BG Auto - Am I getting fucked?

[Dantrag]

Most things past page 2 stop being helpful. You're time with TG should have taught you that...

[AoE]

TG people still talk about TG?

[kyod]

hence my 6.5% over 72 months which is an excellent rate on that length of a loan.

If your score is in the 700s and you're getting approved at 6.5% for 72 months, you're not getting a good deal. For that matter, if the only way you can afford your car is financing it for 6 years, you can't afford the car to begin with.

[Skyylya]

If your score is in the 700s and you're getting approved at 6.5% for 72 months, you're not getting a good deal. For that matter, if the only way you can afford your car is financing it for 6 years, you can't afford the car to begin with.

i said i was under 700 and above the mid 600's, closer to 680 I think based off the report they showed me so getting 6.5% over 72 months is a great deal. Getting an almost 30k vehicle for under 500/month is a good deal when i had as much negative equity as I did. I don't really care that anyone believes what i'm saying my purchasing process was. I was there, you weren't. If you aren't as good at sales as I am, tough titties.

You didn't prove anything melchiah except your own ignorance. You presume to tell me things as if you were sitting with me in the sales managers office looking at his computer. I know how my deal went and why it went that way. I don't really care if you believe that or not or think there are flaws when there aren't any.

Is it the only option for him to get a new car, of course not. Is it a bad option to look into a new car, again no it's not. He's actually in a very good bargaining position on his trade assuming he's go no negative equity and only minor current repairs. If he does keep it for a few more years and does incur more repairs the value of the car is going down, and his maint cost is going up.

and saying if you have to finance for 6 years you can't afford it is irrelevant. If you have to finance it for 1 year you can't afford it, if you can't pay cash up front you can't afford it. Welcome to the credit based world we live in. You can either play the game or sit at home stuffing cash in your mattress while i'm out enjoying the finer things in life.

[Melena]

What features cause dealer starting point for a basic 11 accord is just over 21k, so with fully loaded you still came out paying around sticker price. Sounds like you got fleeced.

[Skyylya]

What features cause dealer starting point for a basic 11 accord is just over 21k, so with fully loaded you still came out paying around sticker price. Sounds like you got fleeced.

the lowest model 11 sedan 4 door is base around 21k yeah but I didn't say I got the low model sedan. I got a coupe EX-L which is 27,855 MSRP on the vehicle. The sale price on the vehicle was 24,330

So with that i'm at 27855 - 3500(rebate + price reduction) - 7500(trade) + 9000(payoff) = 25855 on a car that cost 27855 and getting rid of my negative equity. Considering I did my refinance and got 3k out of my focus, and then got that wiped out with my new car purchase i'd say I made out pretty well. So if you want to criticize me and say I shouldn't be giving financial advice gfy.

On top of that I added lojack with the full coverage so the police can track the vehicle if stolen for 695, 700 for gap insurance 1400 for taxes and then another 500 for all the dealer fees. putting my total amount at about 29000. I put 1k down so my financed amount was just over 28k when it's all said and done and my payment is under 475/mo

Not that any of this matters to anyone but me but it is what it is. You can either take it for what it is or you can say i'm blowing smoke. This wasn't my first rodeo and I know how to negotiate a car deal.

[Dantrag]

TG people still talk about TG?

Not really.

[Atreides]

sooo just got back from the repair shop, it's actually a place that specializes in European cars but I've gone to the guy before for inspections and someone else in my building said he was honest. Cost me 300 to have the sensor repaired with parts/labor, a full 250 less than it would have cost me at the dealer. I am going to need the car inspected again soon so I'll probably just go to him for everything from now on.

He actually laughed when I told him honda wanted to charge me 150 for Emission Service since he said he could just give me a 15 dollar bottle of Fuel Injector cleaner that would accomplish the same thing. I still need to get the Engine Coolant Flush and Transmission Service so I'll see if he even thinks I need to bother before my next oil change (or how much he'd charge), since I only have like 25k miles on my car in 6 years lol

[kyod]

and saying if you have to finance for 6 years you can't afford it is irrelevant. If you have to finance it for 1 year you can't afford it, if you can't pay cash up front you can't afford it. Welcome to the credit based world we live in. You can either play the game or sit at home stuffing cash in your mattress while i'm out enjoying the finer things in life.

