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

[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

[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

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..

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 sugestion

I 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 make

They 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.

[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