Unrealistic Expectations

[Creditaddict]

If the price of the new car is already decided and your trade in price is already decided, the only thing left to decide is interest rate... don't even talk about payments with them... if they aren't trying to get tricky and over finance you with stupid rates or extra stuff built into the loan you are going to come up under 400 with just about any rate.

what is your out the door amount you are financing? do that number at 0%, 10% and 18%, go to the dealership and tell them you will buy this car if it's 0% and the payment is at or below the amount you have already calculated from home.

[ssghandless]

These guys are absolutely right. $400 at the rates you quoted to us and I check them twice. I would look at a one year older (yes, I know older sucks but...) this will spring you out of the hole. ALSO, if you choose wisely, you can get a car with some equity in it and refinance within that year or later. the goal is to get something within the pricing, not the car. But it would be great to get the best of both worlds. If this deal is not going to suit your purposes, just walk away. they need the sale, you don't. well, at least dont tell them you do. You have a few weeks to shop. I had a great experience with Carmax but there are others out there.   

[Anonymous]

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@Anonymous wrote:

I just didnot think it was going to be this hard.  Walked into a Harley dealer in 12/09 with 2k down told them my payment budget rode out 3 hours later on the bike I wanted and for the price.  With a 560 mid score.  (Harley needed to sell vehicles if you were financed through Harley they probably were financing loosely, plus we have no idea what the LTV of that transaction was)

So I just give up.  I sold cars several years ago and 620 plus you where good to go.

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5 years ago a 620 was ok. you could get a car no money down

4 years ago a 620 was ok, you could get a car no money down

3 years ago a 620 was "troubling"

2 years ago a 620 well we need to look at things, and how much more can you put down and your report better be great

1 year ago a 620 was the same as 2 years ago but a lil bit looser

4 years ago there were 11  sub prime auto lenders or departments at existing "Prime" lenders that no longer exist today

[Anonymous]

Just an update.  Finally have gotten down to nitty gritty.  I've found out where the problem was.  It was with my trade.  Kbb/Nada said my trade was worth 6800-7300 but these dealerships only wanted to give me $5500.  So that's where why my payment was not happing and why the interest rate was so high due to the ltv.  So I will continue to save for a large down payment and wait till I can get the payment I want.  

Usmc my ltv on my harley is  low about 80% when I bought it and now that I have made my payments for a year and doubled and tripled my payments when I could my Ltv is less.  

Thank you guys for your help.  

[Anonymous]

Final update.  Applied online with Nissan just to put a nail in the coffin.  Approved for payment upto $550.  Went in picked out a Rogue.  Did the numbers got 2.9% for 72 months. rolling in the 3515 for negative equity and putting down $1325.  Plus Gap, tire warranty, oil change package payment $389.  So it can be done.  All Ive got to say is ford and chevy have lost a life long customer.    Nissan will be our goto since are the ones who gave us credit at a great rate.