is a SS financially responsible for me? Opinions wanted - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 49 Old 10-26-2011, 08:27 AM Thread Starter
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is a SS financially responsible for me? Opinions wanted

I know I have a topic about wanting a camaro SS but This topic is meant to give opinion on financial responsibility. All reply's are greatly appreciated and will be taken into consideration.

I currently own a 2008 Pontiac G8 GT. IOM in color and fully loaded. I owe 22,165 (got my bill yesterday) and I am looking to get a 2ss as leather is a must. I have owned the G8 for 10.5 months. Originally bought it over the camaro for the extra space as I used it for work. 31k miles later I feel that I have pushed the limit of mileage and I bought my cousins old car with cash for work and daily commute.

Now I want something a little more pristine then a 4 year old car with 60 some thousand miles.

Current payments are 504 a month at 14% for 72 months and 150 a month for insurance. I just turned 23 so I dont have the best credit history but this is the first car I bought without a cosigner. I make min payments of 600+ on the car to help counter act the higher interest rate. My last bill actually said my min payment is 170 lol they want all the interest they can get.

Next Tuesday i get my 2nd year review at work and am hoping for a bonus or substantial raise as I will be graduating college in the next year.

I currently make about 38k a year as an entry level Information Technology Specialist for a dialysis company.

I'm a full time student at Devry University going for a bachelors degree in Computer Informational Systems with a focus on Computer forensics.

I live at home still helping my mom get out of debt. Another 2 years minimum.

Monthly Income: +3100 (2300 after taxes / 401k)
what I pay my mom "rent": -600
Cell phone: -75
Car: -600
Insurance: -150
Credit cards: 0 currently payed off
Gas: reimbursed from company
weekly allowance: 100 (400 a month)

Monthly that leaves me roughly $475

Depending on the Camaro I buy I think my payments could be 600 or less.

Any opinions/questions/etc?
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post #2 of 49 Old 10-26-2011, 09:09 AM
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What year of camaro, if its 2011/12, your payments will be higher depending the newer it is.
Don't for get, if your doing a 7yr loan, thats a long time commitment, I did 12.9% on my truck 8yrs ago,
had to refinance it, to buy my home & budget it into my income, so its almost payed off.. should of been payed by now
Always be safe, have a little left over, at least 1/2 of your payment IMO, apply it to
the loan each month, just to get it payed off faster, plus if any bad things happen you
still have money to help you, always make sure to cover your self & save money too !

I've been checking the net quite frequently, a 2012 SS will be 750.sh +/- monthly if
you put down no money and are going off today's rates 11% - 13% interest for 72mo.

If you go w/a older model, 2011 or 2010 and if your rates will be lower, the payment will be too IMO
Hope that help's... keep us updated plz

Edit; Go to your bank.. if you can get into a credit union (their the best) to finance your camaro, the interest rates will be lower,
dealer ships don't always have the best IMO, you'll save more money +



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Last edited by hotrodhoodrat; 10-26-2011 at 09:16 AM.
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post #3 of 49 Old 10-26-2011, 09:22 AM Thread Starter
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I really want a 2012 45th anniversary edition SS. But am willing to give that up for the "right" 2010/11 SS.

I bank with chase and they want a minimum credit score of 720 plus to get a loan through the bank. My credit score is in the upper 600's and I monitor it with credit monitoring from freecreditreport.com
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post #4 of 49 Old 10-26-2011, 09:33 AM
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Steve,

Here's a few things to consider:

1) You owe just a tad bit over 22K on your current car, do you plan on selling it out right or trading it in? If you trade it in, more than likely you won't get 22K for your car, so the difference will be added onto your new note.

2) If you don't have a down payment, I'm not sure I would put yourself in that position to began with.

3) I understand that you're only 23, and don't have the best credit, but I don't advise you paying 14% for 72 months on ANYTHING, much less a new Camaro. In fact, my advice, refinance your current car and drop that interest rate!! I personally won't finance something that is in the double digits, and usually you get a lower interest rate on a new vehicle, not a used one. Just an example, let's say that you find a used 2SS, low miles for 30K. That is probably pretty reasonable. The dealership will only give you 18K for your trade in value, and you have zero for a down payment. If you took that 4K, added it to your new note, you are now financing 34K, and if the best interest rate you can get is 14%, by the time it's all said and done, you're paying over $16,000 in Interest!!! Yes, the payment maybe affordable, but look at what that car is costing you. To me, personally, it’s not worth it.

4) If you're going to end up "upside down" on the trade, than I wouldn't do it. At the end of the day, it's still a car, and it's going to depreciate.

5) Always allow yourself to continue to save, especially if you have no kids, because once you have children, life becomes harder, and you can never predict the future.

There's the best advice I can give you.....
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post #5 of 49 Old 10-26-2011, 09:40 AM
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Go with a credit union, their better than most banks, chase is not a good one IMO to
get your best rates !,
check around tho.. shop.. you now your score & budget.. don't settle on just a few !

