question about financing.

[hoody979]

I would recommend going thru Ford. I got 1.9% thru ford credit on my FiST with a trade in Malibu LTZ with around 180K on it. Owed $8000 on the Malibu and they paid it off. The car was very clean but had major issues! I have X-plan pricing thru my work and total tax and all on my car was around 22K with the negative equity carried over.

This was in September of 2014. In March of this year I went back and got another Fiesta Sedan loaded up for the GF its also thru Ford @ 1.9 on X Plan Pricing no trade my OTD price was $17400.

The kicker to all this is I have horrid credit because of my house burning and just not being able to correct things fast enough. The amount of revolving debt from all that and credit inquiry's to get stuff back while waiting for insurance dropped me to 570 at one point. I do make excellent pay at work but when you lose everything you own and have to fight with insurance for a year to get anything it starts to hurt.

Ford Credit loves young buyers!

so what did your payments look like.

 

[SFP]

$416 I got Gap Coverage and a few other things and have the negative equity from the Malibu on top of the car.

I plan to keep it for a very long time so overall it was a good trade off for me and got me out of the Malibu.

Straight out for a base ST you should be in the ballpark of $220-250 thru ford.

 

[fire_n_ice]

To be honest, I'll agree with what a few others have said here and tell you to hang on to your Dodge and pay it off more while working on your and your wife's credit scores. With a score of around 600 and as much as you owe on your car, there's a pretty slim chance you will qualify for a loan with that low of an interest rate (if at all). Since ya'lls scores are so close, the only advantage to be gained from having both of you on the loan application is both of your incomes combined will be considered when determining approval. On top of that, you'll be hard pressed to get what you owe on a trade in (unless you have a fully loaded Limited), so I wouldn't count on that to go toward a down payment. The 3 missed payments on the bike will hurt too, I'm sure.

The best advice I can give you is to work on your credit score and put as much as you possibly can on paying down the Dodge. If you don't have one already, get a credit card and use it responsibly. If you can't get approved for one, get a secure card with your own money as a deposit. Keep the limit low ($250-$400 max) and leave around a 20% balance on it. This helped me tremendously when I needed to boost my score (590 at the time) when my wife and I were trying to buy our house. Whatever you can spare, pay it on your car to get the amount owed down as much as possible (even $100 a month will help a lot at this point in the loan).

And to answer your original question at the end of your post, I financed about 22.5k for my FiST with a 790 score and got 2.9%. My payment is just over $400/month.

 

[rexdriver85]

Interesting about the 790 and 2.99. Mine was 805 and I got 2.99 through a credit union. Thinking I could have pushed for 0% but wasn't thinking that way at the time.

I was a little ticked off though, my score dropped a little over 20 points after I got the car because they hard ran my credit 3 times at the dealer when I bought it. I specifically said don't hard run my credit several times to protect my score and I guess 3 times to them wasnt.

Sorry for the hi jack and rant lol.

 

[fire_n_ice]

Interesting about the 790 and 2.99. Mine was 805 and I got 2.99 through a credit union. Thinking I could have pushed for 0% but wasn't thinking that way at the time.

I was a little ticked off though, my score dropped a little over 20 points after I got the car because they hard ran my credit 3 times at the dealer when I bought it. I specifically said don't hard run my credit several times to protect my score and I guess 3 times to them wasnt.

Sorry for the hi jack and rant lol.

It was because you took on a loan, not because of your credit being run. Any time you make a large purchase like a car or house on credit, it drops your score. Mine went from 630 to 540 when we bought our house lol. It think your credit has to be run something like 5 times in 3 months before it affects your score. And yeah, I probably could've gotten 0% through Ford financing, but I opted for the $1000 rebate since I plan on paying the car off in 4 years instead of 6.

 

[rexdriver85]

It was because you took on a loan, not because of your credit being run. Any time you make a large purchase like a car or house on credit, it drops your score. Mine went from 630 to 540 when we bought our house lol. It think your credit has to be run something like 5 times in 3 months before it affects your score. And yeah, I probably could've gotten 0% through Ford financing, but I opted for the $1000 rebate since I plan on paying the car off in 4 years instead of 6.

Oh, I didn't know that. Thanks for the information sir. If you don't mind me asking and the OP doesn't get mad at a side conversation, how long did it take and what did you do to get the score back up after the house purchase?

It hurts to see your score go down after it was at such a great number.

