Who's ready and who isn't?

[c0rsa180]

I just hit my 10k downpayment goal, and everything from this point on is just gravy!!!

[dbotsfordtat]

I've been ready, its GM thats dragging ass.

[Embalmer]

Umm WHO pays cash for a car? Seriously!!!

Unless you're crazy rich or you've been saving for a LONG time, MOST people will be financing MOST of the purchase price of this car.

I personally make 100k/year but I'll still only be putting down 5k or so and financing the other 31k for 5 years. My credit is great but I would imagine that MOST people are in a WORSE position than I am....

I think you will find that most people posting to this thread are those who have more money than they know what to do with or are just really really good savers.

For anyone to come here and say, "If you don't have money cancel your order." You're seriously smoking crack. Nobody is going to CANCEL their order. They'll try to finance the car no matter what and IF they get denied the dealer will sell the car to the 100 people in line waiting for a shot to buy this car.

NOBODY cancel your order unless you KNOW you can not afford this car.

Sorry but I had to post my reality check for the other 99% of the population.

[nol300]

Originally Posted by Embalmer

Umm WHO pays cash for a car? Seriously!!!

Unless you're crazy rich or you've been saving for a LONG time, MOST people will be financing MOST of the purchase price of this car.

I personally make 100k/year but I'll still only be putting down 5k or so and financing the other 31k for 5 years. My credit is great but I would imagine that MOST people are in a WORSE position than I am....

I think you will find that most people posting to this thread are those who have more money than they know what to do with or are just really really good savers.

For anyone to come here and say, "If you don't have money cancel your order." You're seriously smoking crack. Nobody is going to CANCEL their order. They'll try to finance the car no matter what and IF they get denied the dealer will sell the car to the 100 people in line waiting for a shot to buy this car.

NOBODY cancel your order unless you KNOW you can not afford this car.

Sorry but I had to post my reality check for the other 99% of the population.

+1 I made 140k last year and only plan on putting 3k down and financing the rest. Plus even if I had the cash I would keep in the bank if something happened I would have no money but a free and clear car.

[Inspector 17]

Originally Posted by MerF

For the record, I completely agree with you. This recession/depression was born because banks got loose with lending and people were not responsible with it. So I agree if you can't buy the car, get the hell out of the way.

Again, it doesn't effect me as I'm sitting here waiting for more teasers of ragtops...but it will eventually.

I think you have stated that the wrong way. This recession got started because the general population has no idea what credit is and how to use it wisely. Banks and other lenders were just there to take money from people who didn't know any better and weren't smart enough to do some research. We are all way to free and easy with credit.

I am not here to tell anyone what they can and can't buy or what they should and shouldn't buy (unless of course you ask me my opinion and then I will gladly give it to you). I would just tell people to do your research on credit, saving money, investment, etc. Educate yourself. Knowledge is the best weapon.

Originally Posted by Embalmer

Umm WHO pays cash for a car? Seriously!!!

Unless you're crazy rich or you've been saving for a LONG time, MOST people will be financing MOST of the purchase price of this car.

I personally make 100k/year but I'll still only be putting down 5k or so and financing the other 31k for 5 years. My credit is great but I would imagine that MOST people are in a WORSE position than I am....

I think you will find that most people posting to this thread are those who have more money than they know what to do with or are just really really good savers.

For anyone to come here and say, "If you don't have money cancel your order." You're seriously smoking crack. Nobody is going to CANCEL their order. They'll try to finance the car no matter what and IF they get denied the dealer will sell the car to the 100 people in line waiting for a shot to buy this car.

NOBODY cancel your order unless you KNOW you can not afford this car.

Sorry but I had to post my reality check for the other 99% of the population.

Originally Posted by nol300

+1 I made 140k last year and only plan on putting 3k down and financing the rest. Plus even if I had the cash I would keep in the bank if something happened I would have no money but a free and clear car.

To both of you, a fool and their money are soon parted. If you are getting 2.5% or say even 4% on your money in savings and then are paying 5-6% on your loan, you are losing money. It would be better to pay for the car in cash (assuming you have some money in reserve for a rainy day). Now, if you can get 0%-2% financing, then go for it.

[dbotsfordtat]

Originally Posted by camaropete

I think you have stated that the wrong way. This recession got started because the general population has no idea what credit is and how to use it wisely. Banks and other lenders were just there to take money from people who didn't know any better and weren't smart enough to do some research. We are all way to free and easy with credit.

I am not here to tell anyone what they can and can't buy or what they should and shouldn't buy (unless of course you ask me my opinion and then I will gladly give it to you). I would just tell people to do your research on credit, saving money, investment, etc. Educate yourself. Knowledge is the best weapon.





To both of you, a fool and their money are soon parted. If you are getting 2.5% or say even 4% on your money in savings and then are paying 5-6% on your loan, you are losing money. It would be better to pay for the car in cash (assuming you have some money in reserve for a rainy day). Now, if you can get 0%-2% financing, then go for it.

