we said this before and was conviently excused ~ we have more money just doing this in case...wonder if this is even true as it is aLos posted on other mustng forum

 

This whole things sounds real odd....

 

Again for the people saying we didn't have good
Credit. We had excellent credit in the 700 range. That's good credit for me. The person paying for the car would be me I only had my parents sign because I have no credit. That's what I'm working on now is to build credit. No one hear knows exactly what happen & I'm not
Going to write pages worth through my smartphone. I tried to keep it short to make u guys understand but that didnt work. We own to mustangs that we are paying for so about affording them that isn't an issue. If every single one of u guys were there with me u guys would understand how shady everything went down. Yes we signed the paperwork without really reading it because we thought the dealership trough words would be truthful. I mean they shouldn't lie should they? I'll b honest the excitement really did carry us away but before everyone hear start talking smack about the fact that we can't afford a car u guys are completly wrong & don't even know the whole COMPLETE situation. Who ever is talking **** all u guys are doing is assuming so before u do assume how about u ask me questions through a pm & I will answer u truthfully!!!

 

Yes, it is true. I took this route with my loan. Today, I could either pay off my mustang... or have a nice low payment, with a nice savings cushion that I can relax and pay for other fun stuff that I would otherwise have to think twice on. Or for a darker thought, if suddenly there's a sudden cost(like say a Water Heater bites the dust) I'm not in any sort of bind.

And the decision has proven to be good (for me). Last year, I suddenly found myself out of a job and had I done the short-term loan you are championing, I would've been entering my final year and suddenly found myself in real trouble with a high monthly auto cost on top of other bills. But since I had low monthly payments, I was able to pay for the stang, mortgage, and other bills without ever being in danger of defaulting on anything while taking what work I could. In fact, I was even able to watch my bank account grow a wee bit.

Had I had a short loan, one of 3 things were going to happen: 1) The car would need to be sold and something else would need to be bought in it's place for transportation. 2) Someone isn't getting paid, so my credit goes into the toilet. 3) I need to take several jobs and run myself ragged to make sure things stay afloat.

So let's recap: I took a 72 month loan. I'm able to make all payments without a problem. The creditors are happy. I have my Stang so I'm happy. I can afford extra luxuries (like mods). If something breaks in my house, I'm not sweatin' bullets no matter what it is.

So where's the problem? So I lose a little over a $1000 more over the term of 6 years (compared to short term loans). So what? This car, if I have any say in the matter, isn't going anywhere... EVER again. Meanwhile, I get to drive it, I get to enjoy it, and best of all, I get to buy other things as well.

EDIT: YOW, I totally misread your post and thought you were questioning the general validity of someone getting a 72 month loan and then claiming "it is safer." Clearly, that was not what you meant or were referring to. Sorry man.

 

This vicelmdrew guy posted on the other forums that I posted two different stories on both of them. He was already proven wrong by other members. I think u need to get ur reading glasses & read a little better. Like I said same story on both forums. Enough said

 

I don't know if enough was said??

 

I think I speak for all of us when I say we don't want you to write anything on your smartphone. Ever.


So why the issue of 3 months in the loan? Why would your Mom be forced to lie? Why couldn't your Dad then be the cosigner?

Absolutely not and I have no doubt this was shady. Any dealer who flat out requests that you lie while on the phone with a creditor deserves to be fired. Crap like that is what caused this financial situation in America to start with.

That being said though, I don't see how your parents are absolved from blame either. Like Flagstang pointed out, it looks like they were willing to go along with it until the terms didn't come out to their liking and suddenly back pedaling ensued.

We can only work with what you give us, man. You came on here asking for advice and we were forced to piece together your story based on your posts.

 

It's okay if parents want to help their children establish credit. I just don't think you should have put yourself and your parents into such a large loan at a young age.

 

Father is already co signer on other things & he didn't want to b co signer. On top of that he's refinancing so y wud he even b co
Signer. To top it all off the financing staff that dealt with us got in trouble with the owner I believe it was.

 

why what did they do?

 

Reading forum posts have become challenging now. :O

 

I think you left out those bits about lying regarding the loan papers...and it NEVER makes sense to finance a car for 72 months...and Canada has nothing to do with it

 

Like people have posted before. Y wouldn't I finance for 72 months when my payments would b cheaper. I would like extra money in my pocket in case of anything. & when did I mention Canada??

 

if you want lower payments then finance for 10 yrs...the point is you are paying for the car two times and the Man will take your interest payments...with your financial acuteness you will never own anything your whole life

I just realized that this thread is going no where...I am done posting...if this is all true, how pathetic

 

72 months??? Wow... so you will still be paying for the car when its in the shop needing a motor or transmission

 

Let's not go to dramatic with more than 72months now. I could of done less than 72months if I wanted to but y pay much more when I can pay a little. Plus who knows if I'll want to keep the car for that long

 

You're paying a lot more over 72 months than you are 60 or 48, or better yet 36. Interest doesn't stop after 36 months.

And it's "could have," not "could of." Speak what you mean, not what you think it sounds like.

 

 

Was just thinking about the insignificance of the $2000 in interst over the life of a loan. I am assuming a $20k loan at 48 months @3% vs. a 72 month loan @ 5%. Payment difference is about $120. Let's say you can afford to put the$120 into tax deffered savings. You can do the math and figure out how it affects personal taxes and savings. I will agree with a previous poster who said interest does not stop after 36 months, but I would rather have it compunding on an increasing savings balance than worry about it being applied to a decreasing loan balance. In the end it's about personal choice regarding your finances. I for one am in the long term loan camp. It doesn't mean I'm right, but I will say that if your are worried about whether or not $2k makes a difference than don't buy a car like this. You will lose far more than $2k on incresed insurance, gas, depriciation, etc.

 

The problem with that is when you want to get rid of the car your going to be upside down because you've paid so little. So if you don't pay a little more on the payment now your going to pay a huge chunk of change when you sell/trade in.