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How bad did I mess up?

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Anonymous
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Re: How bad did I mess up?

The sensible thing to do would be to find you a cheap good used vehicle for say 10k, and start working on a rainy day fund. You never know when things will head south again. The last thing you want to do when in debt is add more debt. It makes no sense. I know having a new shiny is tempting, but you have to be smart about things or else it is likely you will end up in trouble again. Hope everything works out for you.
Message 11 of 12
Anonymous
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Re: How bad did I mess up?

From original post from Luvdirtracing:

 

 I have the opportunity to buy a truck from a family friend $10,000 under kbb. Private party sale. Total price with ford bumper to bumper warranty $20,050. It's a 2008 F350 Superduty crew cab 6.4l diesel in excellent condition with only 39000 miles. I have $10,000 in savings to put down so I need financing on 10k.

 

I think its an excellent opportunity for a newer more reliable vehicle.  Im not sure how you can get a bumper to bumper warranty from Ford on a 2008 vehicle though.  I looked at the numbers from KBB - lowest trim model and 2wd with diesel comes out to about 18k from a private party.  Easily goes up with better trim model, 4wd, options, etc.  Regardless of my lookup at values, if you say it is there, I believe you.

 

If it is a solid vehicle with no problems and long expected reliability, I would suggest:

Put down 5k and also dont finance the taxes and registration.  Try the CUs like DCU, Nasa Fcu, SDFCU, unless you qualify for Navy Fed CU or USAA.  Make sure they know you want a private party loan up front.

 

If approved, go for it.  If not approved, try to get it later, or forget it if they cant wait.

 

If approved, dont buy lots of accessories for it.  That includes staying away from the Sportmans Guide truck section too!

 

Get the UTI down and get more info on that repo and getting rid of it. 

 

No more app sprees either way, just work on the baddies and the UTI.

 

hth

 

 

 

Message 12 of 12
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