This is topic im tired of this damn car ! in forum General Talk at Northern California Ford Owners  .


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Posted by vendicated_03gt (Member # 9815) on :
 
ive had it since 07. and i pay hella for it a month. n my fuking bill barly moves wft is goin on ? who come i pay 480 a month and my balance dont really go down ? first thing is first ok yes i got it wen i was young , i was 18. now im 21. i saw it n i fell in love with it and i had to have it . i got it in ceres at 5 star autosales on michelle and hatch rd. after financing and tax and all that crap the stupid car came out to like 21XXX, at the time i didnt care, but now im like fuk i hate the damn thing at times lol. i wanna burn the thing so i wont have to pay for it. it was bone stock wen i got it. now it has xpipe, no catts, 3.73, aem intake, 75mm tb, plemum, full exhaust, some suspention work and 24lbs injectors. just need to tune it.

ok im just tired of paying so much for it and the balance not going anywere, wat can i do ? or is it wrong ? do i owe less ? i did the math and if im correct i payed about 17xxx already wtf. wats going on.???!!!!!! no i wasnt in the room were the deal went threw my dad was , he got it out for me. and its under my dads name and moms. is there something wrong with this picture ?
 
Posted by 94tealgt (Member # 10127) on :
 
What's the Apr? You can have them refinance it. Was it a 6 year or 7 year loan?
 
Posted by vendicated_03gt (Member # 9815) on :
 
thats the thing bro i wasnt in the room with them i was too buzy outside looking at the when they were detailing it for me. i asked my dad and he like ummm i cant remeber. can i go back to the dealer and ask for the paper work ?
 
Posted by vendicated_03gt (Member # 9815) on :
 
i dont know the apr. and how do i refinance it ? wat will that do ? lower payments ? but wont that take longer to pay off???
 
Posted by SnakeBit (Member # 8871) on :
 
I learned the hard way myself. It's not until that last 1 - 2 years at the end of your agreement where you see the balance drop off. I'm not sure exactly how it works, but it's like you pay all the interest up front. So if you purchased in 07 and you have a 5 year loan, you still have 2 years left. this is where you will see it drop. Man so many people including myself have made this mistake. The effects last for years. What ever you do don't trade it in for another payment. You will lose you ass and you will be asking yourself the same question 3 years from now.
 
Posted by Smoked50 (Member # 9592) on :
 
quote:
Originally posted by SnakeBit:
I learned the hard way myself. It's not until that last 1 - 2 years at the end of your agreement where you see the balance drop off. I'm not sure exactly how it works, but it's like you pay all the interest up front. So if you purchased in 07 and you have a 5 year loan, you still have 2 years left. this is where you will see it drop. Man so many people including myself have made this mistake. The effects last for years. What ever you do don't trade it in for another payment. You will lose you ass and you will be asking yourself the same question 3 years from now.
^ What he said, First you pay off the interest then in the last couple of years you start actually paying off the car.
 
Posted by vendicated_03gt (Member # 9815) on :
 
holly fuking shit bro i was already thinking of doing that !!!!!!!!!! for a 03 harly davidson f-150. but i backed out at the last moment. so ill start seeing the full payment drop soon ? cuz like as of right now i pay 481.96 ish it kinda stays there right , and i looked at my last months and the balance only drops like 200 bucks im like ugh wtf , i honestly feel like smashing the damn car in a fuking pole !!! i only get payed 8.60 a damn hour n to pay that much for only 200 buks to go into my payment , man thats bs !!!
 
Posted by 94tealgt (Member # 10127) on :
 
I would find out the Apr from your dad or look at the statement when it comes in and see what the actual balance is. Also. Since you do pay for the car but your not on the loan you can still get credit from it. If you write a check for the payment you can send copies of it to the credit bureaus. That way your credit gets good also. You should look into that.
 
Posted by vendicated_03gt (Member # 9815) on :
 
no way for realz....... i dont write checks i send them money orders. under my mom n dads name but i heard that it dont matter whos name is on there as long as the car gets paid for. i dont have credit tho. who would i send that to ? so i can build my credit ?
 
