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Yunior, IMO cancel the GAP insurance. It is not mandatory for loan approval and as you may know the dealer can profit on this insurance. You can apply the cost of the gap to the principal and save a little in interest. Again JMHO. Also just out of curiosity how much are the dealer fees?
At youngandcreditwrthy, I really did appreciate your response to @ Yunior, the poor kid was being tormented for just asking a simple question. Very proud of him and his move, seems to be happy post BK and able to still see savings after paying the bills. We only live once and who's to say, he'll be back in the same position as before.
I applaud your response.
@ohvrolla wrote:85k combined income and bailing out on 40k of credit card debt in order to buy a new Mustang seems even more underhanded now that you put it that way.
Best post in the recently necroed thread LOL...
My only advice to the OP would have been to buy a Challenger. If I wanted to be squeezed into a sardine can I'd have bought a Mustang.
@Anonymous wrote:@Anonymous youngandcreditwrthy, I really did appreciate your response to @ Yunior, the poor kid was being tormented for just asking a simple question. Very proud of him and his move, seems to be happy post BK and able to still see savings after paying the bills. We only live once and who's to say, he'll be back in the same position as before.
I applaud your response.
Tormented? We were just trying to save him from making the same mistake twice and being in two BK's... He asked for advise and chose not to listen. His choice, hopefully it is working out for him well though. Cars are the worse investment you can make with your money. Ask me how I know.. Everytime I drive off the lot I am upside down pretty much instantly 10k on any car I buy. I could be putting that away towards my retirement! Anyways, old thread.
CreditCuriousity...yes advice was given, great advice but he appeared to have been happy with his situation and outcome and I honestly thought he was doing very well for what he had gown through. Sometimes, we may not be in then ideal situation for some but as we mature, things falls in place, maybe sooner than others but it does.
Im in his very situation and will look for financing upon completion of my case in September, so I'm reading now on all stories so I can be one step ahead. Your information has also been a mental note for me as well but I'm currently walking the exact road as Yunior. Thanks.
@Anonymous wrote:CreditCuriousity...yes advice was given, great advice but he appeared to have been happy with his situation and outcome and I honestly thought he was doing very well for what he had gown through. Sometimes, we may not be in then ideal situation for some but as we mature, things falls in place, maybe sooner than others but it does.
Im in his very situation and will look for financing upon completion of my case in September, so I'm reading now on all stories so I can be one step ahead. Your information has also been a mental note for me as well but I'm currently walking the exact road as Yunior. Thanks.
I wish you all the luck if finishing your BK and give you props for preparing yourself and educating yourself so when you are in a position to buy a car, you will be well informed and hopefully make a good decision. I have had credit hurdles in life, but BK has never been one of them, although I thought about it.. I guess if I could of got out of my student loans I would of, but that would never happen.. Plus those loans gave me the education to be in the job and place I am in now, so it is only right to pay them back. I have learned the hard way as well, just not through BK, but bad APR%'s etc on cars, until I finally realized the source of my problem and addressed and am in ALOT better place now credit wise, meaning not owing anything persay on CC, my Fico scores are 120+ higher then they were a year ago, etc, etc..
Honestly the next car I will but will most likely be used. I can afford a new car, but I still cringe when I looks how I lost 10k basically walking off the dealership with my last new car! Hopefully you choose to buy a year used or something vs. new so walking off isn't such a loss in equity the second you sign the papers. In my case my last car was 50k with taxes, esentially was worth 38 or 39k if I was to trade it in the next week... Vs used you don't get hit as hard... Have had the 1.7 years now only 5500 miles on it and still about 5k upside down.. Dumb move on my part and I realize it. I guess you can only tough an electric fence so mytimes before you realize it hurts, in my case 39 or so years of it that it took to realize ouch! Anyways, quite a ramble..
Wish you the best coming out of your BK and your car shopping and hope you learned something from reading this posts among many others! Cheers
@CreditCuriousity wrote:Tormented? We were just trying to save him from making the same mistake twice and being in two BK's... He asked for advise and chose not to listen. His choice, hopefully it is working out for him well though. Cars are the worse investment you can make with your money. Ask me how I know.. Everytime I drive off the lot I am upside down pretty much instantly 10k on any car I buy. I could be putting that away towards my retirement! Anyways, old thread.
I don't disagree with you at all.
I didn't buy this car as an investment though... I bought it because I'm 40, single and it's the car of my dreams. That's also the reason I bought it new. It's my first ever new car because new cars are a bad investment... but since I am keeping it till death do us part (either mine or the car's) I didn't much care about losing money driving it off the lot.
I need to have at least a LITTLE fun with my money ya know?
But yeah, old thread.