Go w/ what you want or you'll regret it later IMO, the 2012 45th. AE. will be out for the hole year,
if you look around you can get them for a great price, Ask Anna or Scotty or
Eric, our forum dealer/sponsors their the best & they won't raise the cost &
give you the best deal you'll ever find !, many of our members can testify to that



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post #6 of 49 Old 10-26-2011, 09:46 AM Thread Starter
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Quote:
Originally Posted by Bucky6702 View Post
Steve,

Here's a few things to consider:

1) You owe just a tad bit over 22K on your current car, do you plan on selling it out right or trading it in? If you trade it in, more than likely you won't get 22K for your car, so the difference will be added onto your new note.

2) If you don't have a down payment, I'm not sure I would put yourself in that position to began with.

3) I understand that you're only 23, and don't have the best credit, but I don't advise you paying 14% for 72 months on ANYTHING, much less a new Camaro. In fact, my advice, refinance your current car and drop that interest rate!! I personally won't finance something that is in the double digits, and usually you get a lower interest rate on a new vehicle, not a used one. Just an example, let's say that you find a used 2SS, low miles for 30K. That is probably pretty reasonable. The dealership will only give you 18K for your trade in value, and you have zero for a down payment. If you took that 4K, added it to your new note, you are now financing 34K, and if the best interest rate you can get is 14%, by the time it's all said and done, you're paying over $16,000 in Interest!!! Yes, the payment maybe affordable, but look at what that car is costing you. To me, personally, itís not worth it.

4) If you're going to end up "upside down" on the trade, than I wouldn't do it. At the end of the day, it's still a car, and it's going to depreciate.

5) Always allow yourself to continue to save, especially if you have no kids, because once you have children, life becomes harder, and you can never predict the future.

There's the best advice I can give you.....
Bucky, thank you for your response.

1) I am demodding the car this weekend If I am sure I want to try for the SS. I will go to carmax and see what they offer me so I have something to base my decision off of. I am pretty sure I can get 19+ for the trade in from looking at comparable G8's in the area going for 24k plus.

2) I am willing to put 3-4k down as a down payment which will leave me with a month salary in savings account. I do have other forms of saving which include a 401k and my personal stock portfolio. ( i started saving and investing early I want to retire by the time im 45 lol)

3) I don't like the interest rate either but it was the first time I was able to get a car loan myself. I felt proud and decided to go for it. Granted I wouldn't accept anything in the double digits this time.

4) If with my 3-4k down payment I have to carry ANY of the price over I wouldn't do it.

5) paying myself is first and foremost. I have lived the life of not saving through my parents when I was younger and I will not allow myself to live that way again. I have been working since I was 14 never went a month without a job since then.
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post #7 of 49 Old 10-26-2011, 09:49 AM Thread Starter
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Quote:
Originally Posted by hotrodhoodrat View Post
Go with a credit union, their better than most banks, chase is not a good one IMO to
get your best rates !,
check around tho.. shop.. you now your score & budget.. don't settle on just a few !

Go w/ what you want or you'll regret it later IMO, the 2012 45th. AE. will be out for the hole year,
if you look around you can get them for a great price, Ask Anna or Scotty or
Eric, our forum dealer/sponsors their the best & they won't raise the cost &
give you the best deal you'll ever find !, many of our members can testify to that
I am definitely not in a rush to get into one so shopping around and getting the best deal is what I plan on doing if I go for it. I have a local dealer that a friend of mine works at and a lot of my family deals with. In aug my family (close and extended) bought 3 new cars and leased another car from this dealer and I was happy with how everyone of them went.
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post #8 of 49 Old 10-26-2011, 09:49 AM
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Bucky I tend to agree 100%, but if he's determined to get it, its best to help him to do as much as possible to lower the interest &
keep him focus on the most important aspects before he jumps in, do you agree ?



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post #9 of 49 Old 10-26-2011, 09:53 AM Thread Starter
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Quote:
Originally Posted by hotrodhoodrat View Post
Bucky I tend to agree 100%, but if he's determined to get it, its best to help him to do as much as possible to lower the interest &
keep him focus on the most important aspects before he jumps in, do you agree ?
I wont allow myself to be "determined" to get the car. If i do that I'll get it no matter what it takes. I'm trying to weigh the options out and get input from others.

I do appreciate your input on helping me lower my interest rates and stay focused on the more important aspects. I can use all the help I can get
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post #10 of 49 Old 10-26-2011, 09:59 AM
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Quote:
Originally Posted by steveo9043 View Post
I wont allow myself to be "determined" to get the car. If i do that I'll get it no matter what it takes. I'm trying to weigh the options out and get input from others.

I do appreciate your input on helping me lower my interest rates and stay focused on the more important aspects. I can use all the help I can get

Smart Man, keep doing what's right, get those parts sold, sale the pontiac
then find a great place to finance from,
then take the down payment to your friend at the dealership & your golden



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