Posted by 94tealgt (Member # 10127) on :
 
You have to prove to the credit bureau that you are making the payments. Not your parents. So the money orders or whatever you use must have your name on it. Also you can piggy back on your parents credit by having them add you onto there credit cards as an authorized user. The banks will automatically start reporting your parents payment history to your credit.

Go to macys (easiest to get approved) apply for a store card and keep a low balance and try to pay it off every month. That will be a good start to building your credit. Just don't go ape shit and start applying for every card you see.
 
Posted by vendicated_03gt (Member # 9815) on :
 
thx will do. !! and bout the credit card thing lol i dough they'd put me on there lol, you can guess why. lol but back on my post. will i start seeing mad drops or wat ?
 
Posted by 94tealgt (Member # 10127) on :
 
If you paid 21xxx for the car and your payments are 480 a month. Your Apr for a 6 year loan is probably around 17%

[ August 16, 2010, 04:56 AM: Message edited by: 94tealgt ]
 
Posted by vendicated_03gt (Member # 9815) on :
 
ok i dont really understand that. wat dose it mean ? i still have 3 damn years to go ?
 
Posted by 94tealgt (Member # 10127) on :
 
You should start seeing the loan amount go down soon. Banks want there interest first. If you have questions about the loan have your dad call the bank that the car is through. Not the dealer. They have nothing to do with that.
 
Posted by vendicated_03gt (Member # 9815) on :
 
ima have him call then so are all banks like that ? they want the interest first then all your payments go towards ur payoff amount ?
 
Posted by 94tealgt (Member # 10127) on :
 
quote:
Originally posted by vendicated_03gt:
ok i dont really understand that. wat dose it mean ? i still have 3 damn years to go ?
Ya. You have about 3 more years.17% interest means your paying a shit load more then you actually paid for the car. Your total loan amount after interest is prob.$34k

So after you made all your payments for the 6 years you will be paying 34k for that car.

[ August 16, 2010, 04:50 AM: Message edited by: 94tealgt ]
 
Posted by vendicated_03gt (Member # 9815) on :
 
yea thats wat gets me mad. so ok...... now the drops should begin right ............ last time i finance a car fuk all this i could of bough 2 of these damn cars for the price of this one. fuk....
 
Posted by 94tealgt (Member # 10127) on :
 
Ya. You should start seeing the loan amount drop pretty good now.
 
Posted by vendicated_03gt (Member # 9815) on :
 
thats good news !!!! that feels good to hear , you guys have no idea how hard this bitch is to pay. i pay for everything on it full coverage car payment , wow its a nightmare !!
 
Posted by SnakeBit (Member # 8871) on :
 
quote:
Originally posted by vendicated_03gt:
yea thats wat gets me mad. so ok...... now the drops should begin right ............ last time i finance a car fuk all this i could of bough 2 of these damn cars for the price of this one. fuk....
Yeah man it's a trap. Financing cars is a joke if you don't put a nice down payment like 50%. Learn from it. Hopefully you can stick it out and pay it off. The thing that really sucks is that your car is probably worth 1/2 as much as you owe or close to it huh? So if you were to trade it in any negative left over would transfer on top of your new loan. But they would stretch it out for another 6 - 7 years so your monthly payment is "affordable". The car's depreciate way faster than you can pay them off.
 
Posted by SnakeBit (Member # 8871) on :
 
quote:
Originally posted by 94tealgt:
Ya. You should start seeing the loan amount drop pretty good now.
+1
 
Posted by 98Snake (Member # 183) on :
 
quote:
Originally posted by vendicated_03gt:
ok i dont really understand that. wat dose it mean ? i still have 3 damn years to go ?
A 6 year, $21000 loan at 18% APR, with $480/month payment, will come out to almost $35000 by the time you're done paying it off. You will have paid 1.5-2x's what the car is worth. It's how banks stay in business.

In my opinion, if you don't qualify for any auto loan under 5% APR, you should save up and buy a car that you can afford to pay off completely, or work on your credit and wait until you are able to qualify.

What it really means is that you've made a mistake that most of us have made at some point, whether it's credit cards or cars we can't afford.

The important thing is that you learn from it.

