I need advice on a 1SS near future purchase - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 16 Old 03-09-2010, 11:09 AM Thread Starter
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I need advice on a 1SS near future purchase

Hello everyone, I currently do not own a Camaro, but plan on building/ordering one when I go home for R&R leave in May.

First off, this will be my first "new" car purchase. All my previous vehicles have always been paid for in cash, and titled in my name. I am still new to the whole "financing" and "dealership" issues that I hear lots of people talk about. My last deployment, when I came home from Iraq, I wasnt able to finance a vehicle because I had no credit history at all (I was 21 at the time, and did not want to own a credit card for fear of debt). It of course came back to bite me in the rear end, and I had to settle for something I didnt necessarily want.

This time is a completely different story. By the end of this deployment, I will have managed to save up almost 50,000$ and I am 23 years old, married and neither one of us have any debt or major bills. My wife encourages me to get the car I want, because she wants to see me happy,and not settle for anything less. She told me the Camaro SS was a good choice, hence why I am here.

Without getting into a storybook, I just need advice. I have been looking on various websites (carmax,autotrader,etc.) and to no avail, I have not been able to find the type of SS I am looking for. I want a CBM 1SS M6, with little to no extra options. I dont have the desire for a fully loaded SS, because I do not want to spend excessive amounts of money on this vehicle. I am willing to pay in the ballpark range of 30k to a maximum of 34k (MAYBE 35k) for an SS, but im really trying to stay in the 30k-32k range. I went on the Chevy website and saw that the 1SS pricing starts at 30k, which is reasonable.

I just kind of want to get an Insight on how I should go about purchasing this vehicle when I come home for R&R. I am willing to put down probably a maximum of 15k down payment, to keep my payments in the 250$ range, but I just want to get some more information in regards of insurance, fees, ordering fees, or any other hidden issues I may run into. I am sorry for the long rant, but I just want to be prepared, and get what I want out of a serious "investment" such as this. Thank you.
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post #2 of 16 Old 03-09-2010, 11:19 AM
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First thing to do is talk to the Dealers here on site Scotty, Eric or Anna (spotlighted sponsor/dealer this month!) They are all versed in the ways of the honest purchase and have helped MANY members, even if you are not buying from them! I am sure they will all chime in here as soon as they read the title, and from what I have seen they are all very knowledgable and really on your side, hit them up before making any final choices, it can even be cheaper to fly out to the nearest one and drive back home in some cases!

thier user names (not sure about the case sensitive part) are CamaroScotty (WI), SSEric (TX) & little_bank_robber (MI)

Go to http://www.cheers*****.com/Camaro.html to view picictures of my Camaro!

Last edited by cigam21; 03-09-2010 at 11:21 AM.
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post #3 of 16 Old 03-09-2010, 11:20 AM
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if your getting a loan, some times you can get better rates through the bank directly rather than going through the dealership banks.my buddy works ata chase branch and before i got my car he told me he could have gotten me a loan at like 5% intrest rate. i ended up not getting it through him because i couldnt wait to getthe car and go home. so i went through the dealership. they got me a 6% i think. had i waited a bit, i could have saved myself thousands of dollars. as far as getting the car you want, if you dont mind a bit of a wait, id order it and have it built for you. nothing better than knowing your getting exactly what you wanted and that the car was made just for you.

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post #4 of 16 Old 03-09-2010, 11:21 AM
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Someone else pretty much asked the same question recently and got a lot of good advice, I think. This is the thread: Never bought a car from a dealer....

Hopefully it helps you as much as it did COUCH!

Still legal in 16 states. It's happy. It's fun. It's Happy Fun Car.
Do not taunt Happy Fun Car.
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post #5 of 16 Old 03-09-2010, 11:31 AM
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go to a dealer, or contact one of our sponsors here on the forums (they are the best in the country from what i've seen) and see how much of a loan you get approved for a new camaro. if you have $50k saved up like you say, get the loan, and pay the car off completely in your first payment! paying off a car loan on your credit history is a good platform for new credit.

best thing to do is build your credit. having no credit and no debt is not always a good thing when you need to finance something. we all wish we could pay for it out of pocket but most of the time can't.

you might be hesitant to get a credit card, but as long as you do not live beyond your means, it too will help you build credit. i use my card only on things like groceries and gas, then at the end of the month pay the full balance so i don't get hit with finance charges. if there is something i want that i don't necessarily need, i analyze my monthly balances to make sure i have enough money to buy it before hand without using a credit card.

doing those things is a great way to build your credit so that one day you can get a house, and you can't get a good mortgage rate without good credit!

my credit score is not that great right now, when i bought my fiance's car they told me my score was a 650. i'm only 22, i have $20k in student loans, a $650 camaro payment, now another $400 for my fiance's SUV, and a credit card that i pay the full balance everytime i use it. i'm working towards building my credit for a house. i never miss a payment and i have always payed at least $100 more than the minimum each month.

