iceman Posted November 29, 2006 Report Share Posted November 29, 2006 If this is too intrusive please forgive me. I am dangerously close to buying my car at 10K over as a local dealer has one on the floor for that and I have been willing to go to 55K in the past. This one happens to be the color combo, etc. that I want and it's sitting there calling me. I spoke to them today and am taking my 05 in for appraisal on a trade Thursday afternoon. I am split on this right now as i really do believe the price will come down and am not stuck on an 07 but damn I want this thing. I am trying to talk myself out of it - out of the payment for 4 months of weather I couldn't, shouldn't, wouldn't drive it in, out of gettin this just before Job 2 starts and the suspension is tweaked (of corse assuming better but who knows has anyone heard what the change is?). I've done well up to the point where there is one close to my line in the sand (which should be MSRP but I am impatient) and local willing to give me a fair trade in value, or so they say. In any case I was wondering if those people that have financed the car wouldn't mind sharing some info about who they used, how long, payments, what ever. I am looking at a few options includeing a longer term loan, Home Equity loan, and paying cash, but I don't really want to pull 40-50K out of my cash right now with holidays looming.....although I could put a from Santa to me tag on it and get away with it I'm sure. Anyway - I'm not looking for a financial advisor, just wondering what others are doing around the payment of these as I've never paid over 40K for a car so it's a big investment for me...for a toy none the less. My initial thoughts is to set the payment at a reasonable amount for me like $500-600/mo and take as little out of pocket as possible and stretch payments out as long as I can since i don't plan on ever giving this one up and can get a loan rate in the low to mid 6%'s with my credit score. I am not yet sure if i can get a term longer than 72 months. Anyone have any thoughts???? Or good stock tips while I'm at it. Link to comment Share on other sites More sharing options...
sbornitz Posted November 30, 2006 Report Share Posted November 30, 2006 Well our plan is to put down half in cash and then finance the rest. Basically our car will be 50K out the door. Hope this helps. And yes this does drain the savings pretty low. Link to comment Share on other sites More sharing options...
STSVT Posted November 30, 2006 Report Share Posted November 30, 2006 You can get an extended auto loan from J J best i believe they finance new cars also up to ten years i am not sure of the rates check on the internet , good luck . Link to comment Share on other sites More sharing options...
mastersmech1 Posted November 30, 2006 Report Share Posted November 30, 2006 You can get an extended auto loan from J J best i believe they finance new cars also up to ten years i am not sure of the rates check on the internet , good luck . Holy , TEN YEARS. If I had to do that, i'd drive something else. Gotta be real. Link to comment Share on other sites More sharing options...
lambbo Posted November 30, 2006 Report Share Posted November 30, 2006 Holy , TEN YEARS. If I had to do that, i'd drive something else. Gotta be real. My bank says it's a Collector Car already. Link to comment Share on other sites More sharing options...
Alloy Dave Posted November 30, 2006 Report Share Posted November 30, 2006 Holy , TEN YEARS. If I had to do that, i'd drive something else. Gotta be real. +1....unless the interest rate is lower than what you can earn guaranteed in a bank/CD/etc. In that case, it would be an extremely intelligent move. Link to comment Share on other sites More sharing options...
Captainbob Posted November 30, 2006 Report Share Posted November 30, 2006 If this is too intrusive please forgive me. I am dangerously close to buying my car at 10K over as a local dealer has one on the floor for that and I have been willing to go to 55K in the past. This one happens to be the color combo, etc. that I want and it's sitting there calling me. I spoke to them today and am taking my 05 in for appraisal on a trade Thursday afternoon. I am split on this right now as i really do believe the price will come down and am not stuck on an 07 but damn I want this thing. I am trying to talk myself out of it - out of the payment for 4 months of weather I couldn't, shouldn't, wouldn't drive it in, out of gettin this just before Job 2 starts and the suspension is tweaked (of corse assuming better but who knows has anyone heard what the change is?). I've done well up to the point where there is one close to my line in the sand (which should be MSRP but I am impatient) and local willing to give me a fair trade in value, or so they say. In any case I was wondering if those people that have financed the car wouldn't mind sharing some info about who they used, how long, payments, what ever. I am looking at a few options includeing a longer term loan, Home Equity loan, and paying cash, but I don't really want to pull 40-50K out of my cash right now with holidays looming.....although I could put a from Santa to me tag on it and get away with it I'm sure. Anyway - I'm not looking for a financial advisor, just wondering what others are doing around the payment of these as I've never paid over 40K for a car so it's a big investment for me...for a toy none the less. My initial thoughts is to set the payment at a reasonable amount for me like $500-600/mo and take as little out of pocket as possible and stretch payments out as long as I can since i don't plan on ever giving this one up and can get a loan rate in the low to mid 6%'s with my credit score. I am not yet sure if i can get a term longer than 72 months. Anyone have any thoughts???? Or good stock tips while I'm at it. I put 25k down on mine.. Paid 46k plus 14k adm..+ taxes= total of 65k. finainced 40k.. 7.25% for 84 months 610 a month. Could of got mid 6% for 72 months.. US bank has the 84 month auto loan. Not bad. Something you may look in to. Good luck.. Wish I could of paid $55k for mine.. But am very happy with the car. Link to comment Share on other sites More sharing options...
