance it under your name and make her front most if not all of the monthly payment, and just keep the mustang. If you pick up an older miata for like $3-4k it wouldn't be much monthly. So just make her pick up some extra hours lol.

[Ran]

Why don't you finance it under your name and make her front most if not all of the monthly payment, and just keep the mustang. If you pick up an older miata for like $3-4k it wouldn't be much monthly. So just make her pick up some extra hours lol.Like I said before, she can't afford the payments right now. Likewise, neither can I since I'm paying for the Mustang. It's the whole reason I'm even considering trading it in.

[ironchef]

Do you have good credit, otherwise you would get hosed on interest rates.

[Ran]

Do you have good credit, otherwise you would get hosed on interest rates.My credit is about average. It was good enough to get me 6% on the Mustang.

[Alan®]

I'm not sure where this goes, but I think I'll get better visibility and responses here in the WL. Thanks for all the help.

Okay, here's the deal. My girlfriend needs a new car BADLY and I need to get something with better gas mileage. She can't afford it so I'm going to do the most unselfish thing I've ever done.

Trade in my new car.

I LOVE my car, but I need to do something to help us out. I'm considering trading in my Mustang for a 2002 Miata for me, and then finding a first gen Miata for her since that's what she wants.

By trading in my Mustang, I'll be losing my @ss since I'll have about $8K in debt on it, but it should still be enough to lower my payments enough to where I can finance this Miata as well as a cheaper one for her.

Any advice on this situation? Any at all? All help is appreciated since I'm really stressed about this. Thanks. :(

Let me start off by saying that what you are trying to do is noble.

However your better off sticking with your car. Now I haven't bothered to read the rest of this thread but I work in the car business i've done enough deals to know how this will go. If you have 8k in negative equity in the car you probably have about 11 in negative equity. I say this because dealers go off of black book not blue book. KBB really isn't close. If you really are serious about trading in the mustang then you need to payoff a big chunk of it over the next few months to get rid of some of that negative equity otherwise your going to get :idb: .

The other option you can consider is keeping the car and privately selling it.

Hope this helps

-Alan

[drmz2realiti]

Have you thought about putting it on craigslist and seeing if someone will take over payments and have them put some money up front take that money and put it down on something else or try & come up with the money to buy her a car straight out cash, last resort buy her something that is dependable and cheap let her drive it for a couple of months then turn around & sale that then get her what she really wants. One more idea take it to carmax and have them buy your stang

[Ran]

Thanks for the info Alan. I really appreciate it.


The other option you can consider is keeping the car and privately selling it.I've considered this, but I know there's no way in hell I'll get $30K for the Mustang even if it is a Premium Edition.

I seriously just trying to get advice so I'll be better prepared for whatever may happen. The stress is getting to me though.

[ShooterMcGavin]

Have you thought about putting it on craigslist and seeing if someone will take over payments and have them put some money up front take that money and put it down on something else or try & come up with the money to buy her a car straight out cash, last resort buy her something that is dependable and cheap let her drive it for a couple of months then turn around & sale that then get her what she really wants. One more idea take it to carmax and have them buy your stang
carmax blows mexican donkeys

[drmz2realiti]

I've never delt with carmax it was just a sugestion

[Ran]

I've never delt with carmax it was just a sugestionI actually plan on stopping by, just to see.

[drmz2realiti]

It never hurts to try the worst they can say is no g/l on whatever decision u make

[ironchef]

It never hurts to try the worst they can say is no g/l on whatever decision u makeThey won't say no, but they won't give him anywhere near the money its probably worth.

[drmz2realiti]

true they never do

[Ran]

If they'll give me what I owe on it, I'll be happy. Not gonna happen though. lol

[ironchef]

How did you get so upside down if you dont mind me asking?

[Ran]

How did you get so upside down if you dont mind me asking?Because I'm young, stupid, and bought the Mustang on impulse. :lmao: :(

[Alan®]

If they'll give me what I owe on it, I'll be happy. Not gonna happen though. lol
typically what carmax does( and i had a buddy of mine that used to work there tell me this so you can take this to the bank)is offer you black book for the car so whatever carmax tells you is actualy what the trade in value of the car is.

[drmz2realiti]

Shopping rule #1 Never buy on impulse. Impulse shopping F*%ks u in tha long run

[ShooterMcGavin]

typically what carmax does( and i had a buddy of mine that used to work there tell me this so you can take this to the bank)is offer you black book for the car so whatever carmax tells you is actualy what the trade in value of the car is.
uh don't know about all that...all i can say is, when i got rid of my prelude, carmax offered me the generous sum of $6500 for it. when i took it to a local dealer that used to be a sponsor of ia? i got $9900 for it day of, and they turned around and sold it a week later for no less than $10500...

[Alan®]

uh don't know about all that...all i can say is, when i got rid of my prelude, carmax offered me the generous sum of $6500 for it. when i took it to a local dealer that used to be a sponsor of ia? i got $9900 for it day of, and they turned around and sold it a week later for no less than $10500...
Well i'm passing along information that I have from a reliable source that actually used to sell and buy cars there.

