Car loan experience:

[invest1choice]

I would like to share something with you and hope to get some opinions.
I was told that Kelly blue book was higher and that is why dealers show you this to make the deal look better...
Example:I was looking at a dodge durango 2002 dealer said retail kelly blue book 17,360 I was purchasing for 13,998 + fees and warranty 1799.00... total = 16,285.00... 38,000 miles ... 72 months

I was going to have to refinance this SUV.. This was why I was looking for low miles, Due to my credit not so good Interest rate was 16.5%.

So before purchasing I was going to be smart this time not to be upside down and be able to refinace.I called credit unions and banks and HFC Wells Fargo etc.. They said to Refinance "They go by NADA "
I asked what about kelley blue book they said they don't use that only dealers do...
Okay well Nada on this particular Vechicle is " Retail 13,650.00 Trade Value 11,375.00....

So of coarse this would be a issue to refinace when I get my credit score up in 6-12 months So this would be a "BAD DEAL" the refinance companies explained. So we decided on waiting... Now I know there is a way to get a vehicle and not be upside down .. We found a mitsubishi Montero 2002 52,000 for 10,850.00 + warranty total 11,195.00
But 20.85% interest. (diffrent dealer).
Kelley on this retail 13,485.00 Trade in 9,375.00
So really if this was a car we wanted which we don't due to the reviews we would be in better shape in 6-12 months because they would go by retail and we had only financed 11,195.00...
This was very interesting to me to learn.. So we are still looking here. Maybe even wait to get my score up... Don't want to fall into debt again....
Trying real hard here ...

[Minnymouth]

Your very smart and doing to the "right thing" to wait a little longer, get the credit score back up and check out all your options......

Yes, bankruptcy will "teach" you how to be money wise...............

Congradulations for using lots of thought and planning before buying again....

[invest1choice]

I believe you must learn from your mistakes the first time. All we can do is try and investigate everything before just signing the dotted line ..
No point in BK , to be in the same debt situation within a year after disharge. You must learn or you wasted all your time and energy since you cannot file again.
This was the worst thing I had ever gone through and do not want to repeat history... So we are waiting actually we decided to over the next 3 months if we can not save 450.00 a month in savings ..we cannot afford to get a car payment and who knows we may just buy a car outright if we can wait that long using only one car..
is 72 months loan debt worth it? We could wait and buy cars outright but when we do that they always have more problems ... Taking it slowly and read everything and all dealer scams to make sure your not one of them.
Of coarse I want a newer car doesn't everybody ?
But jobs today are never secure you never know if you will be laid off .. it is scary to take on debt like that.
I just hope everyone takes it serious as a FRESH START ..

[BassBoy]

Originally Posted by invest1choice

is 72 months loan debt worth it?

Good credit or bad credit.......NO ONE SHOULD EVER DO A 72 MONTH AUTO LOAN!

[Minnymouth]

How about those 50 YEAR MORTGAGES.................. that would be a killer also.........

[BassBoy]

Originally Posted by Minnymouth

How about those 50 YEAR MORTGAGES.................. that would be a killer also.........

I think if anyone MUST spread out a loan that long, then they should not get the loan. When I recently got my auto loan, I was determined to keep it at 5 years or else I would have dumped the idea.

[invest1choice]

I thought so , I told those dealers NO WAY, and walked out...
"We were proud of ourselfs for saying" NO "

[BassBoy]

Originally Posted by invest1choice

I thought so , I told those dealers NO WAY, and walked out...
"We were proud of ourselfs for saying" NO "

Good for you. I'm glad to hear that this experience has made you more wise.