What are your thoughts on this deal????

Anonymous · ‎11-21-2008

Hello Everyone,

I just took a delivery of a 09 ford focus, not the greatest car out there but it is brand new with a nice warranty. I am 20yo and this was my first auto loan. I did NOT have a co-sighner. I got approved through Ford Credit at 10.9% with 3k down and my scores were in low 500's wih a single charge off. Should I refinance with NFCU in 6 months to a year or is this a good enough rate to stick with?

Watchmann · ‎11-21-2008

Not bad considering the current economic situation, your age and credit scores. Give it a year and see if you can refinance with better terms.

Anonymous · ‎11-22-2008

If you can make extra payments on the principal so you won't be upside down when you refi. Did you have a trade in? Never make a late payment with FMC, they're not GW friendly!

Anonymous · ‎11-22-2008

I think you got a very good deal considering your current scores. I agree with the above posters advice on making extra payments.

Anonymous · ‎11-24-2008

First, do whatever you can to get an extra paymetn in right away (not paid towards principle, but your next payment). FMC is notorious for payments taking awhile to post and you want to avoid any lates or charges. Also, then when something does come up, you are already a payment ahead and have some breathing room. Also, like the other poster said, the are not GW friendly.

Second, right now getting a refi with negative equity is hard, so if you want to try to refi, you will need to get some extra payments in to pay the balance down.

fishbjc · ‎11-25-2008

Are you kidding me? That's a nice little car for a 20 year old!!! You should be very proud of your accomplishment!!!!

I would absolutely look into a refi with NFCU. My son is going to refi his car and it saves him $30/month. $30 is a tank of gas!!!! All NFCU can say is no.

I think it's worth the chance!!!