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Just a thought... the $6K is there, you're upside-down on the van... why not take that money and put it toward the amount owed on the van? Even though it's an inheritance (sorta like found money) and it's nice to sock away, if your financial situation isn't that bad and the only thing you have is that van (and you've gotta be upside-down and inside out on it if rolling it into a 4-banger Fusion would cost you $530/month AFTER tossing $6K down), pay that thing down or off. Then you might be able to go new car shopping in another 6 months or so.
2000 SVT Contour -- SOLD! New car coming soon...
1980 Triumph TR7 -- Needs a new home...
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OK, after crunching some numbers, either the Ford dealer is seriously hosing you, or there is something wrong in this equation.
I looked up a VW Jetta TDI, with no options (it is pretty well equiped to begin with) you'd probably pay say 22 grand. Even with rolling in 6 grand of negative equity on the van (which you could probably reduce somewhat, if you sold it yourself and then covered the diff in cash, assuming you have the cash), that 28k financed over 60 months, at 5.95APR (the 60 month new car rate from USAA) works out to $538/mo which isn't awful, but isn't cheap either.
Just something else to think about.
"Bros before Hoes" <-- More men need this mentality.
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Joined: Feb 2003
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She's probably a lot more than $6k upside-down on the van.
The dealer wanted $6K to even hope to get financing. Most lenders won't lend anymore than 15% of the purchase price of the vehicle. So, it's possible that the $6K was just needed to get the upside-down amount under that limit. She could be more like $10K upside-down. It's possible with the way some people trade cars like they do thesedays.
2003 Mazda6s 3.0L MTX
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2004 Mazda3s 2.3L ATX
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Joined: Aug 2005
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CEG\'er
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This is another option, have you thought of a lease. This will help keep the payment low, and when your done with the lease your are no longer upside down. The best is probably a 39 month since that usually has the best rate.
If you need help, give me all the info you have like payoff and trade value. I can have one of the desk managers write it up.
Bill Jenkins
Team Ford, Internet Parts Dept.
5445 Drexel Rd.
Las Vegas, NV 89130
CLICK HERE to order parts
Ford parts at wholesale prices
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Joined: Oct 2002
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OP
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Originally posted by sigma:
She's probably a lot more than $6k upside-down on the van.
The dealer wanted $6K to even hope to get financing. Most lenders won't lend anymore than 15% of the purchase price of the vehicle. So, it's possible that the $6K was just needed to get the upside-down amount under that limit. She could be more like $10K upside-down. It's possible with the way some people trade cars like they do thesedays.
Yeah, the $6,000 was a cash downpayment. They wanted to give us $10,000 for the van and we owe $21,500.
2004 Ford Freestar V6
Boogity Boogity Boogity, Let's go racin Boys!
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Unless that minivan is a base S with no options, or you have obscene miles on it... you're getting hosed on the trade too.
Brad "Diva": 2004 Mazda 6s 5-door, Volcanic Red
Rex: 1988 Mazda RX-7 Vert, Harbor Blue.
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Originally posted by ZoomZoom Diva:
Unless that minivan is a base S with no options, or you have obscene miles on it... you're getting hosed on the trade too.
uuhh, no, it's an 2004 Freestar SES with only 37,000 miles on it. It's got power seats, windows, locks, luggage rack, alloy wheels, cd/tape/stereo, seats 7. Nothing wrong with it at all. Body only has one tiny dent that can be pulled out with a dent puller(not scratched), and one 1" scratch on the hood.
I just did the Kelly Blue Book trade in value and I had to select GOOD condition only because of that small dent and scratch, and the trade-in value with everything on it is $10,915. If I had selected EXCELLANT, it would be $11,000 something.
2004 Ford Freestar V6
Boogity Boogity Boogity, Let's go racin Boys!
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Originally posted by ZoomZoom Diva:
Unless that minivan is a base S with no options, or you have obscene miles on it... you're getting hosed on the trade too.
Pulling the KBB on that, that's not a great trade-in price, but it's not that bad of one either. KBB says the SEL should fetch about $10,000-11,000 on trade.
The Freestar has been Ford's most rapidly depreciating car in a very long time.
Did you trade-in upside-down on that Freestar too, Renee? I can't see how you'd still owe $21,000 on a 2 year old Freestar. At rebate time you can drive SEL's off the lot for about that. Maybe if you paid sticker... you didn't pay sticker on a Freestar, did you?
2003 Mazda6s 3.0L MTX
Webpage
2004 Mazda3s 2.3L ATX
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Edmunds is giving me low 11's... so not as bad as I thought, but still...
Brad "Diva": 2004 Mazda 6s 5-door, Volcanic Red
Rex: 1988 Mazda RX-7 Vert, Harbor Blue.
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Originally posted by sigma:
Originally posted by ZoomZoom Diva:
Unless that minivan is a base S with no options, or you have obscene miles on it... you're getting hosed on the trade too.
Pulling the KBB on that, that's not a great trade-in price, but it's not that bad of one either. KBB says the SEL should fetch about $10,000-11,000 on trade.
The Freestar has been Ford's most rapidly depreciating car in a very long time.
Did you trade-in upside-down on that Freestar too, Renee? I can't see how you'd still owe $21,000 on a 2 year old Freestar. At rebate time you can drive SEL's off the lot for about that. Maybe if you paid sticker... you didn't pay sticker on a Freestar, did you?
2004 Ford Freestar V6
Boogity Boogity Boogity, Let's go racin Boys!
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