Having a hard time pulling the trigger

[Nightowl805]

I have found a 2013 Genesis 3.8 sedan in the brown color with the cashmere interior. I actually like the brown and was dreading black seats here in the desert. Has tech and premium package

MRSP 44,???
Invoice 41623
Purchase price 38267
Minus rebates 3500
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34,767

Trading in a well maintained Chevy cobalt with 51000 but it has a terrible reputation, is subject to the national recall for the ignition switch and has had the check engine light come on numerous times-though not currently.

Payment on cobalt 200.00 for one more year

Major problem.....First loan after major financial problems and failed business. I have a very good career but loan payment will be 700 at 12.2%

Yes I could get an Accord or Camry (Sonata back seat to small) but payments will still be 600. I get a lower interest rate with at least 4k down, hence the 2013 Genesis

Any brilliant people out there

 

[Nightowl805]

Sorry, I was looking at stereo upgrades

when I posted. If someone knows how to move thread feel free.

 

[homeofstone]

Try saving 400.00 per month for next six months. If that works then you will have 2400 more and you car almost paid off and will also know if you can afford 400 more a month with no problem.

 

[Alwaysforward]

Look around for better deals to bring down the total value of the car is one way to get that payment down. Here are some Brown 3.8 brand new Genesis for as low as $26,648. At 12.2% for that price would put your car payment at $523.75 per month if you finance it for 6 years. (See loan calculator link below)

http://www.autotrader.com/cars-for-...5F77626C835051A414865B&showToolbar=true&Log=0


Loan Calculator link:

http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx?MSA=

 

[showbo]

I agree on looking and or waiting for a better deal. Hell I saw a 2014 for 29k? Crazy. Of course it didn't have both packages, but I am sure you can find something. Maybe you can find a Genny that you like without the nav (not sure what package I don't have either) and then buy the 1200 dollar aftermarket nav that people are loving more than the factory one.

I will be buying the aftermarket Nav for my base Genny, got to replenish the funds, just paid over 1300 for two new phones. Come to think of it, that would have paid for my Nav, gosh damn it I need to tell the wife to give me back her S5 so I can take it back .

 

[homeofstone]

Don't finance so much or for so long that it puts you upside down at any time during the loan. Its best to only finance for no more than 48 months with 30% down. If that is not possible for the car you want then its best to save and wait or buy a less expensive car.

 

[showbo]

Don't finance so much or for so long that it puts you upside down fat any time during the loan. Its best to only finance for no more than 48 months with 30% down. If that is not possible for the car you want then its best to save and wait or buy a less expensive car.

Great advice. Not many people can afford to do this though. Agree with the comment about a cheaper car if you can't afford it. However, if you understand the idea of taking a longer loan out, then go for it.

Why shouldn't someone be able to drive a nicer car, even though they can't afford 30% down and 4 years?

Personally, I go 72 months on my cars, and pay double the car payment each month. At 2.25 percent (both my car loans are at this rate) I am not losing much on interest savings.

And, if something were to come up, I can pay my minimum payment and have that extra cash for whatever is needed. This is of course my opinion, and everybody will have their own .

 

[homeofstone]

Great advice. Not many people can afford to do this though. Agree with the comment about a cheaper car if you can't afford it. However, if you understand the idea of taking a longer loan out, then go for it.

Why shouldn't someone be able to drive a nicer car, even though they can't afford 30% down and 4 years?

Personally, I go 72 months on my cars, and pay double the car payment each month. At 2.25 percent (both my car loans are at this rate) I am not losing much on interest savings.

And, if something were to come up, I can pay my minimum payment and have that extra cash for whatever is needed. This is of course my opinion, and everybody will have their own .

Not a bad idea. Back in the late 80's I started just saving up for four to seven years and paying cash for my cars. In the long run it saves thousands of dollars.

 

[Mark_888]

Not a bad idea. Back in the late 80's I started just saving up for four to seven years and paying cash for my cars. In the long run it saves thousands of dollars.

I paid off my car loan as soon interest expense was no longer tax deductible (circa 1987). I have paid cash for my cars ever since then.

Based on my experience with the finance guy when I bought my Genesis, I am guessing that very few people pay cash for a Hyundai (at least before Genesis/Equus).

 

[Alwaysforward]

Great advice. Not many people can afford to do this though. Agree with the comment about a cheaper car if you can't afford it. However, if you understand the idea of taking a longer loan out, then go for it.

Why shouldn't someone be able to drive a nicer car, even though they can't afford 30% down and 4 years?

Personally, I go 72 months on my cars, and pay double the car payment each month. At 2.25 percent (both my car loans are at this rate) I am not losing much on interest savings.

And, if something were to come up, I can pay my minimum payment and have that extra cash for whatever is needed. This is of course my opinion, and everybody will have their own .

Bingo! Some people can't afford to put 30% down. Finance for 72 months and make the extra payments when you can. For a budget it is best to get the lowest payment you can so not to over extend yourself.

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[craigt]

Based on my experience with the finance guy when I bought my Genesis, I am guessing that very few people pay cash for a Hyundai (at least before Genesis/Equus).

True that. The finance guy did a double take when we were going to write a check for our Genesis (having a trade worth $24k didn't hurt things, either). He said that they prefer when people finance since the dealership gets a kick back. So we asked them what they could throw at us to convince us to finance (and pay off in the first month). He said nevermind, just pay for it.

I wouldn't pay 12.2% on a car loan. You'll be under water for a while. I suggest you get something cheap (yea, easier said than done), get your credit back in order, and then buy what you want.

 

[TOMMYJR9]

What do you need to know I have been in the car business 22 years. & in finance the last 18 years & at a Hyundai dealership the last 3 years.