AKLGT Posted October 14, 2007 Share Posted October 14, 2007 I appreciate the advice on my finances, but I actually do pretty well for myself. I never said I couldn't afford the car, I just feel I dont need it. If keeping it right now is the best thing then thats what it will be. Im still reeling from 5 years of college, I have a large amount of debt, its not that I wasn't debt savvy to an extent, but my finances are in order. I graduated college with ab out $12k in credit card debt, and $20k in student loans (which is nothing). The credit card debt is now around $7k and I owe an additional $18k on the car. Without the school debt I wouldn't be in the financial position that I am in now I will continue to make the payments on the car and make my credit cards my number 1 priority. Thanks Again. yep, i hear ya. get rid of those CC debt as quickly as you can. amazing how much money will free up once they're out of the way. at least with student loans, you can write off the % LOL Wiggle wiggle wiggle wiggle wiggle yeah!!! Link to comment Share on other sites More sharing options...
FJuan Posted October 14, 2007 Share Posted October 14, 2007 This thread is interesting. What kind of interest rates do people have on their loans? I got 10.8% just out of college. It is my understanding that this is middle of the fence for a new car loan but if anyone is willing to share, I'd be interested. My payments are ridiculous and my school loans are even higher than OPs. But luckily I have no CC debt. I have a 4.5% rate on my LGT, and scored a 0% rate on my Land Rover. Having excellant credit is priceless!! My wife's balls are delicious. Link to comment Share on other sites More sharing options...
dr_sharp Posted October 14, 2007 Share Posted October 14, 2007 I have a 4.5% rate on my LGT, and scored a 0% rate on my Land Rover. Having excellant credit is priceless!! That's amazing! How old are you, if you don't mind me asking? I assume you've never made a late payment? lol Link to comment Share on other sites More sharing options...
FJuan Posted October 14, 2007 Share Posted October 14, 2007 That's amazing! How old are you, if you don't mind me asking? I assume you've never made a late payment? Mid 30's, and haven't made a late payment in a long, long time. I've had my share of debt during college too, and after college I just work my butt off to get my debt down to a min. If you have excellant credit, you'll have more leverage when it comes to buying a car or house. In some situations you can even negotiate on your rate. For example my Land Rover, the dealer started giving me a 6% at first, knowing in advance that they were offering a 0% financing special (based on credit). Told the dealer why I didn't qualify for the 0%, and he came back with no anwser but to offer me a 3% rate instead. I ended up leaving the dealership, because I know they were just screwing me at this point. A few hours later the dealer called me and offered me the 0% if I would come down now to buy the car. I agreed only if they would take another $500 off the price for F'n with me. Deal excepted. My wife's balls are delicious. Link to comment Share on other sites More sharing options...
Guest Gitster Posted October 14, 2007 Share Posted October 14, 2007 Yeah I did an awful job, took whatever they offered me, Im paying over 9 percent from SOA Chase. Link to comment Share on other sites More sharing options...
Guest heightsgtltd Posted October 14, 2007 Share Posted October 14, 2007 ouch Link to comment Share on other sites More sharing options...
Guest Gitster Posted October 14, 2007 Share Posted October 14, 2007 You live and learn Sucks I will be paying almost $37k for this car over 6 years. Thats a lot of dough. Link to comment Share on other sites More sharing options...
Guest heightsgtltd Posted October 14, 2007 Share Posted October 14, 2007 true Best thing to do often is to go to eloan or other place first and have a check in hand. That way they cant screw you. Link to comment Share on other sites More sharing options...
FJuan Posted October 14, 2007 Share Posted October 14, 2007 You live and learn So true...so true. I have made my share of mistakes. My wife's balls are delicious. Link to comment Share on other sites More sharing options...
RobE Posted October 14, 2007 Share Posted October 14, 2007 So true...so true. I have made my share of mistakes. Who hasnt??????? http://newenglandsubarus.com/ Link to comment Share on other sites More sharing options...
FJuan Posted October 14, 2007 Share Posted October 14, 2007 Never get screwed again. Before you buy check out Edmunds for dealers incentives and rebates first. Just type your Zip code in then select your car. http://www.edmunds.com/incentives/RebateController?step=0 My wife's balls are delicious. Link to comment Share on other sites More sharing options...
PiKap335 Posted October 15, 2007 Share Posted October 15, 2007 I really like the TL, especially the Type S or A-spec or whatever the sporty model is, but I don't think I'll ever be able to own another FWD car This thread is interesting. What kind of interest rates do people have on their loans? I got 10.8% just out of college. It is my understanding that this is middle of the fence for a new car loan but if anyone is willing to share, I'd be interested. My payments are ridiculous and my school loans are even higher than OPs. But luckily I have no CC debt. I really like my car too - it's actually been a very good car. FWD sucks...but I can live with it for the time being. The fact that the car has been paid off for two years makes it very difficult for me to let go...very nice not having a $350+ for a car payment. Link to comment Share on other sites More sharing options...
Guest Gitster Posted October 15, 2007 Share Posted October 15, 2007 very nice not having a $350+ for a car payment. Thanks thats the point of this thread :lol: Link to comment Share on other sites More sharing options...