[Revmaynard]

If this were August I would have a car I would be willing to loan you for a month or so if it would help. Too bad it's June. Good luck man!

[Ran]

If this were August I would have a car I would be willing to loan you for a month or so if it would help. Too bad it's June. Good luck man!I appreciate the offer nonetheless. Thanks man.

[Blitanicle99]

Financing wise, thats a lot of a new mustang GT.

Sell your car yourself (private party) and then PM on what you want. I am a whole saler. I hook people up. Im saving my boss like 20 g on his 08 F350 Dually Diesel.

[Blitanicle99]

**** post up the specs of your car and Ill tell you black book (what youll get for it)

[civic95]

Sell the mustang yourself. If you trade it in you'll lose atleast $5K vs: selling yourself.

[kelly marie]

I don't even think a dealer will allow you to rollover $8k in negative equity, unless you buy a new car.. and carmax sucks.. they won't give you anywhere near what you owe :( i bought my xterra brand new (i, too, was young and stupid) b/c i just had to have one and now i'm stuck with it, we've tried to trade it in for something that eats less gas but it hasn't happened yet.

i think you are pretty much screwed no matter what you try.. i'm sorry! kudos to you for trying to help your girlfriend though, it's sweet!

[redrumracer]

i agree with the other person in here that said move her in with you. although i think thats a horrible idea, getting rid of a car you like is even worse. and if you do decide to get a miata for yourself hopefully youll get MSM. also another option is to go drive around in the worst traffic parts of atl during the worse time and hope someone hits you or hey dodge a deer, the best method for dodging deer is in the ditch. and that is assuming you have full coverage.

[redrumracer]

-or- go to a movie theater that is known for cars to go missing and leave your windows rolled down and hope for the best.

[Ran]

i agree with the other person in here that said move her in with you. although i think thats a horrible idea, getting rid of a car you like is even worse. and if you do decide to get a miata for yourself hopefully youll get MSM.I had an MSM for while and loved it. However, with gas the way it is, I'd rather not get a Miata that'll get the same MPG as my Mustang and require premium fuel. I like my Mustang, but I'd be happy in Miata too. That's not an issue.


also another option is to go drive around in the worst traffic parts of atl during the worse time and hope someone hits you or hey dodge a deer, the best method for dodging deer is in the ditch. and that is assuming you have full coverage.LOL

As desperate as I am, I don't think I want to go into insurance fraud. Knowing my luck, it wouldn't even be totalled. :lmao:

[redrumracer]

I had an MSM for while and loved it. However, with gas the way it is, I'd rather not get a Miata that'll get the same MPG as my Mustang and require premium fuel. I like my Mustang, but I'd be happy in Miata too. That's not an issue.

LOL

As desperate as I am, I don't think I want to go into insurance fraud. Knowing my luck, it wouldn't even be totalled. :lmao:
i would never directly suggest fraud or anything like that, just find some backroads and drive up and down them, your eventually bound to find a deer :D then you appropriately swerve do dodge said deer, but dont let off the gas, floor it to produce most damage.

and i thought msm didnt get bad mileage as long as you didnt drive it hard.

[JennB]

^^ She's right, for the most part (Kelly Marie). It's not that easy to roll over that much negative equity. You have to have really good credit and find a car that will work for the deal. You can't finance a $12,000 car for $20,000. The car is the collateral for the loan and no one is going to loan you that much more than the collateral is worth. To absorb negative equity, dealers will do a lot of creative math on the paperwork and try to get you in a car that they are selling for less than the book value.

I actually worked in dealership finance, I've done it plenty of times and I'm an accountant.

What we would do is find the used car on the lot that we had a lower amount invested in. Say a Taurus that we bought for $6K but would sell for $12K and had a book value of $14K. We would sell for $12K, roll over $2K to finance the whole $14K and then give them a little more for their trade, ask for more down payment, anything we had to do to make up the remaining negative equity and still make as much as possible off the deal.

You should try to pay as much as you can on your car in the next couple of months, sell it private party and maybe buy a scooter or something if you really can't afford to put gas in it.

Taking $8K in negative equity is horrible. You will always owe more on your car than it's worth. Do you have GAP insurance? What if you get in a wreck or it's stolen? There has to be a better option than digging yourself into a huge financial hole.



BTW, Redrumracer, MSM's are 23-26 city and 29-30 highway. Premium only.

[Ran]

I found a 2001 Mazda about 2 miles away from my work for $9,000 at a dealership. I'm gonna go check it out. Hopefully I can work some magic. :(

[redrumracer]

i believe this is going to be an impulse decision again.

[IndianStig]

How much is still owed on the mustang??????


Dude, I know someone who is looking to take over payments on a newer sports car. PM me if interested, that way you could just start over?????

[Nemesis]

i believe this is going to be an impulse decision again.


Yeah dude, you really need to not make another mistake dude. Seriously.

[Ran]

How much is still owed on the mustang??????


