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Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

I just bought a car...

I just bought 13` Chevy Cruze LT,.I think I just got ripped off with all the optional stuff they said I had to get or else the ltv would mess up my intrest rate.

 

I was approved for 25k @ 11.9 through GM. The MSRP was 17k with a dealer rebate of 1000. I put 1500 down, they bought my old car which was negative in equity... 5k car was worth 2500... They paid it off.. but I ended up with a 24k car loan... WHAT DO I DO :smileysad:

Last App: 9/16/13
BK Discharge: 6/12
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Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: I just bought a car...

I love the car don't get me wrong, but in my case I plan on to keep this car.. should I keep the warranty?

 

I got the warranty, gap and paint and interior.. if its worth it ill keep it but I need you guys opinion! I want to refi later with navyfed but I don't wanna get rejected.

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: I just bought a car...

I think extras are a bad idea.

 

You can always find them cheaper elsewhere.

 

The dealer told you that you had to buy the extras? That is not at all the case, that just throws off the LTV.

 

Get LTV in check to the point that you don't need Gap.

 

Make payments over the minimum, then refi with navy once your scores get a bit better.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: I just bought a car...

and the car came out to 22k...

 

I think I want to cancel the gap and paint and fabric .. lol and should I cancel the warranty??? or negociate it? since these were optional do I have any rights to cancel?

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: I just bought a car...

[ Edited ]

ihatemyscore wrote:

and the car came out to 22k...

 

I think I want to cancel the gap and paint and fabric .. lol and should I cancel the warranty??? or negotiate it? since these were optional do I have any rights to cancel?


I think you should cancel everything and put more money down. Did you negotiate the price of the car at all? I posted about a chevy cruze the other day. Was I talking with you? I said how much off MSRP the price should be.

 

The lowest price MRSP for that car is $18k, and you should be able to get it for $15k. Actually, looking at your score and recent BK. You are lucky to be driving a new car :smileyhappy: Congrats on the approval.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
sccredit
Posts: 815
Registered: ‎09-14-2012
0

Re: I just bought a car...

DO NOT CANCEL GAP!

 

With all of the extras added on PLUS the negative equity in your trade your LTV is out of whack and if something happens to the car you will be paying out of pocket!  Trust me, GAP is most always a good idea, especially when you have had to pay out of pocket on a totaled car! 

Unsecured Credit: Amex BCP $24,900; Chase Sapphire Preferred $24,200; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Amex SPG Biz $3,000; US Bank Platinum $8,600; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $5,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $5,000; Bank of America World Points Visa $8,000; US Bank PLOC Overdraft $1,500; PenFed PLOC $5,000

Established Member
davefromca
Posts: 13
Registered: ‎10-22-2012
0

Re: I just bought a car...

I'm pretty sure if you got a loan your bank requires you to have gap....but ya those warranties almost always work out in their favor which is why they push them so hard.

Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: I just bought a car...

Well the credit manager @ GM did a double look and denied me so I have to take the car back anyways!

 

WOW...

 

I have a pre approval through roadloans for 21k @ 20 % but in a yr I could refi with navy... what should I do?

 

I want to take this car back and just start over..

 

Can anyone help me? Before I get into a mess again! lol 

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: I just bought a car...


ihatemyscore wrote:

Well the credit manager @ GM did a double look and denied me so I have to take the car back anyways!

 

WOW...

 

I have a pre approval through roadloans for 21k @ 20 % but in a yr I could refi with navy... what should I do?

 

I want to take this car back and just start over..

 

Can anyone help me? Before I get into a mess again! lol 


Do not take the 20% loan.

 

Take your $1,500 bucks and buy a cheap car with cash on craigslist.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: I just bought a car...

Best advice all year. I guess I will continue to use my vehicle until my credit significantly improves.

 

hope your around in a yr and a half lol.

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |

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