just a few $1000 short of a deal

[good4me]

went to a ford dealer today and spent some time talking to the guy, told him i wanted the car and get me in it at a good price.

Comes back, 35000 for the car, 2000 for trade in, no rebates and I know i have some bad credit, but they want $18,000 as a down payment and my payments are going to be 457 a month for 60 months.

First off, its supposedly their last 03 coupe(they have 4 verts), has over 250 test drive miles on it and its been sitting there since april/may(build date of 4/03).

after sitting there wondering to be angy or amused, i told the guy id buy a used one for 27000 off of ebay before i spend that much for a new one with those miles on it.

there was some 399 paperwork fee in there also.

At that point in time he wanted to know the number i was looking for and i told him. i told him he gets me there, we got a deal.

Now, for the math part of this story. 33000 for the car, minus the 18000 for a down payment would be a 15000 balance.

So if i am paying 457 a month, that equals to 27420 for 60 months of payments. thats 12000$ in interest payments. thats at 80% interest. Someone please explain that one to me.

Granted the first attempt was with just the car trade in and no money down, but dam, thats a lot to pay for that car.

I told the sales man, who is a really nice guy, to come to this website and just read up on things in the cobra/svt world and told him that he will learn more here than at any ford dealership.

So, if you are here reading this, hi, it was nice to talk to you, and get me into that car at the number i was talking about out the door, and the car shall be mine.

 

[good4me]

now to sell my 91 gt.

if anyone is interested, please let me know, it needs to go asap.

 

[351MachOne]

Holy hell, 6months ago I paid 32 for mine and it only had 12miles on it. That dealership is horrible. Mine wiped dealer prep, etc, to get me in mine. They were working it. DO NOT pay more than 33k for a 'brand new' 03 Cobra.

Also, with 250 on it, you NEVER know who had it, and what they did to it...

 

[good4me]

Originally posted by 351MachOne


Also, with 250 on it, you NEVER know who had it, and what they did to it...

EXACTLY!!!


and im still not getting a reach around.

 

[KevinB120]

that sounds like the worst deal ive ever heard. stay away from those assholes

 

[KevinB120]

after trade and rebates, i just ended up financing 14500 for my svt foci, my payments are 356 for 48 months

 

[Phreakfree]

time to shop around at other dealerships in your area.. if you're willing to drive up to pay.. I can get you a much much better deal! Also.. you must ahve some pretty terrible credit.. to put a $15000 balence at $457 a month. I pay a lil more than that a month and I financed $26,000. Paid $33k with 7k down. Go somewhere else, you'll find a much better deal.

 

[KevinB120]

you can pm me and i can check your zip code for available rebates. sounds like they were keeping the rebate and stealing about 8k in finance. most of the time they wont even let dealers add more then 2% to the "buy rate". that deal sounds borderline illegal.

 

[DimMaK]

Originally posted by good4me
went to a ford dealer today and spent some time talking to the guy, told him i wanted the car and get me in it at a good price.

Comes back, 35000 for the car, 2000 for trade in, no rebates and I know i have some bad credit, but they want $18,000 as a down payment and my payments are going to be 457 a month for 60 months.

First off, its supposedly their last 03 coupe(they have 4 verts), has over 250 test drive miles on it and its been sitting there since april/may(build date of 4/03).

after sitting there wondering to be angy or amused, i told the guy id buy a used one for 27000 off of ebay before i spend that much for a new one with those miles on it.

there was some 399 paperwork fee in there also.

At that point in time he wanted to know the number i was looking for and i told him. i told him he gets me there, we got a deal.

Now, for the math part of this story. 33000 for the car, minus the 18000 for a down payment would be a 15000 balance.

So if i am paying 457 a month, that equals to 27420 for 60 months of payments. thats 12000$ in interest payments. thats at 80% interest. Someone please explain that one to me.

Granted the first attempt was with just the car trade in and no money down, but dam, thats a lot to pay for that car.

I told the sales man, who is a really nice guy, to come to this website and just read up on things in the cobra/svt world and told him that he will learn more here than at any ford dealership.

So, if you are here reading this, hi, it was nice to talk to you, and get me into that car at the number i was talking about out the door, and the car shall be mine.

You have poor credit for one so your interest rate is 15.9% or higher and that $399 is a dealer fee. No dealership asks for $18k down unless your credit is horrid. When they ask for that much down they want to know you have a vested interest in the vehicle. Every bank will accept you. How much are you willing to pay for the 03? Also, do some research on your trade in. See how much it is worth. You should be able to pick up an 03 for around $30k new.

 

[Friendchicken]

Originally posted by KevinB120
you can pm me and i can check your zip code for available rebates. sounds like they were keeping the rebate and stealing about 8k in finance. most of the time they wont even let dealers add more then 2% to the "buy rate". that deal sounds borderline illegal.

exactly. if you have to, wait till the 04's are out if they are going to make you pay full price. always negotiate the out the door price. and find a dealer that is "sympathetic" to your financial woes.

 

[jmimac351]

Originally posted by good4me


So if i am paying 457 a month, that equals to 27420 for 60 months of payments. thats 12000$ in interest payments. thats at 80% interest. Someone please explain that one to me.

Good4me, that is not 80% interest. It's a 27% interest rate. Which, if I am not mistaken, is about the highest rate they can legally charge.

Just a suggestion... get your credit rehabilitated before you commit financial suicide.

Jim

 

[pgordon]

Something does not seem right with those numbers, guess it is just the interest rate. I bought an 03 last Dec when they were going for 34-40k, paid 34k, put down 10500 and have 460 per month for 6 years. Only owe about 17k on it so hope to get it paid off in another year.

 

[KevinB120]

depends on how "bad" his credit is, i went chapter 7 less then two years ago because of my business and it included two cars and a boat, my beacon now is 730's and tier 0 with ford. I sell on average 20 new fords a month, I think a more in-depth evaluation of his situation is necessary. may be that bad, may not be. If it is, is definately the wrong time to buy any new car other then an entry level car with a very large rebate.

 

[DimMaK]

Originally posted by KevinB120
depends on how "bad" his credit is, i went chapter 7 less then two years ago because of my business and it included two cars and a boat, my beacon now is 730's and tier 0 with ford. I sell on average 20 new fords a month, I think a more in-depth evaluation of his situation is necessary. may be that bad, may not be. If it is, is definately the wrong time to buy any new car other then an entry level car with a very large rebate.

You will still have a problem getting a low interest loan. Banks consider you a risk. Bankrupcy stays on your credit for life.