Adam

What's the maintenance contract? Is that where you get free oil changes, etc? If it were me I'd cancel both of them. If you decide you want an extended warranty you can buy it online now, or in a few months, for a cheaper price than the dealer charged. I originally paid $1200 for a 5-year extended warranty, when I found out I could buy it online for $600 I cancelled it and got my money back. Since I'm selling it for the next-gen Mustang in a couple years, I decided the standard manufacturers warranty is good enough. I believe you get charged the same price as long as you buy the warranty within 1 year of purchasing the vehicle.

Thomas S

I said no to all that extra crap. Still looks like you financed way too much with the equity you had.

dunarze

Maintenance covers fluid costs, breaks, wipers, hoses. While the warrantee covers everything else.

kn7671

dunarze - this sounds a little like buyer remorse, which is very common with big ticket purchases. But if you would please, scan your contract and blank out your personal info and post it up so we can review it. It sounds a little high, but again, let's see a scan so we can help you understand it.

The information can be interpreted better as a whole so anyone looking to buy can be aware of what to look for in terms of contract prices, etc...

Thanks!

Freakazoid

toss the maintenance too. toss anything you can in all reality. Maintenance is only going to cover an oil change when your car tells you to. Which is likely going to be 7-10k miles. So that's 6 oil changes, NOT worth it. likewise with extended warranty. just not worth it, and certainly no reason to make the decision NOW. It doesn't get any more expensive later


and for the other posters guessing. Don't forget about this extended warranty he paid for, as well as lojack, etc. This is how it got so expensive so quick.

Also tip my friend, keep onto the car. If you try to resell it any point in the next 3-4 years you're going to cry

kn7671

The wife and I bought a new Ford Flex about 8-months after I bought my Mustang, and they showed us a new maintenance plan being offered that covers full maintenance, not just oil changes.

I had paid for a maint plan on my Mustang at the time of purchase for 5yr/100k, covering filter/oil changes, every 5k miles for $990, which equals $49.50 per oil change. About 6-months after owning my car I canceled the maint contract since I never used it, change oil myself, for a little less and no interest.

If you hope to lower your payment by canceling these items, you won't, the refunds will get paid back to the finance company and deducted as a form of payment against your loan, still leaving you with a higher payment, which is fine as long as you can afford it, and you will pay it off a little quicker.

kn7671

Here is a breakdown of what you should have paid:

Lo-Jack - $400 or less
Warranty 5/75 - $1500 or less
Maint 5/75 - $1500 or less
Gap Insurance - $400 or less
Wheel/Tire protection - $500 or less
Paint Protection - $400 or less

Total = $4700 extra.

If you paid $38k for the car + $4700 in add-ons, -$8500 down @ 3.9% - 60 months, your total 5yr finance would only be $37,700.

Something is missing if you're paying $48k over the life of the note, unless you actually got a 13.9% rate, and in that case, $47,640 would be the 5yr cost.

dunarze

heres a scan

Adam

I think it boils down to:

1) Looks like you paid MSRP (someone correct me if I'm wrong)
2) You have $3,445 in "extras" (LoJack, Warranty, Maintenance)
3) 4.9% over 5 years adds up

dunarze

Yup after having looked at that's what I failed to catch. I had him down to 36000 (verbally) but I got caught up in all the numbers that those sneaky bastards put it back up to the msrp on the paper. FML

Adam

Dang, that sucks. If the salesman is an honest guy, and it was an innocent mistake by the finance department, I would hope the dealership would reimburse you the difference. It's worth asking. Call the salesman and see if he remembers the agreed price before you mention why you're calling.

012 Cobra

yea that sucks, i just bought a new 2012 cobra with nav and performance pkg for 55,000

eas9898

What I find amazing there is that they only charged a $55 dealer document fee!

kn7671

Nope, that will not happen. He has inked the deal, and probably signed some form of arbitration agreement as well. BUT, they may have been able to get you a better interest rate by not giving you a lower up front price, and in the end might work out to the same price with lower interest.

Adam

I know on paper he has agreed to the price, but I still think it's worth contacting the dealership. If the salesman and GM are honest people they will try to work out something for him. Sure the chances are slim but it doesn't hurt to ask.

c0achmke

Or maybe a few perks a few full details, a CS valance and boss splitter thrown in for good measure?!?

jimmbbo

Consider it your tuition in the University of Dumb Mistakes I'll Never Make Again"... as such, it's not that expensive, as you DID get something for your money... many people walk away from their lessons with nothing...

The recommended process I have learned from Consumer Reports and other sources is to thoroughly research the car you want, what incentives are available, learn what the dealer invoice price is, and work the deal for the car ONLY, starting with Invoice plus $200 in a normal market (or at invoice for a soft sales market)... Exclude any trade in.

Do not be distracted from the process of ****ering on the price... Politely but firmly remind the dealer what you were willing to pay, and that number is final. Are they interested or not?

Reach an agreement on the price of the car. Adding the LoJack and other services are up to you.. You can purchase them after the fact for less, but that's your call. If you finance them, it ups the final dollar amount. Bottom line - go in the door well armed with what you want and what you're willing to pay...

NEXT, negotiate a net amount for your trade in. Apply that number to the price you agreed on in step one and the deal becomes much simpler.

Unreputable dealers will use the blizzard of papers and numbers to sell a car, but any reputable dealer will work with you this way. If not, politely thank the salesman for his time and find another dealer.

Adam

That's a great suggestion since they might not be able to just cut a check.

dunarze

Thanks. I know if I had went in with my dad he would have kept them in check too >_>. Oh well

MELLOWYELLOW06

Try to make the best out of it with them. I see they switched price on you as well as the APR by 1%. Dont go in confrontational. Ask the sales person what happened. Why the switch and allow them to explain. And if they fess up, see what they suggest they will do. If they do nothing, there really isnt much you can do, since it was with in line and you signed for it. They could always say that those were the terms we agreed upon and you approved it with your sig. Its not a big amount, so if it ends up biting you, at least it wont hurt too bad. Ive seen some real bad horror stories (especially when they were leases).

Congrats on the car. Just drive it and enjoy it and soon you will forget about this incident.