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Old 03-11-2013, 04:39 PM   #1
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Forgot to mention I bought an extended warranty on top of the 7yr and gap which puts me over $400 a month...
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Old 03-11-2013, 04:54 PM   #2
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Costs alot of money to drive a new car. Look at it this way you have a reliable car that is fun. It sounds like to me you need to refinance and use the saved money to increase performance on your already potent 305hp. Boost anyone?
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Old 03-11-2013, 05:05 PM   #3
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Try to get a co signer and refinance for sure... You should also try to put more cash down next time, that will encourage more financiers to back you. I would be paying 400 a month for a GT, I pay around 250 on my 2012 v6. I actually went in and considered trading in for the GT, my payments were 435 a month for a NEW 2013 GT... I don't even want to think what insurance might be like
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Old 03-11-2013, 05:13 PM   #4
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Costs alot of money to drive a new car. Look at it this way you have a reliable car that is fun. It sounds like to me you need to refinance and use the saved money to increase performance on your already potent 305hp. Boost anyone?
I wish I was rich!! Maybe im going through a phase or buyers remorse or something
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Old 03-11-2013, 05:44 PM   #5
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Yep.... It sounds like you have buyers remorse Take two aspirin and wake up tomorrow morning and enjoy your mustang. I think 305hp for the V6 is awesome.
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Old 03-11-2013, 05:51 PM   #6
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Yep.... It sounds like you have buyers remorse Take two aspirin and wake up tomorrow morning and enjoy your mustang. I think 305hp for the V6 is awesome.
Lol thx kinda made me feel better. Gotta stop being so unappreciative.

And thanks for everyone else comments and suggestions. I will see about refinancing in the future.
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Old 03-11-2013, 06:58 PM   #7
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Dont have to be rich to have boost. After your car is refinanced you could buy a supercharger on a credit car and make monthly payments on the charger thanks to your reduced monthly car payment. It would be my plan anyway.
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Old 03-11-2013, 06:59 PM   #8
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How long have you had the V6? Not that it matters, but you dont have to wait any specific time period to refi. I would suggest you do it ASAP as 10% is robbery. I also suggest that you seek a credit union near you as they have much more favorable rates.

Also, if you have had the car a short time and are already tired of it, you might be within a window to cancel the extended warranty. They are nothing but a huge profit center for the dealers. Not all extended warranties are bad, but most of them are. It makes no difference to you as it seems you will not keep the car into the time period or mileage covered. Why carry this cost if it is of no potential benefit for you...

Gap insurance is also something you should not be in a position to need. You are in too much car for your budget and GAP insurance is just the salt in the wound of an artificially high payment. When you refi, put down some money so that you will not need it the gap, if available.

Bottom line - you are being hosed. Nobody held a gun to your head and you allowed yourself to be put in this position. Hopefully you can make some changes to decrease the pain a bit or you will have to chalk it up to an expensive lesson learned.

I am not preaching but we have all had to learn these types of lessons. Good luck.
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Old 03-11-2013, 07:32 PM   #9
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How long have you had the V6? Not that it matters, but you dont have to wait any specific time period to refi. I would suggest you do it ASAP as 10% is robbery. I also suggest that you seek a credit union near you as they have much more favorable rates.

Also, if you have had the car a short time and are already tired of it, you might be within a window to cancel the extended warranty. They are nothing but a huge profit center for the dealers. Not all extended warranties are bad, but most of them are. It makes no difference to you as it seems you will not keep the car into the time period or mileage covered. Why carry this cost if it is of no potential benefit for you...

Gap insurance is also something you should not be in a position to need. You are in too much car for your budget and GAP insurance is just the salt in the wound of an artificially high payment. When you refi, put down some money so that you will not need it the gap, if available.

Bottom line - you are being hosed. Nobody held a gun to your head and you allowed yourself to be put in this position. Hopefully you can make some changes to decrease the pain a bit or you will have to chalk it up to an expensive lesson learned.

I am not preaching but we have all had to learn these types of lessons. Good luck.
I would almost always suggest gap insurance.
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Old 03-11-2013, 07:44 PM   #10
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When i went in to get my 2012, Ford offered 10%. I laughed & turned to walk out. They asked what i could get. I said 3% they gave me 2.5%
Even thought the Pony was the car i wanted i would have walked at 10%. 5 years to pay it off & you have half a Mustang you could have bought.
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Old 03-11-2013, 08:07 PM   #11
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Well this whole 10% interest thing can be turned around right? I know I made a mistake try to not make the same one again.