so if you can take some advice from a young guy new to credit also:

1. don't live beyond your means (don't spend more money than you make)
2. don't miss a payment
3. always pay more than the minimum
4. keep your debt to a minimum

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post #6 of 16 Old 03-09-2010, 11:48 AM Thread Starter
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Quote:
Originally Posted by RedJewel2SS View Post
go to a dealer, or contact one of our sponsors here on the forums (they are the best in the country from what i've seen) and see how much of a loan you get approved for a new camaro. if you have $50k saved up like you say, get the loan, and pay the car off completely in your first payment! paying off a car loan on your credit history is a good platform for new credit.

best thing to do is build your credit. having no credit and no debt is not always a good thing when you need to finance something. we all wish we could pay for it out of pocket but most of the time can't.

you might be hesitant to get a credit card, but as long as you do not live beyond your means, it too will help you build credit. i use my card only on things like groceries and gas, then at the end of the month pay the full balance so i don't get hit with finance charges. if there is something i want that i don't necessarily need, i analyze my monthly balances to make sure i have enough money to buy it before hand without using a credit card.

doing those things is a great way to build your credit so that one day you can get a house, and you can't get a good mortgage rate without good credit!

my credit score is not that great right now, when i bought my fiance's car they told me my score was a 650. i'm only 22, i have $20k in student loans, a $650 camaro payment, now another $400 for my fiance's SUV, and a credit card that i pay the full balance everytime i use it. i'm working towards building my credit for a house. i never miss a payment and i have always payed at least $100 more than the minimum each month.

so if you can take some advice from a young guy new to credit also:

1. don't live beyond your means (don't spend more money than you make)
2. don't miss a payment
3. always pay more than the minimum
4. keep your debt to a minimum
Thank you for the advice, but I believe you mixed up some of my story. Some of my post was from my 1st deployment, and I am currently on my second.

1. I have credit now, I am currently building my credit, and I also have a credit card.

2. I do not have a total of 50,000$ saved up, only because the deployment is not over yet. I have done the caculations before, during and up to this point I am still on track as far as my caculations go. I currently have 30,000$ with 4 months left on the clock.

3. I do have a wife to take care of, and theres no way I could bring myself to indulge and pay off a 34,000$ car in cash without making sure my wife is taken care of first.


It definitely would be nice to pay it off cash, but even though I have decent credit (still building it) and no debt, I still want to ensure that I do not get in over my head with an automobile.
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post #7 of 16 Old 03-09-2010, 11:53 AM
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Quote:
Originally Posted by Twenty10SS View Post
Thank you for the advice, but I believe you mixed up some of my story. Some of my post was from my 1st deployment, and I am currently on my second.

1. I have credit now, I am currently building my credit, and I also have a credit card.

2. I do not have a total of 50,000$ saved up, only because the deployment is not over yet. I have done the caculations before, during and up to this point I am still on track as far as my caculations go. I currently have 30,000$ with 4 months left on the clock.

3. I do have a wife to take care of, and theres no way I could bring myself to indulge and pay off a 34,000$ car in cash without making sure my wife is taken care of first.


It definitely would be nice to pay it off cash, but even though I have decent credit (still building it) and no debt, I still want to ensure that I do not get in over my head with an automobile.
I put down almost exactly 50% on the total cost of the car and the payments over 60 months are very manageable. Paying in cash for a purchase that big is something I could only dream of.

Still legal in 16 states. It's happy. It's fun. It's Happy Fun Car.
Do not taunt Happy Fun Car.
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post #8 of 16 Old 03-09-2010, 11:59 AM Thread Starter
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Quote:
Originally Posted by weland View Post
I put down almost exactly 50% on the total cost of the car and the payments over 60 months are very manageable. Paying in cash for a purchase that big is something I could only dream of.
That sounds good. Im trying to put down 15k for that exact reason. I know being 23 that car insurance isnt going to be pretty, so I need to atleast minimize my car payments to balance it out.
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post #9 of 16 Old 03-09-2010, 12:12 PM
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Originally Posted by Twenty10SS View Post
That sounds good. Im trying to put down 15k for that exact reason. I know being 23 that car insurance isnt going to be pretty, so I need to atleast minimize my car payments to balance it out.
You should get a considerable reduction in your auto insurance premium after you turn 25; this will be helpful considering that you'd still have a couple of years to pay on the car.

Still legal in 16 states. It's happy. It's fun. It's Happy Fun Car.
Do not taunt Happy Fun Car.
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post #10 of 16 Old 03-09-2010, 12:31 PM
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i'm 22 and my insurance is only $110 per month on my camaro with homeowner's, multicar, and good driver discounts.

i can't wait to see how much it drops once i'm 25!

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