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

99Zeus99

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I'll pray for you.... that you never have a heart attack or health issues like the op had & that can throw a curve ball that disrupts your life.
What class/course in HS/college or trade school did the op forget to elect?
I don't know what happened but I must have missed the part in the OP about his situation. For some reason, I thought he was just a young guy who wasn't smart about his money. My apologies to OP and sorry for your troubles. Obviously justified in lambasting me about my post. :lipssealed:
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Maggneto

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21% interest would give me a heart attack. Did you get a lifetime supply of lube with that Mustang GT?

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hlfbkd420

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Wow... This thread gives me a heart attack... Are you people fucking retarded? It's a simple question he asked and he explained his situation..
 

Maggneto

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Wow... This thread gives me a heart attack... Are you people fucking retarded? It's a simple question he asked and he explained his situation..
I have a 837 credit score and got my Mustang with 0% interest rate so retarded I am not.

Any who, it's not a simple question and there is no simple answer. The OP has made a horrible purchase (mistake number 1) and is asking for financial advise on a Mustang forum (mistake number 2). I do sympathize with the OP and his situation but he made the decision to roll with 21% not me. That amounts to about 20k in interest over the life of the loan. His car payment is about the same as my mortgage payment, financial crisis take 2.

The OP has gotten many good responses with some smart ass replies and stupid comments thrown in for good measure. As Forrest Gump said, stupid is as stupid does.

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Zelek

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Refinance your current car loan on the 2018 with a different bank. Don't jump into a new loan.
 

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cib24

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They have 0% finance on Mustangs in the States? Wow. You guys are so lucky. Finance rates here are between 6-8% from Ford on Mustangs, but if you want a Fiesta or Focus they will give you 0%.........

Third party financing is the only solution if you want a Mustang here and aren't prepared to pay 100% cash.
 

Maggneto

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They have 0% finance on Mustangs in the States? Wow. You guys are so lucky. Finance rates here are between 6-8% from Ford on Mustangs, but if you want a Fiesta or Focus they will give you 0%.........

Third party financing is the only solution if you want a Mustang here and aren't prepared to pay 100% cash.
As a matter of fact, the 0% deal is going on right now. 0% for 72 months. America rocks.

https://www.ford.com/cars/mustang/pricing-and-incentives/
 

tom_sprecher

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0% for 72 months is awesome and tempting, but I really like my '16 over the new ones.
 

TheSnowmanMafia

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0% for 72 months is awesome and tempting, but I really like my '16 over the new ones.
I dont think you get any other incentives that knock the price down if you go for that. So you really have to compare 0% and whatever other loan you can get with the other purchase incentives to see whats the better deal.

0% doesnt always come out ahead, you just have to do the math.
 

Maggneto

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I dont think you get any other incentives that knock the price down if you go for that. So you really have to compare 0% and whatever other loan you can get with the other purchase incentives to see whats the better deal.

0% doesnt always come out ahead, you just have to do the math.
I got the 5k discount and 0% in 2015. There were no other incentives or differences in price from Ford. Everyone got the 5k discount regardless of financing.
 

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TheSnowmanMafia

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I got the 5k discount and 0% in 2015. There were no other incentives or differences in price from Ford. Everyone got the 5k discount regardless of financing.
Thats pretty good then.

I know when Chevy was knocking 7k off their '18 Camaros and Vettes in 2019 you couldnt combine that offer with their 0%.
 

randotheking

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Both rates are absolutely terrible. You need the sell the car and only buy with cash until you can fix your credit. You cannot afford a $20,000 loan with those rates
 

Xarlstang

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Go see if a credit union or where you bank will bail you out...I did that about 8 yrs ago and went from 23% to 4% . Banker said from now on come talk to me first
 

kkjjkk12

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I wouldn’t trade backwards for things you can modify in your current car. Refinance with a credit union and work on building your credit so you can get the version of the vehicle that you want.

You have many different credit scores. Even if your overall score isn’t where you want it to be you should be able to up your AutoScore over time with a solid payment history. Best to do that with a Credit Union.

Hopping around from loan to loan, taking hard hits on your credit with too much space in between pulls isn’t good for your score. It looks risky. Paying on a loan for a few years should show some stability which will help a lot.
 

Bull Run

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I found this flowchart that may visually guide you in determining if it's feasible to keep the Mustang. If you can get to the "Do you have any high-interest debt" step (you can pay all your bills, have at least $1K or one month's worth of expenses in a small emergency fund, and at least contributing enough to the 401K plan get the full employer match), you may be able to keep keep the Mustang. Also, note that you may be able to get to the next step faster if you can sell it and get a cheaper car.


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