rbortnick Posted November 30, 2006 Report Share Posted November 30, 2006 10K down - 100% of the rest on home equity at PRIME Link to comment Share on other sites More sharing options...
TwinTurboBoss Posted November 30, 2006 Report Share Posted November 30, 2006 I paid 2100.00 under msrp for 2nd car but 5k for a Power Lease. 1st car i paid 1600.00 under MSRP but paid 10k for the power lease (car was 41,900.00 loaded less shaker 1k) car 3 is approx 2k under MSRP with 5k power lease buying the power leases was just a piece of paper so no tax on it Loan on last car is @ prime the prices I paid for cars was 1/2 way between MSRP and Dealer Invoice. The convert had about 500.00 more in the invoice to msrp than the coupe Link to comment Share on other sites More sharing options...
scgt5c Posted November 30, 2006 Report Share Posted November 30, 2006 Consider the Home Equity if you don't want to part with your cash - at least you can write off the interest. There should be some good Home Eq rates out there. My plan to put 70% down and finance through Ford Credit for 24 months but pay it off in 12. Helps keep the credit score up. My OTD is $49220 Link to comment Share on other sites More sharing options...
LuckySnake Posted November 30, 2006 Report Share Posted November 30, 2006 If this is too intrusive please forgive me. I am dangerously close to buying my car at 10K over as a local dealer has one on the floor for that and I have been willing to go to 55K in the past. This one happens to be the color combo, etc. that I want and it's sitting there calling me. I spoke to them today and am taking my 05 in for appraisal on a trade Thursday afternoon. I am split on this right now as i really do believe the price will come down and am not stuck on an 07 but damn I want this thing. I am trying to talk myself out of it - out of the payment for 4 months of weather I couldn't, shouldn't, wouldn't drive it in, out of gettin this just before Job 2 starts and the suspension is tweaked (of corse assuming better but who knows has anyone heard what the change is?). I've done well up to the point where there is one close to my line in the sand (which should be MSRP but I am impatient) and local willing to give me a fair trade in value, or so they say. In any case I was wondering if those people that have financed the car wouldn't mind sharing some info about who they used, how long, payments, what ever. I am looking at a few options includeing a longer term loan, Home Equity loan, and paying cash, but I don't really want to pull 40-50K out of my cash right now with holidays looming.....although I could put a from Santa to me tag on it and get away with it I'm sure. Anyway - I'm not looking for a financial advisor, just wondering what others are doing around the payment of these as I've never paid over 40K for a car so it's a big investment for me...for a toy none the less. My initial thoughts is to set the payment at a reasonable amount for me like $500-600/mo and take as little out of pocket as possible and stretch payments out as long as I can since i don't plan on ever giving this one up and can get a loan rate in the low to mid 6%'s with my credit score. I am not yet sure if i can get a term longer than 72 months. Anyone have any thoughts???? Or good stock tips while I'm at it. The title would look pretty nice in just your name, not the banks. The home equity loan made sense for me. You won't be sorry for buying the car. Put a seious deposit down before you loose the car. Just my thoughts and good luck. Link to comment Share on other sites More sharing options...
Ripthedealeroff Posted November 30, 2006 Report Share Posted November 30, 2006 The title would look pretty nice in just your name, not the banks. The home equity loan made sense for me. You won't be sorry for buying the car. Put a seious deposit down before you loose the car. Just my thoughts and good luck. I would put a deposit down tomorrow. It's the exact car you want , the adm. isn't terrible and don't forget the 2007 is the 40th anniversary car and the first year of the new ones to be built...do I hear collector. Also, I wouldn't bank on a better suspension. Ford is in a cost cutting mode at this time. When they announced the new suspension they stated that it would speed up production but you'd have a better ride. That's marketing speak for we'll be able to make it faster and cheaper and the benefit to the consumer could be a better ride. Read between the lines...there always has to be a stated benefit whether right or wrong when making change to a saleable item. My bet is they have put the best of the best into the first cars and in the future will be looking at cost cutting measures. JMHO. Also, as was stated earlier a home equity loan at a good rate is the way to go...cars aren't supposed to be investments but this the closest thing to it that I have seen. Good luck! Link to comment Share on other sites More sharing options...
