01-23-2010, 08:52 AM | #15 |
Drives: 2010 2SS/RS AQUA BLUE Join Date: Nov 2009
Location: Houston, Texas
Posts: 4
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Dave Ramsey rule, if you can"t pay for it in cash than you cant afford it! From what I gathered from your post you are young and just starting out and still live at home. First of all I believe you can get a way better interest rate than 5.49%. You have a great credit score and should be able to get an interest rate somewhere in the 4% range I would think. You definitely need to give the dealer a chance to beat the 5.49% rate. I put 20K down on my Camaro and financed the remainder for 72 months @ 4.25% interest rate. That interest rate came from the dealer. I double up on my payment because I want this car paid off ASAP. I also plan on never getting rid of this car either. It will be a collectors item one day. Good luck and if you decide to actually purchase the car, pay it off asap, and do not build anymore debt until it is paid off.
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01-23-2010, 09:14 AM | #16 | |
Drives: 2SS/RS Join Date: Sep 2008
Location: Western North Carolina
Posts: 7,177
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Quote:
They are running a lot of scams right now; fraudulent overdraft charges, purposely processing credit card and loan payments late to charge late fees, not contacting the person for months so the fees will add up to thousands of dollars, etc. They have about a dozen lawsuits against them right now along with one big time class action lawsuit where their practices caused the death of the elderly person. They are also being investigated by the FDIC for criminal activity. Spend some time on google and you will see what I mean. The $500 off for the 60 day return ended January 2 so you won't get this. Yes there is a Credit Union discount. https://www.exclusivegmoffer.com/ip-...do?program=cud It's a percentage based discount and the amount off depends on your vehicle, trim, and options. |
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01-23-2010, 09:28 AM | #17 |
Drives: 14 Silverado LTZ Z71, 16 Camaro SS Join Date: Nov 2009
Location: Jackson, Michigan
Posts: 4,407
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I have been at my job for one year and make pretty good money. The only problem is that I am still only casual. Which means I am not guaranteed hours (although I usually get at least 25 week)....but I do get paid about 5 bucks an hour more than everyone else. I also have a mechanic job to fall back on with my grandfathers business as well.
Will this situation hurt me? I have one credit card I currently use that has a 5000 limit. I have been offered 20-30k limit cards in the mail countless times. I have absolutely zero other debt. My only monthly bills are my credit card bill when I use it, my cell phone and my car insurance. Oh and the girlfriend tax....they get angry when you dont take them out after a while. |
01-23-2010, 09:36 AM | #18 |
Drives: 2010 2SS/RS AQUA BLUE Join Date: Nov 2009
Location: Houston, Texas
Posts: 4
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So are you going to trade the 1998 z28 in also?
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01-23-2010, 09:41 AM | #19 |
Hail to the King baby!
Drives: '19 XT4 2.0T & '22 VW Atlas 2.0T Join Date: Dec 2008
Location: Illinois
Posts: 12,169
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First, I have to agree with the previous poster, 72 months is a lonnngggggggg time. Even with a 10K DP, you could find yourself upside down at some point in that loan.
Second when I bought the Sky in December, I got 3.6% on 60 months. And to support that I just received an email yesterday from my credit union advertising, "as low as 3.75%. So I think anything pushing 6% is high.
__________________
"Speed, it seems to me, provides the one genuinely modern pleasure." - Aldous Huxley
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01-23-2010, 10:16 AM | #20 |
Drives: 14 Silverado LTZ Z71, 16 Camaro SS Join Date: Nov 2009
Location: Jackson, Michigan
Posts: 4,407
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The 98 z28 is totaled. Hence the RIP next to it.
