No mustang for me :(

[Stratman397]

Both of Our credit ratings are over 820

And we do do that on credit cards , but if you can get 2.75% on a house, we would rather pay the 2.75% and keep the money back for things with higher interest rates. We have investments, so actually sitting good and hoping when he does retire we don’t have to use hardly any retirement money.

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[Dena]

We are both on SS and he is also still working. I told hubby, he gets 5 weeks of vacation a year, he has an easy job, company car and makes a great salary plus commissions, May as well continue working as long as he feels good.

I have been on SS for a couple of years because they told me use it or lose it. My job pays enough to pretty well take care of my expenses so I bank the SS. As my job only takes a few hours a day, it's not that important that the pay check be huge. Next year I will have to start taking out of my retirement account and I am mentioned it two trust accounts. My problem will be what do I do with my money when I pass on because I know I am not going to use all of it.
If you have money sitting around in an account that pays very little interest, you come out better by paying off a loan that has interest on it. The big exception is retirement accounts that will penalize you for taking the money out and those you should leave alone. I don't know enough about where your money is to judge which way is best for you but if you have money that's not earring interest, you should consider putting it to work.

 

[Dave2013M3]

I have to ask, is this the first car you ever financed? If you don't have a history of buying even with a co-signer the rates, especially now can be brutal. There has been some good advice on this board with the credit unions. Open an account, with that cash you were going to put down, give it sometime and you will be able to buy at a much better rate. Patience is a virtue. This was actually a blessing in disguise. I know you are disappointed though. My son just went through the same thing. He has a 747 middle score and still he was being offered 12%, the issue is he didn't have that long (time) of credit history.

 

[Jrws1014]

Your dealer can also talk to ford credit and get them to come down on the rate too. They tried to hit me with a 13.99, and after the finance guy called them they got it down to a 8.9

 

[Stratman397]

I have been on SS for a couple of years because they told me use it or lose it. My job pays enough to pretty well take care of my expenses so I bank the SS. As my job only takes a few hours a day, it's not that important that the pay check be huge. Next year I will have to start taking out of my retirement account and I am mentioned it two trust accounts. My problem will be what do I do with my money when I pass on because I know I am not going to use all of it.
If you have money sitting around in an account that pays very little interest, you come out better by paying off a loan that has interest on it. The big exception is retirement accounts that will penalize you for taking the money out and those you should leave alone. I don't know enough about where your money is to judge which way is best for you but if you have money that's not earring interest, you should consider putting it to work.

We have 2 financial advisors. One is Edward Jones and the other, I can’t remember the name of it. I hate getting into all that stuff although I need to know things. My husband has tried telling me but I told him I would be ready one day, but not quite there yet.

 

[Jivor]

14%?!! That' insane. I went through a local bank and got 6.5% with autopay over 72 months; I plan to pay $100 per month to principal extra to minimize the interest. I saw 3.9% somewhere; wow, that's very low. I don't blame you for cutting loose; there is no reason to pay that much.

 

[Dena]

We have 2 financial advisors. One is Edward Jones and the other, I can’t remember the name of it. I hate getting into all that stuff although I need to know things. My husband has tried telling me but I told him I would be ready one day, but not quite there yet.

One of the sad things I have seen is the wife surviving her husband and not being able to handle the finances. It doesn't have to be complicated but you need to understand what the overall plan is. Perhaps a paper list of the items and how to handle each one. In my case, my investments are with a money guy that the family uses. I don't have the time or desire to work the stock market and the money guy takes car of that. I can handle what I can spend and where money should be placed so that takes care of the money end of my life.

 

[Stratman397]

One of the sad things I have seen is the wife surviving her husband and not being able to handle the finances. It doesn't have to be complicated but you need to understand what the overall plan is. Perhaps a paper list of the items and how to handle each one. In my case, my investments are with a money guy that the family uses. I don't have the time or desire to work the stock market and the money guy takes car of that. I can handle what I can spend and where money should be placed so that takes care of the money end of my life.

I can handle the finances, that used to be my job. I have a paper with every pw, etc on it and I know both the guys we use, and I have our 2so sons close by
Anything happens to him, first thing I would get rid of is paying for tv. Lol

 

[Zig]

that’s not even everything I’m not making this up . My sales guy tells me how they want me to drop the order a few of sales guy kept telling him for me to drop the order .2 We test drive the car he tells that people been driving it lol (ford employees) this is the first custom order to hit the area so a lot of eyes were coming in to see the car. They called me back after my time was up after allegedly having a buyer to see if can come up with more money.. and now I’m restricted from ordering a spec of my likeness so I’m left with just going to a lot a get something sometime in a few months

For the most part you’ve already taken or about to take the credit hit (hard inquiry). If you really want this one you may consider shopping around for the loan. Sometimes you don’t need an account at the bank to get a loan from them. More or less a group of inquiry’s in a relative close proximity has the same impact.

 

[Zig]

One of the sad things I have seen is the wife surviving her husband and not being able to handle the finances. It doesn't have to be complicated but you need to understand what the overall plan is. Perhaps a paper list of the items and how to handle each one. In my case, my investments are with a money guy that the family uses. I don't have the time or desire to work the stock market and the money guy takes car of that. I can handle what I can spend and where money should be placed so that takes care of the money end of my life.

Just don’t forget to tell the other about the money guy and the secret code word.

 

[mcrimm]

OP said “14% At 64k+ with a co-sign with a down payment of 20% percent of the car worth”

I wonder if you’re in a phase in your life where you really need a $64k+ car. I know you really want this car. Even at 8% with 20% down and 72 months, your monthly would be $900 plus insurance. If you need a co-signer for the loanmy guess is your insurance will be very high - $200 per
month?

Mustangs start at under $35,000.

 

[Crazy-Fox]

My credit union was 3.9 with 20% down or 4.25% with no money down and 72 months financing.

 

[dfwford]

14% At 64k+ with a co-sign with a down payment of 20% percent of the car worth

They wanted 16 down but I wasn’t going to go broke for a car. of a monthly of 1100 a month. whenever I can applied for a loan again im going for the most basic spect AV, PP that spec was almost fully loaded

I had an interest rate of 12.97% with Ford Credit. I immediately refinanced it with a local credit union for 8.74%. I don't have the greatest credit score either (just above 700 with a fairly high utilization rate). And I put no money down.

The rub though is I have no derogatories on my credit file, I've been rapidly paying down my debt, plus my monthly payment / insurance combined are well under 20% of my net monthly income.

 

[OppoLock]

14% At 64k+ with a co-sign with a down payment of 20% percent of the car worth
They wanted 16 down but I wasn’t going to go broke for a car. of a monthly of 1100 a month. whenever I can applied for a loan again im going for the most basic spect AV, PP that spec was almost fully loaded

Criminal interest rate. Your credit score?

 

[Leos650]

I had an interest rate of 12.97% with Ford Credit. I immediately refinanced it with a local credit union for 8.74%. I don't have the greatest credit score either (just above 700 with a fairly high utilization rate). And I put no money down.

The rub though is I have no derogatories on my credit file, I've been rapidly paying down my debt, plus my monthly payment / insurance combined are well under 20% of my net monthly income.

Honestly dude that was my plan i knew going in it would be high 10 to 11.5 that’s manageable and refinance ASAP. i paid my last car loan completely so the account got closed and i stop caring about credit thinking cause i paid my last car I was in the green for approval lol i know better now

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