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Discussion Starter #1
Hey, I'm looking to scoop up an 08 GT. I went for a test drive yesterday and really fell in love. Only problem is they quoted me $580 per month for 84 months with $0 down.

That, I can afford, but refuse to pay $600 per month for 7 years for a $30,000 car.

I currently pay $269 per month on a 48 month smartbuy 2005 Trailblazer.

Thats about double the monthly payments for double the time on the same priced vehicle.

They were quoting me just under $31k and my TB is $31 and low change.

I realize they're a brand new vehicle but I mean..COME ON

What's everyone paying for their buys and leases?
 

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bought mine got a loan through my credit union. 653 a month for 48 months
gmac wanted to give me 7plus a month i said fu lol
 

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2nd place is 1st loser...
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$33K out the door, $11,500 down, 4.49%, 60 months, $400 a month. I have perfect credit for being 23 so I got a good rate. Putting money down is huge to get your payments down. I plan to pay the car off in 4 years.
 

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Discussion Starter #4
I wish I had that kind of money to throw down. Even $5k would be nice to have. I just, unfortunately, got the teenage credit card bug and maxed those puppies out faster than I could say "holy **** I'm retarded".

I really want to buy the car for around $400-$450 per month. Even a lease would be awesome around $400 per month.

Anyone think I could get a lease for that much? Or cheaper?
 

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Discussion Starter #6
How much, with no money down, do you think a lease would come out to be?

They quoted me $580 per month for 84 months. Re-donk, but could always sell it or trade it in.

Would a lease be much less than this?
 

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I think what your problem is is you have horrible credit. There is no reason your payments should be anywhere near that high for 84 months unless you can't get below a 12% interest rate. In which case you have no option but to put money down or keep drivin the TB.
 

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Discussion Starter #8
I think what your problem is is you have horrible credit. There is no reason your payments should be anywhere near that high for 84 months unless you can't get below a 12% interest rate. In which case you have no option but to put money down or keep drivin the TB.

It's not that my credit is bad - it's just non-existant.

I'm 19 years old. I've got a couple credit cards and a student loan. I've had the credit cards for under a year and the loan was deffered until just recently because I just got out of school.

They were telling me that my intrest rate was "really good" yet I got home and did the math, they were quoting me at a 11.7% rate. I called him the next day asking if he was nuts or if he had just smoked crack.

I understand that I'm a risk that a bank or financing company would have to take, therefore the higher rate.

However, I've heard of people getting rates at around 5% for my age.

A buddy of mine got a loan in January of 2007 at a 4.3% rate for $10k. Granted, it was through his bank and for a used WRX, but still...

I thought rates were going DOWN not UP? Or is that just for mortgages and stuff like that?
 

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2nd place is 1st loser...
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I'm 23, I have about 2 major credit cards and then 4 to stores like best buy and american eagle. I have NEVER paid interest on any of my credit cards and I have had them for about 5 years. I already paid off a $15K loan in 1 year and have 1 more $13K loan to go. So my credit is excellent so I was able to get a great rate.

If I were you this is what I would do:

Trust me, I have been in yours shoes where I wanted a new car so bad at 19, 20, or even 21. But you got to be honest with yourself and evaluate your situation. Work on getting your credit back to good. That should be your first priority. Cause when you buy a new car, lets say the G8, you got car payments, insurance will go up, more money for gas. If you want the payments low like mine at $400 a month, you gotta put a lot down, so that means save up. Wait till the 09's come out cause that will give you a chance to save up your money, get your credit back, and get your finances in order. I am only 23 but I know everything that needs to be paid every month and I wont buy anything if I dont have the cash cause I refuse to pay interest on ****. Just be smart and dont make yourself "car poor." You got A LOT of time to buy a new car. This was my first new car. Maybe go out and buy a used GTO or WS6 TA. Just trying to put things into perspective a little cause I know how hard it is when you want a car so badly, but the reality is there are more important things then cars. I drove a dodge neon for 1 year just to pay off my school loans. I got one paid off, now I am enjoyin my new car. Just play it smart and plan everything out and look at your financial situation.