Dude, I know someone who is looking to take over payments on a newer sports car. PM me if interested, that way you could just start over?????PM'd.

[kelly marie]

You should try to pay as much as you can on your car in the next couple of months, sell it private party and maybe buy a scooter or something if you really can't afford to put gas in it.

lol we just bought a scooter for my hubby.. he has a dodge ram hemi and spends so much in gas...

ran - that could be an option.. it was only $1500 for a brand new 2008 scooter 150cc that can go 55-60 MPH and gets 70-80 MPG.. it just depends if you can take back roads to work :)

[jwrape]

I can't condone making payments for a car. Sell the Mustang out right, get out from under the huge payment and if you have to get a loan for the two cars than shop around for cheap miata's. Paying high interest rates oncars is such a waist of your money. :goodjob:

[Sawyer]

PM Sent

[Julio]

lol... and this with no pootang? damn.

Good luck trying to rollover 8k... rough situation.

[redrumracer]

so what happened?

[SlowsterCivy]

so what happened?

Read the whole thread.

I second that!

Ran how old is your gf?

[redrumracer]

Read the whole thread.

I second that!

Ran how old is your gf?
ummmmmmmm i have???

[ironchef]

ummmmmmmm i have???Learn engrish, lawls noob. She meant she also read the thread, thus concurring with your statement.

[SlowsterCivy]

ummmmmmmm i have???

I'm saying I read the whole thread. And I agree with the person above me that said so what happen

[SlowsterCivy]

Learn engrish, lawls noob. She meant she also read the thread, thus concurring with your statement.

Thank you.

[redrumracer]

I'm saying I read the whole thread. And I agree with the person above me that said so what happen
ohhhhhhhh so you agree with me on asking what happened, i gotcha. :D

[SlowsterCivy]

ohhhhhhhh so you agree with me on asking what happened, i gotcha. :D

*nods* YES

[HeLLo iM iZzY]

Damn you doing all of this and no pie?

Now that's a rough situation.

[rupertaker]

uhh

sell mustang private party. or depending what value on it is, just get carmax to buy it. take the extra few grand and buy two cheap miatas.

buy another one when you can actually afford it.

[Evil Goat]

keep your car and she can buy her an eg civic

p.s.....shes a GIRLFRIEND......if you aint married its not your responsibility to get her a ride...***** whipped bull**** if you ask me....

[bastarling84]

You can get 0% financing and Suzuki will pay for your gas for the summer on select models until June 30th!

Can anyone tell that I work in automotive advertising?

[Kaiser]

uh don't know about all that...all i can say is, when i got rid of my prelude, carmax offered me the generous sum of $6500 for it. when i took it to a local dealer that used to be a sponsor of ia? i got $9900 for it day of, and they turned around and sold it a week later for no less than $10500...

Carmax almost always auctions cars with the following:

Modifications.
10 years of existence.
100,000 miles of travel.
Any issues with the title.
Too many pings on CarFax.

If they plan to auction your car, they will give you going auction rate for your vehicle, and not KBB/Black Book. If they plan to lot your car, they will give you Black Book Trade-in based on condition it's in. The car lot in your example made exactly $0 off of that transaction when you take into account their costs. Except that they likely financed the car, and thus made money off the finance charges.

Carmax is a fantastic company, but there are plenty of cars that don't belong anywhere near Carmax.

[Ran]

Well, I went over my options and decided to try and sell the car outright. It's listed on CL and I'll try to list it on E-Bay. If it sells then great, if not then I'll tough it out and try to start putting more towards my monthly note to make up the negative equity. I've gotten a bunch of calls from people wanting to take over payments, but that has too much grey area for me to really feel alright with it.

Thanks to everyone that offered advice. :cheers:

[ironchef]

Can you sell any mods you've made to the car (if you have made any), and then put it towards your monthly note?

[Ran]

Can you sell any mods you've made to the car (if you have made any), and then put it towards your monthly note?I got my exhaust used from Nemesis for pennies on the dollar so I guess I could do that. I don't think it'd make that big of a difference though.

[Sammich]

She has a job right now, but she doesn't make enough to finance a car and make her rent.

i purchased a car...two cars, the teg and the maxima...i financed both

total loan:4500
teg: 130/month - 4yrs

total loan: 6500
maxima 145/month - 5yrs

w/ high ass interest rates

she should be able to handle that...or u can

go to a credit union..

[ironchef]

i purchased a car...two cars, the teg and the maxima...i financed both

total loan:4500
teg: 130/month - 4yrs

total loan: 6500
maxima 145/month - 5yrs

w/ high ass interest rates

she should be able to handle that...or u can

go to a credit union..Please tell me youre paying over that amount monthly.

[Sammich]

uh yes, i got it that low for situations that may come up and i wouldnt be able to make those higher payments...like right now the wife lost her job and i'm still able to pay over my amount

[Evil Goat]

so are you married or is this a girlfriend? im ****ing lost here...b/c if this is a girlfriend then **** her...if its your wife then i can understand why you are stressing about another vehicle