I had her all decked out H/C full bolts ons etc etc back in 2006 and a tree ran out in front of me. From the sounds of It I need to go to a dealer and see what they can offer. I was crunching some numbers and a 24k loan at 60 months with 4% is like 430 a month. That is not much more. Its just 3 something sounds so cheap :( Time will tell. |
01-23-2010, 11:54 AM | #21 |
Drives: 2012 Mustang GT Join Date: May 2009
Location: Abilene, TX
Posts: 1,358
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w/ 10K down, if you want to do 72 months- that should be fine, you should never be upside down in your car. (as far as the loan is concerned)
Cars depreciate- no way around that-- so that 10K maybe be partially or completely gone if you end up needing to sell it or trade it in. but with 10K down you should be fine with 72 months. The good thing about 72 months (if the rate is the same or close to the same) is that you can always pay more if you want to to pay it off quicker. But if you do a 48 month loan, and run into an unexpected temporary tight spot, guess what your minimum payment won't be lowered just because you put alot down. Good luck... ________ Grape Ape Pictures Last edited by jrc1122; 03-11-2011 at 10:35 PM. |
01-23-2010, 01:48 PM | #22 | |
Virologist in the making
Drives: 2010 VR SS/RS LS3 Join Date: Aug 2009
Location: El Paso TX
Posts: 2,865
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Quote:
No estalished credit history. 1 year at his job.
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Victory Red 1SS/RS Ordered - 8/4/09 & Joined Camaro5.com family
6000, Delivered to the customer - 12/21/09 |
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01-23-2010, 01:50 PM | #23 | |
Virologist in the making
Drives: 2010 VR SS/RS LS3 Join Date: Aug 2009
Location: El Paso TX
Posts: 2,865
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Quote:
__________________
Victory Red 1SS/RS Ordered - 8/4/09 & Joined Camaro5.com family
6000, Delivered to the customer - 12/21/09 |
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01-23-2010, 03:02 PM | #24 | ||||||||
Drives: 2SS/RS Join Date: Sep 2008
Location: Western North Carolina
Posts: 7,177
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01-23-2010, 04:41 PM | #25 | |
Drives: 2005 Chevrolet Colorado LS Join Date: Oct 2009
Location: Dallas, TX
Posts: 64
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Quote:
how is google a credible source??? i could google that chase is having wells fargo babies with capital one and it might come up. you can find anything on the internet, thats why when you're in college, wikipedia does not count as a scholarly source because anyone can alter information.... i work at bofa so i know for a fact that all this is just an instance of i heard this from a friend who heard it from a friend who heard it from his dog and so on.... people dont know how payments work. let me break it down for you: -mailed payments take about 7-10 business days to arrive, and then it takes a business day to process and post. -online banking payments take 4-6 business days for it to process and post (usually gives you a date when it'll process) -payments over the phone are processesed the same day if made before 4 pm pacific time. if made after that time it will post the next business day -payments at the branch are processesed the same day if made before 4 pm pacific time. if made after that time it will post the next business day. -business days are weekdays (i.e.-monday throught friday), so if a payment is made on the weekend or during a holiday when the bank is closed, the payment will be made on the next business day so you can't blame a bank because you procrastinated on making a payment. we always call our customers when they have fallen behing, but you gotta think how many people will hang up the phone or not even answer it thinking its a telemarketing call. i will agree, however, that in general credit unions usually have better rates overall because they work differently than banks.... please check your facts next time p.s.-"National Inquirer" is not a credible source either
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2010 Black Camaro 2SS w/ RS package.... da woiks!
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01-23-2010, 05:10 PM | #26 |
Drives: 2012 Mustang GT Join Date: May 2009
Location: Abilene, TX
Posts: 1,358
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BOA sucks.
In the world of Financial Advice- David Ramsey is BOSS. and He is constantly warning against banking with certain banks to include BOA and Chase. ________ MERCEDES-BENZ OM352 ENGINE Last edited by jrc1122; 03-11-2011 at 10:36 PM. |
01-23-2010, 06:42 PM | #27 | |
Drives: 2005 Chevrolet Colorado LS Join Date: Oct 2009
Location: Dallas, TX
Posts: 64
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Quote:
its better to have a $5000 balance on a card with a $25000 creditline rather than have a $4000 balance on a card with a $5000 creditline.
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2010 Black Camaro 2SS w/ RS package.... da woiks!
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01-23-2010, 06:48 PM | #28 | |
Drives: 2005 Chevrolet Colorado LS Join Date: Oct 2009
Location: Dallas, TX
Posts: 64
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Quote:
...and please dont say its because he said it sucks.
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2010 Black Camaro 2SS w/ RS package.... da woiks!
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