I highly highly highly suggest that if you buy a van buy a used one. Getting a 2011 over a 2013 is a very very very smart decision. Values of vans absolutely plummet. Buying a new one is borderline insane, particular American models. If you go that route definately get a used one.
I haven't given it in depth though but I would see what the dealership will give you in trade in. Then go home and put it on craigs list for a couple $k higher. Even if you don't get a lot more than the dealer it's one less area for the dealer to try and get funny with the numbers. You'll probably come close to getting what your owed. Trade it and pay the difference and put the rest on your truck. May not pay it off completely but likely come very close.
Oh I believe you on that depreciation. The 2011 town and country i was looking at was $22k with 25k miles. A new 2013 is around $40k. Thats a huge difference for 2 years!
Starting Score: EQ 574 - 08.28.13
A bit of an update.......
I just paid off $11k in credit card debt this week and will be going from %51 UTIL to %0. I also paid off the balance of my 06 Trailblazer. The 07 Chevy Uplander is at $10,500 on @ %7.9.
My wife's EQ is 639 and mine is 614 as of last week. I also have a collection that was paid in full and will be removed from reporting. This leaves (1) collection on my account that is closed, paid in full, and (2) on my wife's credit that are both closed, paid in full. (goodwilling all of them)
So.... I'm expecting quite a nice jump in both of our credit scores. How quickly? I have no idea.
Our Auto-enhanced scores will be better than our standard scores. The trailblazer I just paid off had a perfect payment history, the uplander also has a perfect payment history. Both are in my name through Wells Fargo Dealer Services. My wife had an account through Santander about 4 years ago that was paid off with perfect payment history.
I have a few questions. Obviously waiting until our scores reflect the recent pay offs would be best, but after that, what would be the smartest way to finance? It seems like my wife will have a better score so I'd like to use her score for the financing. She makes about $35k a year and I make $60k a year. Obviously my income would be better, Can it be a joint finance?
I'll probably be financing around $25k so that would be a lot with just her income.
Should I try to apply to Cap 1 to see what rate I can base myself on then see what the dealer can do?
Also, my DTI (not including my wife's income) before paying off the CCs and the Blazer was %42. I should be around %30 when everything updates.
Figured I would update with some new info. I joined a credit union a few weeks ago and after getting my EQ score up to as high as I figured it would be for a while I decided to app for an auto loan with them. We've decided to purchase new. I know about depreciation and everything but there are so many incentives being the end of the year. My approval is good for 90 days so I'm good until the new year if I want to wait it out. We are looking at town and countries because they hold their value well. The Uplander we have is currently on craigslist to try and sell privately. We are hoping to get a little extra out of it but we aren't getting our hopes up. There are quite a few for sale pretty cheap locally.
I was approved for $35k @ %2.09 for 72 months. Don't plan on using the full amount but even at that amount it's less than what I was paying for both our vehicle previously. Glad to see the work I have been going through is finally paying off!
I was approved for $35k @ %2.09 for 72 months. Don't plan on using the full amount but even at that amount it's less than what I was paying for both our vehicle previously. Glad to see the work I have been going through is finally paying off!
Thanks!
I had to walk out Saturday at a dealership actually. The salesman has been used a few times by a family member but I just couldn't get over what they offered for my trade in. I know I'm not going to get what we owe on it but I plan on paying the difference plus hopefully some more down on the van as well.
It's nice not being in a rush. If I don't feel like I'm getting a good deal there's no pressure to walk out.
@KoolDev wrote:Nice job James ! I had bought my wife a used Dodge Minivan some years ago ( not the square one) and when i went to trade it, i was lucky to break even and not have to roll it over into the new car i got her in 06.
Last november i bought her a used 2009 Dodge Journey R/T. Has 3rd row seating and all the bells and buzzers. The back seats fold forward creating a large space for the pooches. Look into them if you have not already done so. I have bought 2 new cars in my life and will never do it again lol
Good luck with your purchase !
What do you plan on doing next? Purchasing something 1-3 years old? I've been looking at this option as well....
I can get more vehicle for less cost, main problem is warranty. It's hard to find them with 10k miles, most have 30k or more. Factory warranty is 36k or 3 years for the full warranty, so I'd like to work out a mopar max car warranty with the vehicle price.