I got one. I got one.

[craigatcraignet]

Well on Monday I finally decided I'd waited long enough.

I started app'ing for a car loan.

Well Fargo - No 

Chase - No 

BofA - No 

Lockheed CU - No 

My local CU - Yes  But only $15000 60 Month 5.6% 

Cap One Auto - Yes  $29040 72 Month But 15.85% 

USAA - Yes  $28500 72 Month 6.59%    And we have a winner! 

Now I just have to pick between 2 cars.  Life's full of tough choices. 

Thanks to everyone here on the forum!  Your knowledge is invauleable(?) unvalueable(?)  I could not have done it without you!

[JagerBombs89]

Congrats.  What vehicles are you looking at?

[craigatcraignet]

Oh ya.  Forgot that part.

2007 Corvette.  Either Blue or Yellow.

They are more affordable than most think.  And they get almost 30 MPG on the hiway.

And the wife said it's OK to get one! 

[blackarsenic]

Time out? Chase Denied you with those credit scores? They've approved people with way less.

[craigatcraignet]

Yep they did.  And I even bank there.

[Creditaddict]

I would not borrow for more than 60 months especially on a chevy car that isn't going to hold it's value as well

[craigatcraignet]

Hi Creditaddict;

I hear and understand your point.  I am not too worried about the 07 Corvettes value.  Both cars were about $50,000 new and are at dealers advertised at (Rounded) $26,600.  The vast amount of deprecation has already occurred. 

We keep our cars a long time anyway.  Examples: Our 2005 Tahoe (bought new, paid for) with 218,000 miles. We did have a 1990 VW Corrado (also bought new) that had more than 230,000 when we sold it.  Our son has a 2004 GTO (bought used with 33,000) with over 120,000.

I plan to keep the Corvette for 5-6 years.  At that time the new generation Corvette the C-7 should be on the market.  So I will be able to trade my C-6 MkI for a newer C-6 MkII.  If you don't know the C-6 MkI (2005-2007) has the LS2 6.0L 400HP V8.  The C-6 MkII (2008-Current) has the LS3 6.2L 430HP V8.

You can probably tell that I like to research thing before I buy.  I really enjoy the interwebs.  

[cdtotten]

Are you looking for feedback on the loan? 72 months is wayyy too long on a used car, I would't do more than 48. Personally,I just can't understand spending 25k+ on a 4-5 year old car. But hey, if you can afford it, go crazy.

BTW, did USAA approve that much for a used vehicle? A lot of lenders have much different terms/approvals on used/new cars.

[craigatcraignet]

Hi cdtotten;

Looking for feedback? Not really. Just jumping up and down waving my arms around.  

Also saying thanks to all on this forum!  Without the knowledge and insight of those who have succeeded I am not sure I would be where I am now.  

I understand that some will not agree with my choice of cars.  The Corvette is not everyones cup of tea.  That is all well and groovy.  

What I don't understand are people that will go out and buy a Prius and then drive it as if it were a Lamborghini!  I do like the Prius concept though.

As to USAA going that high on a used car.  They said they would be happy to have gone to 120% of Black Book value of the car.  They also told the the value of the car I'm look at (I gave them the VIN) is $31,475.  I will be be spending anywhere near that amount.  If I can't get about $24,500, I walk.  Mind already made up!

Thanks again to everyone.

[Clashmoore]

I did something similar. I bought a Land Rover with a kbb value of $28k for $18.5k. Sold it two years later for $16k dealer trade-in for a new car.

Sounds like with the Corvette, with a purchase you may be starting with equity that if needed you can liquidate. Using your numbers of $31k value and $25ish purchase. You would of course build equity faster with a quicker term. Could you possibly handle a 60 month term?