Anybody sold/traded a 2012 yet?

[mike25]

Originally Posted by daveagogo1

One thing worth mentioning here is your planning to apply for a mortgage soon after working out the new car. This is not a very good idea. If you trade your car and get a new one. You will have a brand new note. Sure it will be cheaper but, the note itself will be brand new and your credit will take a nice temporary hit.

Your credit will recover back to normal in about 6 months or less in most cases. One golden rule is NEVER open a new credit line right before a mortgage application. Your score will be lower than it is now and you will either pay more for the mortgage in interest or not even qualify at all depending on what your score is now and how much of a hit it takes. It varies by individual but you can take a hit of up to 50 points immediately after a new note. You would be almost certain to no longer be considered an "A" credit borrower as a 50 point hit would drop even an 800 score to 750 and that will not cut it for the very best rates possible. The results would be even worse for the avg good credit person with something like a 750 midddle score.

Just something to seriously think over before jumping the gun. If your not looking to get into a home until maybe 6 months down the road then it's ok to do this now.

I think what im actually going to do, is go talk to the bank here this week. I need to have things sorted out by august. So i figure if i need to, get the new car/ lower note now, then let my credit recover. Its actually still recovering from this purchase back in september. Im not sure if my score right now can get me approved for a mortgage, seeing as my debt ratio is close to 60%. So, not only would this newer purchase get me a roomier car, but it could improve my ratio etc. But the way i figure, i can at least talk to the bank and get some insight. Before i bought my car, i had a 725, it dropped down in the high 670's right now. Not even really sure what a decent score for a home mortgage is. I think ok-to-average i read was above 650 and good was like 725-750 and above.

[mike25]

Originally Posted by 2012-2SS

There's food for thought, the CTS is a hot car, but how about that CTS-V? It also comes in a wagon configuation too

I wish, but i need to try and keep cost as low as possible, so the cts-v misses the bill. I need four doors, but i dont want to leave the v8 power behind..im spoiled and cant go back now.

[fmcooper]

Congrats Mike, my 5th Gen TPW comerade. The day will come when your load of kid gear will lighten and the two will fit nicely in the back seat of a 6th gen. Mine are 6 and 8 now, and I was finally able to downsize

[wmlunt]

tough situation, i might think about a Grand Prix GXP. very fun car, high 13's very torquey, loaded! Heads up display, FWD good for winter, parts a little pricey, but fun wins!!! low miles are in the teens to buy....

[daveagogo1]

Originally Posted by mike25

I think what im actually going to do, is go talk to the bank here this week. I need to have things sorted out by august. So i figure if i need to, get the new car/ lower note now, then let my credit recover. Its actually still recovering from this purchase back in september. Im not sure if my score right now can get me approved for a mortgage, seeing as my debt ratio is close to 60%. So, not only would this newer purchase get me a roomier car, but it could improve my ratio etc. But the way i figure, i can at least talk to the bank and get some insight. Before i bought my car, i had a 725, it dropped down in the high 670's right now. Not even really sure what a decent score for a home mortgage is. I think ok-to-average i read was above 650 and good was like 725-750 and above.

If August then yes take the plunge and hit now. Lower your debt ratio as 60% won't cut it with anybody. The generally accepted max is 36% of your gross income. To qualify for the very best mortgage rates in most instances in todays market you will need to have a mid score of 760+ also 20% down and 2 months worth of reserves in the bank that is seasoned. This means you must prove it has been in the bank for at least 30 days.

For reference 760 is considered excellent credit by pretty much every lender.

720-760 is very good to excellent for some lenders.

Below 720 will not typically qualify for the best rates.

680 - 720 typically is good but again not the best rates

Anything below 679 is going to result in a not so favorable rate.

Please don't take this info as the gospel. Talk with your lender but, just be aware that a 60% DTI won't qualify. This info is for mortgages only. Car notes and other credit use different scoring models and DTI numbers.

Hope this gives you some idea though of what to maybe expect. Good luck with it all and the G8 is nice.

[hightower]

There was a member thinking about trading his 2012 2LT for a van I think. :/

[mike25]

Originally Posted by daveagogo1

If August then yes take the plunge and hit now. Lower your debt ratio as 60% won't cut it with anybody. The generally accepted max is 36% of your gross income. To qualify for the very best mortgage rates in most instances in todays market you will need to have a mid score of 760+ also 20% down and 2 months worth of reserves in the bank that is seasoned. This means you must prove it has been in the bank for at least 30 days.

For reference 760 is considered excellent credit by pretty much every lender.

720-760 is very good to excellent for some lenders.

Below 720 will not typically qualify for the best rates.

680 - 720 typically is good but again not the best rates

Anything below 679 is going to result in a not so favorable rate.

Please don't take this info as the gospel. Talk with your lender but, just be aware that a 60% DTI won't qualify. This info is for mortgages only. Car notes and other credit use different scoring models and DTI numbers.

Hope this gives you some idea though of what to maybe expect. Good luck with it all and the G8 is nice.

Ive actually done alot of reading, and found this out. I know it needs to be much lower, and with my figuring, a 11 or 12k loan will keep me right in that 30 percent DTI bracket. Not to mention, that loan will be even lower by the time i go to apply for a house loan.

[2001ragtop]

Originally Posted by mike25

Ive actually done alot of reading, and found this out. I know it needs to be much lower, and with my figuring, a 11 or 12k loan will keep me right in that 30 percent DTI bracket. Not to mention, that loan will be even lower by the time i go to apply for a house loan.

You could consider keeping the camaro. If you are able to put money down and refinance the current Camaro Payoff balance at a lower interest rate. Refi for 60 or 72 months to create a smaller car payment. that likely would help you later when you look for a mortgage....i did this to like 3 cars and in one case the payment went down by like 250 a month...

[mike25]

Originally Posted by 2001ragtop

You could consider keeping the camaro. If you are able to put money down and refinance the current Camaro Payoff balance at a lower interest rate. Refi for 60 or 72 months to create a smaller car payment. that likely would help you later when you look for a mortgage....i did this to like 3 cars and in one case the payment went down by like 250 a month...

I wish i could, but ive only had the car for about 3 months now. Not to mention, im running the piss out of it. Ive got 8000 miles on her already! Getting rid of the camaro for something with a cheaper loan would be a bigger benefit in the sense it would drastically lower my DTI ratio. Not to mention lower payments on a smaller loan means i can pay it off quicker given im able to throw down larger payments just to principle. I appreciate everyones insight though. I will still be on here..and when the 6th gen rolls out, ill be in line again!

[mike25]

bump for update.

[slick rick]

pics of g8?

[mike25]

I will try and get a pic or two up tomorrow. It was raining today.