Need Advice...What Would You Do? - Ford Mustang Forum
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post #1 of 8 (permalink) Old 03-15-2016 Thread Starter
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Need Advice...What Would You Do?

We have 2014 GT. Base, with only option being 3.73 rear end, six speed. We love it.

We are 3.5 years into the loan, halfway through. Because of credit problems due to medical bills, loan is at 13%


Have a chance to trade in for a 2016 GT with Perf Pack. Changes payment by 16.00. interest dropped to 9.

Wife and I can't figure out what's smarter. Hold on and pay this thing off....which of course as a 2014 has an airbag recall, and at 40,000 is now out of warranty,

Or trade in and get a new one...fresh warranty, lower interest, and Perf Pack.

But we start all over paying for it.

Opinions?

Thanks much

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post #2 of 8 (permalink) Old 03-15-2016
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Easy, it all depends on what you like & what you can afford. As far as credit problems go, a lot more people than you would imagine have them. I don`t know your exact situation ( none of my business), but if you can get Ford to finance your new car (if you get one), you will likely get offers from other lenders in a few months trying to get you to refinance with them at a lower rate. For example, when I got my F 150 last May, I financed it through Ford credit. Within 2 months I was getting offers to refinance at a lower rate. The latest one was for 2.49%. You have to decide if another 3 years tacked on is worth the new car/warranty/payment.

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post #3 of 8 (permalink) Old 03-15-2016 Thread Starter
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Thanks.

We actually were approved by Ford but at 11 per cent, while Wells Fargo beat them at 9. Wells Fargo is who we have been with on the 14....
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post #4 of 8 (permalink) Old 03-16-2016
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Quote:
Originally Posted by kenv View Post
Easy, it all depends on what you like & what you can afford. As far as credit problems go, a lot more people than you would imagine have them. I don`t know your exact situation ( none of my business), but if you can get Ford to finance your new car (if you get one), you will likely get offers from other lenders in a few months trying to get you to refinance with them at a lower rate. For example, when I got my F 150 last May, I financed it through Ford credit. Within 2 months I was getting offers to refinance at a lower rate. The latest one was for 2.49%. You have to decide if another 3 years tacked on is worth the new car/warranty/payment.
That interest rate is pretty high. As Ken said, you will probably be able to refinance the new car at a lower rate and get offers from other sources.

I have refinanced the GT500 and I got a 1.9% rate for three years. You may be able to do something like that. You also still have 20,000 miles left on the drivetrain warranty: it is 5 years or 60,000 miles. The bumper to bumper coverage ends at 36,000 miles.

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post #5 of 8 (permalink) Old 03-17-2016
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I don't work in auto sales, but I have friends that do, this is what I'm told. When you go in they ask you "where do you need your payment to be" as normal, we tell them what our payment is currently and or what's the most we will pay. Well at that point you just got your payment, the most you can pay! Also in the financing, when they, financing, enters your info they get back several offers from credit companies ( again what I'm told ) the finance person is gonna approve you at the highest rate that fits that payment you told them in the beginning. Example, if you told them you can afford a $600 monthly payment, and they get you approved at $610, at 11% interest, there's a good chance they have you approved at a lower rate and a lower payment. Again this is what I've been told and learned over the years, nothing wrong with that process, after all we told them what we could afford!
I would most certainly go back and try to see if Ford credit will beat the WF rate of 9. I'm self employed, I have had my share of issues over the years, I have always used Ford credit, Ford credit has been amazing with the deals they have done for me, because I've been a faithful ford guy and always used ford credit they appreciate that and are willing to work with me.
Don't be afraid to haggle, they expect it, if you want the car, make the dealer earn your business, they want to earn it!
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post #6 of 8 (permalink) Old 03-17-2016
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One other thing you could do, ask the dealer to search for a 2015 perf pack car, same exact car, but with 2016 in full swing you may find a better price and a lower rate through ford credit on last years model. You could do a search on Fords website and see what's out there in your area. If the dealer wants the sale, they'll go get the car you've found.
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post #7 of 8 (permalink) Old 03-17-2016
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If $ is tight and you have a car you love why go further into debt? Yes the payments are the same $ but the time is way longer. Re-finance your current 13% if you can to a lower % rate, but do NOT extend the time instead try to decrease the time and mayhap by getting a lower % and $20-60 more per month in a few years you'll be happy.

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side question just for fun? Do people post on financial forums asking car advice?

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post #8 of 8 (permalink) Old 03-25-2016
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Quote:
Originally Posted by Strange Mud View Post
If $ is tight and you have a car you love why go further into debt? Yes the payments are the same $ but the time is way longer. Re-finance your current 13% if you can to a lower % rate, but do NOT extend the time instead try to decrease the time and mayhap by getting a lower % and $20-60 more per month in a few years you'll be happy.

.02


side question just for fun? Do people post on financial forums asking car advice?
Side question, is mud awesome as all get out? answer: yes!

i agree with my buddy here, if anything, refinance your current vehicle with someone for a lower rate/easier payment. work on all your other credit factors, and THEN later go upgrade when you can get a 4.49% interest rate like i did oh and i use TDautofinance, and i am pretty pleased with their website and their aggressive bargaining rate. others were offering 6% and above

and one last thing, someone else posted about "you get offers to refinance at a lower rate later" this is very true, but harmful to your credit. they don't like to see quick turn-arounds on loans and technically when you refinance, it's like selling your car and going to buy another one a couple months later.

btw, i went from a 520 credit score to a 740 in about 3 years, trust me, it CAN be done. but the thing is, you can't have ever been late on a bill, that will kill you.

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Last edited by TigerSN95guy; 03-25-2016 at 08:38 AM. Reason: left out part about TDauto
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