 

[fire_n_ice]

Really it was just a matter of time and making sure not to be late on any payments. A decent part of calculating your score is your debt to available credit ratio. When you take out a large loan, you are using up all the available credit given to you. As you make payments, your total debt goes down as your available credit stays the same (given you make your payments on time). This is also why having a credit card helps your score as well as long as you keep the balance low and keep the account active.

To answer your question, we bought our house in August of '13 and I bought my FiST in January of this year. I don't really know when my score jumped up though. All we did was not be late on any payments and paid down the balances on our cards. Although I will say my jaw literally dropped when the Finance Manager at the dealership told me my score lol.

 

[rexdriver85]

I understand, thanks for the explanation. Ive never had a late payment, and from looking at credit reports over the years, seems like you'd have to be 31 days late for it to show on your credit. I could be wrong but there's different late categories I've seen.

Just keep making your payments and be responsible and up it will go again. Haha. [emoji106]

 

[hoody979]

still waiting to hear back about leasing from the dealership. I have options with some used FiSTs but I want to hear what they say about what they will offer.

 

[fire_n_ice]

hoody is the hanover you're from happen to be in New England? I had to go up there a few years ago for some job training. Very nice area!

 

[hoody979]

no haha I didn't know there was one in New England.

 

[hoody979]

well I went to the dealership today to see what they could do. they ended up offering me 14,750 on my Limited Dart that even had front bumper damage and got my payments down to a low 299 a month which is only 46 more than with my loan now. but my wife ended up saying no. really sad about it. it took almost 4 hours to make her happy but she wouldn't go for it.

 

[Sourskittle]

That sucks man... $15k for the dart sounds like a fair offer ( which is abnormal for a dealership ).

 

[hoody979]

yeah. I think they ended up. ringing it up to 15.4k for the Dart. then they even bought out the next credit tier for me. she said it was a no go though. all it is is 11 dollars a week I told her. she didn't care.

 

[Sourskittle]

My ex-wife said the samething.... She wanted me to buy a $44k F-150 ecoboost because TOGETHER we could afford it. I also knew, if we split up again, I could NOT afford it. In the end, I wanted to keep $44k more than they wanted to sell a truck. Turns out... Me buying the car she did not want me to buy, from the dealership she did not work at ( she works for Ford ), was it. Lol. I traded a G35 coupe and an ex-wife for a fiesta ST, lol. I don't regret it in the slightest, lol.

PS: its cheaper to keep-er.

 

[FistSt215]

Sucks bro ... I would be a happy camper paying 299/month for a fist .

 

[dirtyb]

She sounds like a smart gal, you can't look at monthly or weekly cost. Need to look at the actual/total cost.

 

[hoody979]

considering I have terrible tier 4 credit and they were willing to buy out to get me to the next tier, I have a 2013 Dodge Dart Limited with 22k miles and a front bumper that needs replaced which I got quoted for $860 for that and they started out wanting to give me 13k for it would would still be 1k positive equity to start out with and they ended up wanting to give me 15.4k for it even with the damage. I also had rim insurance on the Dart which I would be able to get a refund from Dodge for after I sold the car so if it was something like $7 a month extra over that would more than over a months payment or so. I was at the dealership for 4 hours and around 2 of it was the financing guy working his magic to try to make my wife happy with my payments but she wouldn't say yes. I drove 2 hours and didn't even get the car. I won't get that deal anywhere else. I think I started out at like 11.89% interest and they got me down to like 8%. I look back and regret not doing it because I will never get that kind of trade in for my car even with the damage fixed and there won't be many '15 FiSTs left on lots soon and this was the only base OW one within 200 miles. I should have taken the car home. if she wanted to fight me for $11 a week, I would have just ate ramen for a few months. I'm pretty furious about it actually.

now that I think about it I just spent near $450 on her for a stupid bracelet. I didn't hear her complaining when I spent money on that.

 

[RStolz]

now that I think about it I just spent near $450 on her for a stupid bracelet. I didn't hear her complaining when I spent money on that.

There's your $11/week.

 

[hoody979]

still regretting not getting the car. took nearly 3 and a half hours to drive 90 miles and I wish I had the FiST to comfort me. I might call them back to see if they still have the one I was looking at because I don't see it on their website. if they have it and they can honor the deal they were going to give me I think I'm going to do it and try to tell the wife I got it cheaper than what they offered. if they don't have it I believe they have a TB instead of OW that is the base model so I will get that instead. plan on calling tomorrow. I would drive 7 hours to get this car that's how much I love it. plus the dealership was so willing to work with me. it was amazing.