4.2% for 60

 

I assumed you were at 72-84 months, good for you with 60 months. If thats the case, I bet you can get 2% or less at a better bank.

I have bank of america on my current truck, 2% for 72 months about 5k upside down from my ecodiesel experience. I imagine you could get a similar deal for 60 months. I did NOT have a bank of america account before this. Try them. I had like a 750 score.

But I dont know if its worthwhile unless you plan on holding the truck for at least ~20 months. Because its another ding on credit report, which could be bad.

 

The long and short is that you will need a low apr and to hold the truck about 4-5 years to break even, especially with higher miles.

 

As far as stocks go I'm actually stating to short the market right now. Interest rates are bound to go up at least slightly in the next 12 months and at some point the market is due for a hefty correction. When it does drop I'll be looking at ATT and other high yielders. I should of waited for another year before buying the truck, but like many of you I'm an early adopter of new technology. Most days I really love the truck and I've put several parts in it since I bought it. I'm keeping it for a good while and hopefully it will run for 125,000 or 150,000 miles without to many problems. Still mad at Ford for not being able to fix some of these issues.

 

No, he can't do better.

He does 30k miles per year. Given he's had the truck for at least 1 month, I'm betting the truck's got better than 5,000 miles on it. New model year is already out, so it's no longer the current model year.

NADA puts the retail value of a 2015 platinum with 5k miles and every possible option but a winch at $54,275. 120% value is $65,130. With a 65000 loan amount, you're already at 120% before you even take into account a finance charge for the new loan.

Let's say you somehow get 1.9% for 72 months on a 65,000 loan. The finance charge on that loan is going to be ~$3800, putting your total loan at $68,800 which is over 120%.

Even at 0.9% for 72 months, which I guarantee is impossible on a used vehicle, your finance charge is ~$1800, which again puts you over 120%.

If my math is right, I'm estimating you're paying roughly $1,225 a month for your truck. In order for you to make this work, I'd recommend you come up with about $10k cash down, refinance it and try to get 1.9% for 60 months. This is the only way it's gonna work, because the bank is going to need you to have some skin in the game. That'd put your payment down to ~$960 a month, allowing you to overpay and pay it off sooner. I personally cannot believe I'm advocating for someone to refi a car loan to go from 1225 to 960 a month...have to keep rereading that.

If your credit really is 800, and you're not looking to purchase a house or take out student loans within the next 2-3 years, the best thing you can do in your situation is a voluntary repo on that truck, start fresh, and work to rebuild your credit for a few years.


And here I thought I was buried leasing my XLT for $530 with property tax rolled in, having rolled in $4k negative from my Ram......

 

My ford dealer did nothing for me as far as looking for other ways to finance besides Ford Credit and they gave me the same song and dance that to come back after 3 months @ 5.56% that they can get me an even better rate. I agreed so I could take my truck home. The next day, I went straight into the credit union and refinanced at 2.19%. Ford can keep that $750 rebate that I would be promised at the end of three months.


So why do they keep pushing that 3 months deal for?

 

There are banks out there that'll finance 150% value of a vehicle. Just got to find them. Try navy federal credit union or security service. With the way you're putting mileage on a gasser, I suggest no more than a 48 month term if it's within your budget.

 

I only mess with the OTC markets, which for the most part is a good way to lose money, but it has its moments.

I wouldnt give up on refinancing, it can be done. You are within the limits.

If they cant fix the door, they legally have to give you a replacement. Its a long battle, but this would be an easier case to win. No one is going to dispute a door not closing as a real issue. I would stay on top of them. In most states, it only has to go to the dealer three times for the same issue.

http://www.dmv.org/wy-wyoming/automo.../lemon-law.php

Wyoming is 3x... stay on top of it.

 

4.2% isn't bad. I financed at 5.2% to get the rebates. My plan was to make a 40k down payment to avoid most of the interest and pay the rest when the first bill came. But the dealer wouldn't take my personal check because I was out of state, so I ended up paying $180 in interest before the first bill arrived. Still came out ahead with the rebates though.

 

Also if it's the same year, they will consider it new