In you're situation, I would try to refinance or borrow money from your parents to pay it off as fast as possible. You've already paid most of the interest, so you're balance should start to go down a bit faster. Another option is to sell the car and chalk it up as a $17000 lesson, which is a bargain compared to how much money I've blown over the years lol. Good luck.
 
Posted by 94tealgt (Member # 10127) on :
 
quote:
Originally posted by 98Snake:
quote:
Originally posted by vendicated_03gt:
ok i dont really understand that. wat dose it mean ? i still have 3 damn years to go ?
A 6 year, $21000 loan at 18% APR, with $480/month payment, will come out to almost $35000 by the time you're done paying it off. You will have paid 1.5-2x's what the car is worth. It's how banks stay in business.

In my opinion, if you don't qualify for any auto loan under 5% APR, you should save up and buy a car that you can afford to pay off completely, or work on your credit and wait until you are able to qualify.

What it really means is that you've made a mistake that most of us have made at some point, whether it's credit cards or cars we can't afford.

The important thing is that you learn from it.

In you're situation, I would try to refinance or borrow money from your parents to pay it off as fast as possible. You've already paid most of the interest, so you're balance should start to go down a bit faster. Another option is to sell the car and chalk it up as a $17000 lesson, which is a bargain compared to how much money I've blown over the years lol. Good luck.
+1000000000
 
Posted by 5.0_707 (Member # 5893) on :
 
just set the bitch on fire and be done with it! [Big Grin]
 
Posted by username1822 (Member # 8583) on :
 
Gotta pay to play...right?

quote:
Originally posted by vendicated_03gt:
actually i wouldnt give a fuk, gotta pay to play. stop bieng a broke fuk n if money is ur problem well then sell that poor car of urs, cuz its owner is a tight ass. lol fuk man you just like my damn co-workers all they do is bitch bitch bitch.. like the kids they really are. !!
Maybe you should take some of your own advice.

EDIT: Taken from this thread:
http://www.californiafords.com/ubb/ultimatebb.php?ubb=get_topic;f=1;t=043510

[ August 16, 2010, 02:34 PM: Message edited by: username1822 ]
 
Posted by Yaterstang (Member # 7659) on :
 
Damn, 03 GT with 480 a month payments. Sounds hella poverty. You can get a new edge GT for 3K, look! http://sacramento.craigslist.org/cto/1901052174.html

Shoulda rolled a bucket you could afford cash until you saved up for something sicker and own something outright. Now your 3k bucket owns you for 480 a month until the end of time, smart move.
 
Posted by 86- 50 (Member # 4723) on :
 
quote:
Originally posted by username1822:
Gotta pay to play...right?

quote:
Originally posted by vendicated_03gt:
actually i wouldnt give a fuk, gotta pay to play. stop bieng a broke fuk n if money is ur problem well then sell that poor car of urs, cuz its owner is a tight ass. lol fuk man you just like my damn co-workers all they do is bitch bitch bitch.. like the kids they really are. !!
Maybe you should take some of your own advice.
owned [Eek!] , now your just like your co-workers, and from the looks of it your parents didn't have credit either with that apr, and they should of warned you what you was getting your self into. But my advice is to start sending extra every month if you have it, cause its not going to change its going to be about half going toward princable for the rest of the loan.
 
Posted by East Bay 50 (Member # 8081) on :
 
people need to start using common sense and start livng within there means. if u only make 8 bucks an hour u should not get a car that cost damn near 500 a month. before u sign a conrract. READ IT! there is no way that you should not no what your interest rate is. 18% is rediculous! should got a cheaper car or fixed your credit. hell i only pay 400 a month for my 04 cobra and i got it new off the lot! granted i had a down payment but still
 
Posted by Luke87GT (Member # 21) on :
 
The magnitude of irresponsibility and stupidity exhibited by some cafords members is staggering at times.

Take responsibility for yourself, learn the terms of your loan, educate yourself on how it works, and make the best decision for yourself.

You are the type of person that loan officers lick their chops over since they know it's gonna be an easy payday.
 
