My mom just called me at work saying that the dealer said since the car is going under my name with my dad consigning and we r going through ford credit for my loan getting 3.9 apr you can't get the rebate as well? I never heard of that before. Can anyone shed some light on this? This is my first time getting a car in my name and of course would like to get every penny I'm entitled to. I'm putting down 20k and financing the difference about 23k. Payments r said to be 437 a month.

 

Apr sounds fine, though you should be able to get all rebates possible, if you have time google the x-plan, will save you a chunk of change.

 

you are putting 20k doan and they gave you a 3.9 rate!!! run to a credit union!

 

Rate is ****ty, and regardless you should be able to get rebates.

 

As a first time buyer the rate is gonna be ****y, even with a cosigner, I've experienced this firsthand. My cosigner's credit rating is nearly maxed.

 

Ill look into the x plan. I'm puzzled with the rebates. It's coming from ford not from the dealers pocket so why not pass the savings onto the customer. I expected the rate to be high. As a 22 year old first time car buyer buying a "sports car" I didn't expect to get a great rate. I woul have gone to a credit union but you need to usually have an account with them or so I thought?

 

Ford Lets you have a subvented rate from Ford Credit (3.9 in this case) or rebates - not both. The dealer can't give you both.

 

You could always take the rebate and get financing from another lender. However, many lenders have higher rates for young buyers than Ford Credit - even with a cobuyer and/or big cash down.

 

Take the $20k and buy a gently used Mustang.


I wish somebody would have talked me out of the idea of having car payments when I was younger. If they had I'd have more money now.

Plus I didn't have $20k to put down.

Besides if it takes a co-signer to get a loan then you really can't afford it. I also wouldn't want to burden someone with my debt should I make unfortunate decisions or something bad happen to me.

 

You can get the rebate, use a $750 cash coupon ( if you got one ), AND have the dealer get you a better rate thru the banks they deal with directly.

 

What else did mommy say?

 

not much, other then to drive careful and make sure i pay each monthly payment on time ...

 

How old are you Joey and do you still live with your parents?

 

Those were the best days.....

 

im 22 just graduated college in december and got a forensic accounting job with a firm about 4 miles from my house.. cant justify moving out just yet being that ill have to pay rent plus be further away from my job, it just doesnt seem logical to me quite yet. Want to build up some savings first.

 

Does the job pay enough to move out? Or is it a choice between a new stang and independence? Because I have to tell you that independence will bring you a lot more joy than a 2014 mustang.

 

Good call, no rush, if you're in good terms with your parents, i say stay there for a bit longer. I know i would.

No big deal with renting a motel room once in a while....

 

yeah i could afford to move out if i wanted to whats the rush? why throw money out on rent when i have a perfectly good house to live in... and i learned independence the 5 years i was 250 miles away at college?

 

I go for the older chick who r "independent" and moved out already and have their own place .. let me tell you how "independent" they are, they cant even wash their own back clothes...

 

...and you don't think you'll miss it being back in your parents house??