Hope that helps somewhat
 

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Discussion Starter #10
I appreciate your advice, nike.

I mean, the first night, when I test drove it...I fell in love. I HAD to have the car. I was ready to pay $580/month for 84 months that first night. Then, I slept on it and realized a few points;

a) It's the first dealership I've been to, don't jump the gun
b) I have a 2005 trailblazer for $269/month and that's only going to last until next May - that's a killer deal on an SUV and I'm only 19. I should count my blessings.
c) I have some credit debt and owe my parents some money - that'd be selfish to ask them to cosign for a $600+/month car when I owe them money; it'd be a slap in their face.
d) My SmartBuy's done next May 26th...by then, I'll have had my parents paid off long before that and I'll probably be about half or more through my credit debt.
e) This gives me a good opportunity to wait it out and see what will happen after the first year the G8's are out and how they're selling. If they end up like the GTO - I could end up getting one for $25k or even less just by waiting a year.

I mean, it sucks and I love the car, but maybe it's just not the right time. I'm heading back to Syracuse tonight to finish packing up my townhouse but I'll be stopping at the dealership there to test drive the G8 Base just to see how she feels.

I appreciate the advice guys. Maybe this 19 year old is too ahead of himself.
 

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2nd place is 1st loser...
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smart move. plan first then act. you got plenty of time to buy a car. like u said, wait a while maybe some used ones will pop up
 

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Discussion Starter #12
I'd only get a "used" one if it had under 2000 miles.

The reason for all of this is because I want my first own new car.

Granted, I got the trailblazer in early 2007 with 24k miles on it, that's pretty damn new for someone my age.

However, I want to get what I want. My parents suggested I go for the V6 or skip some options. Or perhaps look at another car.

The point of this is, to get what I want. Not what I can afford. I don't NEED a new vehicle. I just want something that's MINE and can help MY credit versus helping my step fathers, who's name my TB is in right now.

I admit, my TB is an awesome price per month for what it is and especially at the time we got it.

I'm not looking at a new vehicle to cut gas costs or anything, I'm looking at a new vehicle because I finally am working a job where I can afford to buy my OWN.

Time is money, so they say.
 

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you say your TB is on a smartbuy that ends in may of 09, what are you going to do in may? make the baloon payment, or try and sell it?
 

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I couldn't get a car on my own till I was like 23. You'll have to have a cosigner or your interest rate is going to be sky high.

Anything is possible, w/ your friend I mean, but the best I've done was on my TBSS right now. I got 5.9 through GMAC, fine w/ me....
 

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I would not suggest buying any car with no money down.

Its good to hear others suggest buying a preowned vehicle instead.

The time for a new car is not right for you.

A new car should cost you approximately 26 weeks of pay at your current income level.

I would suggest a minimum of 20% down as well.

IE. If you make 50 grand a year? then buy a 25 thousand dollar vehicle. You should put 5 grand down and finance 20 grand.

If you make 25 grand? then buy a 12 thousand dollar vehicle with 2500 dollars down.

Any thing less can be financial disaster.
 

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A new car should cost you approximately 26 weeks of pay at your current income level.

So you're saying not to pay it off in 26 weeks, just take whatever you make a week and multiply it by 26?

If so, I only came up w/ 19,5 and I've never bought a vehicle on my own that was that cheap. And I think I make decent money. I make almost 50 a year.
 

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I paid 34 and change. No monthly payments payed all at once in full right there
 

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and what bank did you rob?
 

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Dealer offered $485 mo lease. Decided to buy instead. Put half down, the other half on a Bof A credit card with 2.9% financing.
 

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Dealer offered $485 mo lease. Decided to buy instead. Put half down, the other half on a Bof A credit card with 2.9% financing.
What was the money factor on that lease? Is it the same with all G8's in all dealerships? (in other words, are they restricted to lease rates from GMAC?)
 
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