Posted by Yaterstang (Member # 7659) on :
 
quote:
Originally posted by Luke87GT:
The magnitude of irresponsibility and stupidity exhibited by some cafords members is staggering at times.

Take responsibility for yourself, learn the terms of your loan, educate yourself on how it works, and make the best decision for yourself.

You are the type of person that loan officers lick their chops over since they know it's gonna be an easy payday.
LOL, now that i think about it, you can actually buy a 100k house for about 700 a month with 3.5 percent down (3500 for you math majors). Have fun living for a stupid car and i hope you have a warranty.
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by username1822:
Gotta pay to play...right?

quote:
Originally posted by vendicated_03gt:
actually i wouldnt give a fuk, gotta pay to play. stop bieng a broke fuk n if money is ur problem well then sell that poor car of urs, cuz its owner is a tight ass. lol fuk man you just like my damn co-workers all they do is bitch bitch bitch.. like the kids they really are. !!
Maybe you should take some of your own advice.
This is hella funny....lol.

This is why I listen to my grandmother when she says "Make sure your words taste like the sweetest honey, because you never know when you may have to eat them." "Gotta pay to play"....lmao.

You live and learn. I would never these days finance a car that is around 20k unless I can drop 75% down and get a really low apr. Makes no sense. But some here have given you some solid advice, look into it.

EDIT
The 3 comments directly above this one, are some of the best I have read here in quite sometime. It amazing what some people/sheeple will do to "keep up with the Jones's".

[ August 16, 2010, 11:16 AM: Message edited by: N8 ]
 
Posted by Yaterstang (Member # 7659) on :
 
See if 8 dollars an hour is a reality for you, them money is a problem and you are broke as fuck which happens to youngsters. Trade your car in for a student loan a bicycle and an education.
 
Posted by BladeX10 (Member # 9444) on :
 
35k for a car thats worth about 6k in todays market wowowowow. that could have gone to much better things. think you should let the car go.

[ August 16, 2010, 02:11 PM: Message edited by: BladeX10 ]
 
Posted by Blind (Member # 3052) on :
 
if you want to pay down the balance faster, send double payments every month, as the first payment usually has 50% removed for just interest.

you don't need to send a full $480 twice, you just need to send them more than $480 and anything over the $480 just goes towards your balance and will let you pay the car off faster.
 
Posted by SFvert (Member # 3965) on :
 
quote:
Originally posted by 94tealgt:
You have to prove to the credit bureau that you are making the payments. Not your parents. So the money orders or whatever you use must have your name on it. Also you can piggy back on your parents credit by having them add you onto there credit cards as an authorized user. The banks will automatically start reporting your parents payment history to your credit.

not true at all, fico changed there policy and way they handled this. you can no long "piggyback" and about the checks, that is bogus also. next time you try and finance a car, go to a credit union ftmw! FACK DEALERS
 
Posted by vendicated_03gt (Member # 9815) on :
 
lol that foo that has been hating on billy i dont mind paying for the car , it just sucks that i pay that much for it. but i still pay for it and still put shit into it. wen i want. i have my fun. and ima stick with it, why ???? its a reliable car it takes me anywere , and it looks nice !! and yea i know it aint worth much, and me getting 8 bucks an hour , i aint trippin thats why i also have a side job, thats an extra income!! i do window tinting. n that gets me a pretty nice pocket change that goes for wat ever i want. just not towards the payment lol. but ima start putting some into that now.
 
Posted by 2000BlackGT (Member # 283) on :
 
quote:
Originally posted by vendicated_03gt:
lol that foo that has been hating on billy i dont mind paying for the car , it just sucks that i pay that much for it. but i still pay for it and still put shit into it. wen i want. i have my fun. and ima stick with it, why ???? its a reliable car it takes me anywere , and it looks nice !! and yea i know it aint worth much, and me getting 8 bucks an hour , i aint trippin thats why i also have a side job, thats an extra income!! i do window tinting. n that gets me a pretty nice pocket change that goes for wat ever i want. just not towards the payment lol. but ima start putting some into that now.
Sounds great. Look like you got all the advice you needed and I'd hate to see anymore bashing going on in this thread. Good luck with all your future economic decisions!
 




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