---------- Post added at 08:07 PM ---------- Previous post was at 08:06 PM ----------

Just refinance and new interest rate
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Old 03-11-2013, 09:58 PM   #12
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I don't care what kind of car you buy at 10%, you always regret it. I have made the same mistake on a GT years ago and learned my lesson. I love my v6 more than I ever liked my GT. Mainly because of the cost.
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Old 03-11-2013, 10:46 PM   #13
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You didn't get screwed on price, just financing. However, that's a big expense. The only way to fix it at this point is probably with a cosigner and refinance... You should be looking around $330/month payment with a decent interest rate.
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Old 03-11-2013, 11:28 PM   #14
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Just think,when its payed off its all yours.
I don't think anyone loves having a car loan.

Just maintain and give your mustang tlc and
you will have her for many years to come.
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Old 03-12-2013, 12:40 AM   #15
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There's a difference between a car loan and the bank raping you on interest. 10% is rediculous for a long term car loan.
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Old 03-12-2013, 01:50 AM   #16
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Dude you didn't get it to bad, you're not stuck with the 10%, you can refinance as long as your credit doesn't plummet! I'm paying $728 a month for a '13 GT cause my wife left me, I had 2 trucks and decided to trade one in with no money down and upside down by 4 grand! The total came to $43k for my stang but its not too bad cause I'm gonna drop 20k on it in a few months and refi with a new car that she can't take!!! BTW, don't get married, just find a woman you hate and buy her a house!

---------- Post added at 12:50 AM ---------- Previous post was at 12:48 AM ----------

Oh, and I signed for 6.99 APR, but when I got the payment book it went down slightly.
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Old 03-12-2013, 05:29 AM   #17
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My interest rate is worse than 10% so I too need to refi, but when you get into your pony
it feels a lot better no matter what. These Hot Rod ponies are the best!
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Old 03-12-2013, 06:02 AM   #18
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I would not consider trading in the car on a V8 at this time. You've taken a big hit with the high interest, and trading in a car with a large payoff value (principle amount owed plus the high interest) then it's worth would only make you feel even worse. For sure try to get a lower interest. Ask your family if they will help c0-sign a lower interest note. Ask you bank. If you do not have a bank account, consider opening one with a local credit union, as they tend to provide lower interest loans, and have good banking incentives.

Keep the current Mustang. Use this purchase as a learning experience. And think opf it this way: you have a Mustang! Great car. You could have been in this situation and stuck with a minivan.
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Old 03-12-2013, 06:56 AM   #19
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Also consider joining a credit union they usually are willing to refinance you for less.
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Old 03-12-2013, 09:49 AM   #20
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Lol thx kinda made me feel better. Gotta stop being so unappreciative.

And thanks for everyone else comments and suggestions. I will see about refinancing in the future.
I garuntee you that the things you saw and felt when you were test driving it that made you love it enough to purchase in the first place, are all still there! and you will only find more reasons to love it!
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Old 03-12-2013, 10:06 AM   #21
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you could save up enough and sell your car (private part to minimize loss) and then pick up something on the very cheap thats reliable. Save up much more cash, build credit in the mean time. Then look at getting something far nice, var cheaper per month, and end up happier sucks to have to drive something boring but it works out for the better. All that interest is just being lost and no principal going down on the car = sucks
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Old 03-12-2013, 10:46 AM   #22
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I've been paying over $1,000 a month on my 05 to pay it off fast. It could be worse lol ! I refinanced and now have 0% intrest on a one year loan
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Old 03-12-2013, 11:26 AM   #23
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Thank you so much to all the members for giving advice and being positive for the most part. I'm gonnna look into a credit union b4 I refinance. LESSON LEARNED...
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Old 03-12-2013, 12:22 PM   #24
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I would be happy with the over all price you got. Just need to get that intrest down and you'll be in great shape
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Old 03-12-2013, 12:34 PM   #25
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I would love to have a 10% interest on my car. My credit sucks so I'm sitting at 16% till I can get it financed
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Old 03-12-2013, 12:43 PM   #26
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Ouch. Still worth it tho! Because Mustang!
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Old 03-12-2013, 01:04 PM   #27
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Ouch. Still worth it tho! Because Mustang!
It's the only car I would have taken that rate for. Lol
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Old 03-12-2013, 02:20 PM   #28
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Keep the six put a few thousand in to it in the next couple years and you can easily have a 375hp high 12 low 13 quarter mile V6 to surprise many V8's. and still get great mpg!!!
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Old 03-13-2013, 12:33 AM   #29
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If Ford couldn't fianance who did? THEY hosed you! Next time go to this site: Car Buying Guide for New and Used Vehicles | CarBuyingtips.com

Read all the information there. There is an excellent spreadsheet with the information you can input, you will KNOW exactly how much you are paying for. 10% interest? Did you look on-line for cheaper finanacing?

There is a ton of information about purchasing autos from dealerships. There is a spreadsheet that you can download and take to the dealer with you. Ask the dealer so see his invoice and fill in all the spaces.