What? Are you saying banks are the victims? Really? Nevermind, I see you didn't mean that cause you wrote a fool and his money are soon parted. Unfortunately the fool in these cases were the lending institutions but the money appears to be the taxpayers. Go figure.

[Inspector 17]

Originally Posted by dbotsfordtat

What? Are you saying banks are the victims? Really?

No, absolutely not. I am saying that banks were just doing what capitalist fundamentals dictate - answer the demand with supply. If people want 5-15 ARMs because they don't understand what that really is and the banks see it as an opportunity to make money, then they will find a way to offer 5-15 ARMs. Don't get me wrong, banks and lenders are guilty (and so are real estate agents and companies), but they wouldn't have lended money to unqualified buyers if the buyers would have been educated and said "damn, I can't really afford a $600,000 house when I only make $100,000 a year combined income."

[1_2Many]

I've owned 19 cars to date and I'm 30 years old. I currently drive a 2008 Suzuki that was not expensive, but worked as a good temp car until something good came around (i.e. Camaro). That car is already paid down to where I would break even if sold today. I have made some mistakes in the past, but have never let my credit go to down the hole. I have financed at least half of those cars owned and never had an issue with that. I plan on putting at least 20% down payment on my 2SS and will be financing the rest. I do not agree you need to have financing lined up at this point as in my experience getting the loan is the easy part.

Nobody should be knocked for relying on a loan for a new car. This is how banks make money and as long as payments are made this is good for economy. If you cannot afford your payments then I agree you should not be looking at a Camaro right now, but even those pre-ordered cars will be sold to the next lucky person so no harm no foul.

BTW those who claim income of 100k+/yr I am not sure why you are even involved with this discussion. You make far above the national average and a Camaro payment even fully financed should not impact you. Unless that is you've made some poor decisions and have all your money tied up through other loans. I only bring 50k+/yr personally and I have a mortgage to make. Luckily I have very little other debt so I can swing at fully loaded top of line Camaro. If I can do that with what I make then come on people you've got it easy.

[Embalmer]

Originally Posted by camaropete

To both of you, a fool and their money are soon parted. If you are getting 2.5% or say even 4% on your money in savings and then are paying 5-6% on your loan, you are losing money. It would be better to pay for the car in cash (assuming you have some money in reserve for a rainy day). Now, if you can get 0%-2% financing, then go for it.

I'm not here debating why we are in a financial crisis. I'm here saying that 99% of the people buying this car will not be paying cash for it. OF COURSE paying cash is the best way to go - nobody will argue that, but who has 35k to drop on a car? Nobody I personally know.

Here, I'm not saying spend money you don't have but financing a car is in no way a BAD thing. Live within your means and spend a few bucks in life - you only live once and money does you no good when you're taking the impending dirt nap.

Btw, 0-2% financing isn't going to happen... everyone here should figure 6-8% to be safe.

[cmanatam]

Credit Score 705 and got approved for up to 80% the value of the car. I've already saved up 30% so I won't need the full amount, maybe i can even knock the rate down a bit.

[blindingillusion]

I really do think it is hilarious that we still even use credit score today. The technology is good enough for a dealer to run a credit check and know exactly how much a month you spend on average. Deduct that from your proof of monthly income and if the number is greater than a payment on the car you win.

I am sorry, but I am so against so many conventions we have that were created at the time when we were limited technologically. Credit score is huge, the Electoral College is another, and there are others out there.

Plus, if things get much worse the dealerships and car finance companies won't be able to be so picky about who they finance because everyone's credit will be in the crapper.

[BigTrap1967]

Originally Posted by Embalmer

Umm WHO pays cash for a car? Seriously!!!

Unless you're crazy rich or you've been saving for a LONG time, MOST people will be financing MOST of the purchase price of this car.

I personally make 100k/year but I'll still only be putting down 5k or so and financing the other 31k for 5 years. My credit is great but I would imagine that MOST people are in a WORSE position than I am....

I think you will find that most people posting to this thread are those who have more money than they know what to do with or are just really really good savers.

For anyone to come here and say, "If you don't have money cancel your order." You're seriously smoking crack. Nobody is going to CANCEL their order. They'll try to finance the car no matter what and IF they get denied the dealer will sell the car to the 100 people in line waiting for a shot to buy this car.

NOBODY cancel your order unless you KNOW you can not afford this car.

Sorry but I had to post my reality check for the other 99% of the population.

Didn't look at it that way at first but very good point.I also so know that this car is going to be selling for over sicker so if some pore fellow can't afford to buy his dream car rite now maybe he can shop it around while it's at the dealers lot and make a few buck for his loyalty,patience,and support for this car and GM.better a real enthusiast make over than these greedy uniformed dealers.