Grabber Posted November 30, 2006 Report Share Posted November 30, 2006 If you use your home equity line of credit you will own the car. You will then be able to put the insurance on "standby" (fire & theft mode) in the winter if you need too. If you get a car loan from the bank, you will need to carry ins. year round with most companies. Same :happy feet: scgt, Lay off the litle jumping guy. MM wore him out. It bugs me. Link to comment Share on other sites More sharing options...
kstrong Posted November 30, 2006 Report Share Posted November 30, 2006 I bought mine in Ontario. $5000.00 ADM, Cost $65,000 plus 14% Tax = $74100.00 I own my home so bank suggested 5 1/2% Mortgage. It will take about 10 years to pay off. I see it as "Early Retirement". :banana piano: Sorry Rob for the little jumping guy! I could pay the car off alot earlier , but would rather have cash for vacations and toys. Link to comment Share on other sites More sharing options...
Cobra Boy Posted November 30, 2006 Report Share Posted November 30, 2006 I paid 46000 for mine. Put $8100 down and financed the rest through a local bank that jumped at the chance tp finance the car. I financed it for 60 months at 6.5%. They actually beat JJ Best. Not sorry I did it. I love my car. Good luck to you............... Link to comment Share on other sites More sharing options...
oldimp Posted November 30, 2006 Report Share Posted November 30, 2006 I had a $5k ADM, on top of right at $44k after taxes. Got the extended warranty, guidepoint security system and tire/wheel hazard. Placed $23k down, 5% loan from my Credit Union for 5 years. Just shy of $550 per month. Link to comment Share on other sites More sharing options...
mastersmech1 Posted November 30, 2006 Report Share Posted November 30, 2006 +1....unless the interest rate is lower than what you can earn guaranteed in a bank/CD/etc. In that case, it would be an extremely intelligent move. Fat Chance. Lay off the litle jumping guy. MM wore him out. It bugs me. Bite Me. :happy feet: Cash! :hyper: Link to comment Share on other sites More sharing options...
Captainbob Posted November 30, 2006 Report Share Posted November 30, 2006 Sounds like most of you folks got a pretty good deal on your Shelby's.. This is one list I hate to be on top of. Paying the most so far it looks like.. Did anyone pay more than 14k ADM??? Somebody?? Link to comment Share on other sites More sharing options...
VNMOUS1 Posted November 30, 2006 Report Share Posted November 30, 2006 If this is too intrusive please forgive me. I am dangerously close to buying my car at 10K over as a local dealer has one on the floor for that and I have been willing to go to 55K in the past. This one happens to be the color combo, etc. that I want and it's sitting there calling me. I spoke to them today and am taking my 05 in for appraisal on a trade Thursday afternoon. I am split on this right now as i really do believe the price will come down and am not stuck on an 07 but damn I want this thing. I am trying to talk myself out of it - out of the payment for 4 months of weather I couldn't, shouldn't, wouldn't drive it in, out of gettin this just before Job 2 starts and the suspension is tweaked (of corse assuming better but who knows has anyone heard what the change is?). I've done well up to the point where there is one close to my line in the sand (which should be MSRP but I am impatient) and local willing to give me a fair trade in value, or so they say. In any case I was wondering if those people that have financed the car wouldn't mind sharing some info about who they used, how long, payments, what ever. I am looking at a few options includeing a longer term loan, Home Equity loan, and paying cash, but I don't really want to pull 40-50K out of my cash right now with holidays looming.....although I could put a from Santa to me tag on it and get away with it I'm sure. Anyway - I'm not looking for a financial advisor, just wondering what others are doing around the payment of these as I've never paid over 40K for a car so it's a big investment for me...for a toy none the less. My initial thoughts is to set the payment at a reasonable amount for me like $500-600/mo and take as little out of pocket as possible and stretch payments out as long as I can since i don't plan on ever giving this one up and can get a loan rate in the low to mid 6%'s with my credit score. I am not yet sure if i can get a term longer than 72 months. Anyone have any thoughts???? Or good stock tips while I'm at it. $47,000 with tax. 27K down. 30k loan through a credit union at 5.74apr for 60. Payments in high 5's. bj Link to comment Share on other sites More sharing options...
