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Would I be crazy to trade in my ‘18 GT pp1 for a ‘16 GT Premium pp1?

bnightstar

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Hey guys, need some advice here. About a month ago I picked up a 2018 GT pp1 in Kona blue, 15k miles, for $29,500. With the tax and fees I think the payoff is around $32k. I’m paying 21% - I know
I don't want to sound rude but if you need to finance a car at 21% do you really think you can afford the car ? I suggest you sell that thing right now or even get it back to dealer and get out of this away. If you have some outstanding credit card debt go pay that shit out. Look at Dave Ramsey etc. You shouldn't carry any debt besides your mortgage if you are looking to buy a car. 21% for a car loan fuck that I'm living in a 3rd world country where banks are predators and even my Credit card don't have 21% interest on it. With that much financing you are probably better off putting that car on your credit card. But to be fair I suggest you start thinking for something used and up to 5000$ until you payoff all your credits. I know this is not the advice you want to hear but I'm sure is the one you need. And trading down to 2016 GT is not really an option.
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showbbq

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This 21% is giving me anxiety on your behalf. You might need to sell a kidney or two.

Finances aside, the '18 is better in every way. Especially the exhaust.
 

Jetnoise

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lacanteen

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IMO, credit unions are the best way to honestly rebuild your credit.
 
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Thanks for the advice guys! I’m going to try to refinance. I’m actually a member at NFCU. I’ve heard their hard to get approved by with low credit scores, however.
 

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Qcman17

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Thanks for the advice guys! I’m going to try to refinance. I’m actually a member at NFCU. I’ve heard their hard to get approved by with low credit scores, however.
I think that's the smart play here to see what other options you can come up with before pulling any triggers as several have already noted above.
 

IronG

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I don't want to sound rude but if you need to finance a car at 21% do you really think you can afford the car ? I suggest you sell that thing right now or even get it back to dealer and get out of this away. If you have some outstanding credit card debt go pay that shit out. Look at Dave Ramsey etc. You shouldn't carry any debt besides your mortgage if you are looking to buy a car. 21% for a car loan fuck that I'm living in a 3rd world country where banks are predators and even my Credit card don't have 21% interest on it. With that much financing you are probably better off putting that car on your credit card. But to be fair I suggest you start thinking for something used and up to 5000$ until you payoff all your credits. I know this is not the advice you want to hear but I'm sure is the one you need. And trading down to 2016 GT is not really an option.
I
I agree with this. I think you know it, but you never should have gotten a loan for 21%, that is just ludicrous. Even 10% is not great, but obviously better than what you have now. If you can't refinance for 10% or less, I would suggest dumping the car now as you will lose less money. Get a decent high MPG car, get your credit fixed and then come back to a Mustang. I would not dump it for a 16 or any other high performance car. The savings in insurance alone will help recoup some of your losses. Good luck in whatever direction you choose.
 

AlphaCoyote

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Jeeezusss 21%!? I'd get out of that ASAP. Glad you're going to try and refinance. When i got my 2015 the dealer gave me a 5.9% a few months later i refinanced with my credit union and was given 1.5%. Best of luck!!
 

cib24

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I would try to refinance, but let's be honest here. If your credit is so bad that 21% is the type of interest rate you were given it also implies a lack of financial responsibility and a lack of cash, so why in the hell would you try to buy a new Ford Mustang GT on loan? Why not buy a used car for whatever cash budget you can afford without any form of financing whatsoever, run that for a 1-3 years, improve your credit and finances, and then when you are back in the black and have a much improved credit score look into leveraging yourself with a depreciating asset.
 
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tps7c

tps7c

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Cib24, not sure if you really read my whole post, because as I started I had a heart attack that caused me to lose my job because I was in bad shape, and then I wasn’t able to keep up with my bills. I’d say that’s a different situation then someone who was financially irresponsible. But your opinion may differ...
 

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cib24

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Cib24, not sure if you really read my whole post, because as I started I had a heart attack that caused me to lose my job because I was in bad shape, and then I wasn’t able to keep up with my bills. I’d say that’s a different situation then someone who was financially irresponsible. But your opinion may differ...
You are correct, the situation is different when looking beyond the finances but the creditors won't give you sympathy and hence the 21% interest rate. What I was trying to get at was it is probably not wise to leverage yourself at such a high interest rate on a depreciating asset and it would be better to work on improving your credit score for a while before getting a car loan.

Of course, I wish no ill health and hope you remain fit as a fiddle for many years to come.
 
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tps7c

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Cib24, I agree with you completely on those points. If I’m being honest, I think coming close to death made me say screw it, I’m gonna get this car and enjoy my life even though it’s a bad financial decision. Sometimes we make mistakes in a fleeting moment, then sanity kicks in. Luckily I can afford this mistake, but I’d like to try and clean it up. My credit report will be clean in about a yeah and a half, so maybe I should just get a high mileage Accord or Maxima and wait it out.
 

slowrey

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Thanks for the advice guys! I’m going to try to refinance. I’m actually a member at NFCU. I’ve heard their hard to get approved by with low credit scores, however.
If you're ex-military you might even try USAA.
 

Dfeeds

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Guys, my score is around 540. Embarrassing, I know. So I tried the Cap 1 website, where you can pre-qualify. And I just got denied. Maybe the dealers have better leverage to get loans approved?

Anyway, any suggestions on who to try to refi with?
So was mine (didn't owe money on anything for years, score plummets), and I still got 7.5%. I suppose the reason why is a factor. My reports just had "not enough recent info" plastered on it. Paying your car payments, on time, for at least a year should shoot your score up. Then you can try to refinance and see what you get. 20% is absurd, and I'd argue 10% isn't much better (double so considering you're trading down to get it).

Anyways, that's what I'd do. Continue payments on current car, raise score, refinance through a different bank.
 

Lightning Struck

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That other car will have a much higher payment than $250. $250/mo is $15000 @10% for 84 months.
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