You got hosed because you didn't know what to ask. This should help you tremendously. NO REASON WHY THEY SHOULD BE ABLE TO MAKE A MILLION DOLLARS OF YOU BECAUSE YOU WERENT SURE ON WHAT YOU WERE DOING.

HOPE THIS HELPS YOU!

If they don't like your spreadsheet and dont want to give you a look at their invoice, GO QUICKLY TO THE NEXT FORD DEALER!

I hope this works for you. Drop me a note it you can.
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Old 03-13-2013, 12:55 AM   #30
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If Ford couldn't fianance who did? THEY hosed you! Next time go to this site: Car Buying Guide for New and Used Vehicles | CarBuyingtips.com

Read all the information there. There is an excellent spreadsheet with the information you can input, you will KNOW exactly how much you are paying for. 10% interest? Did you look on-line for cheaper finanacing?

There is a ton of information about purchasing autos from dealerships. There is a spreadsheet that you can download and take to the dealer with you. Ask the dealer so see his invoice and fill in all the spaces.

You got hosed because you didn't know what to ask. This should help you tremendously. NO REASON WHY THEY SHOULD BE ABLE TO MAKE A MILLION DOLLARS OF YOU BECAUSE YOU WERENT SURE ON WHAT YOU WERE DOING.

HOPE THIS HELPS YOU!

If they don't like your spreadsheet and dont want to give you a look at their invoice, GO QUICKLY TO THE NEXT FORD DEALER!

I hope this works for you. Drop me a note it you can.
Yes I realize that I got "hosed" whatever that really means. Look the truth is I'm young(23) and maybe I should have waited to establish better credit and a larger down payment. But hey I needed a new car something realiable but something I could be proud of. I fell in love with these new v6 models and when I heard the sticker price I couldn't let this one pass. Yea I got the shaft on the interest but if I can refinance even a year after the purchase and get maybe a 5% I could save myself some grief. At the end of the day 10% of 20k isn't a life ending mistake. Just will have to be more patient and less naive next time.
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Old 03-13-2013, 01:21 AM   #31
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Anyone who thinks paying horrible interests is worth it, needs their head examined. It's the bank and credit systems ripping you off and you're throwing your money away. I got a cosigner for my first car loan around 6% interest. 2 years of that and I'm sitting at 2.7% interest on my Mustang with no cosigner.
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Old 03-13-2013, 01:49 AM   #32
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Anyone who thinks paying horrible interests is worth it, needs their head examined. It's the bank and credit systems ripping you off and you're throwing your money away. I got a cosigner for my first car loan around 6% interest. 2 years of that and I'm sitting at 2.7% interest on my Mustang with no cosigner.
Who said its worth it? I'm simply saying its a mistake that CAN BE CORRECTED by refinancing it's not the end of the world. Obviously I didn't have a co signer like some more fortunate ppl. If I did I'm sure I could have gotten 6% interest or better. Due to minor discrepancies or lack of credit this is what I was offered by most banks. My purchase was in no way shape or form perfect but, i know plenty of ppl with LOWER interest rates that will end up paying more for their car because they didnt get a good price on their vehicle. So im just being open a honest about my experience. If you come here to blast take negative comment elsewhere.
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Old 03-13-2013, 08:00 AM   #33
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My first NEW car was the highest intrest I've ever payed. It was 5% I got onto fords forst time buyer program I went in for a mustang it was 2011 the new stangs had just hit the lot but the first time buyer program only covered the focus the fiesta and the ranger. I got a 2011 ranger with a 2% intrest rate drove it for 7,xxx miles wile I built my credit than traded it in for my mustang. The ONLY reason I got a 2wd 4cly ranger was to build credit so I would be better off down the road. I e never had a co signer and its always been my own money I've worked for. I'm 21 as of last Sunday.

---------- Post added at 08:00 AM ---------- Previous post was at 07:59 AM ----------

And as to it being "worth it" or not.


EVERYTHING is worth what its PURCHASER will pay for it.
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Old 03-13-2013, 07:11 PM   #34
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Make a few payments at the 10% int, show that you pay on time and maybe make some accelerated payments, this will start to establish your credit in the right direction and then apply for a lower rate at another financial institution, credit unions usually have the better rates.

If you are or were a member of the military check out Pentegon Federal Credit Union, I have a loan at 1.74
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Old 03-13-2013, 07:51 PM   #35
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Make a few payments at the 10% int, show that you pay on time and maybe make some accelerated payments, this will start to establish your credit in the right direction and then apply for a lower rate at another financial institution, credit unions usually have the better rates.

If you are or were a member of the military check out Pentegon Federal Credit Union, I have a loan at 1.74
I am prior service. Thanx a lot. And nice corvette
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