AKLGT Posted October 15, 2007 Share Posted October 15, 2007 Never get screwed again. Before you buy check out Edmunds for dealers incentives and rebates first. Just type your Zip code in then select your car. http://www.edmunds.com/incentives/RebateController?step=0 yep that comes in handy. however, since now i can go thru the Subaru VIP pricing program, it eliminates a lot of the hassle, not to mention i get employee pricing anyways. i can walk in and talk real numbers and bypass the sales guy, which is always helpful, however there are a couple very good salesmen at our dealership that i usually refer my friends/family to so they don't get screwed. of course, i just walk in with them, so it will alleviate any possible chances. Wiggle wiggle wiggle wiggle wiggle yeah!!! Link to comment Share on other sites More sharing options...
rjundi Posted October 15, 2007 Share Posted October 15, 2007 Yeah I did an awful job, took whatever they offered me, Im paying over 9 percent from SOA Chase. Your rate may be 6-9%. Apparently legally the dealer can tack on up to 3% over the "real rate" splitting the difference between the bank and the dealer. Another sneaky way to earn a buck. I got burned by this and paid 10.9% on my first and only auto loan back at ripe for plucking age of 22 years old(1995). I found out thru a friend who worked at auto financing company who looked up my loan. After that I have paid cash for my 04 WRX and 05 LGT. Link to comment Share on other sites More sharing options...
AKLGT Posted October 15, 2007 Share Posted October 15, 2007 refinance. i was paying 14.9% on the LGT back in April 05 due to issues (previous divorce). I refinanced in January for 7.25%. it's amazing the difference in the % can be. first car i ever bought when i was 19 yrs old, paid 9.5% but no dealer %. I worked in dealer loans so i knew how the system worked. got a great price on the car and ended up trading it in for a POS Blazer 10 mos later and got burned (also due to my stubbornness). the STI is the 8th (or 9th) vehicle I've purchased/leased since 1998 when I bought my first car. i've found that knowing someone at the dealership finance dept or going to the lease/fleet/internet department also can save you the hassle of the commission sales floor. as someone else posted above, looking up dealer invoices and costs will also make a difference. I don't mind the dealerships making money because if they didn't they wouldn't be in business, however I find $200-$500 OVER dealer invoice should be a fair price for all parties involved. also, if you go in pre-approved, know what your trade in (if you have one) value/market value is (what they would buy the car from you, not the fluffed up $$ they tell you they'll give you), you can work your numbers. Go around to the various dealers and have them do a market value, ask them what they'd buy your car from you straight out, no trading it in. that gives you an idea of what your car is actually worth and what the dealership may give you for the trade. otherwise, try and sell it yourself if you can. Wiggle wiggle wiggle wiggle wiggle yeah!!! Link to comment Share on other sites More sharing options...
dr_sharp Posted November 7, 2007 Share Posted November 7, 2007 I just refinanced through my Employer's Credit Union today. From 10.85% to 7.75% Payments reduced by $100/month, no joke. lol Link to comment Share on other sites More sharing options...
Guest Gitster Posted November 7, 2007 Share Posted November 7, 2007 Wow ............ unreal ! Link to comment Share on other sites More sharing options...
ScoopMan Posted November 7, 2007 Share Posted November 7, 2007 Yeah Git, keep your car and refi if poss. Then drive it until it dies. You already got slammed on depreciation, so if u sell it u r only giving RobE a schweeet deal. My monthly is $700, so don't feel bad. But I am only at 1.9% and I will be paid off in 4 months! Yay! Link to comment Share on other sites More sharing options...
laz Posted November 7, 2007 Share Posted November 7, 2007 Yeah Git, keep your car and refi if poss. Then drive it until it dies. You already got slammed on depreciation, so if u sell it u r only giving RobE a schweeet deal. My monthly is $700, so don't feel bad. But I am only at 1.9% and I will be paid off in 4 months! Yay! Did you do 0% down? X --- Link to comment Share on other sites More sharing options...
ScoopMan Posted November 7, 2007 Share Posted November 7, 2007 I think I remember giving em $6k down, then $700 per month X 36. Thereabouts. But if someone REALLY wanted to get the best deal, then pick one up 2 years old, lo miles. By then the depreciation curve starts to get less steep, so you get a 2 year old car for 60-65% the cost of a new one. Depends on the car of course. For a Subie, probably not far off. Link to comment Share on other sites More sharing options...
dr_sharp Posted November 7, 2007 Share Posted November 7, 2007 I think I remember giving em $6k down, then $700 per month X 36. Thereabouts. But if someone REALLY wanted to get the best deal, then pick one up 2 years old, lo miles. By then the depreciation curve starts to get less steep, so you get a 2 year old car for 60-65% the cost of a new one. Depends on the car of course. For a Subie, probably not far off. 100% correct. If they had used spec.Bs for sale for I would've taken that in a heartbeat. I'd hope that spec.Bs hold value better but I'm not holding my breathe. lol Link to comment Share on other sites More sharing options...
tytek Posted November 7, 2007 Share Posted November 7, 2007 You live and learn Sucks I will be paying almost $37k for this car over 6 years. Thats a lot of dough. if you decide to keep it, and after you pay off your CC debt, you can increase your $ contribution to accelerate your payments, and reduce your principal quicker. it will save you pointless interest expense and you will have the car paid off sooner. like others have already pointed out, keep the car. if you sell it you will lose your ass - remember the $9k down payment? Link to comment Share on other sites More sharing options...
Guest Gitster Posted November 7, 2007 Share Posted November 7, 2007 Yeah im way over all that, ill run it into the ground unless I can afford to trade it in for a new one at some point Link to comment Share on other sites More sharing options...
dr_sharp Posted November 7, 2007 Share Posted November 7, 2007 Yeah im way over all that, ill run it into the ground unless I can afford to trade it in for a new one at some point Welcome to LGT.com... you weren't an official member until that statement lol Link to comment Share on other sites More sharing options...
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