Grabber Posted November 30, 2006 Report Share Posted November 30, 2006 Sounds like most of you folks got a pretty good deal on your Shelby's.. This is one list I hate to be on top of. Paying the most so far it looks like.. Did anyone pay more than 14k ADM??? Somebody?? Captainbobby, I did. Not proud of it. Not regretting it. Don't even have the car yet. Q1 will be here soon. 15K ADM ! Link to comment Share on other sites More sharing options...
supe Posted November 30, 2006 Report Share Posted November 30, 2006 CASH.... Cash is king Link to comment Share on other sites More sharing options...
mytoy500 Posted November 30, 2006 Report Share Posted November 30, 2006 Sounds like most of you folks got a pretty good deal on your Shelby's.. This is one list I hate to be on top of. Paying the most so far it looks like.. Did anyone pay more than 14k ADM??? Somebody?? I did with no regrets. Had the option of a credit union for 100% finance for 3, 4, or 5 yrs, or cash. Selected the cash option Link to comment Share on other sites More sharing options...
Alloy Dave Posted November 30, 2006 Report Share Posted November 30, 2006 Fat Chance. Bite Me. :happy feet: Cash! :hyper: It's not a fat chance for me MM. It's called loan swapping, and I have done it in the past. Find a family member or friend that wants a long term loan, and are less concerned about the rate. Then trade them loans. I know, I know....you're going to come up with all these excuses like "how can you trust the other person, how do you "trade" loans, who is offering 3.9% right now, etc." All I'm saying is...it is possible...I've done it twice. I did it in 2002. A friend got a special low rate of 2.9% on a 2 year loan Mazda offered only to recent graduates. I took his loan and gave him a 5 year loan at a rate that was better than he could get on the same 5 year loan. We drew up a contract, I pay the bank over 2 years, he pays me over 5, and if he doesn't pay, I get title to his vehicle. I had enough cash to pay off my car, but I made money on the deal. I was invested in a money market making 4.8%, but only paying 2.9%. That's a 1.9% gain. Over 4 years, with an average balance of $15,000, that's about $300/year....or $1,200. Just remember that anyone buying rental property is doing the same thing. They get a loan on the property and pay it over 30 years, and the tenants pay you monthly...forever. If they default, you evict them. Too much trouble for you? That's your call. Easy? No. Possible? Yes. Can it save you over $1,000 on the price of the car you bought? You bet. This goes on continuously in corporate america. See the below link. The most common types of swaps are fixed for floating rates, but there are others such as the "term" swap I've described. http://home.earthlink.net/~green/whatisan.htm By doing this, I can afford a tune, 4.11 gear, and a CAI!! Dave Link to comment Share on other sites More sharing options...
Fordrules Posted November 30, 2006 Report Share Posted November 30, 2006 There are at least 5 cars around here in builder state. (husbands) Another 5 or actually whole cars in the classic/muscle range. (husbands) 5 more that we drive on a regular basis. (husbands and mine) I see a few cars disappearing to pay for my Shelby. (wife's) LOL Trimming Inventory, as they say. See you can move mountains! Link to comment Share on other sites More sharing options...
bullittmansparts Posted November 30, 2006 Report Share Posted November 30, 2006 I've saved for a while and unloaded some other cars. Cash on the barrelhead. Link to comment Share on other sites More sharing options...
jaaman Posted November 30, 2006 Report Share Posted November 30, 2006 Link to comment Share on other sites More sharing options...
5.4 Shelby Posted November 30, 2006 Report Share Posted November 30, 2006 Pay the ADM it is worth it. You may not get another chance to get one of these cars. It's that mentality that is driving this over-inflated market. Ford will make as many of these as they can. It is selling like hotcakes. They won't stop making them until they aren't selling well. Hau Tai Tang himself said they were "going to make one for everyone that wants one." This needless sense of urgency needs to go away. Link to comment Share on other sites More sharing options...
tomc37 Posted November 30, 2006 Report Share Posted November 30, 2006 I put 40K down I prepaired for 1 year for this car. I financed the rest 20K I should have the 2oK paid by next summer Link to comment Share on other sites More sharing options...
Grabber Posted December 1, 2006 Report Share Posted December 1, 2006 This needless sense of urgency needs to go away. Tell someone that just had a round with cancer that he should waite. Everyone can do as they please, pay ADM or not. Can you tell I am tired of your ADM hating now. Link to comment Share on other sites More sharing options...
Alloy Dave Posted December 1, 2006 Report Share Posted December 1, 2006 Everyone can do as they please, pay ADM or not. +1 Link to comment Share on other sites More sharing options...
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