Should I pull the trigger?

[jacknifetoaswan]

It’s the premium. I can’t get a better apr because my credit is under 680. Well, that’s what they say. Supposedly they can’t get any lower because it’s a competitive price for the surrounding market. I’ll probably wait another week.

You can shop for an interest rate. My credit union offered 1.99% on new cars, and I was pre-approved for up to like $45k. When I went to go sign, the dealer came back and offered 1.79% through Capitol One Auto Finance, plus gave me an extra incentive to use their financing program.

Your credit also can't be dinged more than once for having multiple checks within a 30 day period for the same thing, e.g., if you go to 10 banks for an auto loan, and each of them does a hard pull on your credit, your credit score only reflects being pulled once.

JR

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[Nomadic]

Upside down, now going to a $30K car with a bad interest rate. Stupid if you ask me.
I got my '15 GT PP w/ 5500mi miles a couple months ago. Had cloth Recaros, exhaust, Whipple, springs..etc. Paid $31,500. But I paid cash. I'd never finance a toy and pay interest.

 

[Macfarland]

Upside down, now going to a $30K car with a bad interest rate. Stupid if you ask me.
I got my '15 GT PP w/ 5500mi miles a couple months ago. Had cloth Recaros, exhaust, Whipple, springs..etc. Paid $31,500. But I paid cash. I'd never finance a toy and pay interest.

Upside down? The dealer will payoff my trade-in.

 

[jbuck]

I don't there ever is financial justification to buy a newer mustang.

That said if you can afford it then go for it.

Personally I agree that paying cash is the best if its not your only means of transportation. BUT my investment account made 21% last year so it didn't make financial sense to pay cash either. So wtf do I know.

 

[2015Etrac]

Is Ford running any promotions on leftover 17's? You might be able to pick up a new 17' PP Premium for like $34k. My credit was around that when I bought my car and I was still able to get 0% Ford financing. A new 17' with 0% financing would only be about $15 or so more a month depending on options and price.

 

[Nagare]

BUT my investment account made 21% last year

got any more info on that part? :cheers:

 

[jhammy49]

Upside down? The dealer will payoff my trade-in.

You would probably still be upside down considering that the car is only worth about 25k or less trade in (which is how insurance would value it). Unless I'm missing something and you are putting a lot down, you will always be upside down. Especially at 4% over probably 6+ years?

Not the best decision but hey...its your money.

 

[nastang87xx]

You would probably still be upside down considering that the car is only worth about 25k or less trade in (which is how insurance would value it). Unless I'm missing something and you are putting a lot down, you will always be upside down. Especially at 4% over probably 6+ years?

Not the best decision but hey...its your money.

Exactly.

And if the dealership is willing to pay off your loan, if that's truly what they really actually mean, then you're missing out on positive valuation against your note. Upside down is upside down no matter how you look at the numbers until what you owe vs the valuation is greater than 0. But like we keep saying, do what you feel is right.

 

[jacknifetoaswan]

To piggyback, just because they're paying off your loan doesn't mean that they're forgiving the debt. They'll roll the cost into your next loan, which will make your LTV (Loan-to-value) higher, which will drive you further underwater.

JR

 

[xDUMPWEEDx]

Just keep your current car. You have an S197 GT, there's no need to upgrade right now with your current financial situation.

Keep paying your current car off and see what Ford unveils for the Mustang in the next couple years.

 

[Nomadic]

Upside down? The dealer will payoff my trade-in.

So that means you'll have nothing down and $30K+ car loan? It's really up to you. I can't stand car payments/debt personally, so I would never do it.

 

[Nomadic]

BUT my investment account made 21% last year so it didn't make financial sense to pay cash either. So wtf do I know.

So did mine and almost everybody else with money in the market. But what did it make in the last 2 weeks?

 

[Macfarland]

Lowest apr I found through credit union was 2.48. I can’t get that because my credit is not stellar. I was looking on auto trader all of SoCal and at $30k it’s very competitive.
Thanks for the replies.

 

[Macfarland]

Is Ford running any promotions on leftover 17's? You might be able to pick up a new 17' PP Premium for like $34k. My credit was around that when I bought my car and I was still able to get 0% Ford financing. A new 17' with 0% financing would only be about $15 or so more a month depending on options and price.

Unfortunately Ford doesn’t have 0% for either 60 or 72 months on 2017s. Also
The apr is in lieu of the rebates, so I doubt I can get 0% and thousands off msrp

 

[canyon ed]

Check out Puente Hills Ford they had some loaded 17s left. Good luck and keep up posted.

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