topic Re: UPDATE "need a little guidance" in Auto Loans

UPDATE "need a little guidance"

Anonymous — Tue, 21 Jun 2016 02:20:39 GMT

Long story short...I jumped the gun and went ahead and financed the 2014 Fusion Titanium (certified) w/ navigation earlier today. KBB priced it at 18-21K...got it for 18649 OTD.

When I purchased (overpaid) my first car 3 years ago my APR was 12.79% 60 months term - $230/month...no credit history etc.

3 years later, financed a newer vehicle with spotless credit report/history.

72 months 3.20% APR $287/month...Pulled FICO Auto V8 (762) EX and FICO Auto 08 (770) TU.

I want to thank hmw_75 and Rott161982 for the suggestion of getting a carmax quote and pay the difference (negative equity) as the "downpayment."

Turns out the dealership paid $2500 for the car and carmax quoted me at $2000.

My new baby (Jett) drives so smooth and I already received a compliment from an older lady

Re: UPDATE "need a little guidance"

Anonymous — Tue, 21 Jun 2016 05:57:25 GMT

Ur welcome.. What would a new one cost?? I know lots of new ford have 0% APR up to 96 months at least that was offered to me when I was looking at a F150 platinum. Congrats on the new purchase

Re: UPDATE "need a little guidance"

Anonymous — Tue, 21 Jun 2016 14:58:30 GMT

@Anonymous wrote:
Ur welcome.. What would a new one cost?? I know lots of new ford have 0% APR up to 96 months at least that was offered to me when I was looking at a F150 platinum. Congrats on the new purchase

A new 2016 Ford Fusion Titanium w/ nav comes in at 36K.

Wasn't worth it IMO.

Re: UPDATE "need a little guidance"

Appleman — Tue, 21 Jun 2016 20:51:59 GMT

96 months? Are you just pulling our legs?

Re: UPDATE "need a little guidance"

Anonymous — Tue, 21 Jun 2016 21:55:14 GMT

@Appleman wrote:
96 months? Are you just pulling our legs?

8 years is a long time on any car, but especially used. This is how the upside down loan cycle continues.

I would maybe consider it on something like a Lexus with it's 5th year in a row JD Power Reliability winning, but not on any car that doesn't hold its value. I was originally looking at a new Fusion, but when I saw the price I decided to spend just a few thousand more for the Lexus ES. I didn't make a huge downpayment and will only be upside down for one year.

Re: UPDATE "need a little guidance"

Anonymous — Wed, 22 Jun 2016 00:17:24 GMT

@Anonymous wrote:
@Appleman wrote:
96 months? Are you just pulling our legs?
I was originally looking at a new Fusion, but when I saw the price I decided to spend just a few thousand more for the Lexus ES. I didn't make a huge downpayment and will only be upside down for one year.

A new fusion is totally not worth the price IMO too.

Re: UPDATE "need a little guidance"

Anonymous — Wed, 22 Jun 2016 03:01:52 GMT

It is a nice looking car though. Another reason I shied away is it's a really popular car on the road right now and I was seeing them all over town. When a young girl I know got a brand new one I really didn't want to have the same car as someone I know. Especially after them. Childish I know, but it turned me off and I started justifying a Lexus after months of research. I figured it's a once in a lifetime thing.

Re: UPDATE "need a little guidance"

Anonymous — Wed, 22 Jun 2016 03:27:10 GMT

Very popular here in MA too.

I was also interested in the KIA optima....but my friend leased a brand new one and I didn't want to have the same car as her either so I understand where you're coming from haha.

Enjoy your Lexus

Re: UPDATE "need a little guidance"

Anonymous — Mon, 27 Jun 2016 09:28:46 GMT

Nope I'm not. When I was looking for a vehicle to tow my new jet skis cause wife didn't want me to use her mdx. I was looking at a truck. Went and check out Ford F-150. I thought it's like a 30k truck. A Ford F-150 platinum is a 69000 truck lol. They were willing to sell it for 62000 OTD to me with nothing down 0% for 96 months. Still too much so I just ended up getting a Toyota Highlander for 38.5

Re: UPDATE "need a little guidance"

sccredit — Mon, 27 Jun 2016 15:09:49 GMT

@Anonymous wrote:
Nope I'm not. When I was looking for a vehicle to tow my new jet skis cause wife didn't want me to use her mdx. I was looking at a truck. Went and check out Ford F-150. I thought it's like a 30k truck. A Ford F-150 platinum is a 69000 truck lol. They were willing to sell it for 62000 OTD to me with nothing down 0% for 96 months. Still too much so I just ended up getting a Toyota Highlander for 38.5

Ouch, $69k? I paid $52k for a 2016 Platinum in December.