Talk Me Out Of Test Driving A GT350

[Mach 307]

For reference the out the door price of the 350 was $79,900, they wouldn’t budge. They were giving me $55,600 for my car which is my payoff. I was going to put down $7,500 cash. That’s when I was met with the 13.99% regardless.

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[Mach 307]

I do have $30k of student loan debt. I’ve financed three cars in my name, one with a co-signer. Other than that I have $0 debt then my student loans and car, no missed payments or late payments, etc. 761 score like I said. No credit card debt, though I’ve had healthy usage in the past of credit cards. My income is $7,500 gross. Idk what the issue was, other than that I’m 26.

 

[Mach 307]

Yes get pre approved at a lower rate from an online bank or credit union. That was way too high of a rate. I rarely use the banks the dealers work with. All kinds of shady but legal kickbacks going on. Actually them giving you 55k on the trade for the M1 was good. But if you owe more than that on the M1 loan then the negative equity can affect the rate on the loan for the 350. Did you have the dealer run the latest credit check? Did you see the report? But you’ve decided to walk away so that’s fine too. Keep an eye on it and see how long it sits, if it’s still there at the end of the month they might want to deal. Walk in on the last day of the month a few hours before closing. Then they deal as the next day monthly sales figures come out. In my last 911 I stalked it for four months online and drove the bastards down 15k right when they were going to send the poor puppy to auction.

Right now I am through a credit union for my Mach 1, that’s where I got the 6%. They didn’t show me the report.

 

[Mach 307]

Since the cat is out of the bag, here’s the car.

https://www.fordelmhurst.com/used-Bensenville-2020-Ford-Mustang-Shelby+GT350-1FA6P8JZ4L5552597

 

[DCShelby]

So you were going to finance 70k or so for the car then. Plus 30k of student debt, then monthly expenses of rent, food, utilities, insurance, cell phone and an other items eat into the 7,500 gross. In your case it’s better to keep the M1 and save up a bit more cash or put the 7500 on the student loan. Those things are an albatross that hang around 20 years or more and the amount of interest paid is big.

 

[skinnyb]

I live about 15 minutes from OP, where we’re at (just outside Chicago), low mile Mach HP’s with a clean CarFax are still going low to mid $60’s all day long. When they actually come available, which is not often. He was right to get them to up their trade offer, that rate they threw at him was insane.

I know where the car is that he went at looked at today, I’m half tempted to go there (I’m almost double OP’s age) and see if they let me test drive it and what rate they throw at me. I do think there’s some ageism at play here. I’ve never dealt with that dealer before so I can’t say for sure without actually going there.

Exactly true. I AM double the OP's age exactly til July and I don't have any issues getting a MUCH better rate than that, although my credit score is 850 all day long... My boy on the other hand (OP's age in June) got took for a ride on his car... :( And don't get me started on insurance. He is a GREAT driver, very responsible. Just a shame.

 

[Mach 307]

So you were going to finance 70k or so for the car then. Plus 30k of student debt, then monthly expenses of rent, food, utilities, insurance, cell phone and an other items eat into the 7,500 gross. In your case it’s better to keep the M1 and save up a bit more cash or put the 7500 on the student loan. Those things are an albatross that hang around 20 years or more and the amount of interest paid is big.

All good points. I was certainly in some aspects going to set myself back by getting this car, but cars are my love so I justify it. I feel after today, what I currently have is maybe the most I SHOULD have, and that’s brought some closure. Because, if I were to 350 shop again, it would again be a 2020 loaded HEP. Otherwise I’m happy to keep my Mach 1 HP. When the right car is available, it’ll be available and I’ll have the funds where it makes sense, is what I am telling myself. Back to the smart things, like investing in the S&P 500, my Roth IRA and chunking down my student loans I suppose.

 

[MAGS1]

Exactly true. I AM double the OP's age exactly til July and I don't have any issues getting a MUCH better rate than that, although my credit score is 850 all day long... My boy on the other hand (OP's age in June) got took for a ride on his car... :( And don't get me started on insurance. He is a GREAT driver, very responsible. Just a shame.

Unfortunately there’s more than enough younger drivers out there that “justify” what all these dealers, banks and insurance companies do. It sucks for the responsible ones for sure, but there’s no way for a bank or insurance company to quantify that. So they all get lumped into the same bag

 

[DCShelby]

Yes I’ll watch some videos from JS Autohsus and it’s real sketchy when some of these young guys roll in looking to trade, that have shit credit with clapped out Audis, Infinity’s, BMWs and more. And George gives them what they think they want, but it’s him and his finance buds that make out.

 

[skinnyb]

Unfortunately there’s more than enough younger drivers out there that “justify” what all these dealers, banks and insurance companies do. It sucks for the responsible ones for sure, but there’s no way for a bank or insurance company to quantify that. So they all get lumped into the same bag

So true, I see my share of young whipper snappers doing dumb things. Problem is, I did that too when I was that age, but one HUGE difference. No TikTok, FB, Instagram, or "evidence" LOL... Its amazing what a few years does to make things come in perspective. I am truly blessed here, we have fun, but try our best to be safe and not to do too many dumb things

 

[PP0001]

All good points. I was certainly in some aspects going to set myself back by getting this car, but cars are my love so I justify it. I feel after today, what I currently have is maybe the most I SHOULD have, and that’s brought some closure. Because, if I were to 350 shop again, it would again be a 2020 loaded HEP. Otherwise I’m happy to keep my Mach 1 HP. When the right car is available, it’ll be available and I’ll have the funds where it makes sense, is what I am telling myself. Back to the smart things, like investing in the S&P 500, my Roth IRA and chunking down my student loans I suppose.

Alec. there are plenty of GT350/R enthusiasts that can help you and others like yourself to get into the car that you desire.

As mentioned earlier, if you can stay away from automotive dealers when looking at a used GT350/R as they typically seem to have large margins let alone don't know or care much about ownership history, provenance or previous maintenance routines.

I don't buy too many used HP vehicles but when I do I almost always end up purchasing a HP vehicle from a fellow car buddy and/or fellow automotive enthusiast and in many cases they are the original owner who has all of the provenance, history and maintenance records for the vehicle in question.

Good luck going forward and to all other GT350/R enthusiasts members as well!

 

[Sajin]

Looks like slight surface rust to me. My 2020R doesn't have surface stuff that looks like that, and it's got 7100 miles on it now.

 

[Inthehighdesert]

Sucks for you, bunch of crap. I will say this if you were remotely still interested. Me being the …hole I am I’d do there deal, 14 percent and all. And as soon as the car was registered and the title was transferred I’d walk in to my credit union and refi it for 5-5.25. And then those …holes would have to write the check for the backend bump they pulled. What most don’t realize is almost all finance companies have six month rights of recission if the financee pays that note off within the first six months. The dealer is on the hook to repay that spiff they got, and so is the …hole finance guy that pushed it.

For reference the out the door price of the 350 was $79,900, they wouldn’t budge. They were giving me $55,600 for my car which is my payoff. I was going to put down $7,500 cash. That’s when I was met with the 13.99% regardless.

 

[Inthehighdesert]

You sir are in Tx. Lol.

Looks like slight surface rust to me. My 2020R doesn't have surface stuff that looks like that, and it's got 7100 miles on it now.

 

[MAGS1]

You sir are in Tx. Lol.

For a car that lived its life to this point in Ohio and Indiana, that’s a really clean undercarriage.

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