This is the exact line of thinking that started the credit crisis in the first place. I bet you have an adjustable rate mortgage too. If you finance a car for 3-4 years or less, it means you probably had a big downpayment and are buying something you can afford. A 6 year car loan is akin to flushing thousands of dollars (interest) in the toilet.

But hey, have fun with a lot of consumer debt and throwing away money at interest.

[Melchiah]

You're talking to a person who thinks he can borrow his way out of debt.

[Anakron]

A 6 year car loan is akin to flushing thousands of dollars (interest) in the toilet.

Not always true, depending on the rate. A 72 month, $50k loan @ 0.9% requires under $1.5k interest after all is done. If you're good with money, you can easily make $1.5k in a couple years with $30k in hand (e.g. look at Ford and Sirius stock over the last 2 years). Obviously, you can easily lose more as well, so that's where the "good with money" comes into play. And if you say that that's also what got the credit crisis started, I wouldn't disagree--I'm just pointing out that from certain perspectives, loans can make sense if you're willing to take calculated risks and have enough assets to cover your ass if things go south.

Though in the case of a $28k loan @ 6.5%, it'll cost $5.8k in interests alone. But given that he was sitting on a $9k loan at 22% (which would've been $5.9k in interest on 60 months), I don't think it was as bad as it sounds. Now if you get into why there was a 22% loan to start with, you're not gonna find any disagreements with me there.

[Skyylya]

Not always true, depending on the rate. A 72 month, $50k loan @ 0.9% requires under $1.5k interest after all is done. If you're good with money, you can easily make $1.5k in a couple years with $30k in hand (e.g. look at Ford and Sirius stock over the last 2 years). Obviously, you can easily lose more as well, so that's where the "good with money" comes into play. And if you say that that's also what got the credit crisis started, I wouldn't disagree--I'm just pointing out that from certain perspectives, loans can make sense if you're willing to take calculated risks and have enough assets to cover your ass if things go south.

Though in the case of a $28k loan @ 6.5%, it'll cost $5.8k in interests alone. But given that he was sitting on a $9k loan at 22% (which would've been $5.9k in interest on 60 months), I don't think it was as bad as it sounds. Now if you get into why there was a 22% loan to start with, you're not gonna find any disagreements with me there.

the 19% interest on the refinance i didn't argue because I knew I wouldn't be in the loan very long. And them having a higher interest rate allowed me to get more cash out of the vehicle. If I argued for a lower interest rate, they would have lowered the dollar amount they allowed me to receive.

I don't have an adjustable rate mortgage. I have a fixed 30 year mortgage that is costing me barely 100$ more than my rent was and I have a larger house with a pool. I will not take all 72 months to pay off my loan, so a lot of that interest will be irrelevant since i'll be paying more than my minimum payment and probably pay it off in 4 years. However amortizing the loan over 72 months gives me the option of paying less if a certain months expenses require it.

If you take everything into consideration Everything I did works in my favor. My refinance allowed me to pay off 2 credit cards which were charging me a combined 100$ a month just in interest because I accrued most of that debt in college and interest rates were high. That 100$ a month in interest saved more than makes up for what the interest on the new vehicle will cost me over the life of the loan if I even took the full 72 months to pay it off. My current car payment is only 230 dollars more than what I was previously paying, so with the 100 i'm saving from credit card payments i'm barely paying a tad over 100 a month more for a car worth 6 times what I was driving before.

I'm 27 years old, I am owning my own house, vehicle and have a good job with a lot of upside. All things considered i'm in a lot better shape than a lot of people my age.

And thank you Melchiah for adding me to your sig...i'm honored to have that much of an impact on you. You can btw borrow your way out of debt if you do it intelligently. for example taking out a personal loan at a low interest rate to pay off high interest credit cards is an excellent move. Taking out an extremely low home equity loan to pay off high debt interest is a good move. Credit card interest is money lost, mortgage interest is tax deductable.