I bought my car today!!!! (pics)

[Anonymous]

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@Anonymous wrote:

How much are you paying.

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APPROVING BANK: Capital One Auto

BUREAU PULLED: EQ

CREDIT SCORE: 697

CUSTOMER STATE OF RESIDENCE: NC

NEW/USED: Used

YEAR OF VEHICLE: 2010

MAKE: Dodge

MODEL: Challenger

MILEAGE: 48,000

RETAIL/LEASE: Finance

AMOUNT OF LOAN: $14,481

TERM CONTRACTED: 72

APR/LEASE RATE: 7.5%

MONTHLY PAYMENT: $245

I put 4k down because the OTD price was $18k. Wanna pay it off asap!

[mtrsprt]

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@Anonymous wrote:

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@Anonymous wrote:

How much are you paying.

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APPROVING BANK: Capital One Auto

BUREAU PULLED: EQ

CREDIT SCORE: 697

CUSTOMER STATE OF RESIDENCE: NC

NEW/USED: Used

YEAR OF VEHICLE: 2010

MAKE: Dodge

MODEL: Challenger

MILEAGE: 48,000

RETAIL/LEASE: Finance

AMOUNT OF LOAN: $14,481

TERM CONTRACTED: 72

APR/LEASE RATE: 7.5%

MONTHLY PAYMENT: $245

I put 4k down because the OTD price was $18k. Wanna pay it off asap!

VERY smart move putting $4000.00 down.........  

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[Anonymous]

Thanks! I never understood why people did not put down a large down payment. They almost always end upside down in their loan.

[mtrsprt]

Yep. America is terrible with auto financing.

[jhtrico1850]

It's common sense. Especially if you are offered a very low interest rate, it's better to invest and earn 6%+ for $4000, than just give $4000 to the bank. Even if that makes you "upside down", you still have all of that cash.

If you had gap insurance, bought a car for $20k, put $5k down, and your car was totaled, and it was valued at $15k, the gap wouldn't pay anything, and you would be out of the $5k down.

If you didn't put anything down, you would still have your $5k, and the gap would have worked.

[Anonymous]

Not bad! congrats!

[Anonymous]

Congrats... That car is something else in the speed lane.

[Anonymous]

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@jhtrico1850 wrote:

It's common sense. Especially if you are offered a very low interest rate, it's better to invest and earn 6%+ for $4000, than just give $4000 to the bank. Even if that makes you "upside down", you still have all of that cash.

If you had gap insurance, bought a car for $20k, put $5k down, and your car was totaled, and it was valued at $15k, the gap wouldn't pay anything, and you would be out of the $5k down.

If you didn't put anything down, you would still have your $5k, and the gap would have worked.

That's true too. But most people end up trading their car 2-3 years later (tacking on several thousands on an already high loan). Then to top it off, they are paying the bank several thousands in interest. Not everyone is paying 1 - 2% interest. So either way if you put down a large downpayment or not-- the bank is still going to take their money (either upfront or over the course of 5+ years). 

[TRC_WA]

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@jhtrico1850 wrote:

It's common sense. Especially if you are offered a very low interest rate, it's better to invest and earn 6%+ for $4000, than just give $4000 to the bank. Even if that makes you "upside down", you still have all of that cash.

If you had gap insurance, bought a car for $20k, put $5k down, and your car was totaled, and it was valued at $15k, the gap wouldn't pay anything, and you would be out of the $5k down.

If you didn't put anything down, you would still have your $5k, and the gap would have worked.

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Which is exactly why I didn't put anything down on mine.  I bought new because this is my dream car and I'm keeping it until I die or it dies.  I didn't buy this car to trade it back in in 3 years...

Congrats on the car OP! 

Now spend a little more and really show off your ride...

[Anonymous]

She is beautiful