Here is what happened. Bought my 95 vette for 18k due to it having low mileage, being purple, quite rare, blah blah blah. Turned out to be a real POS and wasnt worth but 9k when I traded it in. SO, I had to rollover that negative amount into the cavalier which stickered for 18k but got sold to me for 13k. So I financed 22k and, with a 72mo. loan, have 16k left to pay on it (its an 03). NOW the cavy is worth about 5k on trade which leaves 11k negative equity. So, although I dont have the vette anymore, its still fu**ing me in the ass !!! I dont need no stinkin financial class, I need to hurry up and pay this sucker off!mrbst47 said:you really sound like you are in serious trouble.
You know, I could total my GTO.... settle on it, get a check for all of the aftermarket stuff on it and get a new goat, cheaper payment, and have a ton of cash to mod.... where did you say you lived? :willy:big_mike said:thought of that, didnt get GAP insurance. Otherwise, I would have had the black GTO I drove a few weeks ago. Oh yeah, I would have had it !!!
big_mike said:thought of that, didnt get GAP insurance. Otherwise, I would have had the black GTO I drove a few weeks ago. Oh yeah, I would have had it !!!
JMJ80 said:i am idiot. bought right before incentives. took gap and loss of job insurance...
4000.00 trade in 1000.00 down cash.. 6.5%(then found my halfsister gives loans now and she could have got me 3.9%), anyway with gap and loss of job my payments are 689.00 :cheers i absolutly love and believe mine is worth every penni!!!! :cool
might not have gotten the best deal but i absolutely love this thing even at a total cost of 46,000.00 in the end worth it to me. i hope you all don't think i'm a total idiot.
if you wonder i paid msrp nothing more.
oh yeah, that include extended warranty of 5 year 100,000 miles and tax
b_a_betterperson said:$813.05 a month for 36 months. Could have paid cash -- but with a .9% GMAC note -- driving off the lot with zero down and keeping the cash in equities actually costs less. Since most of that dough's earning close to 5% interest now -- it's almost like having a negative 4% subsidy from GM.
Rule of thumb? Save like crazy until you get a house -- funding your retirement the entire time (17% of pretax income). Once you've got that -- save like crazy until you can buy a car. If you go new, get the shortest loan you can possibly afford -- and hang onto your car as long as you possibly can.
Seriously? Buying low mileage used is always the best way to go. My Dad, who's loaded (although you'd never know it because always has and always will be careful with a buck), just bought a 2005 Ford Escape Limited 4x4 with 1,600 miles for 20 large -- and those things can sticker up to 30. If GM wasn't giving away GTO's at the end of last year -- I would've done the same.
Spending money's easy. Making money -- and creating true wealth for yourself -- is hard.