What is everyone's Monthly Payments? This should be fun!

willskiGT

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Wait I mean you'd have to put something down for that kind of monthly payment, did you trade in?
No trade in. Like I said in my previous post, it's a balloon loan with a residual payment at the end. As long as you are on the positive side of the depreciation curve (or if you're like me and don't plan on owning the car until the end of the note term), you can pay similar interest to a normal loan, but your monthly payments are much lower.

So I put zero down, paid $36,620 (no dealer fees/accessories) from the loan proceeds, and my monthly payment is $429. It works well.
 

Zeffy94

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No trade in. Like I said in my previous post, it's a balloon loan with a residual payment at the end. As long as you are on the positive side of the depreciation curve (or if you're like me and don't plan on owning the car until the end of the note term), you can pay similar interest to a normal loan, but your monthly payments are much lower.

So I put zero down, paid $36,620 (no dealer fees/accessories) from the loan proceeds, and my monthly payment is $429. It works well.
I work with mortgages for a living and I wasn't even aware you could get a balloon payment with a car loan. Did you specifically ask for it?
 

BrokeCTROwner

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$540 a month 15k down $600ish over msrp + a few dealer add ons very high interest rate (8.3%) due to being a first time car buyer with a 690 credit score. Plan on refinancing after a year
 

FriscoBrah

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Easy to judge others from afar.

Just be happy they chose a fun sporty car over a kitchen appliance like a mustang gt.
It's not me making the piss poor decisions and some of the numbers in this thread are comical making it quite easy to judge.

Sorry - I'm not going to congratulate poor financial decisions...

The Mustang GT is actually a very very good car running with M4s on the track making it a bargain for performance. I love the R but I'm not going to be a fan boi disregarding reality. This is even not taking into consideration in daily, real world circumstances the GT rapes the shit out of the R on the street.
 


willskiGT

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I work with mortgages for a living and I wasn't even aware you could get a balloon payment with a car loan. Did you specifically ask for it?
I have a used car dealership and we sold several of these loans, either via PenFed or via CULA. Basically used car leases on new-ish (past 3-4 model year) cars.

It's a pretty interesting loan product - if you find the sweet spots in their residual calculations, you can get crazy deals (like a Civic Type R for $429/mo). Some other deals I've seen were Jaguar F Type Rs for <$600/mo and an AMG GT S for ~$900/mo.
 

SilentMonkCTR

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It's not me making the piss poor decisions and some of the numbers in this thread are comical making it quite easy to judge.

Sorry - I'm not going to congratulate poor financial decisions...

The Mustang GT is actually a very very good car running with M4s on the track making it a bargain for performance. I love the R but I'm not going to be a fan boi disregarding reality. This is even not taking into consideration in daily, real world circumstances the GT rapes the shit out of the R on the street.
Agree with lots of poor financial decisions in here. However the GT is an absolute LOSS in terms of resale. The R will hold value and that's a fact. However obviously that still requires getting a good deal and not a ridiculous one. I read about balloon financing on a car. I literally laughed out loud.
 

willskiGT

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Agree with lots of poor financial decisions in here. However the GT is an absolute LOSS in terms of resale. The R will hold value and that's a fact. However obviously that still requires getting a good deal and not a ridiculous one. I read about balloon financing on a car. I literally laughed out loud.
The problem with a "monthly payment" thread is it doesn't include a lot of other financial info required to really assess who is and is not making poor financial decisions.

Balloon loans work well if you aren't planning on keeping the car for the entire loan term. For a 24 month ownership period, the balloon loan interest paid is only $231 more than a traditional loan, but (for me anyway), the monthly payments are $429 vs. $675.

I agree generally that it should not be used to artificially lower payments on a car you otherwise couldn't afford, but I could have easily paid cash for this car.

But, rather than put $36.6k cash into a depreciating (gradually, but still depreciating) asset, or even putting $675/mo in, I would rather keep my monthly payment as low as possible. The return I can earn in the market greatly exceeds the negative returns from stashing money in a depreciating asset.
 

Type_RawR

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I dropped 10k on mine at $34,995. With my shit credit I wound up with 12% interest from a contract lender which left me with a monthly payment of $573. A year later my credit has bounced back over 700 again so I've been shopping refinance and so far the lowest payment I could find was $417 a month but I balked at it because it extended my payoff date like 5 months from the original. At any rate I'm definitley not struggling financially otherwise I would have never considered dropping that kind of coin on a civic, everyone's situation is going to be different and there's soooo many factors at play that this thread is kind of an exercise in futility. I mean...explain to me why my girl was able to secure financing on a certified used Kia sorento with a 120k power train and bumper to bumper warranty at 6% interest WITH A BANKRUPTCY on her credit report that was not even a year old and here I am getting whacked for 12% because I had some late payments on a credit card like 6 years ago:dunno:. The car was worth the cost of admission :headbang:
 


GraphiteAZ

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The Mustang GT is actually a very very good car running with M4s on the track making it a bargain for performance. I love the R but I'm not going to be a fan boi disregarding reality. This is even not taking into consideration in daily, real world circumstances the GT rapes the shit out of the R on the street.
Mustang GT will lose 50% of it's value once it's driven off the lot.

The Type R retains 84% of it within several years, according to motor trend. Whether it hangs with a M4 or not has no bearing on financial decisions,.

But I do not disagree with you.
 

driv300mph

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$1039 for 36 months. 0.99% interest
 

FriscoBrah

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Mustang GT will lose 50% of it's value once it's driven off the lot.

The Type R retains 84% of it within several years, according to motor trend. Whether it hangs with a M4 or not has no bearing on financial decisions,.

But I do not disagree with you.
I never mentioned resale value, that wasn’t the scope of the conversation.

If I cared about getting my money back when buying a car I wouldn’t buy the car I’d invest the money.
 
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SilentMonkCTR

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I never mentioned resale value, that wasn’t the scope of the conversation.

If I cared about getting my money back when buying a car I wouldn’t buy the car I’d invest the money.
I mean if you're not taking that into consideration when purchasing you're making a mistake. Unless of course you just like throwing away money. Which you have every right to. It's yours after all. However when giving advice to someone you should always want to give the best advice.
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