Ford Mustang Forum banner

1 - 13 of 13 Posts

·
Registered
Joined
·
17 Posts
Discussion Starter #1
Okay so i have NO cedit what so ever, I'm 19 and had no co-signer. I went to a car dealership in FL, Sun Belt Honda to get a used 2007 Mustang V6 with 40,000 miles. I was told my payments would be $340 for 6 years and 23% interest rate no warranty. I walked off on him and the sales man followed me to my car and said he would put in a bumper to bumper 48,000 mile warranty through Master Tech I told him it was still too high and I got in my car and he then told me he will talk to his manager... then he got my interest rate lowered from 23% to 18% and monthly payments down from $340 to $325 a month still for 6 years. I said that sounds better and I will consider it. Well i got a call today and my interest rate has been moved down to 14% with $320 a month for 4 YEARS, thats $5 a month taken off every month, 2 years of payments taken off, and also interest rate lowered 4% and the 48,000 mile warranty still included, I took the car to a machenic and he said it looks almost brand new and that its in great shape... what do you guys think? Did i get a good deal? or could i have kept pushing?
Thanks!

- Joel
 

·
Registered
Joined
·
17 Posts
Discussion Starter #3
Car price

Car price is $13,900 but there was a BS "Bank Fee" for getting me approved with no credit that moved it up to $15,300
 

·
Registered
Joined
·
2,146 Posts
why did they start the whole high interest and longer payment? they were trying to rip you off big time. $340 for 6 years? hellz to the naw. thats why i hate stealerships.
 

·
Registered
Joined
·
1,399 Posts
48 payments at 320 per month is roughly $15.4ish. Which considering you have no credit, no co-signer, and you're getting a bumper to bumper for 48,000 more miles. Yes I'd say that's a good deal.

The car is selling for $13.9, so if you think about it, you're paying like $1500 or so for financing and the warranty. With no credit at 19, not a bad deal IMO!
 

·
Registered
Joined
·
17 Posts
Discussion Starter #6
rip-off

why did they start the whole high interest and longer payment? they were trying to rip you off big time. $340 for 6 years? hellz to the naw. thats why i hate stealerships.
They're trying to make their money and lots of it,
he told me that that was as low as he could go and he said even at the original price he was barely making any profit on the car..I got so pissed off, they're trying to take extra thousands and then telling me they arent making anything.. i walked off and funny how they came down so much so quick. But Thanks everyone for the responses, it sounded good to me but it's the first car I've bought and I did it by myself with no parents to help me out so just being careful I guess. :bigthumbsup
 

·
Registered
Joined
·
962 Posts
are they going to kiss you before they screw you ???? That whole deal stinks,,

that warranty isn't worth the paper its written,,try collecting on it..and see whats included. There are ALWAYS exclusions and possibly deductibles.


been there done that many moons ago
 

·
Registered
Joined
·
17 Posts
Discussion Starter #8 (Edited)
are they going to kiss you before they screw you ???? That whole deal stinks,,

that warranty isn't worth the paper its written,,try collecting on it..and see whats included. There are ALWAYS exclusions and possibly deductibles.


been there done that many moons ago
Your so right about most warranty, but this one is prime with master tech and I dont know if its just a good company or my local Ford dealer ship is half decent but they replaced my dads transmission and AC and didn't even require service records and he has the exact same warranty, so this warranty should be pretty decent atleast.

EDIT:
I've read some good and bad things about master tech, I guess it depends on the place you take the vehical too..
 

·
Registered
Joined
·
344 Posts
Based on Kelly Blue Book you got a good deal at that price. Good to see you had a mechanic look at the car before you bought it.
 

·
Registered
Joined
·
406 Posts
The interest is criminal but since it is your first credit transaction I guess it is understandable. 4 year note isn't too bad...

Sent from my SPH-D700 using Tapatalk
 

·
Registered
Joined
·
85 Posts
my 20 year old brother had no credit at all and he got 16 percent from carmax for a gt..well he is paying an arm and leg but compared to that u are getting a RUTA...id say shop around a bit...that interest is till too high even for a first time buyer
 

·
Registered
Joined
·
133 Posts
April 2009, I paid 11,500 for a Convertible 2005 v6 , 5 speed car, with 40 thousand miles. There are lots and lots of them out there. I know it's hard to wait, but take a deep breath, and save a little more money up. If you are like most of us, you will be in debt until you die, no need to rush into it.
 

·
Banned
Joined
·
12,435 Posts
seriously bro, you need to lower your expectations and lifestyle, even if you took the 340/mos car note you'll still have to have full insurance which is what? 100-150 mos? $450-500 a month for transportation is way too much for you...hate to say it, but you need a good used Honda or something VERY affordable or you will never have any credit and at your age that is not a good thing, bust your tail for a few months and pay cash for a decent used car, that way every part of owning it will be less...remember short term pain, long term gain
 
1 - 13 of 13 Posts
Top