missed 5 car payments..... woot!
03-28-2006, 09:47 PM
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missed 5 car payments..... woot!
ok well got my car re-financed and ended up with 12$ more a month payments for 7 fewer.... ended up skipping about 5 payments which is a little over a grand. awesome deal
03-29-2006, 01:51 PM
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Originally Posted by ImPmpnU2
ok well got my car re-financed and ended up with 12$ more a month payments for 7 fewer.... ended up skipping about 5 payments which is a little over a grand. awesome deal
RotaryGod is right, I wouldn't say 'missing' them either - more like 'deleted', 'saved', 'omitted', how about using Re-financed in the subject?
Researching loans before you buy is cool. I 'missed' (or will have 'missed' by the end of the loan term) 180 payments on my home-loan. The 15-year loan was only about $100/month more than the 30-year loan so I told my wife - no cable TV until the house is paid for. Some of my coworkers pay more than $100/month for digital cable with all the trimmings. Life's all about choices.
So, was this a spontaneous refinance of your auto loan or did you take a bad loan to get an up-front rebate while planning to refinance all along?
03-29-2006, 11:47 PM
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financed my car through MAC and after paying 3 payments i went to my credit union and refinanced for a lower interest rate. i bumped my payments up from 237 to 250 a month and only have to make 50 more payments til the car's paid off. definatly a good deal, if anyone has any quesitons about it i'll gladly answer as best as i can........ the only reason i threw that missed 5 payments in the topic is to throw you guys off!!! hahaha
03-30-2006, 01:21 AM
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Originally Posted by ImPmpnU2
ok well got my car re-financed and ended up with 12$ more a month payments for 7 fewer.... ended up skipping about 5 payments which is a little over a grand. awesome deal
Eitherway.. sounds like its going well for you now. Congrats
HOLD ON... just read your last post. $237 a month, were you in a lease? How many months was the first loan for.
-hS
Last edited by BigOLundh; 03-30-2006 at 01:23 AM.
03-30-2006, 08:21 AM
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I just refinanced my car this week as well to get away from the evil MAC financing. My situation involves the fact that I had "NO" credit straight out of college. Since I put 10 down on the car they let me buy it but for a shitty APR of 17.99% I refinanced thru my bank and got an 11% APR (better but not stellar)
Bascially my payments are 100 dollars less per month and save me about 5,000 dollars in interest if I were to pay out this bank loan on the terms agreed. However since I'm not a dope I shall be paying it off in full within the next three months hopefully. (yes its weird to refinance and then pay the thing off however I've been saving every dime I have and got a huge tax break so every extra dollar goes to the car. And you are right its all about choices in terms of money.
People dont understand why I *DONT* go out to dinner every night and buy random **** on my credit cards, its because I know with a little self control I can be out of my car payment loan bascially 4 years ahead of time with just about 1 year of sacrafice. (it was a 5 year term loan)
I was paying 562.42 a month and now its about $430 a month for my car.
Bascially my payments are 100 dollars less per month and save me about 5,000 dollars in interest if I were to pay out this bank loan on the terms agreed. However since I'm not a dope I shall be paying it off in full within the next three months hopefully. (yes its weird to refinance and then pay the thing off however I've been saving every dime I have and got a huge tax break so every extra dollar goes to the car. And you are right its all about choices in terms of money.
People dont understand why I *DONT* go out to dinner every night and buy random **** on my credit cards, its because I know with a little self control I can be out of my car payment loan bascially 4 years ahead of time with just about 1 year of sacrafice. (it was a 5 year term loan)
I was paying 562.42 a month and now its about $430 a month for my car.
03-30-2006, 11:27 AM
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The car finance guys are one notch below the car salesman.
Funny how when 7 years ago I bought my Solara and then again when I bought my RX-8 last year, that they were going to screw me to the nines until I mentioned the rate I knew I could get from my credit union, then, magically they bested them!
Right now I've got a 60 month 3.9% loan on my '8 - heck, right now I've got a money market savings account earning 4.5%. I'd be stupid to pay that loan off early...
Bottom line is, it pays to go into the dealer prepared - those finance guys always seem to be able to pull out a better deal if you've done your homework up front.....
Funny how when 7 years ago I bought my Solara and then again when I bought my RX-8 last year, that they were going to screw me to the nines until I mentioned the rate I knew I could get from my credit union, then, magically they bested them!
Right now I've got a 60 month 3.9% loan on my '8 - heck, right now I've got a money market savings account earning 4.5%. I'd be stupid to pay that loan off early...
Bottom line is, it pays to go into the dealer prepared - those finance guys always seem to be able to pull out a better deal if you've done your homework up front.....
03-30-2006, 01:16 PM
#18
I don't buy Kool-Aid
Originally Posted by Cool-Blue-Dad
Unless you're really close to the end. Better to tighten the belt, skip a few movies and pay the sucker all the way off (if you can).
03-30-2006, 01:27 PM
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Originally Posted by DOMINION
Yea I got $10K to go. I was going to just give $5 then refi. But I'm looking into a home right now.
We I ran the numbers 7 years ago it showed a 15-year-loan meant paying back principle + interest where total interest equaled the amount financed. A 30-year-loan meant total interest equaled *dobule* the amount financed. Think about the purchase price of the house - you wanna pay double or triple? Interest on car loans usually ends up being a fraction of the total sales price, even on the worst terms, but home loans kill you with interest.
Gotta love the bonus too - when we signed for our house I was able to say that our house would be paid for ~2 years before my wife's parents' house. Her parents bought that house before my wife and I even met and we didn't buy ours until we'd been married over 7 years.
03-30-2006, 06:41 PM
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Originally Posted by toxin440
I just refinanced my car this week as well to get away from the evil MAC financing. My situation involves the fact that I had "NO" credit straight out of college. Since I put 10 down on the car they let me buy it but for a shitty APR of 17.99% I refinanced thru my bank and got an 11% APR (better but not stellar)
I got my car with no credit by putting down 9 and they wanted to stick me with a 17.99% as well. I ended up haggling them down to 8.90% which I was amazed because I was expecting them to stop around 13%
03-31-2006, 12:05 PM
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I had a 6.5% APR with a 72month payment of 350 a month
got it refinanced with my local military credit union, now i got a
4.5% APR with a 60month payment of 375 a month.
got it refinanced with my local military credit union, now i got a
4.5% APR with a 60month payment of 375 a month.
03-31-2006, 09:41 PM
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Originally Posted by BigOLundh
I work as a consumer loan officer, dealing mainly with auto financing... i can tell you that you either got a really good deal now, or completely *** raped on your first time financing.
Eitherway.. sounds like its going well for you now. Congrats
HOLD ON... just read your last post. $237 a month, were you in a lease? How many months was the first loan for.
-hS
Eitherway.. sounds like its going well for you now. Congrats
HOLD ON... just read your last post. $237 a month, were you in a lease? How many months was the first loan for.
-hS
I got the car for 27 out the door, put 10 down and they gave me 6 for my trade so i only owed 11K on it roughly. The original interest charge they gave me was for 9% for 60 months which is BS b/c i know my credit score and it's in the high 700's being only 23. They said that even if governor bush walked in they'd even give him that apr b/c that's how that particular dealer is when you finance through MAC. Everyone gets the same rate. After paying 3 months, went to my credit union and got financed for 5% which isn't great considering my credit score but hey I'll take it. Even though I do have a good credit score, they stated that since I'm only 23 it hasn't been long enough to get a lot of years establishing credit even though I've had my own credit card since I was freaking 17..........
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